The agent commission split and franchise fee debate is a common topic of discussion among real estate colleagues and agent principals. What is a fair rate, what am I getting for my split and am I paying too much are often the questions raised.
While most focus on the commission split, and usually the side they “have to give away”, what is not often discussed is the value of a “brains trust”. The term refers to a group of advisers within an organisation that are experts in their field. In our case, successful agents, property managers and business owners.
The value of a high-performing “brains trust” should not be underestimated. It can mean the difference between success and failure. While there are many options for agents to choose agencies and networks based on splits and support services, evaluating the “brains trust” should be high on the list.
Some items agents need to consider:
• The longevity of the organisation. Have they got a track record of success?
• The leadership team. Who are they and what experience do they bring to the table?
• Core values. Are they aligned with what you are looking for?
• The depth of talent; from new starts to elite performers. Have they got industry-awarded performers in the field you can learn from and mirror?
• Marketing and lead generation strategists. Have they got proven results?
• Wealth creation. Do they have investment and business experience that you can learn from?
• Inter-agent and office listing referrals. Is there genuine collaboration among team members?
• Lifestyle and work. Does the organisation embrace and promote a healthy work/life balance?
In addition to the listed items, team energy, team spirit and healthy competitiveness add to the brains trust. It is the foundation that forms the overall culture of an organisation and hence the appeal to prospective agents.
If you are an agent considering a change, an evaluation of the team’s brain trust is a great place to start. Noting that the commission split is important, taking a holistic approach and aligning yourself with the best “brains trust” will always pay more dividends.
Wishing you every success in your real estate career.
Manos Findikakis is the CEO and co-founder of the Eview Group.