Even if you aren’t planning on changing companies today, it’s important to evaluate your current brokerage and what it offers, and determine how well that lines up with your own goals. Here’s what to look for.
The great thing about being an independent contractor is that you are in control of where, when and how much you work. In many cases, where you work can make a big difference.
As the lead recruiter for my company, I talk to agents every day about why they consider joining a new firm. If you’re having doubts about whether your current brokerage is a good fit, here are six signs you may be at the wrong firm.
1. There’s an excessive amount of turnover
While it’s true that agents switching brokerages is not an uncommon occurrence, some red flags may begin to appear if multiple agents are leaving the company one after another.
Agents may leave for a variety of reasons, so start asking around and figuring out the main reasons behind their departure. This can also be said for the management team and staff.
If managers and office staff are also leaving en masse, business operations will likely be disrupted, which might lead to some instability in the company. Chances are, this isn’t the kind of supportive or nurturing environment that will enable you to grow.
2. You do not have the proper support to accelerate your business
If you play your real estate cards correctly, your business should constantly be growing and evolving. A large part of that growth depends on the tools and resources your brokerage has to offer.
From coaching to lead generation to training and marketing services, every bit of support your firm provides will make a difference in how your business moves forward. If you find the tools lacking or inadequate, it may be time to shop around for a brokerage with a better toolbox.
3. Your brand offerings are not competitive
If your brokerage is not keeping up with the competition or no longer helping you to stand out, it may be time to explore other options.
Be clear about what you want from a brand, and take the time to thoughtfully research other firms in your market. Ultimately, you want to pick a firm whose offerings align most closely with your needs.
4. You don’t feel the love
You may be an independent contractor, but you certainly need some support and appreciation from your brokerage. If you aren’t getting it, it’s possible a lack of communication or connectivity between yourself and your broker or manager is the reason.
If your broker or manager isn’t taking the time to understand your goals and how they can support you, it may be time to move on. At our brokerage, I personally check in with all new recruits one month after they start and then every three months after that to see how they are doing and what else we can we provide them to support their business.
It’s important to find a firm that places as much emphasis on retention as it does on recruiting. Otherwise, you may just feel like a number on the roster. We will never be a roster company.
5. Your company is lacking growth
Shortly after I joined the team at my brokerage, I made it my mission to grow our business into the dynamic and driven company it is today. In the past year alone, our two offices have added more than 70 new agents.
Because of our exponential growth in a short period of time, we’ve added more tools and resources to support the growing team. However, if your company isn’t currently growing — either in size, service area or market share — it’s possible your growth will be limited as well.
6. It’s not a right fit
At our firm, we promote a culture of agents working together collaboratively. We also encourage an open-door policy with leadership. We let our agents and staff know we’re here for them no matter what and that we’ll always continue to support them.
Even if you aren’t planning on changing companies today, it’s important to consider the value your current brokerage provides and how well that lines up with your goals. Look at all aspects of your current situation and how it may improve if you go elsewhere.
If you decide it’s time to make the move, map out a list of everything that is most important to you in a brokerage — from stability to culture to supportive resources.