Did you ask about the negatives of the firm? Do you remember a time when a brokerage volunteered that information without being questioned first? We don’t know of many firms that do. Just like any product or service, a business usually focuses on the positives of what they offer. Do any of these sound familiar?
“We will give you leads.”
“We have the lowest monthly association fees.”
“Pick your own commission models.”
“State of the Art dashboards and agent profiles.”
“Join a robust network of real estate professionals.”
While these statements may be true, or at least partially true, when engaging potential brokerages, you need to be clear on what you want and what you are willing to compromise on.
TrainAgents, which is an excellent source for Oregon licensee training and continuing education requirements, offer the following advice.
“When a brokerage has many licensees that have been with the firm for a length of time, this may be an indication that the licensees are very satisfied with the management, support, and staffing of the brokerage. There are usually reasons why brokerages have a high or low turnover rate. Ask about the average time of affiliation of the licensees who are with a brokerage.”
If a firm has low turnover, then you would expect that the agents are satisfied with the arrangement, and choose to stay. If a brokerage experiences high turnover, you expect that many agents came on board only to eventually find something wrong, and they abandoned ship.
There are two reasons the later occurs. First is that some agents are simply not properly weighing the pros and cons of joining that particular firm, which is highly unlikely. The second, and more likely occurrence, is that the brokerage is not providing sufficient information for the Realtor to make an informed decision.
This could be because the recruiter may be more focused on touting what they feel is great about the firm, but may neglect to mention a few points they deem unimportant since they don’t apply firm’s business model. The other reason could be that they simply want to ensure that you join the brokerage and fear the discussion of anything negative. Their focus is on recruiting as many brokers as possible without concern as to whether you and their firm are a good match. You need to know what’s important to you and be ready to ask direct questions.
Our own preamble to the Declaration of Independence states, “experience hath shown, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed.”
The unfortunate truth is some recruiters may feel that once you’re in the firm you are more likely to stay and just “deal with it” than take the time, effort, money and disruption to your business by switching companies. Regardless, some will leave and, for many brokerages, this reflects in their retention rates.