By John Biondolillo and Steve Shull
I hope everyone who comes on this blog understands that this site is totally self serving. This is where we get to talk about BCK Real Estate and why we think we think we have a superior business model that provides a much higher level of service to agents.
Without question the real estate landscape is changing. The trend across the country is away from franchises. For many years agents and consumers mistakenly thought that franchises provided more support and access to out of market buyers. The reality is that members of the Leading Real Estate Companies of the World, like BCK, do more transactions and have more agent & offices worldwide than any of the major franchises. Consumers are starting to realize that local professionals with local knowledge combined with worldwide connections can provide them with the best services. This trend is definitely in process right now.
So in this ever changing environment, is NOW the time to think about changing companies?
At some point in their career almost every agent entertains the idea of changing companies whether they are happy or not or whether they are recruited or not. In my opinion there is only ONE reason to change companies….
And that reason is….
To put yourself in a better position to sell more homes!! I know there are other reasons agents make changes. However I think this is the most important reason for an agent to change companies.
Changing companies is not something you want to do regularly. There needs to be a really good reason to make a change. There are many factors to consider including:
1. Brand Name
2. Company Image
3. Market Presence
4. Internet Presence
5. Financial Stability
6. Office Location/ Condition
9. Your work space
11. Quality of agents in the office
12. Office Staff/ Systems/ Support
14. Coaching/ Training
16. Broker network
17. Research/ Information
18. Client perception
19. Loyalty issues
I am sure you could add to this list.
Again for me….
The big reason to change companies is very straightforward…
You want to sell more homes and you believe changing companies can help you.
Too many agents focus on split. Split is almost irrelevant in comparison to increasing your production. Adding 2 to 4 more deals to your production will blow away any increase you can ever negotiate in terms of your split. And in the end, what is most important is not your split. What is most important is the value you receive for the money you pay. Remember you are having this same conversation with sellers every day over your commission. They think all agents are the same and they want to pay less. How is this any different than you thinking all companies are the same and you want a higher split? It is not the fee. It is not the split. What matters is the value you receive!!
At most companies, most agents are paying somewhere between 40 and 50% to their company. This includes the Keller Williams model also if you do the math.
The BIG question is, “What are you getting in return for that % of your gross commissions generated?”
For the most part you get the following:
1. A brand name
2. Space to work
3. Managerial support…. depending on the office manager
4. Legal support
IS THAT ENOUGH??
From what I have seen….. most of the responsibility for growing your business lands right in your lap. I do not know of a single real estate company (outside of BCK Real Estate) in the area that has the ability to give you one-on-one attention in helping you grow your business. Most of the franchise offices have lots of agents (many of whom are part time). Too many agents, not enough resources.
The reality is… the more business you do, the more you are left alone. This leads to agents wanting higher and higher splits because they feel they get less and less service as their production increases. In fact the thing most top producing agents want from their company other than a higher split and more office space is….. TO BE LEFT ALONE!! Personally I think this is a very sad indictment of most real estate companies. Why should a company exist if the agents just wants to do their own thing and wants the company to stay out of their way? Something is very wrong with this picture!
If you feel your company is paying attention to you on an individual basis and helping you in developing your business…. I highly encourage you to stay.
At the same time if you do NOT feel you are getting that support…. I would love to know why you stay.
If you are a real up and comer…. does your company recognize your potential and what are they doing to help you go to the next level? Are they giving you one-on-one coaching? Do they provide the training that you need? Are they helping you with your prospecting and marketing efforts? What are they doing to help you organize your database? Are they providing you with great technology and great technology support? What about admin help? What are they doing to help you compete against more experienced veterans in the market? How are they inspiring and challenging you to take that next step?
I think every agent needs to wake up and take a closer look at their individual situation. No matter where you work right now…. there is a lot of uncertainty. When offices close they close with very short notice and agents are left to find a new home quickly. Many companies are adding fees at the same time. Your deal is changing or is subject to change quickly. This is the reality of this new market. And what makes it even more difficult… a great agent in a great market is not immune from these types of changes. I closely study the makeup of each real estate office in our area. I can tell you unequivocally that too many offices are too top heavy. Meaning the office is supported by a handful of top producing agents. If one or two of these agents were to leave….. the financial viability of that office would be questionable. If any of those agents decide to leave, what happens to that office? What if you are in one of the those offices?
Unless the market does a dramatic turnaround for the better, no one is safe. Every agent needs a plan B at this time. The old model is broken and CANNOT be fixed. That is why market share for the big franchises has slipped so much.
Our company has recruited 3 new agents in the past 3 months. So why are these agents coming?
ONE BIG REASON – We are going to help them take more listings and sell more homes!!
Because that is what we do!!
It is our PURPOSE!
It is our PASSION!!
And we have a PLAN to turn this goal into a reality.
Our company’s foundation centers of the following four building blocks:
This is who we are. This is what we do. And I challenge anyone in any company to show me they are doing something better. Our company is about performance. And specifically about the performance of our agents. This is what we think about each and every day. What can we do in each of these four areas to help our agents take more listings and sell more homes? We live in this question non-stop. And we work on these four areas of our business continuously!!
We are now going through one of the most exciting times ever in the real estate market. Everything is up for grabs. What was up is now down. What was big is now small. What was in is now out. With all the change that is taking place I invite you to check out our company. We anticipated the change. We planned for it. We prepared for it. WE EMBRACE IT!!
The bottom line is this…
We would love to help you take more listings and sell more homes. If any of the above sounds interesting to you….