Switching brokerages? Read this first.

Here are three traits you should focus on when switching from one brokerage to another.

I recently decided to do just this, here is what you need to know. This is a fairly common practice for agents in the industry. People switch because the brokerage was not a good fit or because they are looking for a larger split in their commission. Agents should consider the culture, leadership, and resources of any brokerage they are looking to join. According to the National Association of Realtors, an average real estate agent may switch offices as often as three times during a 10-year span. Too much moving around as an agent can be a negative thing, so make sure you evaluate your motivation for switching. This is a business decision, make this choice based on reason -not your emotions. Agents should focus on these three things:

1. Leadership

Who are you working for? A great quote that relates here is “true leaders don’t create followers; they create more leaders.” Leadership comes in various states and styles. A democratic leadership style can be effective for realtors. This style is where a leader shares the decision-making ability with the group members. The laissez-faire method is where the leader promotes an atmosphere where there’s total freedom. Then, there is transformational leadership where the leader is charged with identifying the need for change and aims to inspire each member of the group. Your job is to decide what environment allows you to excel. You can interview different places to see when it’s a good fit. Do your homework. Find out what the brokerage’s reputation is within the industry. What is their presence in the marketplace? Make sure the mindset of the company aligns with what you envision for yourself.

2. Business Support

How does your company set you up for success? While a higher split does make you more money it should not be your sole criteria. What training does your company? How does your brokerage ensure that their agents are motivated? How do they keep up with current trends in technology and competing firms? Other elements to consider:

Mentorship
Lead generation efforts
Professional development
Technology
Marketing materials
Business cards
Sales meetings

It’s okay if the company does not provide everything that I have mentioned above but make sure they do have the elements that are important to you. Emphasize the items that are crucial to your success.

3. Culture

First, define the culture that you want. You should consider the brokerage’s mission statement, core values, and their statement of purpose. If the company does not have these on hand or they’re not accessible on their website, this is a red flag. There are many different types of culture within a business. Some people prefer small offices that they can build relationships. Other people thrive in a bigger company’s environment where it is more competitive. You should reflect on what your core values are and how those fit with the tone of the company. How you see yourself fitting within a company and how you feel is important. Make sure your brokerage listens to its agents. Agents should have a space to share their goals and develop under leadership. Look for how your company may try and create this atmosphere. It could be through team-building sessions or employee surveys. Culture empowers people so make sure that it’s on your list when shopping for a new place to work.

Joining a new brokerage or jumping into a new real estate team can be intimidating, but if you stick to the basics and switch for the right reasons, you should be in good hands!

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