Please wait as we prepare your PDF file ....

Mission Chronicle Blog

Search Blog

our goal is to help you stay informed by providing timely and interesting articles.

The case for helping your real estate agents retire

03/03/2017

Download PDF

Almost half of respondents in Inman’s Special Report survey said they were getting no help from their brokerages on transitioning out of the industry to retire.

Read the full Special Report

To do nothing as a brokerage is simply not good enough, said Joseph Rand, one of the managing partners of Better Homes and Gardens Real Estate – Rand Realty in New York and a passionate advocate of establishing a transition process for retiring agents.

Rand said it may not have occurred to brokerages before now, but those successful agents who have built businesses within brokerages rather than setting up on their own in the 1980s would be heading for retirement in the next 10 years — and these are valuable businesses that could be lost forever if brokers don’t step up.

“The industry has not established a procedure for transitioning a business for an agent who wants to retire out. It’s a time bomb that some of the most productive agents are leaving the industry in the next 10 years and their business will be up for grabs,” he said.

“They have built a meaningful book of business that they should be transitioning over five years, and brokers should be helping them do it.

“The win-win-win is the agent transitions out, the junior agent builds their business and it keeps the clients intact. The client, used to working with the same agents, get some continuity.”

Read the full Special Report

While there is an established route for brokerage owners who want to sell their businesses and a ready market, there is not a ready market to sell business for agents, said Rand.

A number of respondents in the survey said that their database didn’t feel rock-solid, with lead generators and internet leads muddying the waters.

“If you are a real estate agent and your business is entirely reliant on internet leads, you have nothing to sell. There’s no book (of business) there. If you are an agent that has personal referrals, a reputation, a brand, a website, a Facebook page, and those generate business for you, then you have something of value,” said Rand.

“If someone can acquire your mobile phone number, your website, they can get some polish from your reputation, can start marketing, then transition, you are no different from a doctor or a lawyer that has a book of business that can be sold.”

Some companies — including Keller Williams, EXIT Realty and eXp Realty — were said to be the exception, seen as having systems in place linked to recruiting agents.

In some offices, Re/Max was said to be pairing up veteran agents with junior agents with the idea the older agent would pass on their business to a junior agent in time.

Some brokerages were said to be giving their agents information on building a real estate portfolio but did not have agent transition programs on retiring. And a number of respondents were still recovering financially from what the 2008 Great Recession did to their real estate investments, in some cases delaying retirement.

As a successful Austin, Texas, agent with more than six years’ experience put it: “We are on our own. It’s a terrible industry for retirement planning.”

Read the full Special Report

Email Gill South

Source: click here

Read More

INSPIRED, INTELLIGENT, INSIGHTFULL

STAY INFORMED WITH TIMELY AND INTERESTING ARTICLES FROM OUR BLOG, MISSION CHRONICLE. OUR ASPIRATION IS TO PROVIDE REALTORS AND OTHER REAL ESTATE INDUSTRY PROFESSIONALS WITH EXCEPTIONAL RESOURCES AND SHARE OUR KNOWLEDGE TO PROPEL YOU TO YOUR GOALS.

  • Mission Chronicle Newsletter July 24, 2023

    Mortgage rates continued to press downward last week after the previous week's CPI data pointed to e...

  • Mission Chronicle Newsletter Feb 20, 2023

    Despite the recent downward trend in mortgage rates and hopes that the Fed was nearing the end of it...

  • Mission Chronicle Newsletter Feb 6, 2023

    The Federal Reserve meeting ended as market participants expected, with a quarter-point increase and...

  • Mission Chronicle Newsletter Dec 26, 2022

    Mortgage rates held relatively steady last week as most economic news came in better than expected.C...

  • Mission Chronicle Newsletter Dec 12, 2022

    Rates managed to move slightly downward last week as recession fears grew amid hopes that the Fedis ...

  • Mission Chronicle Newsletter Dec 5th 2022

    Mission Chronicle Newsletter Dec 5th 2022. Platforms: Browser, mobile-responsiveIdeal for: Leasing a...

  • Inman Review: Tenants and leasing teams get better connected with RentTango

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Tech Review: Smart Alto puts people first in its innovative lead qualification solution

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Refreshed and nurture-savvy, Market Leader’s CRM deserves your attention

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • The top 4 tips to improve your negotiation skills

    In today’s luxury real estate market, strong negotiation skills are an asset—you might even say ...

March 2024
Mon Tue Wed Thu Fri Sat Sun
 123
45678910
11121314151617
18192021222324
25262728293031

  • Polls

    What information you are looking for?

    View Results

    Loading ... Loading ...
  • Last month Results

    How Is My Site?

    • Good (100%, 3 Votes)
    • Excellent (0%, 0 Votes)
    • Bad (0%, 0 Votes)
    • Can Be Improved (0%, 0 Votes)
    • No Comments (0%, 0 Votes)

    Total Voters: 3

    Vote

    Loading ... Loading ...