Panelists at Inman Connect New York discuss how in addition to beefing up services for agents, brokers should keep in mind what’s motivating many of them: the entrepreneurial itch.

Inman events are the best way to connect, learn and grow. Don’t miss the next one, August 3-5 at Inman Connect Las Vegas! Get your ticket now for the best price.

When competing for agents and fighting to retain them, brokers often focus on the services and support their brokerage can provide.

But four experts say broker-owners should also ask themselves how they can help their agents reach their long-term career goals — including owning their own business someday — and support them on the winding and sometimes emotional journey to the top. 

Kendall Bonner, owner of RE/MAX Capital Realty in Florida, explored this topic Wednesday with Ryan Raveis of William Raveis Real Estate; Jason Aleem of Redfin; and Chris Suarez of Place.

Their comments at Inman Connect New York on Wednesday centered on what agents really want from their brokerage.

“That’s been always the broker-agent battle,” Suarez, Place’s co-founder and co-CEO, told the audience. “Why they leave, is that moment where they feel like, ‘Hey, I’m just an agent here, but I want to be you when I grow up.’ And we need to allow them to be that in the industry.”

Raveis, who serves as co-president of his company, said brokers should be aware of what’s motivating their agents in the long run. 

“Agents want to be entrepreneurs — they want to build something,” said Raveis, who serves as co-president at his company. “If you’re looking to expand your value as a brokerage, yes, provide the services. But provide the support, and the emotional support also.”

The services a brokerage offers to its agents can be a critical part of their expansion of their brand, their social media presence and other aspects of building their business, Bonner said. The so-called ancillary services are best viewed as opportunities for partnership between the broker and agent, she said.

“I remember a transition I had in my mindset as a broker-owner when I stopped thinking about my agent as my customer, and starting thinking of them as my partner,” Bonner said. “That’s a more strategic relationship that we should be having with our agents.”

This advice primarily applies to established agents who are able to generate leads and are looking to build on their established networks. For new agents, the best type of support will look different, said Aleem, who was recently promoted to his company’s senior vice president of real estate operations.

New agents at Redfin want customers, Aleem said, but they also want the training and support that a brokerage can offer them in the early stage of their career. 

“Our fight is to figure out, how do we get more of those new agents to get through the process of growing their business and reach that level of stability where they get to that partner level,” Aleem said.

Email Daniel Houston

Inman Connect
Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×