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.
Real estate is both a rewarding and challenging profession. Associates are constantly learning and are highly knowledgeable about local community issues and the national economy. While every transaction is unique, helping people achieve their dream of homeownership is a gratifying experience that never gets old. The passion your agents have for the real estate industry is why many home buyers and sellers choose your company over your competitors. Just like a high-performance engine needs an occasional tune-up to continue performing at optimal level, your agents also need some regular coaching and encouragement from you to stay motivated and achieve the best results for your brokerage.
Get To Know Your Agents
As a successful broker, you probably have a team of agents with diverse personalities. While a pep talk during an office meeting may fuel the enthusiasm of some agents for weeks, others respond to a one-on-one conversation with you about their individual business plans and revenue-based goals. You or your manager should regularly schedule a time to meet with each of your agents personally to discuss their current clients and transactions that are in progress. This also provides the management team an opportunity to learn more about them and their lifestyle. Understanding your agents helps know how to best to motivate each one of them and lend your experience where needed on deals that are in progress.
Acknowledge Their Strengths and Accomplishments
Recognition is one of the most effective methods of motivating your team. Everyone wants to be appreciated and respected, especially younger, or new to the industry agents. These agents in particular will need encouragement as they exrealerience the normal initial disappointments and setbacks of the selling process. Let them know you recognize that they have the potential to be exceptional real estate agents, while gently coaching them toward best practices. Make a big deal of their first sale, and let them know they have a safe, professional home within your brokerage.
It is also important to let your experienced top producers know how much you appreciate them. Reliable agents who always do well can too easily be taken for granted. Allow them to mentor junior agents, as a sign of how much you respect their abilities.
Maintain a Great Work Environment – Every Day.
Motivating agents is not something that you can write on your to-do list and achieve in one day. Agents have different temperaments and they have good days and bad days. Brokers should strive to maintain a positive company culture that fosters agents’ creativity, teamwork, and passion for their profession. At Weichert, we have seen that the workplace culture of a brokerage often reflects a brokers’ personality. When thinking about motivating agents, be sure to take some time each day to remind yourself why you started a real estate brokerage and acknowledge that you have accomplished a lot of great things. Part of motivating agents is taking care that you are also motivated and feel good about the job you are doing, and the positive difference you are making in the lives of your agents, and the lives of your clients.
At Weichert, we know a few things about building motivated real estate team. We know that Realtors working together can accomplish great things. Our real estate franchise system is created by brokers, for brokers. For information on the benefits of partnering with Weichert, visit https://www.weichertfranchise.com/ .
When you’re considering purchasing a real estate franchise, brokers inevitably focus on the costs of the investment trying to understand if gains made by the relationship will ultimately outpace costs of the relationship. While each franchise is different, here are some of the key things you should expect from a real estate company offering a franchise opportunity.
Brand Recognition: National real estate brands all have varying degrees of name recognition among consumers. Much of this depends on the area of the country you live in. While some level of name recognition in your area is good, equally important is that people perceive that you are part of a larger national organization. They may further understand that a large national real estate company has resources to offer that many independents may not. For instance, Weichert has nearly 500 corporate and affiliate offices in over 39 states, giving franchisees considerable brand reach to leverage in most areas of the country. Equally important however are the assets that Weichert offers you to build brand in your local area. If you still wonder just how transformative a good brand can be for your business, try speaking to a few franchisees about their experience.
Lead Generation: Some real estate franchises offer you little more than their names. Look for a franchise that not only has an excellent brand, but supports it with a proven system that puts you in contact with buyers and sellers in your local market. A bonus if it also has referral resources across the country and around the globe. Your ability to derive additional sales from such a system, is one of the key considerations in determining how much you can grow your brokerage under a franchise model.
A Franchise Should Give you A Blueprint for Growth: The best real estate franchises will offer a proven system for success and sophisticated tools, training and people that support it. This means the system and its steps are a tested recipe, which you can plug into and follow. Make sure the system has a track record of broker success stories and that you can talk to them about their experience.
Ongoing Support: Too many real estate franchises, start with a flurry of activity, but then leave you alone in the woods to find your way on your own. You need to be sure that any training and tools you receive are actively supported by both digital and human resources. For instance, Weichert Franchise Brokers and their agents are exposed to comprehensive, systematic training on the Weichert processes and systems as part of our onboarding program. They have 24/7 access to “Weichert University” our online e-learning portal and our resource centers filled with sales and marketing tools. Plus, they have access to expert, experienced support, through regional business coaches, corporate training, marketing and technical expertise, as well as best practices derived from our own brokerage business and an active network of peers who aren’t shy about giving you the skinny on things. When looking at franchises to invest in, make sure the one you choose offers this type of proactive, energetic support in all areas to help you build your real estate brokerage.
With the Right Partner, Franchising Benefits Quickly Outpace Costs
It’s easy to get caught up in the numbers when you’re looking at a franchise opportunity, but it’s important to never lose sight of what each franchise is really offering you in return for your hard-earned money. Pay close attention to the totality of each brands’ offering and remember that what’s cheapest isn’t always the best deal – the returns on your investment and the scope of training and support that is offered are what really counts.
At Weichert, we believe in the power of the handshake, supported by advanced technology and proven processes. With Weichert you have both digital assets and expert real estate professionals that provide you training and coach you through your specific challenges every step of the way. If this sounds like a good fit for your business, we’re happy to chat with you in more detail visit https://www.weichertfranchise.com for more information.
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