The Great Resignation Isn't a Threat for Top Real Estate Brands

Coldwell Banker Real Estate announced the results of its annual agent priority report, conducted by Quester among agents and brokers across top national real estate brands to keep a finger on the pulse of what real estate professionals value in their careers.

In a time when the Great Resignation has posed a threat to many American workplaces, and competition for exceptional agent talent is substantial, the real estate industry may not be experiencing an exodus of current sales agents. The report's findings reveal that agent priorities among the real estate brokerage community are now more important than ever.

Real estate is a desirable profession

• Citing work/life balance, increased income and gratitude for having a job, 60% of agents surveyed say the pandemic has had no impact on their future career plans as an agent, and about 25% say it has made them more interested in remaining an agent.
• For the third time, Coldwell Banker Real Estate ranked #1 in agent satisfaction. Coldwell Banker agents surveyed said they were extremely or very likely to recommend their current company to another agent.

No need to leave

A hot market makes for happy agents, with only 9% of all surveyed agents across all brands reporting that they plan to switch affiliation this year (vs. 20% in 2020).

• What matters most among agents open to affiliating with Coldwell Banker?
  • Leading edge tech and tools: 98%
  • A strong brand image: 97%
  • Best equipped to navigate future of real estate: 97%
  • Most knowledgeable agents: 96%
  • Local expertise: 94%
  • Recognized by buyers/sellers: 93%
• Coldwell Banker affiliated agents are less likely to change affiliation in the next two years than any other company's agents according to survey results.
  • Agent Affinity Is Growing: Agents affiliated with the Coldwell Banker brand are less likely to change affiliation in the next two years than any other company's agents.
  • Gold Star Opinion: Agents' opinion of the Coldwell Banker brand is higher than any other real estate brand.

The top reasons for leaving

For those agents not affiliated with Coldwell Banker who chose to leave their company, numerous factors were at play. According to the survey, reasons why agents who were not affiliated with Coldwell Banker left their previous brand included:

• Commission: 46%
• Referrals/Leads: 40%
• Team Support: 36%
• Better Tools: 31%
• Better Training: 27%
• Culture: 25%
• Local reputation: 20%

Brand reputation is key

Real estate brands have more competition than ever to retain and attract their top talent. A notable brand reputation will prevail, as most agents agree that their company's reputation is important to their business success. This sentiment is believed even more fervently among Coldwell Banker affiliated agents.

Coldwell Banker brand tools and network support are unmatched, and affiliated agents surveyed have a lot to say about their experiences:

"People trust the Coldwell Banker brand, and I get referrals because I work there. They also have a lot of training and support for new or busy agents. There are so many apps available, such as Listing Concierge, MOXI and InTouch that help me stand out from other agents."

"Its reputation is unmatched. Everyone recognizes the brand and correlates it to excellence and professionalism," said one Coldwell Banker survey respondent. "I appreciate its reputation and Coldwell Banker has assisted me in my transactions and assisted me in gaining listings."

"The company is very ethical, and the top people are great. They are very responsive to the agents' needs, and the company enjoys a great reputation. My customers and clients realize Coldwell Banker's reputation, so it makes it easy to do business.

Survey methodology

This survey was conducted online within the United States by Quester on behalf of Coldwell Banker Real Estate from Q4 2021 – Q1 2022, among 1,405 licensed real estate agents or brokers that work primarily in residential real estate aged 21-75. Quotes provided by affiliated agents are anonymous, but all interviewed consented to having their statements anonymously published.