Business decisions as of lately have felt more strategic and more risky. Recently my business partners and I made the decision to merge our smaller, franchised real estate office with a larger, independent office while at the same time affiliating with an entirely new franchise (did you catch all that?!?!?). Considering we are in a small town (on an island rather) this is a pretty big shift in our market. Like many others, we're finding our inventory up, sales down, and even higher expectations from our clients. This seems like the perfect time for some change.
I think the number one benefit from merging is going to be the benefit of a stronger team. Surronding ourselves with other working real estate professionals (working being key) adds momentum and synergy to the group as a whole. Consolidating on overhead and increasing staff productivity is also a bonus. There's strength in numbers, right?
Sometimes I think franchising is misunderstood. Does franchising mean that a firm is no longer "local"? We're the same people involved in the community but we've just acquired more efficient business practices and tools while offering our clients global exposure! It sounds like a win-win to me!
I know change is hard for many to digest, but at the same time its exciting and at some times also necessary. I think with our current market conditions we'll be seeing more and more of this (I know the San Juans have seen several of these changes over the past several months). Hopefully it will generate strong real estate offices around the region with dedicated, working professionals!
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