How To Move Your Real Estate Team To A New Brokerage
If you’re a real estate team leader or part of a team considering a move to a new brokerage, this article is here to help. It explains what factors you need to consider, how to move your team, and why you should join us at Pinnacle Realty Advisors.
Moving your team can be daunting, but it can lead to increased commission and a better overall experience for you and your team with the right strategy and support.
In this article, we will provide a step-by-step guide on how to move your real estate team to a new brokerage. We will cover everything from assessing your current situation to making a smooth transition. Read on to learn more.
What To Consider When Moving Your Real Estate Team
If you’re considering moving your real estate team to a new brokerage, there are several factors to consider.
The Current State Of Your Team
The Status Of Potential Brokerages
The Cultural Setup
The New Brokerage’s Technology
The Commission Structure And Compensation
The Current State Of Your Team
Firstly, you’ll need to assess the current state of your team. You need to ensure they perform well to meet the requirements of the new brokerage.
You can do this by tracking key metrics, such as lead generation, sales volumes, and conversion rates. You can also measure customer satisfaction with quick surveys to monitor team members’ progress.
Analyzing your team’s strengths and weaknesses is helpful because it lets you see where they excel and where they might need additional training. You can then use this data to determine which brokerages offer the service types that could help you the most.
The Status Of Potential Brokerages
Secondly, you’ll need to research potential brokerages. Find outfits that align with your team’s values, mission, and long-term goals. Avoid those with a different philosophy or outlook.
Also, look for brokers specializing in your niche and target geographic area. Avoid those that serve distant places outside of your regional expertise.
The Cultural Setup
Next, ask whether the brokerage is a suitable match for your team’s culture. They might align on economic issues, but your people might not get on with them if they do business differently.
The benefits of joining a real estate brokerage with a good cultural fit are considerable.
For instance, it can improve talent retention. A positive and supportive workplace culture can enhance job satisfaction, foster teamwork, and collaboration, and increase productivity. It can also provide opportunities for mentorship, professional development, and networking with like-minded individuals.
Perhaps most critically, it lets you build stronger long-term relationships with clients and colleagues, leading to more fulfilling careers and better service. Agents remain with you longer instead of seeking opportunities elsewhere because they feel like they fit in.
The New Brokerage’s Technology
You’ll also want to appraise the new brokerage’s technology critically. Look for one providing the latest technology tools and resources to help your team succeed, specifically access to customer relationship management (CRM) software, marketing resources, and training and development programs. The best brokerages will have strategic partnerships with companies that will help you and your team grow. You will want to pay special attention to partnerships surrounding lead generation, CRM’s, and website services. Having pre-vetted vendors at your disposal is a massive game changer while still putting the choice in your hands.
Also, look for other systems that could potentially help you drive profits. These could include:
Listing management software
Transaction management software
Virtual tour and staging software
Electronic signature software
Lead generation and management software
Marketing automation software
Social media management software
Data analytics and reporting tools
Mobile apps and websites for agents and clients.
Try to avoid brokers that don’t add value. These outfits are often commission-hunting and looking to extract money from already-productive teams. Find groups willing to support and enhance your workflows, letting you get more done, earn higher commissions, and make more sales.
The Commission Structure And Compensation
Lastly, you’ll want to check that the broker offers a fair, open, transparent, and reasonable commission and fee structure.
You may come across various structures as you do your research. These could include:
Commission splits – the most common brokerage fee structure where you split the commission from each transaction between the agent and the team
Desk fee – a flat fee teams pay to brokerages for the use of office space and resources
Transaction fee – a fee the brokerage charges for each transaction completed by team members
Franchise fee – a fee brokerages charge if they are part of a broader network, usually calculated as a percentage of the commission earned
Flat fee – an unchanging fee teams pay brokerages, irrespective of how many properties they sell
You’ll want to think carefully about which type of fee you choose. Most real estate teams fall prey to commission splits that are significantly more expensive than the other options on the list.
When choosing a brokerage, there is a lot to consider. Therefore, create a spreadsheet detailing all the pros and cons associated with each. Tally up their characteristics and then decide which is best for your enterprise.
Don’t be afraid to reject brokerages offering what seem like great deals superficially. They may have a negative culture or force you to pay high fees that eat into your profits. They may also charge hidden fees in the small print before releasing commissions to you.
The Benefits Of Moving Your Real Estate Team To Pinnacle Realty Advisors
Run Your Business On Your Terms
Full-Service Support With a la carte add-ons
Finding the perfect real estate brokerage is usually challenging. However, Pinnacle Realty Advisors is here to help. We offer a unique set of services designed to help your business achieve remarkable success.
Most real estate teams fall prey to commission splits that are significantly more expensive than the other options.
Keep 100% Of Your Commission And No Hidden Fees
For example, Pinnacle Realty Advisors is a brokerage that offers a unique pricing structure that sets us apart from other brokerages. We don’t take any commission from any transaction. Instead, we charge a flat monthly fee, which includes access to all the resources and support we offer. Hence, agents get to keep 100% of their commission, which benefits real estate teams looking to maximize their earnings.
Compared to other brokerages charging percentage commissions, our approach can be a game-changer for real estate teams. Members can keep more of their hard-earned money and reinvest it into their businesses. It doesn’t feel like a constant scramble to hold onto funds.
Our fee structure is simple. You pay a flat fee every month depending on the level of service you want, and in exchange, you get access to our professional support. That’s it!
You can choose between various plans, depending on your preferred setup. Under a Sponsorship Plan, you keep our brand name, Pinnacle Realty Advisors, and operate through us. By contrast, on a White Label Plan, you can build your own brokerage and hire your own agents. It’s all on your terms.
Most teams choose a monthly pricing plan. These let them keep 100 percent of their commission with no hidden fees. They also get access to brand guidelines, direct access to brokers whenever they need them, and on-demand support.
There are no annoying desk or franchise fees, and some plans offer ongoing training, helping your team stay at their best long-term. Set up is less than 24 hours, and you can access various marketing tools to help you serve your clients better.
However, you don’t have to take our word for it. Just look at what real estate teams using our services say about us. For instance, Kelly Loessin of Loessine Properties said, “I wanted to have my own brokerage, [and] have my family be a part of it, which they now are. I wanted the ability to start my own brand and marketing and be able to own my own company. I highly recommend Pinnacle Realty Advisors.”
Similarly, Ryan & Allyssa McLemore said, “We love Pinnacle mainly because we get to run the business how we want to run the business. You choose your own path, and you’re not limited.”
Lastly, Brandon Koletsky said, “I don’t think you’ll find a better brokerage platform when it comes to your needs as an agent. They have been nothing short of incredible with quickness in solving any issue or question that I may have.”
Access Top-Tier Agent Support
Pinnacle Realty Advisors also offers top-tier agent support for subscribers. You can join and launch a real estate business in less than 24 hours with on-demand support and a dedicated agent success team.
We guide you through starting up, making it easy to get on board. You can then arrange as much or as little help as you need to begin earning money and serving clients.
Use More Than 50 Different Tools And Resources
Pinnacle offers more than 50 tools to help real estate teams run their businesses however they want. For instance, you can access our network of vetted real estate schools and get access to the best education available in the industry. Our partnerships with the best schools, including Champions School of Real Estate, The CE Shop, McKissock Learning, Coursera, and Udacity, provide access to a broad swathe of real estate schools and learning platforms.
With our platform, users can access the services they need most while receiving the best customer support. Our team is dedicated to helping users make the most of our marketing tools, answering questions, and providing guidance. Both agents and brokers can use our tools to take their business efforts to the next level and succeed.
We also offer financial, legal, and insurance services. Every team that subscribes to our services can secure their daily operations and get E&O insurance coverage. This form of insurance protects your business from claims even if clients sue for negligent acts, errors, or omissions you commit that lead to financial loss.
Leverage The PinnacleHQ Dashboard
Lastly, joining Pinnacle comes with access to the PinnacleHQ Dashboard. This service offers unlimited access to hundreds of vetted home-service vendors and marketing tools at low prices for you and your clients.
PinnacleHQ includes various services designed to provide agencies with everything they need to succeed in today’s competitive market. Users can access a wide range of services and resources with a few clicks designed to help them stand out, attract new clients, and build their brand.
One of the key features of PinnacleHQ is its marketing services. Whether users need help with social media management, content creation, or advertising, PinnacleHQ has trusted partners available throughout the year. Users can pick the required service and let PinnacleHQ connect them with the right partner.
PinnacleHQ also offers a range of tools and resources to help businesses power up their operations. From lead generation tools to continuous education credits, users can access best-in-class services from top-quality partners at discounted prices.
Another valuable feature of PinnacleHQ is its vetted vendors. With over 20 vendors involved in every real estate transaction, finding the right business can be challenging. PinnacleHQ has done the hard work for users by vetting top-quality companies that can aid in the transaction process.
Finally, PinnacleHQ offers a virtual office where users can store and access all the legal documents, tax items, and other links required to run their day-to-day business. With secure access to essential resources, users can stay organized and focused on what matters most – growing their enterprise.
How To Make The Move To Pinnacle Realty Advisors
Becoming a member of Pinnacle Realty Advisors is simple. Here’s our process:
1. Contact Us
You can get in touch with us by filling out the form on our website, sending us an email, or giving us a call. Provide us with your name, phone number, email address, and the state where you registered your business.
Then tell us more about yourself. Are you an agent interested in learning more about joining Pinnacle? Are you an industry professional looking for additional information about one of your properties? Or are you someone else with a different background looking to work with us?
2. Sign Up
Alternatively, you can sign up for our services and move to Pinnacle Realty Advisors immediately. Our sign-up process is easy. Schedule a “no commitment call” with us, and we will explain your options. If you are happy, click the plan you want and fill out the required information. Tell us your name, contact details, and license information, such as your license number, the state where you operate, and your local REALTOR association. Also, if you are a “transfer agent” moving a team over, tell us during the sign-up process.
3. Wait For A Response
Once we receive your application, we will review it and give you a response. You’re then signed up and free to use our services. Activating your license doesn’t take long, but we try to make it happen as quickly as possible.
In conclusion, moving your real estate team to a new brokerage can be challenging but is often worth it. Before you transfer, assess your team’s current state, research brokerages, ensure a strong cultural fit, analyze the new brokerage’s technology and commission structure, and determine if the move is worth it.
Pinnacle Realty Advisors is a unique brokerage that offers a different pricing structure that allows you to keep 100% of your commission and no hidden fees, making it an ideal brokerage for real estate teams. By making the right choice and moving your team to a suitable brokerage, you can increase your commission and enjoy a better overall experience for you and your team.
Why Should I Consider Moving My Real Estate Team To A New Brokerage?
You should consider moving your real estate team to a new brokerage for several reasons. The main reason is to reduce or eliminate the commission split. However, some agents also use brokerages to access better technology and get enhanced support and training.
How do I determine if a new brokerage is a good fit for my real estate team?
Consider factors such as the brokerage’s reputation, commission structure, training and support programs, technology offerings, and cultural fit. You should also ask for referrals from other agents and interview the brokerage’s leadership team.
How do I inform my current brokerage that I am leaving?
Be professional and transparent with your current brokerage. Provide written notice of resignation and schedule a meeting with your broker to discuss the details of your departure.
Can I bring my clients with me to the new brokerage?
Generally, clients are the property of the brokerage, not the agent. However, you can inform your clients of your move and request that they continue to work with you at the new brokerage.
What should I expect during the transition process?
The transition process can vary depending on the new brokerage’s requirements and the terms of your current brokerage agreement. You may need to complete paperwork, attend training sessions, and inform your clients of the move.
How can I ensure a smooth transition for my real estate team?
Be transparent and communicative with your team throughout the process. Provide them with resources and support to help them adjust to the new brokerage, and offer training on any new technology or systems.
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Still Undecided? Get In Contact to Switch to Pinnacle Realty Advisors!
Our managing brokers & agent success team will be happy to guide you through the whole