Not every match is made in heaven. What do you do as a real estate agent when you realize that your brokerage isn’t a good fit for you and your business?
It’s not easy to leave a brokerage, but it can be done. The first step is to decide if the relationship with your broker was working or not. If it wasn’t, then there are some things you need to consider before making any decisions.
The most important thing to remember is that you have options. You don’t have to stay with your current broker forever. There are many reasons why you may want to separate from your broker:
- You’re unhappy with their performance.
- They aren’t providing the services you need.
- They’re not doing what they promised.
- Their fees are too high.
- They’re not helping you sell more homes.
- You feel like they’re taking advantage of you.
- They have burned you in the past.
- They’re not treating you fairly.
- You just don’t get along.
If you find yourself thinking about leaving your brokerage, here are three questions you should ask yourself:
1) Do I really want to leave my brokerage?
2) Am I being treated fairly?
3) Is this relationship working for me?
How to Separate From Your Brokerage Professionally
Before you make any changes, you need to think through your situation carefully. It could take several months to a year to figure out whether you want to stay with your current brokerage or move on to another one. Here are some things to keep in mind during your separation process:
- Don’t rush into anything. Take time to evaluate your situation. Talk to other agents who work at your brokerage. Ask them how they would handle your case.
- Determine if you’re happy with your broker. Are you getting the results you expect from them? Have they helped you sell more houses? How much money have they earned for you over the last few years?
- Decide if you’re willing to pay higher commissions. Some brokers will charge you an extra commission if you switch firms. Others won’t. Find out ahead of time which ones are flexible.
- Consider all of your options. If you decide to go with another brokerage, you’ll probably have to pay an up-front fee. This fee usually covers the cost of moving your listings and files from your old firm to your new one.
- Be sure you know exactly what you’re signing up for. Before you sign any contracts, read everything thoroughly. Make sure you understand all of the terms. Read everything twice.
- Get legal advice. You might be able to negotiate specific clauses in your contract. But it would help if you still protect yourself legally. An attorney can help you sort through the details of your agreement and advise you about what you can and cannot do.
- Keep records. Make copies of all documents related to your agreements with your brokerage. Save these documents, so you have proof of your rights and obligations.
- Start looking for a new broker. Once you know what you want, start searching for a good fit. Look for someone who has experience selling real estate in your area. They should also offer competitive commission rates.
- Stay organized. When you’re ready to talk to your current broker, make sure you have all of your information together. Know what you want to say before you say it.
- Follow up. After you’ve separated from your brokerage, follow up every month or two to check on your progress.
How to Maintain a Relationship with Your Former Brokerage
The chances are that you’ve built relationships at your current brokerage that you want to continue. That’s great! But don’t let those relationships interfere with your ability to create new ones. Here are a few tips to help you maintain a positive relationship with your former brokerage:
1) Give your former broker credit where credit is due. Even though you may not like their business style, they did provide valuable services to you. So give them credit when they deserve it.
2) Let them know how much you appreciate them. Send them a note thanking them for helping you. Tell them how much you enjoyed working with them.
3) Show appreciation to your clients. Thank them for choosing you as their agent. Remind them why you were chosen.
4) Offer referrals. If you have friends or family members interested in buying or selling real estate, ask them to contact your former broker.
5) Keep in touch. Contact your former broker occasionally. It doesn’t hurt to keep in touch with people you worked with.
It’s not easy to change brokerages, but it’s not impossible. With some planning and forethought, you can ensure that you get the best possible service from your new brokerage. Sign up for The Good Stuff, our weekly email newsletter stuffed with real estate marketing ideas and tips for more content like this.
