As I travel around the State of Michigan, I am still amazed at the number of independent Real Estate offices that are swimming in debt and waiting for that next deal to close. If you follow the Michigan economy at all, a large number of Real Estate transactions are either Short Sale or Bank Owned. For a Realtor, this translates into additional work, intense negotiating, worrisome customers, and often reduced commissions. Longer time between paydays with reduced commissions can create enormous economic hardship for the Realtor as well as the Brokerage.
The good news? There is a solution and it may be time to consider converting to a Franchise. You see, pride can often get in the way of a good business decision and this is simply that, a business decision. Sit back and look at your specific situation with an open, business mind and ask yourself what makes the best sense for your agents and your company? Is the path you are currently on going to offer you the best advantage and get you closer or further away from your goals? Do you have the tools, training and technology to compete in today's quickly changing Real Estate market? It makes plenty of sense to combine efforts, reduce overhead and "retool" to make your company profitable again.
I have met with many independent Real Estate Broker/Owner's that say "I Hate Franchises"! They find franchising unattractive and I can understand why. They either used to have a franchise and were let down, or see the franchise as a control mechanism to put limits on their ability to run their business the way they want to. Many Franchises offer very little for the high royalties and fees you pay. Instead of a conventional company 100% controlling you, and instead of a 100% company being controlled by you, wouldn't it be nice to have the Broker/Owner and agents vested together to build a bigger, better company?
I have found most independent Real Estate Broker/Owner's are either wanting to retire or return to selling. They are often times "burned out" from managing agents and riding the cycle of Real Estate brokerage ownership and want to simplify their life. Also, I find few of them have good systems in place to hold agents accountable and keep them motivated and productive. An office with negative, non-productive agents would make any Broker/Owner want to hang it up. Wouldn't it be nice if you had a system in place where the franchise company offered training and support for you and your agents with the premise that you were working together?
So, what can you do? First, get your psychological furniture re-arranged. You have to get "you" right so you can make prudent, effective business decisions. Evaluate where you want to be in 5 and 10 years. Do your research on Franchise brands that offer the most value according to your goals, including the welfare of your office and your agents. Make sure you evaluate your best return on investment and truly recognize if you are buying the honeymoon or the marriage. Remember, price is only an issue in the absence of value.
The Real Estate office of the future supports the informed consumer, the mobile agent, smaller more retail office space, state-of-the-art technology and on-demand training for the agents. All of this is available with a franchise. In fact, at EXIT Realty, we specialize in support, training and business leadership offering the lowest franchise fees in the industry with the most solid platform to offer the best opportunity for profitability. So, in the analogy of finding the right shoe that fits well, you owe it to yourself, your family and your agents future to consider a franchise that looks out for you. Best wishes and keep your eye on the ball!
For franchise opportunities in Michigan, please contact Craig Witt for a confidential webinar presentation from the comfort of your office. Part of your market knowledge should be having accurate information about EXIT Realty. Call or email today, you'll be glad you did.
Craig Witt
Michigan Regional President
EXIT Realty Michigan
231-218-0533
cwitt@miexit.com
"New Leadership, New Image, Same Great Company"
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