Stronger lead generation systems and commission structures are driving more agents to consider changing their brokerage affiliations in the coming year, according to Coldwell Banker Real Estate’s annual Agent Priorities Report released Wednesday. In a survey of 1,500 brokers, 39% said they planned to change brokers. This is a 56% increase from 2023, when 25% of agents said the same.
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Stronger lead generation systems and commission structures are driving more agents to consider changing their brokerage affiliations in the coming year, according to Coldwell Banker Real Estate’s annual Agent Priorities Report released Wednesday.
Jason Waugh | Image Source: LinkedIn
In a survey of 1,500 brokers, 39% said they planned to change brokers. This is a 56% increase from 2023, when 25% of agents said the same. Among the 852 respondents affiliated with Coldwell Banker, the number of agents who said they planned to relocate increased slightly from 2023 (30%) to 2024 (31%).
“Given today’s challenging circumstances, many agents have become more willing to leave their current firms and work with partners that best support their personal and professional goals,” Jason Waugh, president of Coldwell Banker Affiliates, said in a written statement.
For agents who plan to switch brokerages this year, they want more referrals and leads (52%), better training and education opportunities (44%), a better commission structure (42%) and better of team support (42%) is the driving factor behind their decisions.
Among the factors prioritized by agencies are brand trust (93%), marketing and advertising support (88%), strong brand image (85%), recognition (83%), and leading technology and tools (82%) Be at the forefront.
Coldwell Banker respondents were more likely to cite brand trust (97%), marketing and advertising support (95%), strong brand image (95%), recognizability (95%) and leading technology and tools ( 92%) ) as a priority when considering broker selection.
Coldwell Banker agents are also increasingly interested in the brokerage’s luxury real estate expertise (66% in 2024, 51% in 2023) and the strength of its global footprint (65% vs. 50%).
Waugh said he was proud of the survey results from respondents affiliated with Coldwell Banker, which celebrates 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, strong brand image and global network enable affiliated agents to maintain a leading position in the market.”
Coldwell Banker’s investigation comes amid a recruiting frenzy centered on attracting high-quality agents with the experience and skills to weather strong market headwinds.
Of the 1,009 agents who responded to the March Inman Intel Index, 71% said they received recruiting offers in the first quarter of this year. 19% said they receive recruitment calls once a week and 32% said they receive recruitment calls once a month.
Kamini Lane, president and CEO of Coldwell Banker Realty, provided her insight into the Intel survey’s findings, saying the market slowdown will increase competition and prompt brokerage firms to increase retention and hiring.
“When the market shrinks, the cream goes to the top and the best agents are the ones who get fewer listings. [that remain],” she told Intel in April. “Because of this dynamic, we naturally look for the better and best agents.”
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