Survey Data Shows an Increase in Agents Open to Changing Companies This Year - But More Coldwell Banker Real Estate Agents Plan to Stay Put

Rhea-AI Summary

The latest annual 'Agent Priorities Report' from Coldwell Banker Real Estate reveals that 61% of agents plan on staying with their company in 2024, a shift from 2023. Coldwell Banker agents show loyalty, prioritizing brand trust, marketing support, and technology. The report highlights the importance of agents finding a partner that aligns with their career goals, with Coldwell Banker offering training, tools, and support to enhance agent success.

Positive

• 61% of agents surveyed plan on sticking with their company in 2024, showing loyalty to Coldwell Banker.

• Agents prioritize brand trust (93%), marketing support (88%), strong brand image (85%), recognizability (83%), and leading-edge technology (82%).

• 85% of agents are satisfied with their affiliation with Coldwell Banker, with many reporting improved business impact due to access to top tools, training, expertise, and support.

Negative

• Despite an increase in agents open to changing companies, Coldwell Banker agents are no more likely to switch affiliations than in the past (69% in 2024 versus 70% in 2023).

• The report shows that some agents are looking for more referrals, better training, commission structures, and team support, indicating areas where Coldwell Banker may need to address to retain and attract agents.

Findings from the brand's latest annual Agent Priorities Report reveal agent sentiments and expectations in 2024

MADISON, N.J., May 1, 2024 /PRNewswire/ -- The latest annual "Agent Priorities Report" from Coldwell Banker Real Estate, an Anywhere^SM (NYSE: HOUS) brand, found that 61% of agents surveyed plan on sticking with their company this year, a significant change from 2023 when 75% of agents said they probably or definitely would not change affiliation. Coldwell Banker^® affiliated agents, however, are no more likely to want to change companies than they were in the past (69% in 2024 versus 70% in 2023).

"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," said Jason Waugh, president of Coldwell Banker Affiliates. "I'm proud to say that the Coldwell Banker network continues to find value in our products, services and resources as well as their partnership with the brand. Our strong reputation, powerful brand image and global network equip affiliated agents to maintain a commanding presence in the marketplace."

The Coldwell Banker brand's way of doing things has created an opportunity to serve as the premier destination for agents who want results, and it has earned their loyalty. Every day, Coldwell Banker delivers to the high standard demanded by the industry's best agents and brokers, and it is because of its dedication to real estate professionals that the Coldwell Banker brand is ranked #1 in agent loyalty.

Conducted by Quester, the report surveyed both Coldwell Banker-affiliated and non-affiliated competitor agents to gauge how they are feeling about today's real estate market, their priorities and their views on the industry's leading real estate brands.  

Change in Affiliation is Top-of-Mind for Many Agents
When asked the main factor(s) driving affiliation change, respondents cited wanting more referrals and leads (52%), better training and education opportunities (44%), better commission structure (42%) and better team support (42%). In a challenging real estate landscape, many agents are seeking a partner who will best offer support to meet their career goals and help grow their business. Coldwell Banker is helping agents upskill through new media platform trainings and access to world-class technology and services designed to help agents streamline their work to better serve their clients.

Of surveyed respondents, 85% say they are satisfied with their affiliation with Coldwell Banker. Additionally, since joining the brand, 54% of respondents report experiencing an improved business impact because of access to top tools and products, opportunities to learn and train, industry expertise as well as marketing and management support.

Agent Priorities Remain the Same
Agents revealed many priorities when choosing a company to partner with. Brand trust tops the list with 93% of all respondents citing this characteristic followed by marketing and advertising support (88%), a strong brand image (85%), recognizability (83%) and leading-edge technology and tools (82%). The power of brand trust bolsters an agent's business while increased marketing support and access to a suite of products enhance the services they can offer their clients, ultimately creating a better experience for all.

However, there are a few differences between Coldwell Banker affiliated and non-affiliated agents. Compared to all surveyed agents, Coldwell Banker agents place a higher importance on brand trust (97%), marketing and advertising support (95%), strong brand image (95%), recognizability (95%) and leading-edge technology and tools (92%). 

Two new priorities did arise in the brand's 2024 report compared to 2023 – more agents showed an increased interest in a brand's expertise in luxury real estate (66% vs. 51%) and if they hold a strong global presence (65% vs. 50%). The Coldwell Banker Global Luxury^® program continues to invest in its Global Luxury Property Specialists through rigorous luxury training opportunities, access to a global network and market data designed to support those working with high-end clientele.

Survey Methodology
Coldwell Banker Real Estate LLC commissioned Quester Research to survey 1,469 agents and brokers between January of 2024 and February of 2024, including 852 Coldwell Banker affiliated agents and brokers from the Coldwell Banker database and a national sample of 617 Coldwell Banker and competitor agents and brokers recruited from a panel company. Respondents must have qualified as a licensed real estate agent or broker, between the ages of 21 and 75, living in the United States and working primarily in residential real estate.

About Coldwell Banker Real Estate LLC
Powered by its network of over 100,000 affiliated sales professionals in approximately 2,700 offices across 40 countries and territories, the Coldwell Banker^® system is a leading provider of full-service residential and commercial real estate brokerage services. The Coldwell Banker brand prides itself on its history of expertise, honesty and an empowering culture of excellence since its beginnings in 1906. The Coldwell Banker brand is committed to providing its network of affiliated sales agents with the tools and insights needed to excel in today's marketplace and is known for its bold leadership and dedication to driving the industry forward. The brand was named among the 2024 Women's Choice Award^® "9 out of 10 Customer Recommended Real Estate Agency." Blue is bold and the integrity and values of the Coldwell Banker brand give the Gen Blue network an unbeatable edge. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated. To join Coldwell Banker Real Estate and unlock the Gen Blue possibilities, please visit www.coldwellbanker.com/join.

Media Inquiries:
Athena Snow	Kaavya Sundar
Coldwell Banker Real Estate LLC	G&S for Coldwell Banker Real Estate LLC
973.407.5590	212.697.2600
athena.snow@anywhere.re	ksundar@gscommunications.com

 

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SOURCE Coldwell Banker Real Estate LLC

FAQ

What percentage of agents plan to stay with their company in 2024 according to the Coldwell Banker report?

61% of agents surveyed plan on sticking with their company in 2024 according to the Coldwell Banker report.

What are the top priorities for agents when choosing a company to partner with, as per the Coldwell Banker report?

The top priorities for agents when choosing a company to partner with are brand trust, marketing and advertising support, a strong brand image, recognizability, and leading-edge technology and tools according to the Coldwell Banker report.

What are some factors driving affiliation change among agents as cited in the Coldwell Banker report?

Factors driving affiliation change among agents include wanting more referrals and leads, better training and education opportunities, better commission structure, and better team support, as cited in the Coldwell Banker report.