The Revolving Door of Real Estate
1:10 Minute Read
Each month GRAR posts the names of agents who discontinue membership. Often, there are as many agents leaving the industry as there are joining. Curious to know why they leave? I contacted them and asked about the problems they faced and their reasons for leaving. Here’s what I learned. It was eye opening to hear so many former agents share the same concerns. Out of all the respondents, there were 3 reoccurring reasons for leaving real estate:
1) Their recruiter oversold them on training. The number one reason agents leave this business is the failure of brokers to properly train them. Even those who were provided robust online training felt overwhelmed. As one agent said, “At the beginning, I didn’t know enough to even ask the question, ‘Where do I start?’”
2) Their recruiter oversold them on support. Agents were frustrated by broker’s promise to deliver great leads and extra business-building support. In reality, they felt they only received a handful of scat.
3) Their recruiter misinformed them about the nature of this business. Without a clear understanding about income expectations and day-to-day activities, many respondents were sold on “Join our FUN office.”
Agents who responded to my query came from large and small brokerages. All the big name brokers were represented. If you’re a broker who wants to keep good agents, its time to cowboy-up. Its time to deliver on your promises.
“Under-promise and over-deliver - a great model for any business”
8 reasons our brokerage is better than yours…
Your broker has a receptionist that screens your calls and forwards it to voicemail. Our broker answers your call directly and immediately. When you have a problem or question, you need answers fast. In our office, you have a dedicated line and your call is answered 24/7. Your call is important. It always gets answered - asap.
Your broker has less experience than you. Our broker has over 25 years of real estate experience. Starting in real estate investing during the early 1990s then building his own business before becoming a broker in 2004, there hasn’t been much we haven’t seen…and know how to deal with.
Your broker cherry-picks the best clients for herself and her buddies. Our broker does not compete with your business. With the exception of friends and family, rarely does our broker solicit business. 80% of our broker’s income comes from serving agents which makes you the most important client on his list. Your broker can’t balance his own checkbook or pay you on time. Our broker is an accountant by training, trade and experience. While your broker struggles to keep good records and correctly calculate commissions, our agents get paid accurately and on time. And while some brokers fix that problem by surrounding themselves with talented office staff, all of those extra salaries are passed on to…wait for it…you.
Your broker is in debt up to their eyeballs. Our broker operates our company with ZERO debt. Too many brokerages are behind on their IRS, State of Michigan tax bills, mortgage and credit card payments making them financially vulnerable. And as an agent, you won’t know about it until there is a padlock on the front door.
Your broker doesn’t have the time to train you.
Our broker offers one-to-one mentoring which is free any agent who wants it. We also offer online tutorials and weekly training blogs. Our goal is to support agents help them reach their goals.
Your broker is looking for “90-day wonders”.
Our broker is interested in long-term success for agents. Ever feel your broker recruited you just to get your list of friends and family who are ready to buy and sell their home? Once your circle of friends have closed deals with the broker, there is too often no further interest in your future.
And last of all…
Your broker takes money out of your pocket.
Our broker takes zero split from you. 100% commission, zero split, zero desk fees, zero office fees, zero franchise fees, and zero BS. We offer agents a free personal website and marketing materials. How do we earn income? We charge your clients a $295 transaction fee. It's that simple.