Market uncertainty and a contentment with company culture has agents staying put, according to the recently released “Agent Priority Report,” by Coldwell Banker and Anywhere Brands. agents don’t plan to leave their brands or brokerages anytime soon.
In 2019, 51% of agents were open to changing their brand affiliation. Now, that number has dropped. A majority — 75% — of agents say they do not want to change their brand affiliation in the next two years.
“The uncertainty of the market has dramatically influenced agent mindset, prompting them to find a brand they trust (…) Company culture also stands out as extremely important to agents. They want to feel that they are part of something important and meaningful, and feel appreciated and valued by their brand.,” said Liz Gehringer, president and CEO of Anywhere Franchise Brands.
Until this market improves, agents are happy to stay where they are. So, the report makes a few recommendations to brokerages looking to make their agent’s stay even more comfortable.
“More tech and tools to enhance an agent’s overall experience and value proposition, and more leads are the top items agents are looking for in 2023,” said the report.
But, just because an agent thinks technology is a priority, doesn’t mean they are using the brokerage’s tools. However, having those tools are table stakes for brokerages today. The ‘Agent Priority Report’ encourages brokerages to make sure agents have all the tools they need to successfully help their clients.
“As the industry landscape evolves over time and as the market shifts, brokerages need to adapt and invest in internal resources that agents can leverage for optimal business success. Coldwell Banker in particular expanded three tools to the network in 2022,” said Gehringer.
According to the study, there is power in brand image marketing. Agents who answered the survey say they want the ability to align themselves with their brand whenever possible. It is easy to overlook run-of-the-mill content online.
Agents that have additional branding on their websites and social media will stand out, says the report. That kind of brand marketing earns them more business. Branding should go beyond the digital too, responding agents said top-of-the-line resources are needed to give clients a best-in-class experience.
“Agents look to brand image marketing to bolster their business, emphasizing enhanced technology, tools, value proposition and more leads,” said Gehringer.
Gehringer went on to note that brokerages who provide advanced video-editing tools will be one step ahead of the game. Video content has become a force to be reckoned with in recent years.
Brokerages that adopt the right technology tools and invest in brand marketing tools that agents can put to use should see a return on investment according to the ‘Agent Priority Report.’ A tough market can feel like it lasts forever, but a strong team and lack of turnover are essential to weathering any storm.