Choosing a Brokerage OR Switching - Agent Tech Mastery Podcast

Key Takeaways

• Agents are business owners, not employees; they should carefully evaluate brokerages based on their specific needs and long-term goals
• Switching brokerages has significant hidden costs, including potential loss of data/contacts and extensive rebranding efforts
• Using brokerage-owned systems (email, CRM, etc.) creates major risks; agents should maintain control of their own data and digital assets

Topics

• Brokerage Models and Structures
• Various models exist: franchise, independent, team-based
• Different fee structures and service offerings (e.g. high fee with more services vs. low fee with minimal support)
• Some brokerages specialize in new agent training/mentoring
• Team structures within brokerages becoming more common

Considerations for New Agents

• Not a job interview - brokerages want productive agents
• Read contracts carefully, understand commitments (e.g. length of stay requirements)
• Evaluate based on: brand, commission split, tech/training resources, culture, support staff, accessibility to leadership
• Consider mentor programs - typically charge percentage of commissions or flat fee
• Joining a team can provide structure but may limit independence

Data Ownership and Technology

• Critical to maintain control of own email, website domain, CRM data
• Using brokerage-provided systems creates major risks if switching later
• Agents should use their own domain/email even within a team structure
• Losing access to years of client data is a common painful issue when switching

Reasons for Switching Brokerages

• Seeking better commission splits or resources as an experienced agent
• Cultural fit/personality conflicts with leadership
• Brokerage ownership/management changes
• Following a respected leader to a new company
• Mistaken belief that switching will fix fundamental business issues

Costs of Switching Brokerages

• New signage, marketing materials, business cards
• Updating all online profiles and platforms
• Potential loss of historical client data and files
• Time/effort to set up new systems and processes
• Communicating change to sphere of influence

Next Steps

• New agents: Create checklist of must-haves before interviewing brokerages
• Experienced agents: Evaluate current brokerage relationship and identify any critical vulnerabilities (e.g. data ownership)
• All agents: Ensure core business data/systems are independently owned and portable Consider Agent Tech Mastery consultation for personalized systems review

Are you stuck and piecemealed your business together? Let's get you where you want to go. If you want our help to do that, book a call with Agent Tech Mastery at https://www.agenttechmastery.com/applypod it's absolutely free and possibly the best call you have ever had to change your business. 

As always, I would love to hear your comments.  Reach out after you watch/listen. 

PS. You can find us on any of your favorite podcast apps by searching for Agent Tech Mastery, but I have included the YouTube link below.