Agents might be more tempted to switch brokerages in 2024

Real estate agents appear to be more open to changing brokerages in 2024 compared to last year, according to a recent Coldwell Banker survey.

The report found that 61% of agents plan to stick with their current company this year, down from 75% of agents in 2023. Meanwhile, Coldwell Banker-affiliated agents showed no significant change in their likelihood to switch companies, with 69% prepared to stay put in 2024 compared to 70% in 2023.

Coldwell Banker commissioned research firm Quester to survey 1,469 agents and brokers in January and February. This included 852 Coldwell Banker-affiliated agents and brokers, and a nationwide sample of 617 competitor agents and brokers recruited from a panel company. 

“Given today’s challenging landscape, many agents have become more open to leaving their current company and working with a partner who best supports their personal and career goals,” Jason Waugh, president of Coldwell Banker Affiliates, said in a statement. “The Coldwell Banker network continues to find value in our products, services and resources as well as their partnership with the brand.”

Agents cited several reasons that could compel them to switch brokerages. More than half of the respondents (52%) mentioned better referrals and leads, while 44% highlighted better training and education opportunities, and 42% referenced a better commission structure and improved team support.

The survey also examined agents’ priorities when choosing a brokerage to affiliate with.

Brand trust emerged as the top determining factor, cited by 93% of all respondents. This was followed by marketing and advertising support (88%), a strong brand image (85%), recognizability (83%), and cutting-edge technology (82%).

Meanwhile, Coldwell Banker agents placed a higher importance than competitors on brand trust (97%), marketing and advertising support (95%), a strong brand image (95%), recognizability (95%) and technology (92%).

Compared to 2023, more agents showed more interest in a brand’s expertise in luxury real estate as well as the brand’s strong global presence.