You may enjoy working with your current broker, but know there’s a better business situation out there for you. On the other hand, you may not personally like your broker much, but they offer the best business deal you can find.
Changing real estate brokers is a decision best made with your head, not your heart. You’re not falling in love. Instead, you’re seeking a strong business partner willing to give you the tools to succeed.
Before you answer the question, should I change brokers, consider the following:
- Brokerage resources
- Culture of the brokerage
- The leadership of the brokerage
- Commission split
- Fees
- Lead generation
These specific areas have to be considered before considering the answer to the question, should I change brokers?
Brokerage Resources
A big part of the resources of any broker is the type of support they provide you. Are they available to help you when you need help? Do they offer resources to allow you to find the answers you need without picking up the phone?
Your business can only grow if you have the proper support. When considering if you should switch brokers, consider the current resources you have and the resources offered by other brokers.
Technology is changing fast and brokers have to stay on top of what they offer. As some brokers, such as Elite Agents, go 100% online and eliminate huge overhead costs, they will be able to offer 100% commission Agent Sponsorships, along with better resources and support than other brokers.
Before you decide to switch real estate brokers, look at what type of broker resources and support you need. Make sure you’re getting what you need to succeed. If you’re not, it might be time for a change.
Culture of the Brokerage
What type of office environment do you prefer? Does your current broker offer it or do you feel out of place?
The office environment may seem insignificant when choosing a real estate broker, but it should actually be a huge consideration. A smaller broker will likely offer a culture with closer relationships compared to a larger broker.
In addition, online brokers, like Elite Agents, offer the freedom to run your business how you prefer. Instead of feeling stuck with a certain amount of desk time or phone time, you get to set your own hours. If you value freedom, a broker like Elite Agents might be the right choice over a more traditional broker with a brick-and-mortar real estate office.
The Leadership of the Brokerage
Whether you choose a small broker, a larger broker, an online broker, or a traditional broker, take the time to consider the leadership at all levels. What’s the reputation of the people leading the brokerage? Are they respected in the industry and are they experts at their specific job?
The last thing you want to do is make the switch to a new real estate brokerage only to find out the leadership isn’t so great. A ship with a bad captain will likely sink sooner or later. Take the time to evaluate the leadership of the brokerage before making a switch.
Commission Split
You didn’t invest your hard-earned money to become a real estate agent to remain poor. Likely, you chose real estate because you saw an opportunity to make a good living.
Your commission split matters and may range from 50/50 to 90/10, depending on your current broker. While the percentage your broker takes is justified by what they provide, it may be more than you prefer.
Your commissions are your hard-earned money and you don’t have to give them up. With Elite Agents, you keep 100% of your commissions with our Agent Sponsorship plans. Since we don’t have a typical brick-and-mortar real estate office, we keep our overhead low. This allows our agents to keep every last percentage of their commission!
Fees
You may be thinking, how can Elite Agents offer 100% commissions? They must charge a bunch of fees and it will likely add up.
Some brokerages, especially 100% commission brokerages, do charge quite a few fees. These may include:
- A Desk fee
- E&O Insurance Fees
- Transaction Fees
- Administrative Fees
- Transaction Coordinator Fees
- MLS Fees
- Equipment Usage Fees
- Broker Support Fees
- Training or Class Fees
- And More!
Some brokerages are rather transparent and you’ll know, upfront what you’ll be spending. Others don’t really tell you and you get hit with all types of “hidden fees” and they add up fast.
Make sure you ask the right questions and you truly understand how much you will be paying your brokerage before switching real estate brokers.
At Elite Agents, we don’t charge hidden fees or extra fees. We make it very simple with two monthly packages, no long-term commitments, and no additional fees. Choose the level of Agent Sponsorship you prefer and pay a simple monthly fee while keeping 100% of your commissions.
Lead Generation
Another consideration to look at before switching brokers is lead generation. Maybe you have a commission split that seems a bit high, but you’ve never had to do any lead generation on your own. It may be worth the split if you don’t think you can generate your own leads.
However, if you haven’t used the lead generation tools your broker offers for years and you know how to get your own leads, you may be paying for a service you don’t need. If this is the case, you may be looking for a situation allowing you to keep more of your commissions.
Some brokers share their leads, as well. Others, don’t share any of their leads, but instead, keep every lead for themselves. Make sure you know how the lead generation works and what to expect before switching brokers.
In addition to actual leads, you should look at the lead generation system offered by the broker. Some brokers haven’t caught up to the technology of today and they use an old lead generation system. You need a good CRM to ensure you can generate and nurture your leads.
Before you consider leaving your current brokerage, make sure you know what you’re leaving and what you’re getting into. Answering the question, should I change brokers, isn’t easy and there is no simple answer. It depends on your current situation, what you want out of your real estate career, and the level of freedom you desire with your business.
If you want to keep 100% of your commission, while gaining access to broker support, and plenty of tools to help you succeed, Elite Agents provides the right fit. With COVID-19 stay-at-home restrictions, now is a good time to consider the future of your real estate career and the brokerage you want to work with moving forward. Check out our Agent Sponsorship program today and find out why more agents looking to switch brokers are choosing us.
