Its funny how many times people in our industry jump ship because they think about Greener Pastures. I frequently speak to agents that are looking for a new home. Obviously, most owner/brokers today are pursuing the Numbers Game.....the more agents and the less overhead, the better the bottom line. Agents are looking for support, leads, good splits, brand recognition, etc. When times get tough, thats when we see the industry change so drastically. The first thing to change...the support staff. Usually offices start to cut down on inside staff. Lenders cut back on their staff, and turntimes increase. Title companies, escrow, etc. The trickle down is immediate. Agents start to feel the pinch of the slowing market, and feel they are not getting the support from their office. So, the grass is greener on the other side of the fence. Time to jump ship? No, not quite. The first thing I ask a prospective agent is why they are leaving their current broker. Unless they were working in a hostile environment, or the splits were ridiculously unfair, I usually think its more of a productivity issue with the agent.
The Grass Isnt Always Greener. Sometimes, its all how you water your lawn.
There is business out there. How you prospect, farm, and influence your client base will make the difference in leaner times. IYADWYADYAGWYAG If you always do what you always did, youll always get what you always got!
Great post. You hit the mark on this as well. One concepts I've been kicking around is to INCREASE agent services during a downturn as an attractor to other agents. Just this morning I had a conversation with one of my investor partners about 1 of my brokerages. He was questioning the salary and payroll obligations of the month of March for this firm. Incidentally, the firm posted it's most profitable month in it's history.
I'm a HUGE proponent of rewarding staff and agents alike for a job well done. We paid profitability bonuses to all staff for this occuring and I have an investor questioning it. Guess he may be more of a "glass half empty" guy vs. "glass half full" as I try to function.