Are you needing to switch real estate brokerages?
Do you need some advice?
We know this switch can be hard.
This 5-step guide is here to help you understand the process and whether a switch is really in your best interests.
Step 1: Decide whether you really need to switch real estate brokerages
The first step in ANY decision-making process should be to assess what you really need.
Many agents switch brokerages because of the “grass is greener” syndrome, when it feels like everyone is doing a better job. Taking the time to self-reflect and decide whether a switch is really in your best interest can help you a lot!
One useful exercise is to create wish list, laying out exactly what you want in your ideal brokerage. Do you value the office culture? Do you need more training? More support? Are the commission splits too expensive?
Once you have this list in front of you, look through it and (as impartially as you can) see how your brokerage stacks up. If at the end of this short analysis, you decide a switch is really what you need, it’s time to do your research.
Step 2: Choosing a new real estate brokerage
At this stage, you know you don’t want to remain at your current brokerage. Now you need to look at what other brokerages offer.
The simplest way to find this out, is to go online and look at the brokerages in your area. Go to their websites and write down what they offer, and what their brand can offer you. Make a list of all the brokerages you find, and rate them on a scale of 1-10.
Once you have your list, take your top 5 picks, and call them. Yes, call them! This is the easiest way to get a feel for the brokerage. Let them know you’re considering switching brokerages and see what they can do for you.
If you feel like they could be a good fit, set up a meeting to discuss it more and make sure you sit down with a managing broker! They are the people you are going to be dealing with the most and providing you with the expert advice you need.
After you’ve met with your potential new brokerages, go through your checklist again. Where do these brokerages stack up? Which one do you think is going to be the best fit for you? Make a choice!
Step 3: Informing your clients you plan to switch real estate brokerages
Informing your clients about your switch can be daunting, but it really shouldn’t be. Your clients are going to follow you wherever you go, and, as a bonus, it is a great way to reconnect with those you may have let slip!
You’ll need to tell your clients you plan to make a switch, and that you are still going to be there for their every need and if they need to contact you about a future sale or purchase, where they can do that.
Step 4: Informing your real estate brokerage
This can be scary for a lot of agents; you’ve likely formed some pretty strong bonds with your current brokerage! You want to leave on the best of terms, and this is completely possible!
Real estate brokerages see agents come and go all the time, it’s just a normal part of operations. All you need to do is remain calm and collected, express how your needs aren’t being met and be clear.
Don’t let them try to talk you out of it. Remember you’ve made your mind up, you’ve explored your options, and you’re positive that you need to make a change.
While it may be a part of everyday operations, brokers don’t like to lose agents. They may offer you an incentive package to stay, but these are generally a bad idea to accept. The trust has been broken, and they are going to be resentful of the fact you wanted to switch. This may metabolize as fewer leads, less availability from the managing brokers, etc.
Make sure you discuss your current listings with your broker as well! Legally, these listings are property of the broker, and they could keep them if they so wished. However, this is usually not beneficial and disruptive to the client. They will likely opt to assign these listings to your new brokerage in return for a referral fee. But they may not do this unless you bring it up!
Step 5: Hanging your license and resuming business
This process has taken about a week at this point, your license is hanging at your new brokerage, and you’re ready to get going again! But there are still a few things you need to do.
You’ll want to make sure all of your branding has been updated. Look through your websites, funnel websites, social media sites, email templates, and make sure you’ve switched your branding over!
Some brokerages will offer you a branding package with some pre-made content to make this switch easier, definitely a bonus!
You’ll also want to get your new listing signs made, and again, some brokerages make this really simple.
You’re finally ready to get going and start selling homes for your clients!
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