A new year – A new brokerage firm? If you’re silently nodding in agreement, then you’ve probably been thinking of changing brokerage firms for a while now. In today’s podcast we’re going to be responding to 2 listener emails on this topic & providing you with some key points and hard questions to ask yourself to help you make the best decision.
Let’s look at ways you can best determine whether or not changing or switching brokerage firms makes the most sense for you. Let’s start out with the top 10 questions you need to seriously ask yourself that may indicate that a change is coming:
- Your personal income has been flat or in decline.
- You’re the best agent in your office.
- Your colleagues or the brokerage in general is too negative.
- Your brokerage requires you to attend too many mandatory meetings & other time consuming non-dollar productive activities.
- Your broker or office manager shoots down every idea that isn’t 1970’s traditional real estate. Broker offers no tech support or has no added value for you being an agent with their office.
- Your broker takes cut out of every source of income including BPOs, home warranty sales and processing fees.
- Your broker is slow to pay.
- You don’t feel challenged or your brokerage is filled with complacent people.
- Your broker offers no profit share.
- Your broker offers no opportunities to purchase stock or offer stock rewards. Many brokerages are public companies…only one offers stock rewards, discounts.
Big questions to ponder! These are exactly the questions being asked by our listeners in the two emails below, starting with Nyame Murray, who’s focused on her need for mentorship in her brokerage:
My name is Nyame Murray I sell real estate in Atlanta GA. On today’s call I asked you about changing brokerages, again. I received my real estate license in August 2017 and joined Palmer house properties. I liked PalmerHouse properties however, they are geared towards experienced agents.
I had to join a career development team but I did not feel I was getting the mentorship I needed so I left to join Norman and associates. I have known the broker at NA for a few months, he focuses on his Agents success and helping them grow their businesses via social media. The only issue I have is that I am surrounded by all new agents. There are maybe three experienced agents, total.
Prior to leaving PalmerHouse properties I applied For one of Atlanta’s top producing agents to mentor me, she is with PHP too. At that time she already chose someone to mentor so I made my transition. This morning I received an email from her asking to meet tomorrow at 3pm regarding the mentorship program. I really want to meet with her- she kills it here!
Is there anything specific I should ask?
Is it too soon to consider going back? (It’s only been 2 months).
I’d love to have a one on one with you. I have been having a hard time converting leads to closings and It’s very discouraging.
We’re also going to be discussing how to make a great choice right out of the gate – responding to an email from Anna Bilan, who’s currently studying for her real estate license & wondering how to get started in real estate – along with where she should begin:
“Hi Tim and Julie,
Thanks in advance for taking the time to read my email.
I found your podcast 2 weeks ago, and have been devouring 4-5 episodes per day ever since. It’s the perfect way to enhance my 2.5 hour daily commute from West Hollywood to Woodland Hills.
I love your no-nonsense approach to real estate, and feel like I am learning so much more – so much faster – than I have with other podcasts.
To make it quick, I’m currently studying for my licensing exam while working full time as a direct response copywriter. I’ve been scratching my head trying to figure out how to best make the transition from being a full-time employee, to being a first-time listing agent (as you’ve repeatedly said this is the most profitable option).
I’m entertaining two options… please let me know which one you think is best, because I definitely need an expert opinion.
A) Continue working full-time and go after expired listings in my free time until I build a semi-solid foundation as an agent, and then make the switch to dedicating all my efforts into being a full-time agent.
pros: security of my current salary while I get my bearings straight as a first-time agent
cons: the distance between my current place of work and where I live (and ultimately want to sell) could hinder my appointments, etc
B) Work as an assistant for a top producer to learn the ins-and-outs of the industry until I’m versed enough to branch out on my own.
pros: learn from someone who knows what they’re doing
cons: earn less as an assistant than what I’m earning now (which isn’t that much to begin with)
Please tell me what you think would be the most strategic and logical approach. I think at this point, only someone with as much experience as you two could make the right call.
Thank you, I really appreciate your help.