In a time when the Great Resignation has posed a threat to many American workplaces, and competition for exceptional agent talent is substantial, the real estate industry may not be experiencing an exodus of current sales agents, according to Coldwell Banker Real Estate’s, annual agent priorities report.
The report, conducted by Quester among agents and brokers across top national real estate brands, aims to keep a finger on the pulse of what real estate professionals value in their careers. Coldwell Banker says the findings reveal that agent priorities among the real estate brokerage community are now more important than ever.
Key findings:
Real estate is a desirable profession.
- Citing work/life balance, increased income and gratitude for having a job, 60% of agents surveyed say the pandemic has had no impact on their future career plans as an agent, and about 25% say it has made them more interested in remaining an agent.
- For the third time, Coldwell Banker Real Estate ranked No. 1 in agent satisfaction. Coldwell Banker agents surveyed said they were extremely or very likely to recommend their current company to another agent.
No need to leave.
A hot market makes for happy agents, with only 9% of all surveyed agents across all brands reporting that they plan to switch affiliation this year (vs. 20% in 2020).
- What matters most among agents open to affiliating with Coldwell Banker?
- Leading edge tech & tools: 98%
- A strong brand image: 97%
- Best equipped to navigate future of real estate: 97%
- Most knowledgeable agents: 96%
- Local expertise: 94%
- Recognized by buyers/sellers: 93%
- Coldwell Banker affiliated agents are less likely to change affiliation in the next two years than any other company’s agents according to survey results.
- Agent Affinity is Growing: Agents affiliated with the Coldwell Banker brand are less likely to change affiliation in the next two years than any other company’s agents.
- Gold Star Opinion: Agents’ opinion of the Coldwell Banker brand is higher than any other real estate brand.
The top reasons for leaving.
- For those agents not affiliated with Coldwell Banker who chose to leave their company, numerous factors were at play. According to the survey, reasons why agents who were not affiliated with Coldwell Banker left their previous brand included:
- Commission: 46%
- Referrals/Leads: 40%
- Team Support: 36%
- Better Tools: 31%
- Better Training: 27%
- Culture: 25%
- Local reputation: 20%
Brand reputation is key.
Real estate brands have more competition than ever to retain and attract their top talent. A notable brand reputation will prevail, as most agents agree that their company’s reputation is important to their business success.
Expert insights:
“At Coldwell Banker, we take immense pride in ensuring that the tools, services, and education we provide to our affiliated agents enable them to thrive,” said Ryan Gorman, CEO, Coldwell Banker Real Estate LLC. “This survey, along with our significant recruitment and retention statistics, is confirmation that we are succeeding in our efforts and delivering the value that our agents deserve to build their book of business. They are also confident in knowing that we honor and respect them as individuals and esteemed members of our Coldwell Banker family. We warmly invite all agents to come and explore the power of the Coldwell Banker brand.”
“The guidance of our agents is unmatched in the industry, and we are committed to understanding the priorities of real estate agents in order to deliver what matters most to our network,” added David Marine, CMO, Coldwell Banker Real Estate LLC. “We believe our depth of care, our suite of production-boosting resources and our inspiring culture make Coldwell Banker Real Estate an extraordinary home for real estate professionals. It’s a commitment we call the Coldwell Banker Way.”
To read the full report, click here.
