This article shares the five things to consider before moving a team to a new brokerage. Inman News published the article by Chris Pollinger.
Thinking about moving a team to a new brokerage? Let’s say you have an unbelievable offer, the promised perks are great and the comp package is amazing. Let’s say the new brokerage is even offering to throw in a new pony for your daughter. Is it the right time to make the move? Maybe, maybe not. Here’s five things to consider before making the move.
Is your team currently identified with your own branding to your clients and consumers?
If your clients and potential customers identify you with your brokerage or franchise brand it is not time to move. You need to first establish your team brand. The needs to be as the primary and the brokerage as the secondary in the minds of those you serve. If you have questions, give a few of your past clients a call and ask them their thoughts about your potential move. The brokerage brand should be insignificant in their thought process. You may find, for the client, you and the brokerage may have become synonymous. Especially if you have spent 10 years promoting the brokerage. You must establish your own branding with your clients and customers before moving your team.
Are you anchored with your own tool set?
For successful teams and agents, the brokerage is a platform for which to serve their clients. In today’s world, every brokerage has put together their own tech stack. Each of them offer some form of tech stack. They will include CRM, website, transaction platform and marketing platform. They may look and sound different, but at their core, they are more or less the same. If you are planning on moving, it is best to anchor in your own tech stack.
When moving a team, it’s important to lose as little as possible in the move. For example, moving CRM’s is a process with not only the potential loss of data itself. But also loss of time in the training of the team. When you own your tools, you are in a much more flexible state. Broker’s know this and helps explain why they are so interested in getting your adoption of what they offer. You can negotiate a reimbursement for your team’s tech use rather than taking what they offer.
Are you currently comfortable with the strength of your team culture?
Your team culture is your connector and continuity in a transition. Any cracks in the culture of your team are stress tested in a move. Expect some team members to stay behind at the old brokerage. Expect the old brokerage to try and retain as many of your agents as they can. There is no love in the recruiting game. If you choose to leave, expect your team to be targeted. Focus on the culture and loyalty you have built. It is often the difference between taking the recruiting meeting or not.
Are you prepared with the team transition plan?
You cannot over prepare for a transition. It’s going to take at least twice as long and cost twice as much as you think it will. Each person on the team needs to have a plan in place. New business cards, keys, access, and passwords are just the start. Have your team admin put together every detail imaginable. Keep in mind, expect there to be bumps along the way.
Are you willing to take a step back to take a step forward?
Even the best moves are going to have some amount of “breakage.” This is the natural business disruption that happens in a move. Much like when a client packs up and moves, they don’t know what is going to break. But there is some expectation that a few things will. Same thing with moving your team. Even under the best of circumstances, there will be things that will be disrupted. The bigger the team, the larger the natural disruption, especially in momentum. Expect it, plan for it, and be ready. To take a leap forward then you have to be willing to take a momentary step back.
Moving your team to a new brokerage can be done. It can be a great thing. It can also be a disaster. Regardless of what you are being promised, consider the impact on your team and business before you take the leap. Consider the five things above a good starting point to moving your team to a new brokerage.
Looking for the Ultimate Real Estate Team Structure?
A Parting Thought
We hope that the information provided is helpful in guiding you on your journey to building a thriving real estate business.
As luxury real estate broker consultants, real estate recruiting coaches, real estate business consultant, and CEO consultants for real estate, we are confident that our resources, insights and strategies can help you achieve your goals.
Remember, success in the luxury real estate industry starts with knowledge and strategy, and we are here to provide you with both.
Here are some links to our more popular resources:
Downloads for your Real Estate Business
Luxe Real Estate Report and Forecasts
Tools for your Team or Brokerage
For additional and real time insights, updates and news from our Founding and Managing Partner, Chris Pollinger, you can follow him on LinkedIn – Twitter – Facebook – Instagram
