Service, brand recognition, local expertise and the availability of top-flight tools are the leading categories driving agent satisfaction, according to Coldwell Banker Real Estate’s 2021 “What Matters to Real Estate Agents Today” report.
Approximately 85% of agents said they are looking to stay where they are over the next two years, according to the report. One in two agents surveyed reported that they are “very satisfied” with their current companies. Quality of service, national brand recognition and the ability to navigate the future of real estate are among the factors that attract agents and keep them satisfied.
Local expertise on the part of the affiliation and having access to leading technology and tools also contribute to keeping agents happy.
Ninety-one percent of agents surveyed for the report cited their affiliation’s ability to provide best-in-class service as a high priority. Nearly as many said that being affiliated with a brand that’s easily recognized by buyers and sellers is almost as important. High priority was given to local expertise by 89% of the agents surveyed, and 88% said the same about all-around knowledge and providing the right tools.
About 15% of agents said that are thinking about switching their affiliation in the next two years and more than 50% of agents have switched at some point in their careers. The perception that they will have access to better tools and training, as well as a more supportive cultural fit and atmosphere were listed as key factors for those agents who have changed affiliation. Commission structure ranked sixth among reasons agents gave for leaving, suggesting that factors such as support and tools that can help them grow their business can outweigh commissions.
Those agents who are considering changing their affiliation gave team support, better tools and a better commission structure as their reasons for potentially switching. Top producers and agents with at least 10 years of experience are the most likely to consider changing affiliation.
The report suggests that retaining experienced, top-producing agents should be a priority for managing brokers. Knowledgeable agents provide inspiration and support to those who are less experienced or are struggling with their productivity. They also tend to attract other top agents from other firms. Investing in initiatives and opportunities that look to the future of the industry and communicating those efforts to agents may help brands position themselves to attract and hold onto top talent.
In an accompanying article, Coldwell Banker CEO Ryan Gorman said he expects the booming market will inspire many people to consider careers in real estate.
“Making a jump into real estate may be an excellent fit for entrepreneurs who come with service, sales, and hospitality backgrounds, to name a few,” Gorman said. “We also expect current agents to rethink what matters most to them in their careers, which will lead to many considering a switch in their affiliation to a brand that offers the services, technology, support, and brand recognition that will empower them to thrive, especially in a hot market.”