There have been a lot of changes this year thanks to COVID. We are reassessing our values and lives. I have been hearing and seeing a lot of changes in the industry. The beginning of a new financial year can also motivate us to make changes in our career directions and real estate businesses. But this year, I have been noticing it more. Whether it be undertaking a complete restructure of how you operate your business, it could be adding or removing people from your team or you could be considering moving to another agency or starting your own!
Let’s talk about the big move. If you’ve been considering changing agencies, this is a massive decision. Done the right way it can make a huge difference to your profile, your income and it can help you regain the joy in your career, gain business and momentum. But handled incorrectly, it can cause a loss of business, loss of income, a loss of sales and loss of rentals, and damage to your personal brand and reputation.
A number of my high performing agents have made the decision to move agencies or start their own. It is a personal choice and their choice alone. However, I do work with my agents and principals to workshop the pros and cons, be a sounding board and play devil’s advocate providing an objective point of view. Something that can often be hard to find in this industry.
If the outcome and the decision for one of my agents to move, I will then work heavily with them to ensure that they negotiate the absolute best possible deal. What I want to help you with is how to make changes and do it in a way that only has a positive impact on your business. Every real estate agent and business owners’ circumstances are different.
This is an outline of some of what I work through with any of my coaching clients that consider a move. We customise it to their situation, needs, wants and goals.
First things first…Figure out why you are wanting to move.
Drill down and determine out why you believe a move is the best option for you. In my opinion, an agency is a vehicle and platform for your personal sales business; therefore, success and growth should come from within you. Would you be happy where you are right now if you outsourced the things you feel like you need growth in – sales coaching and mentoring, digital and social media management, virtual assistant, PR as examples? I encourage my coaching clients to build their own structures and use anything that the agency or franchise provides as added bonuses.
Agents move for all different reasons. Whether it is higher commission, better management, better coaching and training, more support, or because they have outgrown their current work environment. But sometimes it's also the company culture or a toxic work environment.
In making a decision it is important to detach yourself from the emotion behind it. Figure out what is best for you and your business and what options will see you come out on top in the long term.
Audit your options.
Make a list of all your viable options. Staying and investing in outsourcing, renegotiating your current contract at your current agency or moving offices. Consider the agency options that you wouldn’t ever fathom taking advantage of. You never know you could be pleasantly surprised.
The reason to do this is so that you have a full grasp of your options and understand your worth in the industry, what commission rates are available to you and what financial offerings are available in your marketplace.
Understand your value.
Understanding your value is super important. It defines the baseline of what you can offer an agency and can help negotiate your package. Ask yourself how you can help your potential agency? What are you bringing to the table? Will you be a linchpin in the growth and the revenue of their business? Are you a thought leader or another salesperson in their team? If you have worked hard in building your profile and are writing substantial gross commissioning income or GCI you and your team will be worth more to an agency.
Once you have calculated and have a complete understanding of your value, only then are you able to determine your net worth and what you can negotiate with your agency of choice.
Review what is on offer.
It has to be said…don’t just move for a better commission rate!
Moving to an agency that has an incredible support structure in management, marketing and administration can mean the difference between writing more business and not.
Choose a winning team, one that already has results in developing people and businesses, has exceptional marketing and understands the craft of selling real estate. Really get to know the agency that you are considering moving to, talk to current and previous team members and get a real feel for the culture and the success of the business. Making sure that you are a mutual match is extremely important. Make sure the agency that you are moving to matches your values and that you are a match for them!
Negotiate the best commission package possible.
Self-reflection is the first step in negotiating the best possible commission package with your chosen agency. How do you want to run your business and what do you want to achieve? You could look at negotiating a high commission rate, but with the understanding that you have the flexibility to and will need to outsource others or if you're a proven performer and writing the business, you may prefer a lower commission rate and instead opt for a PA to be paid for you.
Make sure you are negotiating into your package not only the commission rate, but support staff, what marketing is provided, advertising, any coaching, training and mentoring. Think about start up packs and sign on bonuses, all the things I help my coaching clients negotiate.
Maintaining momentum when you move.
Once you have made the decision to change agencies or brands, take action and use it to help you create a bigger profile in the market. It’s time to not just market your listings but also yourself and how this move has allowed you to offer a brand-new service. You need to re-launch with a bang.
Make sure that you have everything organised – have your new photos ready to go, your profile complete, social media launch strategy ready to go, profiles changed over on move day, have your profile video ready to go, change your website or build one, or build your own brand and logo and hashtags.
Roll out a six-month DL campaign doing a letterbox drop every two weeks.
Advertise your move in the local papers and magazines send a handwritten card to every previous buyer and seller letting them know of your move and change.
I would recommend calling every single connector and circle of influence, lawyer, accountant mortgage broker. Call your tribe, your mad raving fans, and those on your database. Have an authentic conversation with these people and tell them about why you have decided to make this move. Be positive, don't overshare, or be negative about your previous agency, instead share why you chose to move and why this will be a better service experience for your clients and for your consumers. Don't make this move about you make it about them.
Making a change in your career when done the right way can start a very exciting and new chapter in your career.
This week’s episode of the ‘Build Your Best Life Podcast’ was all about how to change agencies and maintain your momentum. If you would like to deep dive further into this topic and get the full brief, listen to episode 17 where I share even more tips on how to maintain your momentum!
Tune in via your favourite podcast channel:
Apple Podcasts: https://bit.ly/BuildYourBestLife_ApplePodcasts
Google Podcasts: https://bit.ly/BuildYourBestLife_GooglePodcasts
If you are looking for more sign up the #BuildYourBestiIfe Coaching Program to reboot your 2020 here: www.sherriestoror.com/bybl
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