Tag Archives: real estate franchise

Dispelling the Myths of Franchises

 

Making the leap from real estate agent to broker and owner is a scary and exciting transition. It is one that leaves most filled with questions about finding their own path to success. One of the biggest forks in the road that all real estate brokers face at some point in their career is whether to maintain their brokerage’s independence or to join a franchise. Of course, like anything, there are pros and cons to both business models. Making the right decision for you and your team requires careful thought.

The Myths & Realities of Joining A Franchise

If you have been thinking about partnering with a franchise, you are likely being held back by a few common concerns. However, there are also tremendous benefits which attract thousands of brokers like yourself to make the leap every year. Here are some of the biggest myths and the surprising realities when you find the right fit.

Myth: I’ll Lose My Individuality. One of the biggest benefits of maintaining your independence as a real estate broker is being completely autonomous and able to explore your individuality as a business owner. For many, there is a strong emotional desire to maintain that independence, especially if you are operating a multi-generational brokerage that has, or will be, passed down within the family.

Reality: You Can Gain A Support Network And The Reach Of A National Brand. While some fear partnering will diminish their own brand, the truth is that most benefit from partnering with a franchisor that already has a powerful brand with a broader reach. Being tied to a company with a national platform can be a shortcut to gain credibility and trust within the community or simply raise your current standing in the market.  Being the leader of a brokerage can be lonely. You are the captain of the ship and all the responsibility rests on your shoulders. However, aligning yourself with a franchisor that offers a personal business coach, as well as a network of other brokers and agents, can supply the necessary support, resources, and coaching you need to navigate forward with confidence.

Myth: It’s Too Costly. Franchising fees are also typically a main concern of real estate brokerage owners considering a partnership. When analyzing the pros and cons of a franchise and comparing them against one another, it is wise to consider the value that one receives in exchange for fees.

Reality: The Benefits Can Far Outweigh The Investment.

Let’s face it. You have to invest money to make money, but find the partnership that offers the most extensive systems and support for your investment. The cost should be inconsequential to the benefits received as a result. With the right partnership you can gain things like training and continuous learning opportunities for your agents, which can be very time consuming for you to do on your own. You can benefit from a franchisor’s more extensive resources when it comes to technology. By choosing a franchise that already has a suite of tech-savvy resources in place and the resources to stay up to speed, you can skip the headaches and supply your agents with everything they need at all times to be successful and a reason to stay with your company. Plus, you typically get the benefits of polished professional marketing and sales materials so you don’t have to spend time developing them and can focus on your business plan. Not to mention, the pool of expertise and peers you have access to also helps you avoid common landmines which tend to be costly in other ways.

Myth: A Franchise Won’t Understand My Local Market. Some brokers fear that partnering with a national franchise will create the perception that they are not in touch with the local market or that the franchise won’t understand the unique needs of your market.

Reality: There are franchises out there that value involvement in the local community and whose systems are flexible enough to allow your local expertise to shine, as opposed to one-size-fits-all models. A good franchise brand should complement your strengths and local knowledge, not swallow them. At the same time, it should give you access to resources at a level few independents can afford to maintain on their own. Being part of the right Franchise will allow you to do what you do best, while you get the advantages of better resources and ability to tap into larger pools of knowledge and referrals.

Myth: A Franchise Is Going to Tell Me How To Run My Business. Some brokers fear that affiliating means giving up your autonomy and control over how to run your business.

Reality: Franchisors are really relying on you to know your market and know how to run your business. However, what a good Franchisor can bring to the table is a perspective from 50,000 feet. They work with all types of brokerages and see, and have seen, all types of challenges as well as keep tabs on industry trends nation-wide. A good Franchisor will coach on what they’ve seen work and what doesn’t. That type of advice can help steer you clear of certain minefields to save you time and money. They can also share best practices and trends working across the country that have led to success. If you can get that type of roadmap to shortcut your way to success, why wouldn’t you want to take it?

What Indies And Franchises Have In Common

Ambition: While there are many differences between independent brokers and franchises, one thing that all owners share is the desire to succeed. Ultimately, it is this drive to grow and progress that made you want to become a brokerage owner in the first place. Everyone is searching for a way to get to the next level. The difference lies in the collective resources and support you are able to tap into to get you there.

Need For Brand Recognition: Standing out in a crowded field is a common challenge for independents and franchises alike. You need to spend money on marketing and develop visibility and a positive reputation in your local market that is professional and polished if you want to compete.

Desire to Serve The Customer:  A good brokerage, whether a franchise or independent, wants to ultimately provide the best experience for its customers. Having modern, professional, polished materials, good follow-up and a desire to put the client first are all keys to success no matter what type of brokerage you own.

Are You Considering A Real Estate Franchise?

It is important to note that just as not all real estate brokers are created equally, not all real estate franchises are the same. There are pros and cons to every franchise and you should invest the time to compare them carefully in order to make the right decision for you and your team. Different models offer different opportunities for growth, and your success as a franchisee depends on committing to the right partnership.

For example, while some franchise opportunities use a hands-off approach and supply little more than their branding, the Weichert model is a far more personalized experience. The Weichert model of franchising supplies its brokers and agents with productivity tools like a CRM, marketing tools, a network of leads, coaching, training materials, and all the elements of a modern brokerage wrapped within a supportive culture.

For more information on The Weichert Franchising System or the benefits of partnering with us through our real estate franchise opportunities, please contact us today

Balancing Work, Life, And Your Brokerage

Many professionals struggle with the balance between work and life, but for real estate broker/owners this can be particularly challenging. Not only do they work a lot during regular business hours, but they also get called upon evenings and weekends and are expected to always be on call to help their team should questions or urgent issues arise. Often, even the most organized efficient brokers find themselves overwhelmed by the demands of having to recruit, manage their team, provide training, generate leads, put out fires, and be present in their personal life. As time goes on, it is only natural to lose the balance between life and work; however, it is important to restrike that balance to protect your productivity, keep a positive mindset, and to find the time to do the things that are meaningful to you outside of work. Here are some practical solutions to help you do just that.

Where are You Spending your Time?

The first thing you can do to regain control over your schedule is to take a cold hard look at how you are currently spending your time. Often, busy brokers are stunned at just how much of their time is not being used properly or meaningfully. One way to analyze how your time is being spent is to take a look back over your to-do lists and calendar from the last month or two. As you look over your lists and calendar ask yourself if each task is something worthwhile, if it could be delegated, or if it could be skipped altogether. Another option is to install apps or plugins like Forest that will track how you are spending your time on your computer or phone. Many people are shocked to learn how easily distracted they are while working and can find extra hours in the day that could be spent far more effectively. In other cases, you many identify many tasks that you really could give up if you invest the time to train someone in your office. In the long run, checking in on the work of others, is more time effective than doing it yourself from scratch.

Take a Hard Look at Your Priorities

One of the biggest things that brokers struggle with is getting their priorities in order. This is because there isn’t a good balance between tasks that are urgent, vs. tasks that are important. It’s urgent and important that you help your team get contracts filled out and reviewed. If, however, you are still showing homes to clients or putting together CMA’s yourself, instead of focusing on your business plan, company lead generation and recruiting activities, you might want to consider how that time is spent.

If you are anything like most real estate brokers, there are at least a few items on your list of responsibilities that don’t need to be one of your priorities. To identify these, make a list of all of the big and small picture responsibilities currently on your plate. Next, go through the list item by item and decide which tasks are creating value, what tasks are just busy-work or can be outsourced, and how to schedule or time block those that must be done.

Leveraging the Skills and Systems of Others

As it stands, you likely already have at least one or two agents on your team that have implemented strategic systems within their business which allow them to operate more successfully and efficiently without much guidance from you. There is nothing wrong with leveraging those already established and proven systems throughout the rest of your brokerage to alleviate some of the stress on your shoulders. The more that you invest in helping your agents to streamline their workflow and maintain a certain consistency of operations across your brokerage, the more time you will have to allocate to your personal life. That not only applies to your agents and their activities, but to yours as well.

This idea of “repeatable systems” is of course, one of the central ideas of a national real estate franchise like Weichert. Not all franchising real estate brands offer well developed and proven systems for everything from lead generation to recruiting, but Weichert offers this and more. Many of our systems are “plug and play” and can relieve some of your most time consuming activities on day one. Others give you a roadmap for success in every aspect of managing your business. These comprehensive operational blueprints for everything from marketing, to sales training, to technology are supplemented by ongoing coaching and training from real estate experts and peers across the Weichert organization who support each other 24/7.

Brokers who have embraced a brand like Weichert often express relief when they realize that they can still be in business for themselves, but not by themselves.

Final Thoughts

Being a real estate broker will never be a 9-5 job, but with a solid plan for the operation and management of your brokerage, a work-life balance can be achieved. The more you invest in developing or adopting proven systems like the ones used by Weichert brokers, the sooner you will be able to rebalance your schedule, alleviate your stress, and get more enjoyment in both your career and your life.

Visit https://weichertfranchise.com

Is Franchising a Fit for You?

Don’t be so fast to say “no”.  If there’s one thing we’ve learned at Weichert, it’s that every brokerage is unique and that success is found in surprising places.  So many of our most successful franchisees first told us they weren’t looking to franchise. It’s not always experience, knowledge, or having some great agents that makes a brokerage successful: it’s also the ability to develop, follow and execute a well-thought out and strategic plan. This is the key to making franchising with the right partner a successful, profitable and rewarding business choice.

Analyzing Your Readiness for Real Estate Franchising

If you’re running your own business, you probably set certain goals for yourself. How have you been progressing toward those goals? Are you getting there as fast as you’d like? Or maybe you feel like you’ve plateaued and are looking for a solution to get you to the next milestone. If you fall into either of those categories, you might be ready to consider a franchise. It’s important to evaluate different franchise options and find out exactly how the process will work for your business.  Will the services they offer meet your brokerage’s needs and align with your company’s goals and values.

Another thing to consider is that no two franchise systems are created equal. Some, like Weichert, offer a high level of support, while others offer little more than their logo. Certain franchises ask for a significant investment, while others require less capital to become part of their brand. It’s all about understanding what you as a brokerage are getting for your part in the specific franchise that you are considering, and that means plenty of research. Not only should you be certain that you are going to get the growth you want, you should have a clear understanding of their services as they continue after your partnership, the expectations on both sides, and the reputation of the brand and franchising system itself.

Finally, you need make sure your new brand will support you in your market. The best real estate franchises will respect what independent brokers have built and the following they’ve developed. These opportunities offer high level support, ongoing services and a level of security in challenging real estate markets. This kind of support has often meant the difference between surviving and not surviving for many businesses. From real estate CRM and marketing tools to real estate coaching, Weichert in particular, has always been a franchise ahead of the curve when it comes to offering brokerages effective tools and support designed specifically for business growth.

To Join, or Not To Join a Real Estate Franchise

Tying your wagon to a real estate franchise is a big decision that demands serious consideration on the part of any broker. But if you have a vision for your success that includes listening, learning, and working differently than your competitors, you just might be next Weichert Real Estate Franchise success story. Contact us at https://www.weichertfranchise.com  for more information.

Franchise Vs. Independent Real Estate Brokerage – Finding the Right Fit

 

Running your own real estate agency and brokerage is a big step for most real estate agents, and one of the biggest decisions you’ll need to make along the way is whether to  partner with a real estate franchise or go at it alone. Here’s some insight on your options.

What are the benefits and drawbacks of maintaining an independent brokerage? 

Choosing to go the independent route has both pros and cons for brokers. The main attraction is having complete autonomy – you aren’t answerable to anyone other than yourself. You can control the development of your own brand, find your own clients and you don’t have to pay any franchise fees.

Sounds great, but being autonomous means that the burden of your success is entirely on your shoulders. All training, marketing strategies, recruitment, retention and growth is up to you. You are the deal doctor, the office counselor, the janitor, the first to arrive and the last to leave at night. It’s also up to you to research the latest and greatest lead gen technology or CRM and build and maintain your brand – a big task in a tough economy and a competitive property market. Trying to keep up can leave you feeling burned out and the investment required to stay ahead can end up costing you much more than a franchise fee in the end.

What are the benefits and drawbacks of a real estate franchise? 

As you might expect, this can depend a lot on who you choose to partner with. While there will always be tradeoffs, affiliating does not have to mean “selling out” or giving up your business to big brother. With the right brand, you can tap into the power of a national system, but hold on to the great things you are already doing in your local market.

Yes, affiliating with an established real estate brand usually means sharing your individual brand with the brand of the franchisor. In most cases this is a benefit, as the brand of a good franchisor will be more powerful and far-reaching than that of an independent agency. Our experience is that most brokers welcome this as part of the other benefits they receive by affiliating. You will still do business with the people who know you, but you will be able to open the doors to people who don’t. Control of your business typically remains in your hands, depending on the policies of your franchise agreement. A system like Weichert’s for example, was conceived by an independent broker, for brokers. It offers a full buffet of training, systems, sales and marketing tools that have been used successfully by hundreds of offices across the country. They are available for you to plug into your business to help you grow. We know they work, but at the end of the day it is up to you how to integrate our programs and systems into your business.

Of course there are inevitably franchise fees, ranging from 6 to 10 percent depending on who you sign with. In the end, you must weigh the opportunity to improve and grow your brokerage vs. the time and dollar investment it will take to do it on your own. Ask yourself these questions: Can I get where I want to be on my own? How do the costs compare? How long will it take me to do it myself? Am I happy with my work/life balance? Am I effectively competing in my market? Can affiliation help me stay ahead? Can it help me reach my goal faster?

Is The Weichert Franchising System The Right Opportunity For You And Your Brokerage? 

Critical to getting the most benefits out your affiliation with a real estate franchise is committing to the right franchise partner. Different franchise opportunities offer different operating models which can lead to different results. Some large, well known real estate brands for example, offer little more than their logo and branding to their affiliates. The Weichert Franchise System couldn’t be more different. Our affiliates are taught a system for success which includes all the elements of the modern brokerage including lead generation and technology for example. The Weichert system is a real estate franchise opportunity developed by real estate agents and brokers with the flexibility to work within each brokerage’s needs, rather than offering a less effective one-size-fits-all solution. We offer access to the most sophisticated national lead collection and screening technologies in the country to support high-value lead generation for your brokerage. Our formula for growth combines effective online and offline marketing tools with expert, one-on-one real estate coaching and training, and even a proprietary real estate CRM which integrates your brokerage and fosters our complete lead lifecycle methodology. This franchise offering is part of a practical, hands-on partnership that brings continual innovation and support to each franchisee and keeps your business moving towards your goals even in the toughest times.

For more information on The Weichert Franchising System or the benefits of partnering with us through our real estate franchise opportunities, please contact us today.