If you are looking to make a job change by switching real estate firms, here is everything you need to know before you make the switch.
If you are a real estate agent, but are currently unhappy with where you are working, you may have begun thinking about switching brokerages.
Fortunately, switching brokerages is fairly common in the real estate industry. In fact, the average real estate agent may switch offices as often as three times during a 10-year span (according to the National Association of Realtors).
Although it is quite common practice to switch real estate firms, you need to seriously think about switching brokerages before you do. Here are some things you need to consider and things you need to know before you switch firms.
Work out why you want to move
Before you make the decision to move, you need to carefully consider your reason for moving. Are you unhappy with the work environment? Do you have a work colleague that you just don’t get along with? Or do you feel like you are missing out on all the great listings?
If you are thinking about leaving your current brokerage because of personal or emotional issues, you also need to make sure that you think about the financial and business side of it all. This decision will ultimately influence your finances, so you need to be careful and make sure you don’t make any rash decisions that could end up negatively impacting your future.
So, before you make the move, you need to seriously consider whether or not switching brokerages is the right move for your overall success.
Some factors you need to consider before you move
What sort of work culture do you want? What kind of work environment would suit you best? Some real estate agents want to form close bonds with their clients and work for smaller companies. Other real estate agents might want a business and commission work-orientated environment. You should work out which environment would suit you better before you start searching a new brokerage.
How much support will you get? When you are trying to find a new brokerage that will better suit your needs, you need to work out how much support you will need versus how much the new brokerage will offer you. If you are new to real estate, you will likely need a lot of support. If you are a seasoned real estate broker, you need to ensure that the brokerage you choose to work for will help you with ongoing professional development.
Before you make any serious career decisions, you need to make sure that you are switching jobs for the right reason.
What to do when you decide you want to switch brokerages
Once you have decided switching brokerages is the right option for you, there are a number of steps you need to make before you can switch real estate firms.
Talk to your current employers
If you are thinking about leaving the firm, it is common courtesy that you should tell your employer. Besides, many firms require that you give at least a month's notice before you leave a job.
If you are open and honest with your current real estate firm, they may even offer you benefits to encourage you to stay at the firm. You can go over the reason you are considering leaving the firm to see if they will make any offers that will encourage you to stay.
Create a professional CV
If you have been at the same brokerage for some time, there is a chance that your resumé will not be up to date. If you really want a shot at getting a better real estate job, you need to make sure that your CV is up to date, professional and highlights all of your previous experience.
One of the best ways to write a CV is to use a professional online CV builder. Websites like this can offer free CV templates to help you build a CV that stands out from the rest. They will also be able to offer you advice on how to write a professional CV.
Nowadays, a CV is a requirement for any job application. Even if you have a brokerage in mind, sending them a personalised CV will allow them to see your skills and they may be more willing to hire you.
Call and meet with a brokerage you’re interested in
You can’t just leave one job and expect to get a swarm of job offers immediately. You need to be proactive if you want to start working at the real estate firm of your dreams.
When you are 100% sure that you want to switch firms, the first step you need to get a new job at the right brokerage is to call them. Even if they have no current positions, you will be able to sell yourself and make them interested in you.
Once the company has realised your potential, make sure you schedule a face-to-face meeting with them, so you can further show yourself off.
Make a plan for dealing with your current listings
Even if you are ready to make the move to a new brokerage, you need to make sure all of your current transactions are completed before you leave your current brokerage.
You should not ask your current clients to switch brokerages along with you, as this could potentially damage your previous employer’s business.
The best course of action is to talk to your current managing broker about how they want to handle the transactions and also about how you will get paid if the transaction is expected to close after you leave the company.
Keep your past and current clients informed
Once you know you are planning on moving, make sure you let your past and present clients know what is happening. This means that they can either choose to stay with their current brokerage or move with you to your new firm.
Although switching brokerages is relatively normal in the real estate profession, it is not something you should take lightly. Make sure you follow the above advice so you can make your move with ease.