Sunday, May 19, 2024

Outgrown your brokerage? How to figure out your next move

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Does your current brokerage still give you the value you need to succeed at a higher level? If not, writes Missy Yost, you need to evaluate and determine whether it’s time to make a move.

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Does your current brokerage still give you the value you need to succeed to a higher level? If the answer is not so much anymore, you’re not alone. Market shifts tend to open our eyes to current conditions. Shifts also encourage us to be more open to other offerings and question if the grass is greener at another brokerage.

Here are some questions you can ask yourself to understand better if your broker still provides the necessary value you need for growth.

Is it time to reevaluate your current needs?

As agents, our needs continue to evolve. As our needs change, we must reevaluate what we need to continue growing. Does your broker fulfill those requirements?

You may have joined your current brokerage because it offered training and adequate lead sources. However, now that you are established, can your broker still assist with your growth to the next level? Do they have programs that challenge you and keep you engaged? If not, think about what offerings will help you succeed, and then find the brokerage that can fulfill those needs.

Our needs as agents differ depending on where we are in our professional journey. Not all brokerages are equipped to empower both the new agent and the veteran agent. Simply put, we sometimes outgrow our brokerage.

Is your current brokerage keeping up with the times?

Being a real estate agent today is different than even five years ago. If your brokerage keeps up with the times by training on current topics and encouraging video marketing, they will be safe. On the other hand, if their attitude is “video is a passing phase,” you don’t want to be sent to pasture with that brokerage.

When pivoting with real estate shifts, video is a must. Video gets you in front of the masses with relative real-time information that sets you up to be the community and real estate expert. Brokerages that embrace this concept will continue to remain relevant and grow. Brokerages that cling to the old way of doing things will not remain relevant.

Do you need that desk in the office?

Are you paying desk fees? Do you still meet with clients in your office? Do you work with many walk-ins?

Only you can answer that question, and there is no right or wrong answer. Most agents today find that their office is in the field. But, many agents still thrive in the office environment and need that desk and the comradery of officemates to keep them motivated. However, if you are one of the agents who do not need the desk and office to thrive, why pay for it?

Today, there are cloud-based brokerages that do not have office or desk fees. And, because they don’t have office overhead, costs and commission splits can be a little better than splits and fees in the brick-and-mortar brokerages. You may even eliminate the dreaded (and unnecessary) franchise fee. 

However, the downside of a cloud brokerage is that if you’re a new agent, you may feel lost in one of these brokerages unless you join a team initially. Therefore, I like this model more for the independent agent or team with a few years of experience already under their belt.

Are you receiving enough of your commission?

Commissions and fees are other areas to look at closely. And only you can answer what’s best for you. If you have a thriving business and don’t need leads from your brokerage or a desk to set your awards, you may be paying too much in commission and fees.

However, if you are a newer agent still learning the ropes, you may need the leads and training provided. The support and council of officemates may further support the trade-off, making the higher fees and lower commission splits worth it. 

I know of several agents who are OK with paying more because they do not have the time or desire to vet leads and prospect for more leads. They also say their income is not less because they close more deals than they would if they were prospecting independently. In the end, it’s better to have a smaller amount of some commission than none of a higher one.

Are you remaining at a brokerage for loyalty or because it’s comfortable?

Without change, we cannot grow. If you’re comfortable at your current brokerage but no longer challenged, it’s time to talk with your broker. Are there things your current broker can implement to better aid your growth? If the answer is no, change is your best option.

Don’t let loyalty cost you money and growth. But, leave on good terms, and keep that broker as a friend. It’s possible to separate your personal feelings from business, and your relationship with that broker can continue to grow.

This one hits home for me. I struggled with moving onto a brokerage that could better fit my needs because I had so much respect and admiration for my broker. I left that brokerage during the beginning of the COVID market shift, which was one of the hardest and best things I’ve ever done professionally.

I’m now at a brokerage that gives me the value I need. But, initially, my current broker would not have satisfied my needs. It was my evolution that makes it a great fit now.

As agents, we evolve, and as we do, we must continually reevaluate and seek offerings and challenges that take us to the next level. If your brokerage can no longer provide the value you need to grow and thrive, it’s time to find the brokerage that can.

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