How to Make the Transition to Momentum.
Momentum has had many top producers reach out to us about the process for making the move to Momentum Realty. Here are our suggestions for how to minimize disruption and maximize income when making the move:
#1. Capping. Many Agents come from a big-box brokerage with a capping structure, typically 20-40% of your commission plus junk fees. For those Agents, we recommend talking with Momentum's leadership about 2-6 months ahead of transition in order to maximize your income. That lead-time allows you to accommodate any long closing periods from regular business or new construction deals, and avoid paying high fees on closings with your prior brokerage just before you switch. The goal is to align your move perfectly, so that you have little disruption to your income and business.
The biggest mistake we have seen Agents make when switching brokerages is to slow their business down to ZERO before the move, thinking that’s the best way to avoid leaving money on the table. But we can help you come up with a better game plan than coming to Momentum with nothing in the works. Further, if you have had more than $6M in production over the prior twelve months, you may be eligible for a three-month waiver of a transaction fee, subject to the approval of broker-owner Brittany Brooks, and depending on the timeframe of your cap.
#2. Broker Attitudes. Some brokers believe that the relationship with their Agents should transcend the association with the brokerage, but others do not. If you’re with a broker you suspect may try to damage your business or slow down your move, you have several options, and Momentum is happy to put you in touch with attorneys who could review your independent contract agreement and provide insight on what those options are. Some Agents have found that the best approach with these "bruiser" brokers is to rip off the band-aid and make the move immediately.
We also see Agents have to deal with brokers who create what we call the "broker Stockholm syndrome." These brokers use an emotional ploy that has everything to do with them, and nothing to do with your business, to make you feel guilty about leaving, or to lure you back in with promises of change. The power of this syndrome is strong, especially if you have a deep relationship with your broker. But it’s crucial to keep in mind that your decision to switch isn't about your broker, it’s about you and your business, and building a life of your dreams. And if you're not embarked already on that mission -- with your brokerage at your back -- then it's time to make a change.
#3. Marketing. Momentum has an in-house Marketing Director, Bruce Breedlove, who will help you with your marketing materials, logos, websites, etc., to ensure you have a smooth transition. Many of our Agents have told us they get massive value from Bruce's efforts, and that he is a natural talent. You'll want to talk to Bruce immediately after deciding you are likely to switch to Momentum.
#4. Mentor Program. Momentum has created a Mentorship program under which it provisionally accepts several select Agents who produce less than our normal minimum of 10 deals per year. We match those otherwise non-eligible Agents with one of our Mentor Agents (who typically do $4M+ in sales), who will train and guide the new Agent for a period up to one-year or 10 transactions, whichever is soonest. The program requires the Mentee give 20% of their self-generated commission dollars to their trainer Mentor, although those splits are much better for the Mentee than at a big-box brokerage. The mentorship program comes with responsibilities for both the Mentor and the Mentee, and not all Agents are eligible to participate. If you’re a passionate new Agent planning to create waves in Jacksonville (and beyond), this may be the program for you. And, if you’re a $4M+ producer considering Momentum, you may want to join our Mentorship program to partner with a Mentee, and help leverage your activities and grow your business.
#5. Elevate Program. Under this program, Momentum buys online leads from top websites in conjunction with our Agent partners. If you are buying, or plan to buy, online leads, you'll want to learn more about this program from leadership, and let us know what areas of town you’re interested in.
#6. Focus “Touch” Program. Momentum has developed an excellent database touch program that our subscribing Agents find is producing great results. When you switch to Momentum, be sure to bring an Excel file with contact information that belongs to you from all of your past transactions (name, email, phone, and address), and explore subscribing to Focus.
#7. Training. Momentum's leadership partners with top performers from throughout the country to bring our Agents valuable training and development. Our Agents often tell us that these sessions -- taught only by the best-of-the-best who have actually done it themselves -- are worlds beyond the training they received at their prior brokerages. We will let you know when our next trainings are scheduled to ensure you can take advantage of them when you transition over to Momentum.
