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Is your goal to own a real estate office ?

By The Somers Team

Real Estate Agent with The Somers Team at KW Philadelphia

June 17, 2009 01:16 PM

Is your goal to own a real estate office ?

Two months ago I recently purchased half ownership of RE/MAX Affiliates in Philadelphia. It was not my goal to be an owner of a real estate office. It is not something I ever set out to do. It just sort of happened per se. Sometimes I think "geez wouldn't it be nice to be buying up some low priced real estate properties instead of a real estate office"? But when the opportunity came up to be a RE/MAX owner, I seized it ! After all, I have been running and managing a small team of agents for a number of years. The secret weapon of that team (which is no longer a secret as much anymore) is my wife Stephanie as she keeps it all together ! But that is another topic (or topics) !

So, even though I have been an owner for just a few months, I have already felt tremendous pride in the fact that our office is a place where people can begin and grow their careers. I love it that I can be and am instrumental in helping an agent double or triple their production. Or maybe they do not need to increase their production, but are just more interested in a vibrant and energetic office culture, one that is extremely innovative and cutting edge in terms of technology and social media. Either way, it is very exciting. I am thrilled to be part of something that is bigger than myself - it is a different perspective for sure. In addition, I have a great feeling that amazing things are in store for our office and the agents that work there.

Thus, I am going to be doing some sort of blog series "From Agent to Owner - A Different Perspective" to share my experiences and insights. I am not exactly sure where I am going to go with it, but I am sure I will find my way. If any readers have any thoughts or ideas in terms of what you think or what you would like to see, please let me know.

I think the unique perspective I will have is that I will be going from one of the top RE/MAX agents in the state in terms of 2008 production to someone that is now wearing an ownership hat. I think that can be a huge benefit in terms of working with, training and mentoring agents at our office.

As part of the series, there will be subjects I will expand on more including the decision to move our office to an extremely vibrant, energetic location of Northern Liberties as well as making some technology decisions and upgrades with the goal of being the most innovative real estate office in Philadelphia. So, stay tuned for more !

What are your comments and questions if you are an owner of a real estate office or considering or have considered becoming an owner of a real estate office ?

Or please share your challenges, your story or your goals.

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Konnie Mac McCarthy

MacNificent Properties, LLC - Cobb Island, MD

Broker/Owner - VA & MD "Time To Get A Move On!"

I think that would be a valuable perspective to have... as agents we have no idea of the trials and tribulations of an owener :)

Jun 17, 2009 01:19 PM

Cindy Jones

Integrity Real Estate Group - Woodbridge, VA

Pentagon, Fort Belvoir & Quantico Real Estate News

I look forward to the series, not everyone can transition easily from one role to another. Your perspectives will be valuable to anyone else thinking of a change.

Jun 17, 2009 01:23 PM

Ken Tracy

Coldwell Banker Residential - Naperville, IL

Helping clients buy and sell since 2005

Yes, my goal is to own a real estate office someday.

It will either be a RE/MAX office or a Tracy Real Estate office.

Remains to be seen...

Congrats on the new office. I am sure you will love the challenges,

Ken

Jun 17, 2009 01:23 PM

Hannah Williams

HomeStarr Realty - Philadelphia, PA

Expertise NE Philadelphia & Bucks 215-820-3376

CHRIS..I think you are making excellent decisions..moving the office to a vibrant location excellent..I will be looking forward to reading more ..who knows where the future will take us..but you are moving in the right direction..in my humble opinion

HelpfulHannah your friend in Philadelphia

Jun 17, 2009 01:58 PM

The Somers Team

The Somers Team at KW Philadelphia - Philadelphia, PA

Delivering Real Estate Happiness

Konnie - Good point. As an agent, sometimes I would wonder about the owner's perspective but did not think too much about it. Then again, I have always been happy at the office(s) I have worked. My experience is that I have only been with one company - RE/MAX and have been pleased by the leadership and mentoring that I personally experienced. I guess if an agent is not happy where they are, they would be asking many more questions !

Cindy - Thanks ! I am looking forward to the series as well. The transition should be interesting but I am personally looking forward to it ! : )

Jun 17, 2009 02:01 PM

Kay Van Kampen

RE/MAX Broker, RE/MAX - Springfield, MO

Realtor®, Springfield Mo Real Estate

I've been part owner of our company for five years. There's so much to learn. The first thing I learned was I still wanted to work real estate, not be the broker, but still have a say in the way the office was ran. We are slowly growing.

Jun 17, 2009 02:03 PM

Loreena and Michael Yeo

3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co. - Prosper, TX

Real Estate Agents

Well, now I know ou are a part owner. Thanks for sharing the good news.

As you might know, I own my own independent, small, one-man show. So, you can say that I'm still pretty much doing the "agent" thing. I do not intend to sponsor any licensees just yet.

For me, I dont feel comfortable, and neither do I know time to watch over agents that write contracts. They freak me out too much. Just too much liability than I can handle.

I do plan to expand the brokerage someday. When I do, I intend to become a non-competing broker ie I probably would not be actively selling real estate. But that's my plans for now.

Who knows what it would turn out. I may sell real estate all my life!

Jun 17, 2009 02:03 PM

Kristin Moran

Owner - RE/MAX Access - KristinMoran@Remax.net - San Antonio, TX

San Antonio,TX - Real Estate - 210-313-7397

Very exciting news indeed you two. I know it's a tad daunting at times but very exciting and challenging! Congrats!

Jun 17, 2009 02:05 PM

Anonymous

Monika Depalo

Interesting question. Good luck to you both. You sound like you have a great team. Remax has good national advertising so that keeps you at the forefront. Now you just need that big Remax balloon outfront!

Jun 17, 2009 02:35 PM

The Somers Team

The Somers Team at KW Philadelphia - Philadelphia, PA

Delivering Real Estate Happiness

Ken - Sounds like a great goal to me ! I am sure you will acheive it if that is what you want to do !

Kim - Thanks for stopping by and thanks for the inspiration to potentially do this blog series. I look forward to your future blog updates as well !

Hannah - Thank you !! : ) . I really appreciate the confidence. The bottom line is that there is a lot of opportunity out there.

Jun 17, 2009 10:46 PM

Jim Crawford

Long & Foster - Fredericksburg, VA

Jim Crawford Broker Associate Fredericksburg VA

No, I do not want to run an adult day care.

Jun 18, 2009 12:53 AM

Stephen Kappre

KW Hometown - Mantua, NJ

Helping You Home

I'm sure this series will help a group of people out there. Hopefully it will help you too as you write it. Have you considered making an AR group regarding this? Just a thought.

Jun 18, 2009 06:15 AM

Laura Cerrano

Feng Shui Manhattan Long Island - Locust Valley, NY

Certified Feng Shui Expert, Speaker & Researcher

Chris and Stephanie, Congratulations! That is wonderful news, I'm thrilled for the both of you. With your success I have no doubts you'll do well and prosper. I look forward to reading your series about it.

Jun 18, 2009 10:16 AM

Bill Gassett

RE/MAX Executive Realty - Hopkinton, MA

Metrowest Massachusetts Real Estate

Good to hear you are enjoying ownership Chris! It was never my cup of tea. I would much rather sell than manage everyone elses headaches:) I have enough of my own!

Jun 18, 2009 10:42 AM

David Slavin

Keller Williams Premier - Katy, TX

CDPE, ABR, SRES Keller Williams Premier

I'd rather own real estate instead of an office so I have control over my investment without relying on others.

Jun 18, 2009 10:47 AM

Matt Stigliano

Kimberly Howell Properties (210) 646-HOME - San Antonio, TX

Chris - I think you know with out a doubt that I'll be checking out this series. Someday, I wouldn't mind moving into that role, but I'm not even close yet. But hey, reading about it now won't hurt, right? I think it would be interesting to be in that office from what I know of you and Stephanie. I know you love what you do and some of the email exchanges we've had have kind of pumped me up. Imagine that in person 24 hours a day! Yikes!

PS I got your email and that was a great fact. Just trying to find time to use it!

Jun 18, 2009 11:36 PM

The Somers Team

The Somers Team at KW Philadelphia - Philadelphia, PA

Delivering Real Estate Happiness

Kay - That is a great way to do it which is pretty much what I am doing which is great.

Loreena - I think it is great being a "one man" show ! That is awesome as you definitely control your own destiny. Still, I would think about bringing experienced people in when you want to grow in that capacity. That is what leverage is all about !

Kristin - Thanks ! We are following in your footsteps !

Monika - Yes, the power of the brand and name recognition does help a lot.

Jim - LOL, I hear you !!!

Jun 19, 2009 12:01 PM

The Somers Team

The Somers Team at KW Philadelphia - Philadelphia, PA

Delivering Real Estate Happiness

Steve - I think you are right ! It will be interesting where this goes and an AR group is a great idea !

Carole - I look forward to it too ! Should be some fun ups and downs and twists and turns as that is where the most learning is and the most growth can be !

Bill - I hear you on that one. That does make me a little nervous : )

David - Makes sense. I believe owning real estate is one of the best investments one can ever make. Still, owning a real estate office or business has many similar benefits in terms of being able to manage, choose, control, build, grow... etc.

Matt - Thanks ! It is that energy that we can have that we can channel into a new office setting and environment. We think that setting can be an extremely exciting and vibrant culture for agents to grow their business and maximize their potential. If you move back to Philly, let us know !

Jun 20, 2009 12:33 AM

Renée Donohue~Home Photography

Savvy Home Pix - Allegan, MI

Western Michigan Real Estate Photographer

I cannot wait to read your trials and tribulations in upcoming months! I have kicked around the idea but the overhead and liability scares me! The types of people that are here now makes me realize I am not in Kansas (or Nebraska) anymore!

Jun 27, 2009 07:15 AM