There is no doubt in saying that there are shifting waters in real estate. 15 years ago,
not many people rebranded or left agencies and simply put their head down and did
their job. Times are changing now, it is evident to say that some brands and agencies
are struggling to keep agents and offices on. I decided to outlay this article to help
breakdown some of the evidential problems.
Please note: This is not an attack on any particular brand or agency but rather a general
article on the real estate industry.
Flexibility in branding
Even though the brand/agency is still relevant in branding, it’s not as relevant as it used
to be. Brands and agencies need to give their agents more flexibility in promoting
themselves and find a middle ground where both the agent and brand are equally
promoted.
Technology
There is no doubt in saying that technology frees up agents time and streamlines some
tasks. Agents & Brands need to be able to provide great technology to allow it’s agents
to their job and no, I’m not just talking about having the pretty looking CRM. There are
many platforms out there that are providing value to agents and providing points of
difference to clients (Marketing platforms, Online Auction/Private Treaty platforms,
Advertising platforms and data platforms).
Training
There’s no doubt in saying that you can’t be the best without some amount of
training/mentorship. The question is, are you providing your agents and offices the right
resources around training and support? Now i’m not talking about an open door policy
and a training session every two months. Are your team and offices receiving ongoing
and valuable training to help them grow?
Flexibility to grow
There’s no doubt in saying that 99% of agents in the real estate industry have ambitions
for the future. Are you giving your agents and team members that flexibility to be able to
grow to their ambitions?
Culture/Support
Many offices say they have a great culture and great support, do you really? Does your
team feel supported and appreciated? Are you an approachable boss to feedback? Can
you have a laugh with your team? Are your team happy?
Many agents and staff members are simply put into a new office, given some business
cards and a few signs and are told to get out there and start listing. Can you say that
you’re giving your team the proper support they need to succeed?
Flexibility to innovate
We’re in a time that agents now need to innovate, or risk losing relevance in the market.
There’s many opportunities for agents to do that and provide points of difference. Some
agencies and brands struggle to be able to innovate because “we have this” or “we’re
unable to work that in” or “we don’t allow that”.
Access to resources & Quality of marketing
Have you reviewed your marketing recently? Is it of quality?
Agents want access to the best quality marketing resources. If they’re walking into the
living room showing an appraisal, they want access to the best quality pre listing kit and
the best marketing platforms. What about the best quality prospecting flyers? Some
might feel that it’s not a big thing, I can tell you though, it does matter.
Fees, Fees, Fees
Let’s face it, real estate is about money, and agents want to earn as much as they can.
Simply though, agents and offices get dragged down by the amount of fees charged by
the office and brand. Even though some of it is needed (subscriptions etc). Certain fees
are seen aren’t seen as needed.
How we get the conversation around commission splits wrong.
I feel that the conversations around commission splits are wrong. The real estate
industry tends to look at things very black and white and ask the question “What’s my
commission split?” and if they don’t like their split, they will find somewhere that offers a
larger split. I think the question should be “What am I getting for my commission split?”.
If you’re getting offered the best training, support, marketing, culture, technology &
flexibility, isn’t it worth the 50/50 commission split? If you find something that’s better for
you with a higher commission split, maybe it is time to up and leave.
Conclusion
If you’re wanting to have the best and biggest brand in your area and are able to attract
the best agents, it’s important that your the best option for them. (As mentioned at the
start of the story, this is not an attack on one single brand or agency, but rather a
general observation on the industry)
Lachlan Shields
Business Owner
SocialSquared + RealEstateFan
