Latest / Connor with Honor: AI, Real Estate and Real Life / Does your brokerage suck? Maybe it's time to switch - here are the Top three reasons they hire you!

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Does your brokerage suck? Maybe it's time to switch - here are the Top three reasons they hire you! · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: You want to switch real estate brokerages?
• 0:02
  SPEAKER_00: How you doing?
• 0:04
  SPEAKER_00: So a few things to think about.
• 0:05
  SPEAKER_00: You might be brand new in real estate, and maybe you got a whole bunch of letters in your mailbox because you passed that real estate exam.
• 0:12
  SPEAKER_00: Well, of course, those lists are purchased, right?
• 0:14
  SPEAKER_00: So all those people that are offering you jobs at their companies, they're looking at you in three different ways.
• 0:20
  SPEAKER_00: You're good for three deals.
• 0:21
  SPEAKER_00: You're good for the one you might bring to the table.
• 0:23
  SPEAKER_00: You're gonna be good for maybe a relative's, and then you'll probably be good for a friend.
• 0:28
  SPEAKER_00: So that's three deals.
• 0:29
  SPEAKER_00: So that's what they're hoping to squeeze out of you.
• 0:31
  SPEAKER_00: And you know what?
• 0:32
  SPEAKER_00: That's just the price of admission to doing real estate, and that's just fine.
• 0:35
  SPEAKER_00: What you might not know is that in the real estate business, I've been doing this since 1998, real estate agents switch brokerages sometimes like underwear.
• 0:43
  SPEAKER_00: They don't stick it out where they are, and when they're not doing great in the business, they get this little inclination that maybe the grass is greener at the other brokerage.
• 0:51
  SPEAKER_00: So they see other people jump and ship, and that's really the job of the recruitment agent to be able to make that public.
• 0:58
  SPEAKER_00: Maybe they put you on a drip.
• 0:59
  SPEAKER_00: Maybe you've got if you've been established or even new in the business, maybe you've been getting these emails showing how other agents have switched brokerages, and they're just happy as clams.
• 1:10
  SPEAKER_00: That might be the case, and maybe they are happy as clams.
• 1:14
  SPEAKER_00: Everything new seems to always that varnish wears off over time, but at the very beginning it's it's nice and soft, and your hand slides right down the the body of that car, right?
• 1:24
  SPEAKER_00: Just because it's been wax, it's all new and just lovely.
• 1:27
  SPEAKER_00: With brokerages, though, when you start to look around, maybe you are thinking about jumping ship, you need to ask yourself why?
• 1:34
  SPEAKER_00: Why are you thinking about leaving?
• 1:36
  SPEAKER_00: Now, if you're going to leave because you see maybe better branding, or you believe that that's the reason why you're not successful, because another brokerage has a more established brand or something maybe you recognize or maybe all your friends went there, I'd pull back just a little bit because realistically it's going to come down to your connection with the person that's going to hire you.
• 1:55
  SPEAKER_00: It's rarely won out as a bigger brand.
• 1:58
  SPEAKER_00: Now, some of the major big brands out there, like the Remaxes of the World and maybe compasses and so on, they might be able to brag a little bit about brand, but realistically, that's gonna go for the people that don't have a relationship with an agent.
• 2:10
  SPEAKER_00: Your job, of course, as a real estate agent is to meet more people so you can introduce yourself to have them use you as an agent.
• 2:16
  SPEAKER_00: That point, brand doesn't matter.
• 2:18
  SPEAKER_00: For you to pick up somebody just off the internet or off of social media or something else, them looking at your brand, more than likely that's not what they're going to be looking at.
• 2:26
  SPEAKER_00: They're looking at you.
• 2:27
  SPEAKER_00: What are you talking about?
• 2:28
  SPEAKER_00: What are you saying?
• 2:28
  SPEAKER_00: How's your business look?
• 2:30
  SPEAKER_00: What are you doing to try to put yourself out there in front of the world?
• 2:34
  SPEAKER_00: Are you showing off your Bentley or your G-Wagon or whatever it may be?
• 2:37
  SPEAKER_00: You're showing your last vacation to Honduras.
• 2:40
  SPEAKER_00: Maybe you don't people don't go to Honduras for vacation.
• 2:42
  SPEAKER_00: Wherever people go for vacation, is that what you're showing off?
• 2:45
  SPEAKER_00: Your yacht or the beautiful people that surround you, even your beautiful self.
• 2:49
  SPEAKER_00: You know, sometimes we're better looking than we expect, and people have a problem with that.
• 2:54
  SPEAKER_00: And I totally understand that.
• 2:56
  SPEAKER_00: But in this world, what are you showing off?
• 2:58
  SPEAKER_00: Or are you trying to help people out in your social media?
• 3:01
  SPEAKER_00: But that's these are all the sides to, I guess, the bigger part of this video.
• 3:05
  SPEAKER_00: Whenever you start to look for another brokerage, a couple things to think about.
• 3:09
  SPEAKER_00: Now, if you are a jumping ship because maybe you can't handle where you are, or maybe the powers that be aren't in alignment with you, maybe they have a certain way of being that just doesn't really fit.
• 3:19
  SPEAKER_00: So now you're gonna start looking around.
• 3:21
  SPEAKER_00: Then it's gonna come down potentially as real estate agents we are, we're we're cheap in some respects.
• 3:27
  SPEAKER_00: And I can say that from a very secure standpoint because most of us don't want to pay for anything if we can help it.
• 3:34
  SPEAKER_00: Of course, everybody's been supporting us, right?
• 3:36
  SPEAKER_00: You got lenders that really like us, and who knows, you know, not that they're able to do anything to help us out, but you know, they're very, very kind to us.
• 3:44
  SPEAKER_00: We see other other professionals titled and so on.
• 3:47
  SPEAKER_00: They're very happy when we bring them deals, also escrow companies.
• 3:50
  SPEAKER_00: So we never lack for, as long as we have a deal, we never lack for that uh that accolade or that good job, Connor, we're so proud of you, and that goes a long way.
• 3:59
  SPEAKER_00: But looking at these companies, making decisions, you know, you might have that same trend and want to go in there and discuss with the manager, the broker, whomever's doing the hiring, exactly what they can offer you.
• 4:11
  SPEAKER_00: And maybe you're gonna bring with you some of what you already have offered to you and bring that to them and say, can you match this or make it better?
• 4:18
  SPEAKER_00: Some of the things that people typically ask for are gonna be real estate signs and maybe business cards and a better split.
• 4:24
  SPEAKER_00: Different brokerages have different splits.
• 4:26
  SPEAKER_00: Some of them are flat fees, you pay a certain amount per month, some of them have a cap,$25,000,$26,000, or whatever that cap happens to be now.
• 4:34
  SPEAKER_00: And then once you pay into the cap, then it's more closer to a hundred percent commission, minus errors and omissions and other things.
• 4:41
  SPEAKER_00: The cap might take up 15% of every commission until it actually gets paid.
• 4:45
  SPEAKER_00: So these are just different things to look for.
• 4:47
  SPEAKER_00: Are those potential plans able to be modified?
• 4:51
  SPEAKER_00: Well, it's gonna depend on how much the brokerage thinks you're worth.
• 4:55
  SPEAKER_00: Now, they're gonna look at your track history, they're gonna look at your record, and in some cases they might say, well, is there a reason why they're not performing very well?
• 5:03
  SPEAKER_00: And if that particular case, if they can't really come up with a good reason or they don't see that you might be worth much, your split might not be as good as maybe somebody that walks in there that's a Joe Namath or a somebody else that would be amazing in real estate.
• 5:17
  SPEAKER_00: I don't know if Joe Namath would, but you get the gist, right?
• 5:20
  SPEAKER_00: A super high performer, because there are those agents out there that have sustained a very good credibility, good reputation, and good production for a very long time.
• 5:29
  SPEAKER_00: So them jumping ship, they'll probably get the world handed to them on a silver platter and be able to join whichever brokerage that they they can.
• 5:38
  SPEAKER_00: Now, the other thing you want to make sure of is what's the alignment look like whenever you are choosing a new brokerage?
• 5:43
  SPEAKER_00: What does the name on the jersey represent?
• 5:46
  SPEAKER_00: Is it going to be your you as an independent contractor at a particular brokerage, or is the brokerage going to expect more?
• 5:52
  SPEAKER_00: You should get all that laid out ahead of time.
• 5:54
  SPEAKER_00: And then what does the brokerage have to offer as far as from a technical standpoint?
• 5:59
  SPEAKER_00: Now, of course, they might say that they have all these different integrations with artificial intelligence or websites or funnels or flows or all the other stuff, and that's fine.
• 6:11
  SPEAKER_00: You just wanted to explain to you what that functionality looks like.
• 6:14
  SPEAKER_00: How is it you're going to be able to utilize that to be able to get more leads and more clients and exactly what that process looks like?
• 6:21
  SPEAKER_00: Just don't take it.
• 6:22
  SPEAKER_00: And I know you're going to be nervous and you're probably going to be wondering, yeah, what do I say?
• 6:25
  SPEAKER_00: You know, I hope they really like me because you going in, you think you're interviewing for a job.
• 6:30
  SPEAKER_00: Well, in actuality, you should think to yourself, well, I'm going to be interviewing this company to see if it's a good fit for me.
• 6:36
  SPEAKER_00: You have skin in the game, and they're they're going to offer you certain things.
• 6:40
  SPEAKER_00: They might get you free signs, open house signs, they might, you know, give you a foot massage or whatever it may be.
• 6:45
  SPEAKER_00: But at the end of the day, it's going to be your choice on who you choose.
• 6:49
  SPEAKER_00: And believe you me, if you've been in real estate any amount of time, we face this same issue with real estate buyers when it comes to the lender they select.
• 6:57
  SPEAKER_00: It's very interesting.
• 6:59
  SPEAKER_00: They're hiring the lender.
• 7:02
  SPEAKER_00: There's no taking advantage of anymore in that world for the most part.
• 7:06
  SPEAKER_00: It's all very much even, Stephen.
• 7:08
  SPEAKER_00: There's no special favor typically with lenders.
• 7:10
  SPEAKER_00: Now, there's good jobs and there's bad jobs, but typically the job gets done if you're able to fit that square pig into that proper square hole.
• 7:18
  SPEAKER_00: But the buyers, the point is, is the buyers really are very appreciative if the lender works with them.
• 7:24
  SPEAKER_00: So if the lender starts screwing something up, most buyers don't believe they have a place to be able to say that they're irritated or upset or this isn't right, or stand up and be proud and say, listen, this is what you're doing to me isn't proper because I've asked, you know, A, B, and C and Chat GPT, you know, if it's actually right, and then you go back with it.
• 7:43
  SPEAKER_00: That's not the case.
• 7:44
  SPEAKER_00: The lender should be lucky, just like the real estate agent should feel blessed to be able to have you select them to be a representative.
• 7:52
  SPEAKER_00: In this other case, moving you from going from one brokerage to another, that brokerage you're going to should also care about you.
• 8:00
  SPEAKER_00: In addition to that, when they're talking to you, you know, it's going to be based on performance.
• 8:04
  SPEAKER_00: Once a brokerage gets pretty strong and pretty big, they might be able to be a little bit more selective.
• 8:09
  SPEAKER_00: Some brokerages might not take newer agents.
• 8:12
  SPEAKER_00: Some brokerages might mandate that you have some kind of a training program with an agent just to protect them from liability, so their EO insurance might be a little bit less.
• 8:20
  SPEAKER_00: That's not uncommon, but just make sure you get it out in the open.
• 8:24
  SPEAKER_00: And also, maybe you should make up a scenario if you list a house for this particular amount of money, and then what is it they're going to do to help you sell that residence?
• 8:34
  SPEAKER_00: What kind of systems do they have in place?
• 8:36
  SPEAKER_00: And then what is your exact commission going to be?
• 8:39
  SPEAKER_00: And they might do the whole lender thing is, well, you know, we don't have a house identified yet.
• 8:42
  SPEAKER_00: So that's fine.
• 8:44
  SPEAKER_00: Here, I'll give you one.
• 8:45
  SPEAKER_00: Let's say it's a million bucks, that's exactly what it sells for, and I'm getting a 3% commission from the seller.
• 8:52
  SPEAKER_00: How does that look when it comes out to what I'm going to walk away with?
• 8:55
  SPEAKER_00: Because the math's pretty easy, right?
• 8:57
  SPEAKER_00: 3%, that's$30,000 in commission.
• 8:59
  SPEAKER_00: How much of that$30,000 do I keep when I sell the house?
• 9:02
  SPEAKER_00: And then they might say, well, you know, it's going to depend on the split.
• 9:06
  SPEAKER_00: Okay, well, what's the split you're offering?
• 9:08
  SPEAKER_00: And then they're going to say, well, it depends on the cap.
• 9:11
  SPEAKER_00: Okay, well, let's do it two ways.
• 9:12
  SPEAKER_00: Let's do it when I don't have the cap covered, and then let's see what happens, what it looks like after the cap has been paid for the rest of the year, however, they equate the cap, whether it's months or calendar year or um what's the other kind of year, business year, whatever it is, July to July, whatever that happens to be.
• 9:30
  SPEAKER_00: But you know, they'll have a different formula and see what the number is and make sure that it's in writing.
• 9:34
  SPEAKER_00: But also, here's something else that's important.
• 9:36
  SPEAKER_00: And I think this is missed a lot of the time when you're out there selecting brokerages.
• 9:40
  SPEAKER_00: Whenever they give you the document, and you want to look at what you have to sign to be able to join.
• 9:46
  SPEAKER_00: Don't just agree and say, oh yeah, I'm all in.
• 9:49
  SPEAKER_00: I'm ready to go, please.
• 9:50
  SPEAKER_00: So at least look at the paper.
• 9:52
  SPEAKER_00: Look at the document that they're gonna be docu-signing you, print it out in a hard copy and read it line by line.
• 9:57
  SPEAKER_00: See what if it makes sense, and then maybe bounce it off your AI.
• 10:01
  SPEAKER_00: I know, I know, I know.
• 10:02
  SPEAKER_00: You know, that's that's irritating.
• 10:03
  SPEAKER_00: I get it.
• 10:04
  SPEAKER_00: I have buyers and sellers that want to go to AI, and but I'm able to clean up all of those bad hallucinations or or the answers that aren't really formatted properly because the question wasn't wasn't a full uh breadth of how the situation actually was.
• 10:20
  SPEAKER_00: So when they do bring it to me, I just tell them, I know you're gonna be going to AI to talk about this stuff.
• 10:26
  SPEAKER_00: And that's just the way of the world.
• 10:29
  SPEAKER_00: When you do talk about it, though, before you have a knee-jerk reaction into maybe AI saying that I'm not doing a good job or I did something wrong or there's a problem with me, at least bring it back to me so I can answer it, please.
• 10:41
  SPEAKER_00: And I won't use AI, I won't sit there and say, well, they said this, I should say this, I will look at it from exactly what they responded, I will answer you articulately and with honesty and from my heart, and I'll explain to you why it's not the case or it is the case or whatever it may be.
• 10:59
  SPEAKER_00: But you want to give everybody that particular chance.
• 11:01
  SPEAKER_00: And same thing, if they're giving you a document, you're gonna use it to maybe see if it's a good fit for you, and you take it back and you pluck, plump it into your, plump it, pluck it, plop it into your uh particular large language model of choice, and it spits out, you know, certain things that are an issue.
• 11:18
  SPEAKER_00: Well, go back and let them explain it because it might not understand the full gravity of what you're trying to do.
• 11:25
  SPEAKER_00: It might be missing a couple things.
• 11:27
  SPEAKER_00: And that's the same thing with real estate contracts, if you're bold enough to put them in there, uh responses for repairs, all these different things.
• 11:34
  SPEAKER_00: It just doesn't have enough of the background to be able to explain it to you the way it should be.
• 11:40
  SPEAKER_00: So then you take it to the powers that be, the people that gave you the document, you say, you know, this is what ChatGPT or Claude said.
• 11:46
  SPEAKER_00: You don't have to be ashamed of it.
• 11:47
  SPEAKER_00: Everybody does it.
• 11:48
  SPEAKER_00: So this is what they said.
• 11:49
  SPEAKER_00: Can you explain it to me?
• 11:50
  SPEAKER_00: And then whatever they say, follow it up in writing.
• 11:53
  SPEAKER_00: I know it's a lot.
• 11:54
  SPEAKER_00: I know it's a lot.
• 11:55
  SPEAKER_00: I know when you want to switch brokerages, you're kind of done.
• 11:59
  SPEAKER_00: But the grass, folks, isn't always greener.
• 12:02
  SPEAKER_00: It just always isn't.
• 12:04
  SPEAKER_00: Now, if there's something happening where, you know, you you think you you could get a better split, you know, then go to your broker and say, hey, listen, you know, I think I'm worth more than 70% or 60% or whatever it is, leaving me with or the other way, you know, you take in so much.
• 12:18
  SPEAKER_00: You know, go to them and talk to them and and and have the conversation.
• 12:22
  SPEAKER_00: But, you know, ultimately, you're gonna have to make a move.
• 12:25
  SPEAKER_00: And they might bluff a little bit, right?
• 12:27
  SPEAKER_00: They might say, Well, you know, I can't can't do it right now, Connor.
• 12:30
  SPEAKER_00: Your numbers aren't there, and we're just gonna have to, we're just gonna have to keep you where you are, and you say, well, then I'm gonna have to move on.
• 12:37
  SPEAKER_00: Don't make that threat until you've got some place to go.
• 12:41
  SPEAKER_00: I'm not saying to sell anybody out and run them out of town, but you gotta, you know, just be careful in this whole thing.
• 12:47
  SPEAKER_00: Definitely talk to your broker.
• 12:49
  SPEAKER_00: Now, if it's something you can't accept by whatever it is, understand that where you're going, they might have something different.
• 12:56
  SPEAKER_00: Maybe they have stuff that's mandatory that you don't expect.
• 12:58
  SPEAKER_00: Maybe they don't allow you to have any of your own information or develop your own personal brand with regard to real estate.
• 13:04
  SPEAKER_00: You gotta rely on the big brand of the box that you happen to be going into.
• 13:08
  SPEAKER_00: These are things that might affect you over time because what's gonna end up happening?
• 13:12
  SPEAKER_00: You're gonna be making all these personal connections, and if at the forefront you've got to put the brokerage instead of your name, that could be an issue.
• 13:19
  SPEAKER_00: So I would ask all those questions as well.
• 13:21
  SPEAKER_00: I'm Connor with Honor.
• 13:23
  SPEAKER_00: If you have anything else you want to talk about, something, or you maybe you're thinking about switching brokers.
• 13:27
  SPEAKER_00: I don't I don't have a brokerage that I'm I'm a member of a brokerage, but this isn't for that.
• 13:32
  SPEAKER_00: But if you just want to work out things, bookwithhonor.com, more than happy to help.
• 13:36
  SPEAKER_00: And I appreciate you watching.
• 13:37
  SPEAKER_00: You have a fantastic rest of your day.
• 13:40
  SPEAKER_00: Be well.