Coldwell Banker interviewed 1,200 agents – half of whom are not connected to CB – to better understand what today’s agent is all about. It’s not what you’re probably thinking.
Coldwell Banker recently asked 1,200 agents for what they were looking for from a broker. The survey was split evenly between CB and non-CB agents. The results showed that a broker’s technology offerings are critical, but not quite as important as service and support.
The Agents’ Priorities Report 2020titled “What is Important for Real Estate Agents Today” showed that brokers prioritized from 1 to 5:
- Best-in-class service
- A company recognized by buyers and sellers
- Be best equipped to control the future of real estate
- Local expertise
- Cutting edge technology and tools
A significant majority (91 percent) of respondents preferred first class service.
Many often cite the commission structure as the primary reason for agent switching from brokers. However, the Agent Priority Report states, “While finances play a role in any agent’s decision, there are even bigger factors that cause agents to change affiliation.” Technology, education, and a supportive culture. Ultimately, income came in sixth among the respondents.
In an interview with Inman about the report, Ryan Gorman, President and CEO of Coldwell Banker, said the poll was about Coldwell Banker always wanting to know what agents want.
“This is the business we are in. We serve agents. A deeper understanding of what is most important to agents, in my experience, always translates into higher value delivered to agents,” he said. “Right now, as in many industries, the pace of change is increasing, so it is more and more important for us to really stay up to date.”
The industry seems to be promoting the technology on the surface as a recruiting tool, but ultimately, sales and governance training is more valuable. In line with this, Gorman said there needs to be more emphasis on technology as a support tool.
“The survey found that teaching and service are almost as much a priority as technology and tools,” Gorman said. “The real magic is that the eye can train someone to use the technology to work more efficiently.”
Gorman openly acknowledges that technology is easier to talk about and that it is getting more exposure in industry news and consumer mindsets. However, it’s not what can ultimately best help agents.
A number of questions in the report asked about the reasons agents left a broker. The five most important answers were:
- Need for better training and coaching
- Lack of team support
- An unsupported culture
- [Lack of] local manager
- Lack of tools
According to the report, those agents with 10 years or more of experience and top producers are most likely to change their affiliations.
“Sometimes when an agent is thinking about moving, they are looking for an outside solution to an internal problem,” Gorman said. “What you really need to do is be more serious about your business, downsize your sphere and do the job with the highest return on investment first, but it’s easier to believe that maybe a tool is the answer. that it’s technology. “
It is the good, hard work of teaching, training, and service that makes the difference, he said.
Do you have a technology product you’d like to discuss? Email to Craig Rowe
Craig C. Rowe started commercial real estate at the start of the dot-com boom, helping a number of commercial real estate companies build their online presence and analyze internal software decisions. He now assists agents with technology decisions and marketing by reviewing software and technology for Inman.