The Mad Fever for Domination in the Real Estate Industry

By
Real Estate Agent with DFW FINE PROPERTIES 0506509

by Patricia Feager, 6/3/18

 

To survive in the real estate business, you can't just have a license, be a secret agent, or pretend you're the best if you're not. Being a Broker or a Sales Agent means unless you sell, you don't get paid. A new agent, licensed by their State, has to be sponsored by a Broker. Many new licensees choose a Franchise because they want to be the best in the industry and because of the brand. The brand doesn't make you successful. You have to work hard to be successful. In this business, the only money guaranteed, is the money earned. That means, regardless of whether an agent has sales or not, they are still paying multiple fees to keep their license and stay in the business. This is true for all agents.

 

Is Being the Best Really Being the Best? Like many who get started in the business, I wanted to be the best and work for what I perceived was the best Brokerage Firm in my area. A Franchise is a corporation. By definition, "A franchise can be owned as a corporation, sole proprietorship, limited liability company or other business structure," for example, chain stores, like "restaurants, hotels and retail stores." To be clear, I chose to leave the Franchise voluntarily after 14 years and made astonishing discoveries.

 

Similarities between Corporation & Franchise. A Corporation is formed under "state law." Coming out of Corporate America into a Franchise world had many similarities, i.e., meetings and domination to control the market. Prior to becoming a Real Estate Agent, I worked in two different divisions of a major Fortune 500 Company. They were Pharmaceutical Marketing and Sales in Chicago; then relocated by the Corporation to Texas in Human Resources. As an employee, both divisions required mandatory monthly meetings, and often more frequently, depending on circumstances. The same was true at the Franchise. 

 

Observations from the peanut gallery. Meetings take a chunk of valuable time that you never get back. Often, they are about accolades to who did more than anyone else (many of those deserving accolades never showed up to the meetings). They are about technological challenges that will improve the way you do business. New technology is not cheap and also doesn't guarantee success. Changes in the industry. Looking at stats, data charts, listening to speakers. Welcoming new people. Saying goodbye to retirees or those who were leaving on good terms. Often, meetings included food, drinks, and unexpected prizes (trinkets and trash.... extra pounds of carbs and fat). No pun intended, but every wasteful meeting eats up more time. The biggest and best change for me personally was to get out of a Franchise. My Broker keeps me informed and I choose which meetings are of value to me and where they are provided. 

 

Conclusion. In my opinion, if a parent can't mold their own child into the greatest gift on earth, neither can any Corporation, a Franchise, or Broker. You can feed them, but they may not grow big or they grow so big you rarely see them. To my knowledge, there is no proof that entities or any mandatory meetings make people smarter, more likely to succeed, or financially independent. In sum, bigger is not always better. In Real Estate sales, income is never guaranteed. Neither is the amount of time on earth. Choose wisely. 

 

Patricia Feager

 

 

Posted by

Texas Law requires all license holders to provide the Information about Brokerage Services form to prospective clients.

https://www.trec.texas.gov/sites/default/files/pdf-forms/CN%201-4-1.pdf

 

 dfw fine properties

 

DFW FINE PROPERTIES

                                        3575 Lone Star Circle, Suite 315
                                        Fort Worth, TX 76117
                                        Office: 817-748-4800/FAX: 817--748-4900

                                         Patricia (Peace without Panic) Feager (Faith without Fear)
                                                        Cell: 469-951-4758

                                                        Email: patricia.feager@gmail.com

 

MBA (University of Dallas)
BA
(Bachelors of Arts & Science)
Paralegal (Southeastern Career Institute)
Associates (3) (College of Lake County)
KU (University of Kansas)

CERTIFICATIONS

CRS (Certified Residential Specialist)
SRES (Certified Senior Residential Specialist)
PSA (Certified Pricing Strategies; Mastering the CMA)
CRS (Certified Military Relocation Specialist)
RENE (Real Estte Negotitions Expert)

"With self-discipline most anything is possible." --- Theodore Roosevelt 

 

 

 

  

Comments (13)

Brad Thomsen
Big Bear Realty - Edmonds, WA
Real Estate Services

Hi Patricia Feager 

Very well stated post.

Too often agents / brokers hang their license with a 'Company' that pretends to have the best interest of the agent / broker at heart.

The companies don't care. They are not going to go out of business just because one agent cannot make enough sales while navigating the many pit falls of our business.

This industry is built on the broken dreams and financial ruin of new agents who drank the company Cool-Aide. (see what I did there... no copy right or name infringement)

Anyway, as super simple and easy as it is to become your own brokerage and be your own designated broker, and as much as the state (our state anyway) so  much prefers when we are our own independent business person, it's amazing more don't do it.

Be right sized. What ever that means to any of us.

Most of us are happiest being true to our selves.

Happy Selling!

Brad

Jun 03, 2018 08:46 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Brad Thomsen - I really like your comment. Many new agents are blind-sighted and don't know that when they pass their test, they have to choose a Brokerage Company before walking out of the administrative office. Many are recruited beforehand, and others believe what they hear is true. 

You're right, one new agent isn't going to make a difference. Sadly, even those who get fined for committing a major violation doesn't break the Broker's bank because there are plenty of agents still paying fees that can easily increase. Willing agents who believe in the philosophy will stay and pay. But again, there's no guaranteed income for agents. "To thine own self be true." William Shakespeare, Socrates, the Bible

Jun 03, 2018 09:15 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks, Patricia, for sharing your personal experence and your thoughts.

Best wishes for continued success.

Jun 03, 2018 11:24 AM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Some great thoughts to ponder on this Sunday Patricia Feager .  When I got out of HR and Staffing, I left the corporate world behind. Neither of the brokerages I worked for have made me feel like I had to attend a meeting. I could not go back to that environment. In fact, I really had concerns working for the corporate brokerage I now work for (for the reasons you mentioned). I found out that they offer support tools, technology and marketing that I didn't get at the other brokerage. All my marketing costs less and is a higher quality. I love it! But it is probably the broker that really makes the difference. Our broker does not compete with us. 

Jun 03, 2018 02:28 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Sheri Sperry - MCNE® - Thank you for being so candid and honest. When I left the Corporate world, it was as if I had to find my own identity. I was in a completely different world. Entering Real Estate made me realize, I could utilize all the skills I learned as a result of achieving my MBA without being compartmentalized by the way the org was designed. But all the things you mentioned, support tools, technology, etc. was also offered for free too. Unfortunately, it was short lived and then became more and more expensive. I've had more than a year to re-evaluate and compare. I couldn't be happier. I think that's the bottom line. Everyone should feel happy, with that sense of belonging with whatever costs are most comfortable to them. 

Jun 03, 2018 03:47 PM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Patricia,

What an interesting subject for reflection on your part.  It really depends what people attract in their lives, and how they deal with it!  Imagine if we all took responsibility for where we are at!  A

Jun 03, 2018 05:14 PM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I think of what I try to do as "inspiring" to be more not "molding"   I've always called them "rah rah" meetings and well I'm not a big fan.  I'm more of lead by example kind of girl.

Jun 03, 2018 09:48 PM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

When we first started Patricia, we didn't realize the difference and went with a big name. Big mistake, but we learned that the big name meant only BIG to them, not to us. Meetings and big chunks out of our commissions changed our our mind and we got much smarter!

Jun 04, 2018 04:20 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 - When I did my taxes for 2017 (first year with new Broker) I wept and went into mourning over the fact that because my former Broker took so much from me, I would have a slim to no chance of retiring,. I came to the realization that I was no different than an addict in Vegas, always hoping for that slot machine to pay off. Oddly enough, when it did close, the clock would reset and I'd have to start over again because of their rules. As you say, "BIG MISTAKE!"

By the way, I am always so happy to know that your business is so successful. May you continue to succeed in business. 

Jun 04, 2018 05:42 AM
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Alexandria, VA
Alexandria Virginia Homes For Sale

Patricia, your post is something I think many of us can relate too and I hope it gets featured. I've worked for quite a few franchises over my years in real estate and one of my biggest takeaways was not to have meetings that waste time. I meet with each agent individually to go over their goals and where they feel they need more help. The rah-rah meetings just don't fit my culture. It should be about helping an agent build their brand, not about using them to build the brokerage brand. Amazing job on your post. 

Jun 04, 2018 05:53 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Amanda S. Davidson - Thank you! What you wrote is a testimonial to the truth that many fail to accept because they are persuaded otherwise.

I remember my very first Franchise meeting. I thought I was inside a rented room in a local Restaurant (where every agent was expected to order & pay for their own meal), Dim the lights, the projector and loud music started. Amanda, I was never a Cheerleader in High School but that's what it seemed like to me. Seriously, young agents popped out behind curtains with short shorts, loud rah-rah's, it felt like a try out for the Dallas Cowgirls. I was embarrased and completely turned off. 

My current Broker and I communicate often. I don't have to wait for a calendar date. He doesn't put on a production. He helps me to implement action and get results for my brand. If it's important we communicate very effectively. I prefer the one-on-one, rather than raising my hand like a student in school, or impatiently waiting while others raise their hands to alternate the speaker's prepared presentation with dumb and irrelevant questions that takes up valuable time.

I especially loved this comment of yours, "It should be about helping an agent build their brand, not about using them to build the brokerage brand." And that is very similar to how I feel about being featured.  If I am feature worthy, I prefer to achieve it on my own as a Member of ActiveRain, and not to build another persons SEO. Respectfully, I hope others understand where I am coming from. 

Jun 04, 2018 07:11 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Tammy Lankford, - I know for a fact, "lead-by example," is something that emerges out of you based on years of experience. I realized that quickly when we talked on the phone. You're a take-charge leader in the industry and you don't need to be coaxed by shiny things and bedazzled by phony techniques. That's something I always admired in you. 

Jun 04, 2018 07:14 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Patricia- - -a good overview of "what to expect". I think your observations will be important for new licensees to see.

Jun 04, 2018 08:35 AM