Poachers’ Playbook: Recruiting Real Estate Agents

Introduction

Recruiting real estate agents has become increasingly challenging in recent years. However, agents working for franchises may be more open to a move, according to the latest Inman Intel Index survey. In this article, we’ll explore the insights gathered from the survey, focusing on the experiences of agents at franchises, private indie brokerages, and publicly traded indie brokerages.

Franchise Agents: The Most Likely to Switch

The Inman Intel Index survey found that a significantly higher proportion of franchise agents (15%) are likely to switch brokerages in the next 12 months compared to private indie agents (8%). This may be due to franchise agents’ stronger focus on brand recognition and consumer perception, which are key drivers of their decision-making process.

Commission Splits and Technology

Franchise agents are more likely to report a commission split between 70% and 79%, whereas private indie agents tend to have higher splits. This suggests that franchise agents may be more open to negotiations around commission structures. Additionally, franchise agents are more focused on technology and educational offerings, indicating that these aspects may be important selling points for recruiters.

Franchise Agents’ Priorities

When it comes to what matters most to franchise agents, culture fit ranks high (26%), followed closely by consumer perception or brand recognition (30%). Agents at franchises are also more likely to report a high-volume business in a down market, with 24% completing over 20 transactions in the past 12 months.

Publicly Traded Indie Brokerages: A Hybrid Model

Agents affiliated with publicly traded indie brokerages, such as Compass and eXp Realty, display a unique profile. They are more likely to have an 80/20 commission split, and technology and education resources are top priorities for this group. However, agents at public indies are less concerned about brokerage uncertainty, with only 4% naming this as a top concern.

Methodology Notes

The Inman Intel Index survey was conducted between May 20-June 2, 2024, and received 960 responses. The entire Inman reader community was invited to participate, and a rotating, randomized selection of community members was prompted to participate by email.

Conclusion

Recruiting real estate agents is a complex and multifaceted process. By understanding the unique priorities and concerns of agents at different types of brokerages, recruiters can tailor their approaches to increase their chances of success. Whether it’s highlighting a strong brand or emphasizing technology and educational resources, effective recruitment strategies will focus on what matters most to agents at each brokerage type.

FAQs

Q: What is the Inman Intel Index survey?

A: The Inman Intel Index survey is a monthly survey conducted by Inman that gathers insights from real estate professionals, including agents, brokerage leaders, lenders, and proptech entrepreneurs.

Q: Why are franchise agents more likely to switch brokerages?

A: Franchise agents are more likely to switch brokerages due to their focus on brand recognition and consumer perception, which may drive their decision-making process.

Q: What are the top priorities for franchise agents?

A: Culture fit, consumer perception or brand recognition, and technology and educational resources are top priorities for franchise agents.

Q: What sets publicly traded indie brokerages apart?

A: Agents affiliated with publicly traded indie brokerages prioritize technology and education resources, and are less concerned about brokerage uncertainty.

Q: How many responses did the survey receive?

A: The Inman Intel Index survey received 960 responses between May 20-June 2, 2024.

Author: www.inman.com

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