Latest / The Connect Practice Track & Grow Podcast / Ep014: How To Make A Successful Leap Of Faith To A New Brokerage

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Ep014: How To Make A Successful Leap Of Faith To A New Brokerage · The Connect Practice Track & Grow Podcast

• 0:00
  SPEAKER_00: Welcome to the Connecticut Practice Track and Grow Podcast.
• 0:04
  SPEAKER_00: Habits, routines, motivations, and mindset from some of the most successful real estate professionals in the life.
• 0:10
  SPEAKER_00: Check out the show notes at Connect PracticeTrackGro.com.
• 0:15
  SPEAKER_00: This show is brought to you by the Strategic Resource for Real Estate Professionals, creating and coaching business opportunities and strategies that support and add value to the lives of real estate professionals at thestrategicresource.com.
• 0:29
  SPEAKER_00: And by Roost Real Estate Company.
• 0:32
  SPEAKER_00: Today's real estate agent doesn't follow old rules.
• 0:35
  SPEAKER_00: She makes new ones.
• 0:36
  SPEAKER_00: Learn more at CareerWithroost.com.
• 0:41
  SPEAKER_02: Hi all, Chris McAllister here with the Connect Practice Track and Grow Podcast, where it's my job to make your business better and your life easier.
• 0:49
  SPEAKER_02: I'm back today with my podcast collaborator and our digital marketing director, Lacey LeBlanc.
• 0:56
  SPEAKER_02: Today we're going to talk about how to make a successful leap of faith to a new brokerage.
• 1:01
  SPEAKER_02: Morning, Lacey.
• 1:02
  SPEAKER_02: How are you?
• 1:02
  SPEAKER_04: Good morning.
• 1:03
  SPEAKER_04: I'm good and I'm happy to be here.
• 1:05
  SPEAKER_04: I'm super interested in today's topic.
• 1:07
  SPEAKER_04: You seem to that's normal though, I guess.
• 1:09
  SPEAKER_04: But uh very interested in the leap of faith.
• 1:12
  SPEAKER_04: Talk to me about this leap of faith.
• 1:14
  SPEAKER_02: Well, you know, any big life change, you know, especially one that has the potential to change your income for good or bad, your lifestyle for good or bad, or your overall happiness is a it's a big deal.
• 1:26
  SPEAKER_02: And even if you know it's a good idea, it can still be scary.
• 1:29
  SPEAKER_02: And it's change, and and change can be scary.
• 1:32
  SPEAKER_02: Doesn't mean that you know you don't have the courage to go forward and persevere, but it's still disruptive, it still creates stress, and it's it takes a lot of, well, it takes a leap of faith.
• 1:44
  SPEAKER_02: So, you know, just because it's the right thing to do, you might be really excited, but it doesn't mean it's not stressful.
• 1:50
  SPEAKER_02: You know, and at the end of the day, you can do all of the analysis you want, right?
• 1:55
  SPEAKER_02: You can go through it over and over, you can make lists of the positives, the potential negatives, and so forth, and have all the logic at your disposal.
• 2:04
  SPEAKER_02: But in the end, I really do believe it comes down to a leap of faith.
• 2:07
  SPEAKER_02: And when I say that, I mean uh a leap of faith in yourself and leap of faith in your new partners.
• 2:15
  SPEAKER_04: Yeah, I think every career-oriented person can probably identify with this topic.
• 2:20
  SPEAKER_04: I know I experienced a leap of faith moment when I finally chose self-employment after years of bouncing a full-time job that I didn't love and then working with entrepreneurs and doing marketing on the side, which I obviously adore.
• 2:33
  SPEAKER_04: And I'm a five on the Colby for Fact Finder.
• 2:36
  SPEAKER_04: So I've got a healthy fact finder, but I'm also a quick start.
• 2:39
  SPEAKER_04: So, but I still waffled for probably five or seven years when I could have been doing this the whole time.
• 2:46
  SPEAKER_04: But I know what stopped me from making the leap.
• 2:48
  SPEAKER_04: What stops agents from making the leap?
• 2:50
  SPEAKER_04: You know, you've got an obvious, if you have an obviously unfulfilling broker relationship, what would stop you from making the leap to a new brokerage?
• 2:58
  SPEAKER_02: Well, in my experience, there's three main reasons why people stay in, you know, a less than fantastic relationship.
• 3:04
  SPEAKER_02: The first one is financial concerns, that's easy to understand.
• 3:07
  SPEAKER_02: The second one's a little bit grayer, but quite simply it's easier not to change.
• 3:12
  SPEAKER_02: And the third one is breaking up is hard to do.
• 3:16
  SPEAKER_02: So those are the three main reasons that in my experience, people stay with a brokerage or with a broker that uh isn't right for them.
• 3:24
  SPEAKER_04: Yeah, I get that.
• 3:25
  SPEAKER_04: For me, you know, the idea of not having a paycheck to rely on was just so terrifying, even though I was I was making enough on the side to cover it.
• 3:35
  SPEAKER_04: That financial number one financial concern was big for me.
• 3:38
  SPEAKER_04: What are the financial concerns specifically when you're changing brokerages?
• 3:43
  SPEAKER_02: Well, you talk about you know making the leap from being an employee to entrepreneur, that's what real estate agents are.
• 3:49
  SPEAKER_02: You know, we're not employees.
• 3:52
  SPEAKER_02: We've we've already had to make a leap of faith to, you know, become 100% commission, you know, to adopt a 100% commission-based income.
• 4:03
  SPEAKER_02: And that took a lot of courage.
• 4:05
  SPEAKER_02: And sometimes it's hard to suit up and get ready for another potential change.
• 4:10
  SPEAKER_02: But the financial concern in the short term is by some estimates, and I've seen lose an average of 20% of their income in the first year of the change.
• 4:22
  SPEAKER_02: So the sheer dis disruption can cost them up to 20%.
• 4:27
  SPEAKER_02: So if somebody's humming along at uh$100,000 a year and they make a switch to a new brokerage, there's a good chance that they're going to be down to 80 grand gross or so in that first year that they're gonna be.
• 4:37
  SPEAKER_04: Yeah, that's big.
• 4:38
  SPEAKER_02: That's a big risk.
• 4:40
  SPEAKER_02: It is.
• 4:41
  SPEAKER_02: And you know, we're very conscious of that because you know, uh we want just the opposite to happen, right?
• 4:46
  SPEAKER_02: When somebody moves to our company, we want to see them grow by at least 20%.
• 4:51
  SPEAKER_02: The other thing that's scary is, and maybe part of the reason why that average is so high, is I've seen a lot of really good agents change brokerages and then for whatever reason disappear from the market.
• 5:01
  SPEAKER_02: It's it's like they never resurface as the same agent they were before they've made the move.
• 5:09
  SPEAKER_02: So most agents have a bit of a dip during the transactions.
• 5:14
  SPEAKER_02: Well, let's put it this way the a lot of the agents I've worked I've worked with, you know, have taken a drop in pay, but even the ones that had, quote, a successful move, you know, basically they may dip, but then they level off right where they were, right?
• 5:32
  SPEAKER_02: So it's kind of a uh it's really a bad conundrum, right?
• 5:35
  SPEAKER_02: Because they make the move, they lose 80%, they work their way back up, but they never seem to get back past where they were before they made the move.
• 5:42
  SPEAKER_02: So at that point, what was the point?
• 5:44
  SPEAKER_02: But our plan is, and what we want to talk about today, is if your move to a new brokerage is planned and well executed, that upside can be huge.
• 5:54
  SPEAKER_02: And we've had people that have come to us and within their first 12, 18 months have increased their business by 50 and even doubled their business.
• 6:01
  SPEAKER_02: So there is a way to make a move that will make you money, but again, that's big money.
• 6:07
  SPEAKER_02: 20% is big money.
• 6:08
  SPEAKER_02: So that's one of the reasons why folks just try to put off doing it.
• 6:12
  SPEAKER_04: Yeah, it sounds like that that, you know, it is a leap of faith, right?
• 6:16
  SPEAKER_04: And no amount of research is gonna help you kind of decide to make that leap of faith.
• 6:20
  SPEAKER_04: But this seems like where the research and the analysis can pay off to make sure you're making the right move, right?
• 6:27
  SPEAKER_04: You can't just move to any brokerage.
• 6:28
  SPEAKER_04: You got to move to one who understands the risks and is prepared to support you through that to get you back to where you need to be and and to grow.
• 6:36
  SPEAKER_04: So, what are some of those things realtors who are thinking about a move should be looking for in their research or considering?
• 6:44
  SPEAKER_02: I think you have to pay, play a little bit of defense and you have to do your due diligence.
• 6:48
  SPEAKER_02: So, you know, even before you start to go out and interview brokerages and anything, my advice is that you go out and pull find your original independent contractor agreement that you signed with your broker when you first moved your license to their brokerage.
• 7:03
  SPEAKER_02: So if you didn't sign an independent contractor agreement, that's that's potentially a whole nother can of worms.
• 7:08
  SPEAKER_02: But if you did sign one, a good independent contractor agreement is going to spell out what happens when you do choose to leave a brokerage or you know, a brokerage chooses to leave you.
• 7:19
  SPEAKER_02: So, you know, the ICA should spell out how are the listings handled.
• 7:23
  SPEAKER_02: You know, legally, listings are owned by the broker, right?
• 7:26
  SPEAKER_02: It's they're not owned by the agent.
• 7:28
  SPEAKER_02: An agent takes a listing and signs a contract on behalf of the broker.
• 7:32
  SPEAKER_02: So the question is, will the broker release them?
• 7:35
  SPEAKER_02: If the broker chooses not to release them, then you're out those potential commissions, you know, if and when they go under contract and sell.
• 7:42
  SPEAKER_02: So you want to, you know, see if there's a way to negotiate a referral fee.
• 7:47
  SPEAKER_02: Of course, if the broker doesn't release them.
• 7:50
  SPEAKER_02: But again, in our ICA, it's spelled out that in the event that we part part ways, we don't, as long as the seller releases us from the listing contract, we don't fight to keep listings for agents who don't stay with us.
• 8:04
  SPEAKER_02: But again, check your ICA.
• 8:06
  SPEAKER_02: Contracts in process, right?
• 8:08
  SPEAKER_02: If you move your license, is your broker going to allow you to continue to work that sale to the end?
• 8:13
  SPEAKER_02: Sometimes brokers will.
• 8:14
  SPEAKER_02: There's some risk and liability for them in that, but if they trust the agent, it's an amicable split, that may be the best way to take care of the client.
• 8:21
  SPEAKER_02: If it's not an amicable split or the broker's not interested in allowing you to manage those to closing, then you want to know who will handle managing those contracts to closing.
• 8:32
  SPEAKER_02: And that again should be spelled out in the independent contractor agreement.
• 8:36
  SPEAKER_02: Sometimes there are separation fees and penalties in an independent contractor agreement.
• 8:41
  SPEAKER_02: You know, it wasn't too many years ago that there were a rash of big companies, franchises and mom and pops that were signing long-term contracts with agents in exchange for huge upfront signing bonuses.
• 8:55
  SPEAKER_02: I don't, I never understood how the math worked, but if you are an agent that you know got a nice fat check, and I've seen many of them for over six figures, you know, my guess is that's a consideration as to when, quote, you're allowed to leave without some sort of financial penalty.
• 9:11
  SPEAKER_02: So you want to check that independent contractor agreement for that.
• 9:14
  SPEAKER_02: Sometimes realtors tell themselves that they're going to slow down and maybe stop taking listings and get to zero business with their current broker before making a move so they can minimize any lost dollars.
• 9:26
  SPEAKER_02: I really struggle with that because when I hear an agent say that, it it tells me that they really haven't made a commitment yet to move at all.
• 9:34
  SPEAKER_02: And honestly, every time I hear that, it almost never comes true.
• 9:38
  SPEAKER_02: You know, you're paying you're playing.
• 9:39
  SPEAKER_04: And how do you afford to do that if you're well, exactly?
• 9:42
  SPEAKER_02: And you're well, it's like, how do I afford not to have this money?
• 9:46
  SPEAKER_02: But you know, it's playing not to lose instead of playing to win, also.
• 9:50
  SPEAKER_02: And traditionally, they never work the plan.
• 9:53
  SPEAKER_02: You, my advice is if you're going to make a change, you want to be in the strongest cash flow and business position that you can before making the move.
• 10:00
  SPEAKER_02: Because I don't care how good your brokerage, your new brokerage is going to be, it still comes down to you, your personal efforts, your connections, how you run your practice, how you track your business, it all comes down to you.
• 10:14
  SPEAKER_02: So my advice before you make a move, you want to leave in a strong cash flow position and be mentally confident in your future.
• 10:24
  SPEAKER_02: Current market conditions can play a part as well.
• 10:27
  SPEAKER_02: You know, it's counterintuitive, but the upside to making a move on top is a strong is that a strong market can actually work out better than waiting to move at the next downturn.
• 10:38
  SPEAKER_02: You know, a lot of agents, you know, it's a really strong market and they're thinking I'm making all this money, I don't want to rock the boat, right?
• 10:46
  SPEAKER_02: But the fact is you're gonna be better off rocking the boat at the top of the market than you are at the bottom.
• 10:54
  SPEAKER_02: If you're just waiting around for the market to dry up and you hope that magically switching brokerages is going to change the market, then you're kidding yourself.
• 11:00
  SPEAKER_02: That's no reason to make a change.
• 11:02
  SPEAKER_02: The other thing, you know, I that people need to keep in mind is you've got to be confident in your personal brand.
• 11:10
  SPEAKER_02: You see, and a lot of realtors just don't believe that their personal brand is strong enough to thrive outside of their current brokerage.
• 11:18
  SPEAKER_02: You know, they fear their clients will leave them or you know, stay with another agent in the brokerage.
• 11:24
  SPEAKER_02: So even if they are ready mentally to make a move to the next level, they still fear that the cost and the personal effort involved will just be too, too high.
• 11:35
  SPEAKER_02: So all these things rationally you have to consider.
• 11:39
  SPEAKER_04: Yeah, I think that's that's a really great point.
• 11:41
  SPEAKER_04: And Roos does such a great job of encouraging and facilitating uh brand development for individuals, um, that I think it's that's an important point to make.
• 11:51
  SPEAKER_04: Not all brokerages do that.
• 11:52
  SPEAKER_04: There are definitely real estate agents out there, I think, who are a brand in and of themselves without even trying, right?
• 11:58
  SPEAKER_04: They just naturally um build those relationships.
• 12:01
  SPEAKER_04: So I think that maybe an important distinction is, you know, the word brand can be scary for non-marketing folks, right?
• 12:08
  SPEAKER_04: If they don't feel like they have their own, you know, logo or their own, you know, paperwork or they're relying on their brokerage, for that's not your brand, really and truly, right?
• 12:19
  SPEAKER_04: If you don't have your own collateral, it's really your relationships.
• 12:23
  SPEAKER_04: So, you know, making that differentiation between how strong are your relationships with your clients.
• 12:28
  SPEAKER_04: If you have strong relationships with their client, then you do have a personal brand.
• 12:32
  SPEAKER_04: So I hope that folks will consider that.
• 12:34
  SPEAKER_02: It is, but it's also your reputation in the market, you know, which all drives into how you maintain relationships and foster relationships and all that plays into the personal brand.
• 12:45
  SPEAKER_02: You know, it's not about a big fancy logo, it's really about making sure that the brokerage you choose to partner with not just has your back, but supports your movement forward, right?
• 12:56
  SPEAKER_02: You know, it's like the whole thing if you know Shark doesn't continue to move forward, it dies.
• 13:00
  SPEAKER_02: Well, it's the same for any realtor.
• 13:02
  SPEAKER_02: If we're not constantly making headway, moving forward, trying new things, getting better at what we do, eventually we stall and and die and you know, quiet quit, like we've been talking about recently.
• 13:13
  SPEAKER_04: Right.
• 13:14
  SPEAKER_04: Yeah.
• 13:14
  SPEAKER_04: And my experience with real estate is we talk about this a lot as my family and my Nana in particular is still out there working the real estate game in her 80s and enjoying every minute of it, but it's not, it was her heyday in real estate was long before the internet, long before, you know.
• 13:30
  SPEAKER_04: I literally am looking at a picture of the McAlpin Realty business card in its original form, and it is traced on a piece of like tracing paper over top of a hand-drawn design.
• 13:42
  SPEAKER_04: The numbers are handwritten.
• 13:44
  SPEAKER_04: I keep it because it's, you know, I'm a marketing person, I'm a graphics person, and I love it.
• 13:48
  SPEAKER_04: But she has a brand.
• 13:50
  SPEAKER_04: She always had a brand.
• 13:51
  SPEAKER_04: And it was, you know, the relationship and and her reputation in the market.
• 13:56
  SPEAKER_04: What they didn't have was an independent contractor agreement because they were their own broker.
• 14:01
  SPEAKER_04: So I'm very interested in that.
• 14:03
  SPEAKER_04: Can we talk about more about an independent contractor agreement and what that what that actually is and looks like and it's in its best version, maybe, and it's not so good version?
• 14:12
  SPEAKER_02: In its simplest form, an independent contractor agreement or ICA for short.
• 14:17
  SPEAKER_02: It's a formal agreement between the agent and a brokerage that makes specific the relationship between the two parties, really for legal and for tax purposes.
• 14:27
  SPEAKER_02: It spells out in no uncertain terms that the agent is an independent contractor and not an employee.
• 14:34
  SPEAKER_02: So that's critical for both you and for your broker.
• 14:37
  SPEAKER_02: But a well-written ICA will have things like commission splits and schedules.
• 14:42
  SPEAKER_02: Exactly what are you going to get paid when you have a closing?
• 14:45
  SPEAKER_02: Any upfront fees that are required, any monthly or annual marketing, branding, service fees, support charges?
• 14:54
  SPEAKER_02: You know, what are those?
• 14:55
  SPEAKER_02: Those should be spelled out in great detail so you have no surprises once you make the move.
• 15:00
  SPEAKER_02: If you're going to a franchise and there are franchise fees, what are the franchise fees?
• 15:05
  SPEAKER_02: How are they calculated?
• 15:06
  SPEAKER_02: What's the cap on franchise fees?
• 15:08
  SPEAKER_02: Is that in addition to the split that you negotiate with the owner of the franchise, or is that included in your in the advertised split?
• 15:15
  SPEAKER_02: Are there administrative fees?
• 15:17
  SPEAKER_02: You know, a lot of the 100% shops may be 100%, you know, as far as your commission, but you still have a monthly bill or there's a transaction fee or some site type of quote, hidden charge, you know, that the broker still gets something, even if they're giving you, quote, 100% of the commission.
• 15:33
  SPEAKER_02: So what are those hidden fees?
• 15:34
  SPEAKER_02: I mean, oftentimes I see things like, you know, you get charged 10 cents for every print that you make from the printer.
• 15:41
  SPEAKER_02: You know, sometimes they get incredibly detailed, whether it's desk time or administrative assistant time and so forth.
• 15:48
  SPEAKER_02: So be super clear on that.
• 15:50
  SPEAKER_02: The other thing is, you know, a lot of companies really do tout the training.
• 15:55
  SPEAKER_02: And the ICA should spell out exactly what training is available, you know, make sure it meets your expectations.
• 16:02
  SPEAKER_02: And clearly, if there's any cost to you, it's not a problem if your broker, you know, fronts money for you know a$500,$1,000 training course, you know, if they're willing to make that investment to you, fantastic.
• 16:15
  SPEAKER_02: But please know exactly how much time you have to pay that back, either in the form of a split or some sort of monthly fee.
• 16:22
  SPEAKER_02: So, you know, sometimes there is a I would say all training that's worthwhile is worth paying for.
• 16:28
  SPEAKER_02: So if you are in a situation where you're willing to pay for it, make sure those terms are spelled out.
• 16:32
  SPEAKER_02: And I would tell you that the ICA is doubly critical for team leaders and team members.
• 16:37
  SPEAKER_02: You know, I have a lot of concerns, and we're going to do an episode coming up about, you know, real estate teams and when it's time to build a team and so forth.
• 16:46
  SPEAKER_02: But you know, a lot of these big teams, they're operating as a brokerage within a brokerage.
• 16:51
  SPEAKER_02: And the broker or potentially the franchisee still has an obligation to collect, right?
• 16:59
  SPEAKER_02: Based on their business model.
• 17:00
  SPEAKER_02: So, you know, even for team members, there's a franchise fee that has to be paid.
• 17:04
  SPEAKER_02: That has to come out of someplace.
• 17:06
  SPEAKER_02: There's still, you know, the benefits of being with that brokerage and that brand, there's still a cost.
• 17:12
  SPEAKER_02: And that has to come off the top.
• 17:14
  SPEAKER_02: Generally, that comes the team, the way we've structured in the past is the the team leader and everybody on their team is on X Split.
• 17:22
  SPEAKER_02: Anything that happens is is on, you know, whatever that is.
• 17:26
  SPEAKER_02: And then the team leader decides how the team members are going to get paid out from whatever commissions they collect.
• 17:33
  SPEAKER_02: But make no mistake, it's the broker in the brokerage that has to write those checks to the team members, right?
• 17:41
  SPEAKER_02: It's against the law for the team leader to write those checks either out of their own checking account or even if they're a broker with an LLC.
• 17:48
  SPEAKER_02: Those checks have to come from the brokerage.
• 17:50
  SPEAKER_02: So again, doubly critical that your independent contractor agreement outlines that if you're a team leader and the ICAs that you sign with your team members that the broker also has to sign on a sign off on because their contract, they may have a contract with you and an understanding with you, but at the end of the day, those licenses are on the broker's license and it's the broker that carries the liability for those folks.
• 18:12
  SPEAKER_04: Yeah, that's a lot.
• 18:13
  SPEAKER_04: That's enough to panic attack right there for somebody who is creatively minded.
• 18:18
  SPEAKER_04: And, you know, similarly, for somebody who in real estate is relationship minded and really knows the process of selling or buying properties, and this is a whole different part of your brain that you're exactly.
• 18:30
  SPEAKER_01: And that's what I mean by it's easier not to switch.
• 18:34
  SPEAKER_04: Yeah, that's the next point, right?
• 18:35
  SPEAKER_04: It's easier not to switch because this is too much.
• 18:39
  SPEAKER_01: It is, it is, and you know, I I feel bad.
• 18:42
  SPEAKER_02: I don't feel bad.
• 18:43
  SPEAKER_02: You know, I tend to think like this, but that's why I, you know, feel I'm a pretty darn good broker, right?
• 18:49
  SPEAKER_02: But I also know that the very best agents I've ever worked with, people that can light up a room and and make friends like nobody's business, something I can never ever, you know, am at ease doing, you start having to think about I don't want to negotiate it in a contractor agreement because it's easy to negotiate for somebody else.
• 19:05
  SPEAKER_01: It's very hard to negotiate on behalf of yourself.
• 19:08
  SPEAKER_01: Right.
• 19:09
  SPEAKER_01: Yeah.
• 19:09
  SPEAKER_04: Well, I mean, when I was buying my house, I and I'm a smart person, you know, I'm intelligent, like books, book smart and pretty straight smart probably, but I have a lot of anxiety.
• 19:19
  SPEAKER_04: And I, this is not how my brain works.
• 19:21
  SPEAKER_04: And when I was buying my house, I found a mortgage lender who I knew personally and completely trusted.
• 19:29
  SPEAKER_04: That was the thing.
• 19:30
  SPEAKER_04: Because what he told me, and that doesn't mean I didn't follow up on it or do due diligence, but what he took, I trusted him.
• 19:38
  SPEAKER_04: And what he told me is what went because I put my, it put me at ease.
• 19:43
  SPEAKER_04: It kept me from having, you know, just the crippling anxiety and not being able to move forward with the process.
• 19:48
  SPEAKER_04: So it seems like, you know, that trust, finding somebody, a broker you can trust, so that yes, you're going to do your due diligence on this ice.
• 19:55
  SPEAKER_04: Yes, you've got some experience with them if you've been with another brokerage, but you have to find somebody who you can reasonably trust has your has a mutual interest in mind, right?
• 20:07
  SPEAKER_02: Yeah.
• 20:08
  SPEAKER_02: But it just illustrates, you know, I start babbling on about ICAs because that's how my brain works.
• 20:13
  SPEAKER_02: But I you it's almost like that to think of it as a prenup, right?
• 20:18
  SPEAKER_02: This agreement is designed to protect both of you going forward and also to protect you if the marriage goes south.
• 20:24
  SPEAKER_02: So just thinking through those details is it's stressful, right?
• 20:29
  SPEAKER_02: But again, everything worthwhile in life or business requires a personal commitment to success.
• 20:35
  SPEAKER_02: You know, it's a leap of faith.
• 20:36
  SPEAKER_02: And sometimes it's hard to summon that courage, you know.
• 20:39
  SPEAKER_02: And then people will vacillate, you know, they'll go back and forth, you know, maybe the timing is off, or maybe I should wait till this, or blah, blah, blah.
• 20:46
  SPEAKER_02: And, you know, making the switch when you know it's time, it's, I guess I consider it's like having a baby.
• 20:51
  SPEAKER_02: There's never a perfect time, but you know, when it's time, there's not much you can do about it.
• 20:55
  SPEAKER_02: And as real tourism professionals, we have to be honest with ourselves about the risk and potential negatives.
• 21:01
  SPEAKER_02: But again, I don't want you to listen to me go on and on about this and suddenly get yourself in a state of uh analysis paralysis and get stuck right where you are.
• 21:09
  SPEAKER_04: Yeah, but there are risks.
• 21:11
  SPEAKER_04: You know, there are even if you do your due diligence and you do your research and there are some variables there.
• 21:17
  SPEAKER_04: What are the what are kind of the risky variables you have to consider?
• 21:20
  SPEAKER_04: And how do you protect yourself as a realtor?
• 21:22
  SPEAKER_04: You're the broker, but what do realtors consider?
• 21:25
  SPEAKER_02: Well, they've got to be clear on, first of all, they have to be clear on their value, they have to be clear on what they bring to the table.
• 21:30
  SPEAKER_02: And I also would hope that they'd be clear on the type of business they want to operate, what their practice is going to look like, and the and the type of people they want to target and they enjoy working with.
• 21:39
  SPEAKER_02: I guess that's the first thing.
• 21:41
  SPEAKER_02: But the negatives are the risks, I guess, that if the agent lacks any commitment, right?
• 21:48
  SPEAKER_02: If they're not 100% committed to this move, if they don't have clear motivation to make this move and the courage to make this move, then the risks will probably always be perceived.
• 22:00
  SPEAKER_02: Perceived as too great to act.
• 22:03
  SPEAKER_02: And I'm not trying to say the risks aren't real.
• 22:05
  SPEAKER_02: They are real.
• 22:06
  SPEAKER_02: But, you know, just crossing the street, you know, some days can be a risk.
• 22:11
  SPEAKER_02: So, you know, a lot of what I guess what I'm trying to say is, Lacey, is I think we create risks in our mind.
• 22:19
  SPEAKER_02: And we have to look at things rationally and be honest about if those risks are just, you know, us being, I don't know what you say, nervous, you know?
• 22:27
  SPEAKER_04: Yeah, anxiety.
• 22:29
  SPEAKER_04: Anxiety is real.
• 22:30
  SPEAKER_04: You know, a lot of things.
• 22:32
  SPEAKER_04: When you're crossing the street, you look both ways, right?
• 22:35
  SPEAKER_04: You look the other way again.
• 22:36
  SPEAKER_04: You know, there are steps you can take to make sure that yes, crossing the street is risky, but there are steps you can take to make it less risky, you know, and to help you protect yourself.
• 22:45
  SPEAKER_04: So, what are those steps when it comes to switching to a new brokerage?
• 22:50
  SPEAKER_02: Well, I'm afraid these are probably still gonna come off of things to be aware of.
• 22:53
  SPEAKER_02: So forgive me if it still sounds a little negative, but here's the thing we're all about optimism over here.
• 22:59
  SPEAKER_04: We're gonna we're gonna view this in the right light.
• 23:02
  SPEAKER_02: We have to be real.
• 23:03
  SPEAKER_02: So, you know, when realtor switch brokerages, there's gonna be a transition period and they're going to have to rebuild their client base and their referral network or at least, you know, reach out to those folks and let them know what's going on.
• 23:14
  SPEAKER_02: You know, you want the support of all the people who got you here in the first place.
• 23:17
  SPEAKER_02: So that is a fact that during this time, you know, your income could decrease, you know, as you establish yourself in a new environment.
• 23:24
  SPEAKER_02: It is a fact of life that no matter how great your relationships are, you will lose somebody.
• 23:29
  SPEAKER_02: Of course, you'll gain people, but you will lose somebody.
• 23:32
  SPEAKER_02: Some clients truly have a strong loyalty to the previous brokerage, whether it's the brand or you know, other relationships there.
• 23:39
  SPEAKER_02: And it is possible that you use a client when you make a move.
• 23:42
  SPEAKER_02: It's gonna be, of course, temporary, and there's if it's a good move, you're gonna offsort it 10 times, but you could lose clients.
• 23:49
  SPEAKER_02: Reband branding costs, you know, when you're considering this, changing brokerages could require some effort, whether it's new marketing materials, websites, whatever.
• 23:58
  SPEAKER_02: And part of your um due diligence is you know, is the brokerage going to pick that up?
• 24:02
  SPEAKER_02: Are they gonna help me pick that up, or am I on my own for that?
• 24:05
  SPEAKER_02: Either way, if you're gonna make a move, now's the time to update your branding and your personal messaging.
• 24:10
  SPEAKER_02: Be aware of any initial fees.
• 24:12
  SPEAKER_02: You know, some brokerages charge fees to join, you know, especially the 100% shops.
• 24:16
  SPEAKER_02: A lot of franchises require an annual fee.
• 24:18
  SPEAKER_02: You want to be aware of those things.
• 24:20
  SPEAKER_02: Market differences.
• 24:21
  SPEAKER_02: This is kind of an interesting thing that I think we forget.
• 24:24
  SPEAKER_02: You know, the real estate market can vary by location and by brokerage.
• 24:29
  SPEAKER_02: If the new brokerage operates in a different market, whether geographic or economic-wise and so forth, you might need a little time to adjust, which could temporarily affect your income.
• 24:41
  SPEAKER_02: The other thing, I guess, is you want to be aware, you want to try to look around corners, you know, and find any unforeseen challenges because of agent-broker misalignment, right?
• 24:56
  SPEAKER_02: You know, if you're leaving a bad relationship, you surely don't want to end up in a worse relationship.
• 25:01
  SPEAKER_02: So we've been talking the past few episodes about, you know, what a good broker-agent relationship is.
• 25:08
  SPEAKER_02: But just know that the differences in company culture, management style, operations.
• 25:13
  SPEAKER_02: If you don't move to a first of all, there's no reason to move if you're not going to a broker that's 100% aligned with how you're going to do business.
• 25:21
  SPEAKER_02: But if that's not the case, I guarantee you you will lose 20% more because it will negatively impact your business.
• 25:28
  SPEAKER_04: Yeah, I think Dean Jackson calls these avoidable surprises, right?
• 25:31
  SPEAKER_02: Yeah.
• 25:32
  SPEAKER_04: Avoidable surprises.
• 25:33
  SPEAKER_04: Do all you can to avoid these surprises that are avoidable.
• 25:38
  SPEAKER_04: To me, you know, that was a little negative.
• 25:40
  SPEAKER_04: It sounds like a prescription drug commercial where now we've listed the potential side effects have, and now it's time to talk about all of the benefits.
• 25:48
  SPEAKER_01: I should have said those potential side effects real fast, like they do at the end of the commercial.
• 25:51
  SPEAKER_01: So it's very location of brokerage.
• 25:52
  SPEAKER_01: If the new brokerage operates in the different market, the realtor might need time to adjust.
• 25:55
  SPEAKER_04: That's it.
• 25:56
  SPEAKER_04: That's it.
• 25:57
  SPEAKER_04: So we can slide right past them.
• 25:58
  SPEAKER_04: But that's not why we're about to.
• 26:00
  SPEAKER_01: Is that what you're asking?
• 26:00
  SPEAKER_04: Why would anybody I want to know what the now we are completely transparent here?
• 26:04
  SPEAKER_04: We are not a big pharma trying to slide things by.
• 26:08
  SPEAKER_04: We want to be completely transparent, but there have to be some upsides too.
• 26:11
  SPEAKER_04: So let's talk about those.
• 26:13
  SPEAKER_02: Right.
• 26:13
  SPEAKER_02: I mean, so one of the things, of course, that the people always land on is better commission splits, right?
• 26:18
  SPEAKER_02: Joining a new brokerage might offer more favorable splits, meaning the realtor gets to keep a larger portion of their commission.
• 26:24
  SPEAKER_02: You know, that that's a nice thing.
• 26:25
  SPEAKER_02: We all like to have food with our meals, right?
• 26:28
  SPEAKER_02: And there are a lot of brokerages out there that are taking advantage of the current softness or turmoil in the market to make very favorable deals with new agents.
• 26:37
  SPEAKER_02: I think what you have to look at is that favorable deal something that the brokerage is going to be willing to sustain and honor when the market flips back again to maybe a stronger market.
• 26:49
  SPEAKER_02: You know, even us, you know, we're starting to get some nice traction recruiting new agents in Columbus and Florida.
• 26:54
  SPEAKER_02: And we're doing something I'm calling a founding Realtor offer, you know, for the first uh handful of agents to join us in each market.
• 27:03
  SPEAKER_02: And, you know, we're looking for a handful of really great agents that see the world we do.
• 27:08
  SPEAKER_02: And yeah, we're gonna make them uh a very attractive offer because we believe that, you know, we get the right people with us that we'll both grow together and we'll both do very well.
• 27:20
  SPEAKER_02: So I like the idea of a founding realtor.
• 27:22
  SPEAKER_02: You know, if it's a half a dozen people that we're looking for that are quote founding realtors, but all those people are aligned with us on our brand, that's a great deal for the brokerage and it's something that the brokerage can honor going forward.
• 27:32
  SPEAKER_04: So obviously, you know, normally we don't we try to not be self-promotional here because this is really and truly it's an informational kind of podcast, and we want this information to apply to everybody.
• 27:43
  SPEAKER_04: But in this case, I think I would love to hear an example of kind of what is the the founding realtor um overview or offer, because this is I think it's applicable here.
• 27:52
  SPEAKER_04: What what would you be looking for?
• 27:54
  SPEAKER_02: And uh, and it is a little self-serving.
• 27:55
  SPEAKER_02: So I'll I'll give you that.
• 27:57
  SPEAKER_02: But I think that if if we go ahead and spell out the details a little bit, you know, if you're not in one of our markets, or even if you are, I think this gives you some talking points, some things to think about, some things to ask for.
• 28:09
  SPEAKER_02: Right.
• 28:09
  SPEAKER_02: Yeah, negotiating what you're doing.
• 28:11
  SPEAKER_02: Yeah, negotiate you.
• 28:13
  SPEAKER_02: Because even if it's the perfect relationship, right?
• 28:16
  SPEAKER_02: If you know you really want to work with this person, that still doesn't mean there's not a negotiation to get the details worked out and you know it all comes back to the ICA.
• 28:24
  SPEAKER_02: So anyway, what we're doing is in Columbus, for instance, we are offering the first 24 agents or the next 24 agents that join us at Roost Real Estate Company.
• 28:35
  SPEAKER_02: We're guaranteeing that they will never pay a franchise fee to Roost.
• 28:39
  SPEAKER_02: We as the brokerage will always absorb that if and when those costs come up, which we really do, but that's another uh episode.
• 28:47
  SPEAKER_02: So no commit, no, no franchise fees for life.
• 28:51
  SPEAKER_02: We're offering an all-inclusive package.
• 28:55
  SPEAKER_02: Everything is paid for, the training is paid for, the signs are paid for, it it it's all paid for.
• 29:01
  SPEAKER_02: And again, that we're being pretty selective about this, but we're talking about a 90-10 split from the first dollar for as long as we're together.
• 29:10
  SPEAKER_02: So, you know, I think that given what we offer and the the type of brokerage that we are for the relationship-oriented among us, that's a pretty compelling offer, if I do say so myself.
• 29:20
  SPEAKER_02: So no franchise fees for life, 90-10 split, everything included.
• 29:24
  SPEAKER_02: Anyway, if that gives you something to ask for as you you go talk to other brokers in your market, please use that.
• 29:30
  SPEAKER_04: Yeah, shop around.
• 29:31
  SPEAKER_04: This is a will match other brokers' offers kind of situation.
• 29:36
  SPEAKER_02: Well, I think for us, it's a little bit different.
• 29:38
  SPEAKER_02: You know, there's a lot of brokerages out there that, you know, I use the term disparagingly that are body shop and they'll sign up anybody that knocks on their door.
• 29:44
  SPEAKER_02: And you know, I've done that before in my career as well, and we're not doing it anymore.
• 29:48
  SPEAKER_02: If if we don't get a clear sense that, you know, the agent that we're interviewing, especially when we're offering something that we think is as valuable as this, isn't completely aligned with what we do, then you know, we'll have to move on to another candidate.
• 30:00
  SPEAKER_04: But and that works both ways.
• 30:01
  SPEAKER_04: We've talked about that in other podcasts.
• 30:03
  SPEAKER_04: You know, if it's if the relationship is not right for the realtor, it's also not right for the broker and vice versa.
• 30:09
  SPEAKER_04: So it's uh it's everybody's best interest in everyone's best interest to do it.
• 30:13
  SPEAKER_02: And the thing about the founding realtor thing is no brokerage that offers the level of service that we do can economically survive on a 90-10 split with agents with and not have ancillary charges.
• 30:27
  SPEAKER_02: So that's why we're limiting it to um a very specific number of people who see the world like we do.
• 30:35
  SPEAKER_02: And after that, then we you know we move on to a more traditional arrangement.
• 30:41
  SPEAKER_02: But again, it's a weird market out there, and brokers are hungry for new agents, and you may be able to make the deal of a lifetime with somebody that you really want to work with.
• 30:52
  SPEAKER_02: One of the other benefits to keep in mind is aside from splits, is you may find that you have higher transaction volume.
• 30:58
  SPEAKER_02: You know, sometimes it's not so much about the dollars, but it's about the number of transactions.
• 31:02
  SPEAKER_02: If the new brokerage has a better reputation, more resources, you know, a larger client base, you know, the realtor might have access to more leads and more opportunity, you know, that potentially increase the number of deals that you do and the number of closings that you have.
• 31:20
  SPEAKER_02: And quite frankly, the transaction volume, transactions units, that's where the magic is.
• 31:26
  SPEAKER_02: And when I'm looking at a realtor's uh productivity, I kind of only care about the number of transactions that they've completed as an agent, as opposed to the dollar volume.
• 31:39
  SPEAKER_02: Well-established practicing agent who does a million dollars quote last year, but they only had one house that sold, they only put one house under contract that was a million-dollar house.
• 31:50
  SPEAKER_02: That's not somebody who's an active professional practitioner, right?
• 31:54
  SPEAKER_02: But if you have somebody who did a million dollars and they did 10 transactions, 15 transactions, whatever, and they are getting more and more practical experience with every opportunity that comes their way, that's gonna be an agent that is going to grow and thrive.
• 32:10
  SPEAKER_02: So, you know, I always tell our folks, and it happened to me, you know, in my career, dollar volume will naturally increase with time in the business.
• 32:18
  SPEAKER_02: If you think about it, you know, when you start out, you know, let's say you're a younger person, and I don't know, let's just use 30.
• 32:25
  SPEAKER_02: Chances are you're gonna start selling a bunch of houses to your friends who are also 30.
• 32:29
  SPEAKER_02: And chances are those are gonna be starter houses at uh X price.
• 32:32
  SPEAKER_02: You know, I don't know what it is these days that where you are, but let's say it's a$300,000 house.
• 32:36
  SPEAKER_02: You keep working seven years, which is still the average, by the way, they're gonna want to move again.
• 32:41
  SPEAKER_02: Guess what?
• 32:41
  SPEAKER_02: They're gonna move to a$500,000 house and your commission just got that much bigger.
• 32:46
  SPEAKER_02: So focus on transactions.
• 32:48
  SPEAKER_02: The dollars will take care of themselves over time as your sphere of influence, your relationships continue to thrive forward in life, the dollars will come automatically, I guarantee it.
• 33:00
  SPEAKER_02: It's really about how many relationships do you have?
• 33:04
  SPEAKER_02: How many people can you help?
• 33:06
  SPEAKER_02: And I don't care if it's a$500 commission or a you know,$50,000 commission, you have to treat those relationships as if they were all million-dollar deals.
• 33:16
  SPEAKER_04: Yeah.
• 33:16
  SPEAKER_04: I mean, if you think about it, one times a hundred is a hundred, and ten times ten is a hundred, and it's the same.
• 33:21
  SPEAKER_04: The math is the same either way, but when you break down your million dollars or however much into multiple transactions, then that's how many times more opportunities to get a referral or to get another house in the same neighborhood, or you know, it's really it's just math.
• 33:38
  SPEAKER_04: It's marketing math, is what it is.
• 33:40
  SPEAKER_02: But at the end of the day, higher unit volume indicates effective marketing and a dynamic professional practice.
• 33:47
  SPEAKER_02: That means you're reaching more people who want to work with you.
• 33:50
  SPEAKER_02: And that's the key to long-term success.
• 33:53
  SPEAKER_02: Another thing, you know, that's obviously a reason to move is improved training and support.
• 33:57
  SPEAKER_02: You know, some brokerages offer better training programs and support for their agents, which can lead to, you know, improved skills, better performance in the long run, whatever.
• 34:06
  SPEAKER_02: What you have to be very conscious of, though, is you know, a lot of brokerages talk about their training and support systems.
• 34:13
  SPEAKER_02: And a lot of the brokerages, and you know who I'm talking about, you know, they've got these giant video libraries that they, you know, talk about, and there's specific training on how to do contracts and all those things, and all of that is important.
• 34:24
  SPEAKER_02: But what agents really need is sales training, right?
• 34:29
  SPEAKER_02: They need training and how to make connections.
• 34:32
  SPEAKER_02: That's the first thing, right?
• 34:33
  SPEAKER_02: If you don't have anybody to work with, if you haven't made a connection, it doesn't matter how how whether you know how to write a contract or not.
• 34:39
  SPEAKER_02: So the best sales training in the world is offered, and this is my opinion, but uh I've seen it all, or sometimes it feels that way.
• 34:47
  SPEAKER_02: But the best sales training in the world is offered by Buffini and Company.
• 34:51
  SPEAKER_02: And all of our market leaders, myself, we're all Buffini certified trainers.
• 34:56
  SPEAKER_02: And we offer the 100 Days to Greatness program training for new agents and agents that come over to our company from another company, Peak Producers, Pathway to Mastery, we offer the whole thing.
• 35:07
  SPEAKER_02: And again, I'm really um passionate about this because I've seen it work over and over.
• 35:14
  SPEAKER_02: That sales training, that that training on how to make connections in the first place is absolutely critical.
• 35:20
  SPEAKER_02: Yes, there's always going to be, uh even if your broker doesn't have, you know, a canned video of how to write a contract, I guarantee you your board of realtors, which you pay a crap ton of money for every year, has that training for free.
• 35:34
  SPEAKER_02: So it's not free, you've already paid for it.
• 35:36
  SPEAKER_02: But you know, there's two things there's sales, and then there's the technical aspects of practice.
• 35:41
  SPEAKER_02: How do you fill out a board contract?
• 35:43
  SPEAKER_02: How do you fill out a listing agreement?
• 35:44
  SPEAKER_02: What are the agency laws in your state?
• 35:47
  SPEAKER_02: They're critical.
• 35:48
  SPEAKER_02: Having the opportunity to work with somebody, that comes first.
• 35:52
  SPEAKER_02: I'm not discounting the second, but that comes first.
• 35:54
  SPEAKER_02: And I've also seen realtors get so scared that they're gonna make a mistake and jeopardize their license that they never really get out there and ask for any business in the first place.
• 36:06
  SPEAKER_02: So the best of all worlds is you get great sales training, but there's also a mentor in the office that's yours and yours alone, or the broker or manager in the office are the ones that are gonna sit with you when the time comes to do a contract.
• 36:18
  SPEAKER_02: And forget about being new, right?
• 36:20
  SPEAKER_02: Anybody who's actively out there in the market, we active realtors learn something new.
• 36:25
  SPEAKER_02: They have a weird thing that comes up in a transaction every single month, it seems like.
• 36:30
  SPEAKER_02: I've never seen this before.
• 36:31
  SPEAKER_02: You know, we've got people been doing this for 20 years and things come up for what whatever it is.
• 36:35
  SPEAKER_02: So it's a constant learning experience.
• 36:36
  SPEAKER_02: But the key is get the training to go make your connections and make sure you have somebody in your brokerage that's gonna be there with you when the time comes to get a question answered or do something.
• 36:46
  SPEAKER_02: I can tell you as a new agent, there's nothing more powerful than being able to say to a client, you know what, I don't know, but I'm gonna ask so and I'm gonna get back with you in the next by seven o'clock tonight.
• 36:56
  SPEAKER_02: There is nothing more powerful than that statement.
• 36:59
  SPEAKER_02: But if you don't have somebody to go to to get back by seven tonight, then obviously you're gonna have a problem.
• 37:03
  SPEAKER_04: Right.
• 37:04
  SPEAKER_04: Yeah.
• 37:04
  SPEAKER_04: Well, I mean, I've been doing marketing, copywriting, graphic design, and I make mistakes every day.
• 37:08
  SPEAKER_04: And when you're a singular person doing it by yourself and there's nobody, there's no second set of eyes, um, then just a simple typo can happen.
• 37:16
  SPEAKER_04: So having, you know, somebody who has your back and somebody to just look it over even.
• 37:21
  SPEAKER_02: And don't be afraid to be new, you know, uh uh don't be afraid to be learning.
• 37:25
  SPEAKER_02: I don't care if you've had your license for two, three, four, five years, whatever it is, don't be afraid to acknowledge the fact that you're always learning.
• 37:32
  SPEAKER_02: If if there's a realtor in your office or your broker or whomever that is just a listing master, then you know what, ask them to come with you on your first couple of appointments, you know, or ask to shadow them on their appointments.
• 37:44
  SPEAKER_02: You know, learn from the best.
• 37:46
  SPEAKER_02: You know, if you need help writing that first contract, then have that mentor who's working with you sit next to you when you write that first contract.
• 37:53
  SPEAKER_02: You know, I find dot loop rather intimidating, right?
• 37:56
  SPEAKER_02: So I would want somebody sitting next to me who's really good at that.
• 38:01
  SPEAKER_02: It is not shameful.
• 38:03
  SPEAKER_02: It is, it shouldn't be embarrassing if you're learning technical things in the real estate business.
• 38:10
  SPEAKER_04: I think that brings up another really good point, and you're probably going to talk about this when you talk about this next point we have in our notes, but an attitude of abundance versus an attitude of scarcity.
• 38:21
  SPEAKER_04: When you're with a brokerage or in a business of any kind where there's an attitude of abundance, and everybody in that space knows that there's more than enough to go around and you're not competing against each other.
• 38:31
  SPEAKER_04: You're enabling each other, you're facilitating for each other, your your relationships are an advantage and not a disadvantage.
• 38:38
  SPEAKER_02: Or you're making markets within the office, right?
• 38:41
  SPEAKER_02: You have a listing and somebody else has a buyer.
• 38:44
  SPEAKER_02: You know, that's going to be an easy deal if you already work well together.
• 38:47
  SPEAKER_02: You know, it that whole culture of collaboration versus a culture of competition, that that is the key to long-term success, especially for those of us who focus on relationships.
• 38:57
  SPEAKER_02: The other thing that you want to be looking for in your broker, another great reason to make a switch is the enhanced marketing and branding.
• 39:04
  SPEAKER_02: You know, a new brokerage might provide far better marketing tools, support, technology, which will help you attract more clients.
• 39:12
  SPEAKER_02: And we constantly, you know, you've heard me say this before, but you know, that's the name of the podcast, right?
• 39:17
  SPEAKER_02: Connect, practice, track, grow.
• 39:18
  SPEAKER_02: If an agent's four jobs are connect, practice, track, and grow, the broker's jobs are to promote those connections, enhance the practice, support the business, and coach for growth.
• 39:28
  SPEAKER_02: Period.
• 39:29
  SPEAKER_02: If that's not happening, then you know there's an issue.
• 39:35
  SPEAKER_02: So, what does promoting connections look like?
• 39:37
  SPEAKER_02: Well, I'm not going to dig too deep in this today, but you know, for us, we send out an item of value on behalf of every single agent every single month called Bruce Drams.
• 39:45
  SPEAKER_02: We do it, it's at our expense.
• 39:47
  SPEAKER_02: It looks fantastic.
• 39:48
  SPEAKER_02: Your clients get to see you every single month.
• 39:51
  SPEAKER_02: And, you know, if you're so busy that you're not able to connect, at least that's happening on your behalf.
• 39:55
  SPEAKER_02: You know, Facebook, we've talked about this before, massive benefit, but it doesn't just get you business.
• 40:01
  SPEAKER_02: Facebook is an amplifier, right?
• 40:03
  SPEAKER_02: And we do a lot of the branding and marketing on Facebook for all of our agents as well.
• 40:09
  SPEAKER_02: You know, lead nurturing, warming, and so forth.
• 40:12
  SPEAKER_02: But anyway, look for those things.
• 40:14
  SPEAKER_02: What is the broker going to do that's going to help you create more leads and enhance your personal brand?
• 40:20
  SPEAKER_02: And of course, you know, like you just said, Lacey, broker alignment, that that's it.
• 40:25
  SPEAKER_02: You know, that's what it all comes down to.
• 40:27
  SPEAKER_02: So it makes all the difference in the world.
• 40:29
  SPEAKER_02: You know, you can you can find someplace that will give you a better split, potential higher unit volume, improved training, better branding.
• 40:38
  SPEAKER_02: But if you and that broker don't see eye to eye, or you don't have a collaborative working relationship, or that broker's not willing to promote enhance support and coach, I don't think it's a good move.
• 40:50
  SPEAKER_04: Right.
• 40:51
  SPEAKER_04: Well, I have a I do have a background kind of in franchising, and this is very reminiscent of that, right?
• 40:56
  SPEAKER_04: Brokerage of realtor relationships and a franchise or and a franchisee, because you know, they've a franchise or has set up the process, right?
• 41:05
  SPEAKER_04: They've made all the mistakes.
• 41:07
  SPEAKER_04: They've they're sharing, you know, the tools and everything you need to start a business kind of get get up and running quickly.
• 41:14
  SPEAKER_04: And but really and truly, we've had a lot of folks when I was in the franchising world who had the money, who bought the franchise, you know, but didn't see eye to eye.
• 41:23
  SPEAKER_04: And even though they had more resources, they weren't as successful as the folks who scraped together the franchise fee, but really believed in the business and really clicked with the leadership team and were really committed to the mindset and implementing what they had together.
• 41:37
  SPEAKER_04: It's all very it comes down to the practical day-to-day implementation in the end.
• 41:41
  SPEAKER_04: So I'm gonna put you, I'm gonna, I'm gonna make you tell us what's all of this, these concepts are great, right?
• 41:47
  SPEAKER_04: But what's the practical like how do you put this into practice?
• 41:50
  SPEAKER_02: I think you said something really profound, and I don't want to skip over it.
• 41:53
  SPEAKER_02: Is when you described a successful franchise or franchisee relationship, you discussed that the franchisee had skin in the game.
• 42:00
  SPEAKER_03: Oh, yeah.
• 42:00
  SPEAKER_02: They had to scrape up money to buy the fee.
• 42:02
  SPEAKER_02: It wasn't granted for nothing, right?
• 42:04
  SPEAKER_02: They had a financial investment in that business.
• 42:08
  SPEAKER_02: And I have to be honest with you, I think if a realtor is not willing to invest in themselves with the money that was some of the money they earn, or you know, pay, be willing to pay for support, that's a great value, then it's probably not their well, first of all, it won't be a great relationship with their broker, but secondly, they're probably not going to be successful in their business any more than any other professional would be, whether they're a doctor or a lawyer, et cetera, or you know, a franchisee that is handed everything.
• 42:35
  SPEAKER_04: So anyway, that's an aside, but to belabor that point a little bit, because I do think that it's when we see that happen, when we see franchise owners, you know, scrape together the money, like put their own resources, their time away from their family, their you know, resources to time, talent, treasure, right?
• 42:55
  SPEAKER_04: That's what we're talking about.
• 42:56
  SPEAKER_04: Time, talent, and treasure.
• 42:57
  SPEAKER_04: When we see those franchise owners with that skin in the game, do that's the biggest life change you will ever experience.
• 43:05
  SPEAKER_04: You know, they go from having to scrape together the money for this franchise to being able to, you know, in a lot of cases, quit their full-time jobs to do this and they're going on trips with their family that they've just, you know, dreamed about.
• 43:17
  SPEAKER_04: And really, it's watching people's lives change completely because not only are they financially successful because of the work that they're doing, but they're fulfilled and they're happy and they're able to live a life that they love too.
• 43:31
  SPEAKER_04: So that's the ultimate goal, right?
• 43:32
  SPEAKER_02: It's not all about it's a great analogy.
• 43:36
  SPEAKER_02: That's it's exactly what we want for all of our agents, just like you know, uh a successful franchise or hopefully wants for all of their franchisees.
• 43:44
  SPEAKER_02: So, as far as practical advice, okay, so forget about roost, you know, this is where you are.
• 43:49
  SPEAKER_02: So here's some things that I I would suggest that you focus on.
• 43:52
  SPEAKER_02: The most important thing you can do when you make a move and as you're preparing to make a move is this is a unique opportunity.
• 44:00
  SPEAKER_02: To reintroduce yourself to the market, right?
• 44:02
  SPEAKER_02: It's an opportunity to reintroduce yourself to all of your past clients and potentially future clients.
• 44:09
  SPEAKER_02: And the key to a successful quote reintroduction to the market is a message, right?
• 44:15
  SPEAKER_02: That is clear, consistent, and shows genuine enthusiasm for not just the profession, your business, but also for your new brokerage, right?
• 44:26
  SPEAKER_02: If you're not happy enough with the brokerage to wave the flag that, hey, I'm so excited, I just joined Joe's real estate company, then that's that's a problem.
• 44:34
  SPEAKER_02: So when you reintroduce yourself, this is a reason, an excuse to reintroduce yourself, but you want to craft a message as to why you're making that move.
• 44:43
  SPEAKER_02: And it's got to be clear, consistent every time you say it, and shows genuine enthusiasm for your brokerage.
• 44:49
  SPEAKER_02: It's a crucial step to ensure a smooth transition, maintain your relationship and your client relationships, and it's the first secret to making sure your business doesn't take a 20% negative hit.
• 45:02
  SPEAKER_02: It's the first step to making sure that you plan ahead of time and focus on this opportunity to increase your business by a minimum of 20%.
• 45:11
  SPEAKER_02: That's what we want.
• 45:12
  SPEAKER_02: So here's some tips.
• 45:13
  SPEAKER_02: So again, craft a clear message, a concise and compelling message that explains why you've changed brokerages.
• 45:19
  SPEAKER_02: Highlight the benefits of your new brokerage, whether it's services, resources, opportunities, successful agents, whatever it is, but get that clear in your mind in a way that you can share it.
• 45:29
  SPEAKER_04: This is where the optimism comes in, right?
• 45:31
  SPEAKER_04: Focusing on what was wrong with your laptop.
• 45:32
  SPEAKER_02: No, this is this is what you want to do, right?
• 45:34
  SPEAKER_02: You want to be able to have an excited reason to call everybody you've ever worked with and say, hey, I've got huge news, right?
• 45:40
  SPEAKER_02: I'm going to so-and-so.
• 45:41
  SPEAKER_02: Let me tell you why I'm so excited.
• 45:43
  SPEAKER_02: You know, you've been so good to me over these past years.
• 45:45
  SPEAKER_02: Let me tell you why I'm so excited.
• 45:47
  SPEAKER_02: Another thing, this is more tactical, I guess, but you want to update your online profiles, right?
• 45:51
  SPEAKER_02: Make sure you update your professional profiles on the real estate websites, on social media, your own website.
• 45:56
  SPEAKER_02: You know, update your bio, update your contact information, any branding elements.
• 46:01
  SPEAKER_02: I can't tell you how many agents have old information out there, old pictures from 20 years ago.
• 46:07
  SPEAKER_02: You know, you Google any successful agent in the market, chances are you're going to see where they work the past uh three or four moves on their Google page, right?
• 46:15
  SPEAKER_02: So realtor.com, people forget to update their bio on realtor.com.
• 46:19
  SPEAKER_02: So anyway, just please make sure that you have a plan to deal with all of those the day you move your license.
• 46:24
  SPEAKER_02: So all of your online profiles.
• 46:26
  SPEAKER_02: When it comes time to announce the move, you know, on the day that you move that license, you want to be able to send out a personalized announcement to all your current clients, all your past clients, your friends, your family, industry contacts, you know, anybody you know, you need to take this as an opportunity to celebrate the fact that you're moving and let everybody know.
• 46:48
  SPEAKER_02: It could be the best move in the world, but if nobody knows, it really isn't gonna matter.
• 46:52
  SPEAKER_02: So use email, social media, snail mail, right?
• 46:55
  SPEAKER_02: You know, an agent comes to us, you know, we do a formal letter and announce the move.
• 47:00
  SPEAKER_02: We help them craft that, introduce them to Roost Ramblings, and we get that out in snail mail as well.
• 47:05
  SPEAKER_02: So we want to use every medium possible to ensure that your message and your reintroduction hits the widest audience possible.
• 47:13
  SPEAKER_02: And again, we have several templates that our agents use to craft the perfect message.
• 47:17
  SPEAKER_02: Here's another one that people forget host an open house or an event, right?
• 47:21
  SPEAKER_02: If you're gonna send something out saying we've, you know, you've made a move, then invite them to a you know, cheese chunks and fruit punch event, you know, on a Thursday afternoon at your new brokerage, you know, host an open house or an introductory event.
• 47:34
  SPEAKER_02: Invite your network, your clients, potential clients, you know, it's a cool thing.
• 47:39
  SPEAKER_02: And it's something that that we do every time we bring on a new agent.
• 47:43
  SPEAKER_02: Now, sometimes we may have an open house and two or three agents are inviting people or whatever, but I it's a cool thing.
• 47:49
  SPEAKER_02: And again, at the end of the day, yes, we want to see those people and it feels great when they come, but what we're trying to do is give you a reason and a confidence to make contact with people, right?
• 48:01
  SPEAKER_02: And if you're offering them something that's fun, whether it's uh cheese chunks and fruit punch, uh, you know, a beer, whatever, a piece of swag, you know, it's the invite that matters.
• 48:12
  SPEAKER_02: Their attendance is secondary.
• 48:15
  SPEAKER_02: The fact that you made a personal invitation, that's what matters.
• 48:18
  SPEAKER_02: New marketing.
• 48:19
  SPEAKER_04: Yeah, people can't engage with you if you don't ever give them the opportunity, right?
• 48:22
  SPEAKER_04: Engagement is the metric, but if you never initiate that, then they don't have the opportunity to do that.
• 48:28
  SPEAKER_02: And let's face it, we're in a business where somebody, you know, does repeat business every seven years.
• 48:32
  SPEAKER_02: So your whole goal is to create, you know, referral sources and referral relationships.
• 48:36
  SPEAKER_02: So, how many excuses do we have?
• 48:38
  SPEAKER_02: Uh, you know, client appreciation events notwithstanding, but this is a big client appreciation event opportunity.
• 48:44
  SPEAKER_02: So don't waste the moment.
• 48:45
  SPEAKER_02: You know, start focusing on what your new marketing materials are going to look like.
• 48:48
  SPEAKER_02: If your brokerage provides those marketing materials, you should start working with them to get those ready before you move your license.
• 48:54
  SPEAKER_02: You know, make sure that they align with what you want to be in your reintroduction, what you're reintroducing.
• 49:00
  SPEAKER_02: And of course, they're aligned with your new brokerage.
• 49:02
  SPEAKER_02: So whether it's business cards, flyers, brochures, you know, t-shirts, I don't care what it is, you want to get all of that development work and design work done and potentially finished, quite frankly, so that you have access to them and you can wave those flags the day that you move the license.
• 49:18
  SPEAKER_02: And don't forget, again, update your website.
• 49:21
  SPEAKER_02: If you have a personal website or blog, update it to reflect your move.
• 49:24
  SPEAKER_02: You know, write a blog post about why you're making the move.
• 49:28
  SPEAKER_02: Update your about me, right?
• 49:30
  SPEAKER_02: To page on your to to share the news and explain.
• 49:33
  SPEAKER_02: Get a new picture taken, right?
• 49:35
  SPEAKER_02: I don't care if you just got one two years ago, you look different now.
• 49:38
  SPEAKER_02: So reintroduce yourself with a new picture.
• 49:41
  SPEAKER_04: Yeah, don't catfish people, right?
• 49:43
  SPEAKER_04: Like showing up to your listing appointment or your open house and not being sure if that's the actual person you're supposed to be talking to.
• 49:51
  SPEAKER_02: It's a 20-year, it's a 20-year-old picture, right?
• 49:53
  SPEAKER_02: And and again, utilize social media.
• 49:56
  SPEAKER_02: You know, you want to share updates about your move, you know, written posts, images, videos.
• 50:01
  SPEAKER_02: You just want to convey your excitement about what's happening in your career and in your life.
• 50:06
  SPEAKER_02: And again, Facebook alone isn't going to build you a business, but it is a wonderful 10 times amplifier to your existing mainland relationships.
• 50:14
  SPEAKER_02: Networking, right?
• 50:15
  SPEAKER_02: This is a great time to reintroduce yourself to the Chamber of Commerce.
• 50:18
  SPEAKER_02: It's also a great time to reintroduce you to your fellow realtors, you know, outside of the brokerage and in the ward as well.
• 50:25
  SPEAKER_02: And then I'd say number 10 on this list is get to know your new colleagues, right?
• 50:32
  SPEAKER_02: Get to know your fellow agents and professionals in your office.
• 50:37
  SPEAKER_02: You know, participate in team meetings, co-listings, joint marketing efforts, tap into that collective wisdom, resources, and the network.
• 50:47
  SPEAKER_02: Because if you pick the right brokerage, your success is the broker's success and every other agent's success in that brokerage.
• 50:54
  SPEAKER_02: So get to know your new friends.
• 50:56
  SPEAKER_04: Yeah, I love how some of these are obviously these are not things that you will necessarily see a line item on your balance sheet as how they impact your success.
• 51:07
  SPEAKER_04: But each of these things, you know, from your experience is obviously beneficial.
• 51:12
  SPEAKER_04: And I, you know, as somebody who has worked from home alone in my bedroom for a decade now, you know, I just think that last one is really important because when you work with people who are excited about the same things you're excited about, there's a there's a real impact on your internal motivation.
• 51:30
  SPEAKER_04: I think.
• 51:30
  SPEAKER_04: So like when you and I get on these podcasts, I'm rejuvenated and excited about my work for the rest of the day.
• 51:37
  SPEAKER_04: And I think that's a big one.
• 51:38
  SPEAKER_02: Yeah, I think Lacey, a lot of the quiet quitting is coming from that realtors are just lonely.
• 51:43
  SPEAKER_02: And, you know, we never got back into the practice of showing up.
• 51:47
  SPEAKER_02: You know, I say all the time this year, COVID's over.
• 51:50
  SPEAKER_02: You know, it's time to get out into the world, it's time to do open houses, it's time to do this, it's time to do that.
• 51:55
  SPEAKER_02: And if you are constantly by yourself and you're constantly working from home, and either your broker doesn't have a reason to come into the office or you just choose not to come or not to participate, you're going to continue to basically slow down and you know.
• 52:12
  SPEAKER_04: Yeah, it's easier not to be really have to do it.
• 52:15
  SPEAKER_04: You have to commit to it.
• 52:17
  SPEAKER_02: Part of your commitment to this reintroduction is, you know, is that brokerage offering something that makes it worthwhile for you to come in once a week?
• 52:25
  SPEAKER_02: You know, should you be coming in once a week anyway?
• 52:27
  SPEAKER_02: You know, if you come in to drop off a you know a file because you had a closing and pick up a check, that's great.
• 52:32
  SPEAKER_02: But if you're only having a closing every couple of months and nobody sees you and you're not around people who are producing or rubbing shoulders with people who are having, you know, a good year, it's gonna hurt you, right?
• 52:42
  SPEAKER_02: So you've got to hang out with the best.
• 52:44
  SPEAKER_02: You've got to hang out with people who are productive.
• 52:46
  SPEAKER_02: You know, if you're by yourself or hanging out with people who are also feeling like the world's against them, you know, you're not gonna get anywhere.
• 52:54
  SPEAKER_02: So you want to use this reintroduction and the opportunity to join a new brokerage and get to know the people, build those relationships with your fellow people.
• 53:01
  SPEAKER_02: They will help motivate you and you're gonna help motivate them.
• 53:04
  SPEAKER_04: Perfect.
• 53:05
  SPEAKER_04: Well, so we've talked about, I think, two out of the three factors that when you kicked off the episode, you gave us three main reasons why you would stay in a less than perfect brokerage relationship.
• 53:15
  SPEAKER_04: And we talked about finances, we talked about how what how it's easier not to move.
• 53:20
  SPEAKER_04: And the last one was breaking up is hard to do.
• 53:23
  SPEAKER_04: So talk to me about that.
• 53:24
  SPEAKER_04: Talk to me about why breaking up with a broker, even if they're obviously wrong for you.
• 53:30
  SPEAKER_04: Maybe the marriage analysis is good here.
• 53:33
  SPEAKER_04: That analogy is good here too.
• 53:35
  SPEAKER_02: It's it's not a bad analogy, I guess.
• 53:38
  SPEAKER_02: But you know, we realtors tend to be, you know, pretty emotional people.
• 53:43
  SPEAKER_02: I I, you know, we I I think oftentimes we have a lot of feelings, right?
• 53:48
  SPEAKER_02: Especially if you're it's a relationship, just like any other.
• 53:52
  SPEAKER_02: And uh, you know, I don't know if this is everybody, but you know, for most people, there's nothing harder than telling somebody you're moving on whether it's a good idea or not, right?
• 54:02
  SPEAKER_02: You know, if you're angry, even if you're angry or disappointed in the company you're leaving, there's still, I think for most of us, a ton of anxiety in just having that conversation that it's it's time to break up.
• 54:14
  SPEAKER_02: And I don't have an answer for it.
• 54:16
  SPEAKER_02: I think that's where the leap of faith comes back in.
• 54:18
  SPEAKER_02: You know, we always suggest write a formal resignation letter, you know, ask for a one-on-one meeting.
• 54:24
  SPEAKER_02: It doesn't have to be in depth, you know, you know, just got another opportunity.
• 54:29
  SPEAKER_04: So no texting, no breaking up by text.
• 54:31
  SPEAKER_02: No texting, no breaking up on text, no leaving a voicemail message.
• 54:35
  SPEAKER_02: This is this really does warrant, you know, a piece of paper and a signature and you know, a request for a meeting.
• 54:41
  SPEAKER_02: You know, you don't need to go into deeply, but my guess is the the minute that you ask your broker or manager for a meeting, they're they're gonna get a sense that there's something up because my guess is you haven't asked for a meeting for quite some time.
• 54:55
  SPEAKER_02: Otherwise, if you had, you probably wouldn't be thinking about leaving.
• 54:58
  SPEAKER_02: But anyway, at the end of the day, it's not an easy thing.
• 55:01
  SPEAKER_02: Breaking up is hard to do, even for all the right reasons.
• 55:04
  SPEAKER_02: But the other thing I I want you to keep in mind is, and maybe this will help you, if if your broker isn't the right fit for you, you're probably not the right fit for your broker.
• 55:14
  SPEAKER_02: So you owe it to yourself to make a clean break.
• 55:16
  SPEAKER_02: You need to allow yourself to get excited about this new chapter of your life.
• 55:21
  SPEAKER_02: I mean, the broker's not going to be happy about it.
• 55:23
  SPEAKER_02: I've been on both sides of that conversation and it sucks.
• 55:26
  SPEAKER_02: I don't care what you know, who the agent is, you know, what happens or everything.
• 55:30
  SPEAKER_02: I hate it when you know a relationship ends.
• 55:34
  SPEAKER_02: So I know it's hard for the broker too, but business is business, as trite as that sounds, and quite frankly, your bigger future awaits.
• 55:42
  SPEAKER_02: So yeah.
• 55:43
  SPEAKER_04: So it's emotionally hard to do this, and that's just not something that we have we have a solution for, but it's also you know, logistically tough.
• 55:51
  SPEAKER_04: So, how do you handle the logistics of switching brokerages without it just overwhelming?
• 55:56
  SPEAKER_04: It's a lot of work.
• 55:56
  SPEAKER_04: How do you do it without it?
• 55:57
  SPEAKER_02: It is a lot of work, and I I think you have to create a almost a project plan for yourself.
• 56:02
  SPEAKER_02: You have to create a checklist of all the things that need to happen.
• 56:05
  SPEAKER_02: You know, what things are you going to do?
• 56:06
  SPEAKER_02: What things can you count on your broker to do?
• 56:08
  SPEAKER_02: Again, coming back to us, we have something called a quick start game plan.
• 56:11
  SPEAKER_02: I think we're actually have a dedicated page to it at quickstartgameplan.com, and you can certainly find it on the website.
• 56:18
  SPEAKER_02: But the whole idea behind the quick start game plan is to ensure that our agents see an increase, right?
• 56:23
  SPEAKER_02: A jump in business activity the day we welcome that agent aboard.
• 56:28
  SPEAKER_02: So our goal is to put everything that an agent needs to hit the ground running in place before they move their license with the state so that we can have the biggest impact possible on day one.
• 56:39
  SPEAKER_02: So I'm not gonna get too deep in this, but you know, our quick start package includes all the yard signs and name slats you need.
• 56:45
  SPEAKER_02: If you're the heavy lister, we're gonna take care of that for you.
• 56:48
  SPEAKER_02: We're gonna make sure you get a new headshot.
• 56:50
  SPEAKER_02: You know, we're gonna set up your web page, your Facebook page, get your business cards.
• 56:53
  SPEAKER_02: Yes, people still use paper business cards.
• 56:55
  SPEAKER_02: We're gonna get your own personalized website that's linked to our agent page.
• 56:59
  SPEAKER_02: We can assign whatever URL you want to get to that page.
• 57:02
  SPEAKER_02: We'll set up a Facebook business page for you or reset your current business page to a Roost branded page.
• 57:09
  SPEAKER_02: We're gonna buy for you on your behalf a subscription to Bafini and Company's Referral Maker CRM.
• 57:15
  SPEAKER_02: We're gonna provide 100 days to greatness training.
• 57:18
  SPEAKER_02: We're gonna get you an office phone number so that if you choose to, you know, take customer calls on your office number and take client calls on your cell phone, you can help manage that incoming email address, dot loop, swag, forewarn.
• 57:32
  SPEAKER_02: You know, it's a comprehensive package because we don't want any new realtor that joins Roost to have any unexpected out-of-pocket.
• 57:40
  SPEAKER_02: So it's all inclusive, but more importantly, it's a transition plan that ensures, and we've got the history and the numbers to prove it, that if you follow the plan, you will see an increase in business activity the day you join Roost, and that'll translate into an increase in in income for you over the following 12 months.
• 58:00
  SPEAKER_04: Like, what a relief.
• 58:01
  SPEAKER_04: I just I my mic was off, but I audibly like sighed, a sigh of relief came out when it was like, kind of like we're talking about even a realtor, but I'm thinking of myself like not only are you gonna provide this though, you're gonna make sure everybody knows how to use it.
• 58:15
  SPEAKER_02: We're gonna set it up, we're gonna make sure it happens.
• 58:18
  SPEAKER_02: You know, this is not just here's an idea.
• 58:20
  SPEAKER_02: This is we're going to follow through and execute on that idea.
• 58:23
  SPEAKER_02: We're gonna make it real for you.
• 58:25
  SPEAKER_02: And, you know, this whole quick start game plan came from years and years of wrestling with you know what we just talked about for an hour, you know, why it's so hard for agents to make a change, even if they know in their best interests.
• 58:35
  SPEAKER_02: So it's my job to make sure that we make that transition as easy as we possibly can and more importantly, as profitable as we possibly can.
• 58:44
  SPEAKER_04: Right.
• 58:44
  SPEAKER_04: Yeah.
• 58:44
  SPEAKER_04: And and there's some accountability there, which I love.
• 58:46
  SPEAKER_04: So it's the same as you and I, you know, making this appointment to record this, and then you have to show up because I'm gonna be here, and I have to show up because you're gonna be here.
• 58:55
  SPEAKER_04: And, you know, we're prompting one another to do the work that we know needs to be done.
• 58:59
  SPEAKER_04: And it's very similar here.
• 59:01
  SPEAKER_02: And it's a simple, it's it's still it still comes back to connect practice, track, and grow, right?
• 59:05
  SPEAKER_02: Your broker can promote you in any number of ways forever and ever.
• 59:10
  SPEAKER_02: Amen.
• 59:10
  SPEAKER_02: But if you as the agent aren't taking those promotional opportunities and physically making the connections, nothing's gonna happen in your business.
• 59:19
  SPEAKER_02: If you're not willing to, you know, write a personal note, make a phone call, text message, you know, add people to your database, introduce yourself, then any amount of promotion isn't gonna work.
• 59:29
  SPEAKER_02: This is a collaboration, this is a partnership, and both you and your broker have to have skin in the game.
• 59:35
  SPEAKER_02: And if that's if that's the case, then you can't help but be successful.
• 59:39
  SPEAKER_04: Yeah, makes sense.
• 59:40
  SPEAKER_04: So I think the last question I have specifically is if there are agents who have listened this far and they're happy right where they are, then I applaud them because this is information that would be eventually this is gonna come up for most folks, you know.
• 59:52
  SPEAKER_04: Like they're they're even if you're great now, it could change.
• 59:55
  SPEAKER_04: And this information is gonna be valuable moving forward.
• 59:58
  SPEAKER_04: But what do if you're happy where you are right now, are there things that you know you still need to be considering for eventually if that changed?
• 1:00:06
  SPEAKER_04: Are there things you can be doing now to make that eventual change easier?
• 1:00:09
  SPEAKER_02: Yeah, and and this is a great time.
• 1:00:11
  SPEAKER_02: As we record this, it's October 2023.
• 1:00:13
  SPEAKER_02: You know, traditionally, our year's over, right?
• 1:00:18
  SPEAKER_02: Anything that was gonna happen, happened, right?
• 1:00:20
  SPEAKER_02: We're already past the spring and summer seasons.
• 1:00:23
  SPEAKER_02: Yeah, yes, there's still business.
• 1:00:24
  SPEAKER_02: I don't mean to imply that there's not opportunity, but the fact is the year is over.
• 1:00:28
  SPEAKER_02: And now's the time when you need to be planning for 2024.
• 1:00:32
  SPEAKER_02: You know, so you want to get your business plan out, dust it off, revise it, think it through.
• 1:00:36
  SPEAKER_02: What are you gonna try to accomplish next year?
• 1:00:38
  SPEAKER_02: What are you gonna get better at, et cetera, et cetera?
• 1:00:40
  SPEAKER_02: And I and this is the time, and sometimes the only time of the year, right now, between now and Halloween, when there is a free zone for you to work on your business instead of being in your business, right?
• 1:00:57
  SPEAKER_02: So you I my advice is you know, find a business plan template online or email me and I'll find one for you and start to think through what is it that I want to change in my business?
• 1:01:09
  SPEAKER_02: What do I want to do to enhance my practice?
• 1:01:11
  SPEAKER_02: What does my business plan look like for next year?
• 1:01:14
  SPEAKER_02: And when you're working on your business like that, I would add, I would keep in mind that I don't care how happy you are, the most important thing for you to do is to continue to build a personal brand that is associated with, but still independent from your brokerage brand, right?
• 1:01:32
  SPEAKER_02: You're gonna be a lot, you could be potentially around a lot longer than your current brokerage.
• 1:01:36
  SPEAKER_02: So you've got to invest in yourself, take care of yourself, and market yourself.
• 1:01:39
  SPEAKER_02: Even if you're in the best situation imaginable, you are responsible for your own success.
• 1:01:44
  SPEAKER_02: You can't delegate that, right?
• 1:01:45
  SPEAKER_02: If you don't have skin in the game, if you're not willing to put forth the effort that's required of an agent, nothing's gonna happen.
• 1:01:51
  SPEAKER_02: Focus on the basics, and the basics always come back to connect practice track.
• 1:01:55
  SPEAKER_02: And if you do those three things, you're gonna grow and you're gonna make more money.
• 1:01:58
  SPEAKER_02: And hold your broker accountable to promote your connections, enhance your practice, support your business, and coach for growth.
• 1:02:05
  SPEAKER_02: What the hell else are you paying them for?
• 1:02:07
  SPEAKER_02: Okay, I'm sorry.
• 1:02:08
  SPEAKER_02: Keep the relationships in your database your primary focus, and you'll be successful anywhere you work or if you do decide to move someday, anywhere you land.
• 1:02:16
  SPEAKER_04: Yeah, I think that there's a saying that's work on your business, not just in your business.
• 1:02:22
  SPEAKER_04: And I think that's true for any entrepreneur, but especially for real estate agents.
• 1:02:26
  SPEAKER_04: You have to be working on your business as a whole, not just in your business as an employee to yourself, right?
• 1:02:33
  SPEAKER_04: And the beauty of all this, we have talked a lot about roost specifically today because it applies here.
• 1:02:38
  SPEAKER_04: But but the beauty of all of this is that the roost way, so to speak, is not just for people who are affiliated with roost.
• 1:02:47
  SPEAKER_04: This is a a practice that can anybody can apply.
• 1:02:51
  SPEAKER_04: And, you know, hopefully you can join us at some point, right?
• 1:02:56
  SPEAKER_04: If the if that's where the where you land.
• 1:02:59
  SPEAKER_04: But this is just a a strategy that anybody can use, anybody can apply, and it will work.
• 1:03:04
  SPEAKER_04: You've tested it, you've done it, and you've not done it, and you know it's better to do it.
• 1:03:09
  SPEAKER_04: So what are your what any final thoughts today?
• 1:03:11
  SPEAKER_02: Anything that yeah, I yeah, this is by far the longest park podcast we've done.
• 1:03:16
  SPEAKER_02: So I got a little uh verbose today, but uh thanks for sticking with us if you're still listening.
• 1:03:20
  SPEAKER_02: But you know, the long-term benefits and potential for increased earnings, it always depends on on that realtor's ability to leverage new resources, tools, opportunities provided by the brokerage, right?
• 1:03:31
  SPEAKER_02: Whether they're in the brokerage you are or the tools and opportunities available in the next one.
• 1:03:35
  SPEAKER_02: But all of the opportunity in the world is worthless if you don't act on it.
• 1:03:40
  SPEAKER_02: And you know, kind of an aside, but I've given up trying to convert, you know, the deal maker realtors and the die-hard realtors of the world to my way of thinking.
• 1:03:50
  SPEAKER_02: I've stopped trying to convince anybody that working by referral, you know, relationships are paramount, that my way is the right way, because you know, it's not the right way for everybody.
• 1:04:04
  SPEAKER_02: For many of us it is, but it's okay if it's not for everybody.
• 1:04:07
  SPEAKER_02: And I've really been conscious of focusing all of my energies, all my marketing efforts on getting in front of realtors who already, you know, see the world at least or approach the business like we do, because again, that alignment is the essence of a great broker agent relationship.
• 1:04:25
  SPEAKER_02: So I designed this handy-dandy self-assessment tool.
• 1:04:29
  SPEAKER_02: And I would just be thrilled if any of you out there listening would take a look at it and give me feedback.
• 1:04:34
  SPEAKER_02: But it's called the Great Fit Agent, and it's available at greatfitagent.com, the fitagents.com, and it's a series of questions based on the eight success mindsets of the new real estate professional, right?
• 1:04:48
  SPEAKER_02: The last book that I did that hopefully you guys have downloaded.
• 1:04:51
  SPEAKER_02: If not, you'll find it there.
• 1:04:52
  SPEAKER_02: So this assessment is really a scorecard and it asks you to consider where are you today in your business and where would you like to be in your business in the next six to 12 months?
• 1:05:05
  SPEAKER_02: So you go through the same assessment first with the mindset of where you are, then you uh take a five-minute break, then you go back and you complete your assessment with the attitude that I am 12 months from now, and what has happened positively in those 12 months.
• 1:05:20
  SPEAKER_02: So score yourself today, score yourself where you'd like to be.
• 1:05:23
  SPEAKER_02: I think it's pretty enlightening.
• 1:05:25
  SPEAKER_02: Give yourself at least 15, 20 minutes to do it because what I really need from you is that you take the time to make some comments in there.
• 1:05:32
  SPEAKER_02: And you can say, This is a stupid question.
• 1:05:33
  SPEAKER_02: You can say, Well, this made me think of this, whatever it is.
• 1:05:36
  SPEAKER_02: I would just be thrilled for your feedback.
• 1:05:38
  SPEAKER_02: So again, www.com.
• 1:05:41
  SPEAKER_02: Lacey, thank you very much.
• 1:05:43
  SPEAKER_04: It's been a pleasure.
• 1:05:44
  SPEAKER_04: I'll see you next time.
• 1:05:46
  SPEAKER_02: All right.
• 1:05:46
  SPEAKER_02: Thanks, everybody.
• 1:05:47
  SPEAKER_02: Bye.
• 1:05:49
  SPEAKER_02: And there we have it.
• 1:05:50
  SPEAKER_02: Thanks for listening in.
• 1:05:52
  SPEAKER_02: If you want to continue the conversation, go to www.connectpractice trackgrow.com.
• 1:06:00
  SPEAKER_02: That's connectpracticgrow.com, where we have additional information about the podcast, archived episodes, and an option you can select to be a guest on the show.
• 1:06:10
  SPEAKER_02: We'd love to hear from you.
• 1:06:12
  SPEAKER_02: So that's it.
• 1:06:12
  SPEAKER_02: We'll be back next time with another episode of the Connect to Practice Track and Grow podcast.