I recently saw a recruiting ad for new agents published by a large franchise in another county. It almost sounded impressive, but after pausing for a few seconds on what they were really offering, I broke out laughing. I will shout from the mountain tops, “Brokers don’t get it!” If only these recruiters could see their true reflection in the pond.
Here is the list of HUGE bonuses for agents who join this brokerage, besides getting to pay almost $300 per month (but you get to keep 100% of your own commissions, like the ones you’re not earning in this market). Oh, the $300 per month does not cover all your licensing, education, and subscription fees, which is about another $300 per month.
- Web based Document Storage System
- Lead Router (sends email leads to your cell phone instantaneously)
- [Large Brokerage Name] Works (Intranet Site)
- [Large Brokerage Name] University
- [Large Brokerage Name] Email
- [Large Brokerage Name] Referral Network (x,xxx U.S. offices)
- [Large Brokerage Name] Websites
- Television Advertising Option
- 7 Day a Week Broker Support
Why is this list so lame? Here is the brief answer.
First, Google offers free document storage, as do all of my service providers for my websites. Hard drives are so big and cheap now, this is silly to even promote.
Second, a lead router is also rarely used in reality by agents, and it’s no big deal from the server end, because the real cost is for the agent who has to pay for his cell phone service and the email access on his cell phone.
Third, an Intranet site is easy and can be set up for about nothing. The real question is, what value is the site bringing to my business? Is it actually producing closings? Probably not.
Fourth, I once worked for one of the largest franchises that boasted about its “University.” In a year of being there, there was NOT one class, and no weekly meetings with any training or education. In fact, although I am licensed and certified to be a teacher, despite my pleading to teach other agents free, nothing happened. Many brokerages around the country don’t do any serious training. It’s mostly talk. Ask any experienced agent anywhere in the country. 98% of them will agree this is true.
Fifth, email accounts are free all over the planet, even on my hosting service. I think I have 250 free email accounts I can set up. Okay, so we still haven’t offered new agents anything of value.
Sixth, referral networks are mostly just puffing. Unless you’re in a sister city for two major metropolitan areas or a huge retirement community with close ties to another area, referrals through other real estate offices is just a pipe dream. I know it certainly sounds real, right? I’ve been in the real estate business about 30 years, and I have yet to find anyone who can count referrals beyond one hand (that’s five fingers) in their whole career. This ad makes it sound like you’ll get lots of referrals. Not.
Seventh, even as a small broker, I get 25 websites on my hosting service at no additional cost, which I easily turn over to agents.
Eighth, a television advertising option means, “If you want to dish out a lot of cash, we will let you advertise on TV.” Okay.
Ninth, broker support 7 days a week–is that something new? Isn’t that what agents are supposed to be getting? If it’s new to that franchise, they must not have been doing it all these years. By the way, the so-called broker support you hear agents talk about is almost non-existent. Really.
I know, I’m pouring water on someone’s parade here, but I tell the truth. I don’t sugar coat it. I just write it like it is. That’s what I do on this blog. Of course, if anyone (especially other brokers) disagree with me, they can always comment on this post and correct me. Of course, watch for any comments that are ugly, because they will also be anonymous. [That last sentence is called a preemptive strike.]
What do I offer my agents? My list is extensive and is really a two hour conversation. It is. It’s that much more. I don’t think I’ll share the list here, because your attention span just ended, and my competition out there would love to learn what I’m doing that is so effective. Honestly, I don’t want them to know. Let them just keep doing what they have been doing-you know-like the fly in the window bouncing off the glass.
Last Updated on August 12, 2008 by Chuck Marunde
