A succession plan is your strategy and process for transferring your responsibilities, authority, and business operations to a designated successor upon retirement, stepping down, becoming incapacitated, or leaving your brokerage for any reason.

In British Columbia, your role as managing broker is essential. Under the Real Estate Services Act (RESA), licensees depend on your active oversight to keep their licences in good standing and to ensure the brokerage can legally provide real estate services.

If you suddenly depart without a successor in place, the brokerage must suspend operations, causing transactions to stall and clients to lose representation, both of which can seriously affect  the value and reputation of the business.

Succession planning is not something to leave until the last minute. It is a core element of responsible brokerage management. It protects:

• business continuity, ensuring operations and transactions can continue smoothly;
• clients, who rely on stable representation;
• licensees, who depend on your active managing broker status to work; and
• regulatory compliance, which is legally required under RESA.

The need for succession planning is also underscored by the realities of the managing broker landscape in British Columbia. As of December 2020, the ratio of managing brokers to licensees was approximately 1:22, underscoring the significant dependence of many licensees on a relatively small number of managing brokers. In 2025, 72 per cent of managing brokers were over 50 years old, and nearly half planned to leave their roles within six years, pointing to an approaching leadership gap.

For your brokerage, this is more than a staffing issue. It’s a regulatory and operational risk. If there’s no one prepared to step in, your brokerage may have to suspend services, delay transactions, and face client uncertainty.

A well-prepared succession plan can:

• ensure a trained and qualified successor is ready to step in during illness, incapacity, or an unexpected departure;
• build leadership capacity within your brokerage through mentoring and professional development;
• protect and increase the value of your brokerage by safeguarding client relationships and revenue streams; and
• provide peace of mind for you, your team, and your family.

Whether you are new to the managing broker role or nearing retirement, succession planning gives you control over what happens to your brokerage when you’re no longer at the helm. It is a proactive, strategic business tool that protects your legacy, your people, and your clients.

This resource was developed with subject matter experts for BCREA, member boards and associations, compliance officers, managing brokers, and BC REALTORS® for informational purposes only and should not be relied upon as legal or tax advice.

Readers are encouraged to verify the information’s accuracy and relevance, and should consult qualified professionals before acting.