The entire industry is shifting. More new offices are opening. New offices also tend to be smaller with only 5-10 agents with less in office service – more is virtual. We’ve seen that larger offices are failing or have failed because they are a dying business model.
The NRBA is the National REO Brokers Association. The membership saw this first and they agree that this is a general trend in the market, not just in offices that specialize in REO.
Agents are no longer working for 50-60% splits. Even new agents that work for mega offices and big producers, for what they were paying, they were not getting enough to justify what they were investing to be part of a large group.
Monthly fee and possibly a monthly transaction fee on a broader scale is the trend. That’s what’s leading to smaller offices opening. The brokers in smaller offices are keeping more in their pockets and are able to do it their way. If this is the direction you are going, you’ll want to catch up and watch all of the videos on this site. We’ll help you be more successful.
Opening a new office is cheaper than it’s ever been. Do you know what the biggest expense was? It was the phone system. Agents now work on cell phones, and perhaps have one main line and a receptionist to greet people. Technology has been a large contributor to this major shift.
- 05:00 – BIG question about how this will work with your “income opportunity.”
- 05:44 – Making a living is… OK…. it’s not enough. More money, less work – LEVERAGE.
- 05:55 – It comes down to what your value proposition is and the danger of friends.
- 06:15 – Why should the agent hold their license with YOU?
- 07:00 – The problem with the virtual office.