Recruiting challenges in the brokerage industry are apparent, with franchise agents showing a higher propensity to consider changing brokerages compared to independent agents. The Intel Index survey revealed insights into the preferences and concerns of agents in different brokerage categories, such as franchise, private independent, and publicly traded independent firms.
Franchise agents are more likely to be open to changing brokerages, with 15% seriously considering a switch in the next 12 months compared to 8% of agents at privately held independent brokerages. Despite this, agents at private independent firms also indicate a willingness to leave the industry in recent months.
The survey, which gathered responses from 960 real estate professionals, highlighted the importance of factors such as culture fit, commission structure, and brand recognition in influencing agent decisions. Franchise agents tend to value consumer perception and brand recognition, while private independent agents prioritize culture fit.
The emergence of large, publicly traded, non-franchising companies like Compass and eXp Realty adds a new dimension to the brokerage landscape. Agents affiliated with these companies exhibit characteristics that align more closely with franchise agents in terms of preferences and concerns.
When it comes to commission splits, franchise agents tend to have a lower percentage split but are more focused on brand recognition, technology, and educational offerings. Private independent agents, on the other hand, prioritize culture fit and are more likely to consider leaving the industry.
Publicly traded independent agents have unique perspectives, with a focus on technological and educational resources. They are less concerned about brokerage-related uncertainties and prioritize market factors like inventory and mortgage rates.
As the industry continues to evolve, tracking the trends and dynamics within these agent groups will be crucial for understanding their changing needs and preferences. The Intel Index survey provides valuable insights into the motivations and concerns of agents across different brokerage categories, informing recruitment strategies and business decisions in the real estate sector.
Article Source
https://www.inman.com/2024/06/24/intel-brokers-guide-how-to-pry-recruits-from-indies-franchises/amp/