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Stronger lead generation systems and commission structures are driving more agents to consider switching their brokerage affiliations in the coming year, according to Coldwell Banker Real Estate’s annual Agent Priorities Report published on Wednesday.
Jason Waugh | Credit: LinkedIn
In the survey of 1,500 agents, 39 percent said they plan to switch brokerages. That’s a 56 percent increase from 2023 when 25 percent of agents said the same thing. Of the 852 respondents affiliated with Coldwell Banker, the growth in agents who said they plan to move increased marginally from 2023 (30 percent) to 2024 (31 percent).
“Given today’s challenging landscape, many agents have become more open to leaving their current company and working with a partner who best supports their personal and career goals,” Coldwell Banker Affiliates President Jason Waugh said in a written statement.
For agents who plan to switch brokerages this year, wanting more referrals and leads (52 percent), better training and education opportunities (44 percent), a better commission structure (42 percent) and better team support (42 percent) are the driving factors behind their decision.
When it comes to agent priorities, brand trust (93 percent), marketing and advertising support (88 percent), a strong brand image (85 percent), recognizability (83 percent) and leading-edge technology and tools (82 percent) topped the list.
Respondents affiliated with Coldwell Banker were more likely to cite brand trust (97 percent), marketing and advertising support (95 percent), strong brand image (95 percent), recognizability (95 percent), and leading-edge technology and tools (92 percent) as a priority when considering brokerage choice.
Coldwell Banker agents also had an increased interest in a brokerage’s luxury real estate expertise (66 percent in 2024 vs. 51 percent in 2023) and the strength of their global footprint (65 percent vs. 50 percent).
Waugh said he’s proud of the results from respondents affiliated with Coldwell Banker as the company heads toward its 118th anniversary in August.
“I’m proud to say that the Coldwell Banker network continues to find value in our products, services and resources as well as their partnership with the brand,” he said. “Our strong reputation, powerful brand image and global network equip affiliated agents to maintain a commanding presence in the marketplace.”
Coldwell Banker’s survey comes in the middle of a recruiting frenzy centered around attracting high-quality agents who have the experience and skills to navigate strong market headwinds.
Of the 1,009 agents who responded to the March Inman Intel Index, 71 percent said they received recruiting offers during the first quarter of the year. Nineteen percent said they received a recruiting call once a week, and 32 percent said they received a call once a month.
Coldwell Banker Realty president and CEO Kamini Lane offered her insights on Intel’s findings, saying a slower market stokes competition and pushes brokerages to supercharge their retention and recruitment efforts.
“When the market contracts, the cream rises to the top and the best agents are the ones who are going to get the fewer listings [that remain],” she told Intel in April. “Because of that dynamic, we naturally look for the better and best agents.”
