Real estate agents across the globe have the option to explore a wide array of brokerages before committing to one, and the reason they choose one brokerage over another can vary. Especially now during the COVID-19 pandemic. This is every real estate brokerage's time to shine and show their agents, and future agents, what sets them apart.
Why people choose a career in real estate will differ from agent to agent, and so will the reasons they choose to join a particular brokerage. Each agent will assess the values and benefits from their own perspective and make a decision based on one simple fact, “Does this brokerage have what I need to be successful?”
To brokerage owners, this may seem like a simple question; although when you start peeling back the onion, it poses to be more difficult for brokerages that didn’t properly prepare.
Whether you’re a small independent or a large franchise brokerage, if you are clear on your value proposition and can clearly illustrate the benefit you provide, agents will join your company. And, if you deliver on your promises they will stay.
One thing that sets a brokerage apart when recruiting agents is when they truly understand their company’s value proposition and can effectively communicate to the agent, “what’s in it for you.”
A real estate brokerages value proposition should be a clear picture into what your company offers and how it benefits the inquiring agent.
What value propositions are there?
There are many different value propositions a brokerage can offer. Here are a few examples:
- Name brand
- Commission splits
- Revenue or profit share
- Stock options
- Office or virtual environment
A brokerage’s perceived value will depend on where an agent is currently at in their career. New agents may need more training and support. A tenured agent may desire longer term benefits.
Here are a few questions that every broker should know the answer to:
- Why did this agent choose a career in real estate?
- What are their goals?
- Why would an agent choose my company over XYZ Real Estate?
- What makes my company different?
- What is my value proposition?
- Why do agents stay with my brokerage?
- Why do they leave?
If an agent joins your company strictly for commission splits or leads, what will happen if your commission structures changes or leads dry up?
Some brokerages become so enthralled with keeping up with their competition that they lose focus on what their true value proposition is and sacrifice the main reasons agents chose to join them in the first place.
I believe there is always the right brokerage for the right agent at the right time. I have seen many top producing agents and teams that have been loyal to one company for a decade, pack up and leave. Rarely is it because of ONE thing. It’s usually a combination.