Brokerage

All my agents are retiring — what do I do?

Brokerages should be having conversations with their retiring agents to see if they can better transition them and their business as they leave the industry.
  • Brokerages are going to have to come up with a system of transition for those agents retiring the industry.

SAN FRANCISCO -- Brokerages do not have a plan to transition retiring agents, which is worrying when 40 percent of National Association of Realtor (NAR) members are currently 60-plus years old, said Joe Rand, managing partner and general counsel, Better Homes and Gardens Real Estate Rand Realty, at Inman Connect San Francisco today. He stressed that the industry would be losing a generation of particularly good agents. "Those agents are retiring who came of age in the 1970s were born in the 1950s. This was a great generation who were there at the birth of the modern real estate industry when franchises began springing up and we don’t have a plan for them when they retire. "They just leave -- 'goodbye!' -- they are agents who built something that's worth money, but we’ve never set up a system to sell that." The most common system for retiring agents involves receiving referral fees from an agent they have handed over their book of business to. According to Rand, this ta...