5 factors to consider before changing brokerages
It's not unusual for real estate professionals to change brokerages. But if you're thinking about a change, you'll want to be sure a new firm will support your personal and professional goals. Here are some key factors to consider, as well as steps to take if you decide to make a move.
Deciding if a move is right for you
As every experienced agent knows, there's more to managing a successful career than a commission percentage. Consider these factors carefully to help evaluate the pros and cons of a new brokerage.Footnote1
Brokerage resources. How does the new firm compare to your current office? Will you have the support you need to grow your business? Think about the types of support that are most important to you, and be sure you'll find that in a new firm.
Culture of the brokerage. Do you want a small firm with a lot of personal interaction? A larger operation with the potential to build your own team? Is the freedom to set your hours a priority? Consider all the ways the office culture may or may not be in line with your preferences.
Leadership. Are the new company's leaders respected in your community and in the industry? Do they have experience in particular areas that you want to learn about? Especially if you're just starting out, you'll want to look to leadership to provide mentoring.
Commission split and fees. Consider both your commission and any administrative fees that may be charged by your current and future broker to be sure the money part of the scenario makes financial sense for you.
Lead generation. Leads are key to building business, so unless you're confident that you can generate all the leads you can handle, compare what different firms offer. A brokerage that consistently generates high-quality leads for you may even be worth that higher commission split.
Must-do actions before you make the switch
Once you decide to make a change, take these steps to ensure you have a smooth transition:Footnote2
Before you announce your move: Save your data to take with you, including calendars, contacts and referral sources, and order new business cards, signs and other promotional materials.
After you announce the move: Update digital platforms such as Docusign, Dropbox and multiple listing services, as well as online materials such as your website, email newsletter, and any social media accounts.
Take care of details and spread the word: While you finish serving current clients and close out any listings with your old broker, be sure past clients and other contacts know about your new affiliation by setting up an email campaign as well as making personal calls.
Finally, as with any business relationship, be sure to leave your old company on good terms. The skills you learned and the connections you made at your old firm could be extremely helpful in the future.
A note from your lending specialist
Be sure to keep me informed if you decide to make a move. I'll continue to be here for you and your clients.
1 "Should I Change Brokers? What All Agents Should Consider First," Elite Agents, April 2020.
2 "Why Real Estate Agents Change Brokerages (and a Checklist to Do It Right!)," Jed Carlson, Adwerx, April 06, 2017.
MAP3650419 | 07/2021