Changing brokers is sometimes necessary as an agent, but you don’t want to end up playing musical chairs. You should always build your business in a manner that makes it portable, and able to be sold as a business unit itself down the road, but just because you have made it easy to move doesn’t always mean you should move. Here are a few things to consider and really dig down to determine if switching brokers is the right move.
The first thing to think about is if you have addressed any current issues with your broker or team in person. Give your broker a change to correct problems and put new training or tools in place. While it is easier to sneak off into the night, we should all be rooting for each other and that means communicating when there are problems. If you have broached the topic and nothing has been done, or they said they would implement something and you are still waiting past the agreed upon timeline, then it is probably time to explore other options.
Determining how you work and why you work should be a big consideration when choosing a brokerage. If you are a real estate agent so you can create your own schedule and be there for your family and your current or potential broker has mandatory floor time, this could impact how you feel missing out on events. If your why is to increase your investment portfolio and your potential broker doesn’t understand your business plan your move could be a disaster. Check your why against your brokers philosophies.
If you are thinking about changing brokerages because you are not reaching your goals, you need to check your track record as well as your brokers. Are you really putting in the work? Are you taking advantage of all the training? Are you time blocking and lead generating? Often you will see agents that changes brokerages because they are not being handed enough leads, when in reality agents should be learning how to generate their own leads. If your current office doesn’t offer training, does the new broker? Will they be able to fill in the gaps you are missing now? If not, a different move might be better.
Shiny New object
We are seeing a few new brokerages opening currently touting new technology or revenue splits that are enticing to agents. While we should all be looking to increase our bottom line and take advantage of new tech tools, we need to make sure these tools are effective first, and will last. If you can’t get answers on what the new tools are and how they will help you, or there could be potential financial issues looming as the brokerage buys new teams and top producers with sign on bonuses, you will need to determine if what they offer will really increase your business for the long haul.
Sometimes a move is the right call, just step carefully and examine your reasons so your business isn’t impacted negatively.