While real estate agents are always on the move helping buyers and sellers, they’re often on the move between brokerages, too. It can be difficult to find the best home for their business, as evidenced by National Association of REALTORS® data, which show the median tenure for agents at their current firm is just five years.1
The non-negotiable aspects of their business, like compensation and transaction management, are always important, but with many brokerages offering similar commissions and financial perks, agents should look beyond just the numbers. Here are three key factors that go past dollars and impact an agent’s career path, business growth and overall success.
Brokerage culture and size. While much of an agent’s work is independent and takes place out of the office, having a brokerage that supports you is critical. Consider what recognition programs are in place and how the brokerage provides value beyond just the revenue you generate. Within the question of culture, consider if the brokerage’s size will provide the resources desired—and remember that even large institutions with nationwide benefits can operate culturally like a local boutique firm.
Support and training. This covers a wide range of brokerage services, from technology and transaction coordination to mentorship, learning and development, and more. Agents should consider the technology available not just for marketing and client relations, but for transactions and overall back-office support. In terms of one-on-one support, is there a broker available to you in person, in your area? Is there a dedicated transaction coordinator with knowledge of your market? Having mentors and colleagues with local knowledge is invaluable, as is having hands-on support.
Leads and marketing. Although experienced real estate agents often receive leads from referrals and past clients, most agents want to grow their business even further (especially newer agents) and will need help with acquiring leads and marketing. Agents should explore brokerages that offer solid marketing support, from virtual marketing, social media and email campaigns to physical signs, flyers and more. In addition, agents should consider how leads are acquired and distributed at the brokerage. What kind of partnerships does the company have? What kind of internal leads are offered?
Whether you’re a new or experienced real estate agent, selecting a brokerage is never an easy decision. By knowing the key differentiators from one brokerage to another, you can find the company and culture that will best fit your career goals and help you grow.
Chad Ruggles, head of Vylla Home and senior vice president, is a passionate leader with 25-plus years of management experience. He currently leads Vylla Home, a unique brokerage with 1,150-plus real estate agents across 36 states. For more information, visit www.vyllahome.com.