Becoming a Broker/Owner is an opportunity to own your own real estate business, mentor young real estate agents, and build your legacy. If you’re considering starting your own real estate company, consider the option of investing in a real estate franchise. Here’s why owning a real estate franchise offers a faster path to success.
Start from Scratch or Find an Existing Opportunity?
When buying a franchise, it starts with options you don’t have when you go it alone. For example, many franchise opportunities allow you to benefit from the success of an existing brokerage, which means you don’t have to start from scratch. Opportunities include mergers, acquisitions, and conversions of existing businesses allowing you to benefit from a more established real estate company so you can take on something already making money.
This type of succession planning can bring in far more for your investment that in many cases includes a fully operational office, an admin staff, agents, etc. Best of all the franchise offer will already have a standing in the community so you are joining a successful real estate enterprise with a trust factor in place.
However, you still have the choice to start from scratch if that is more appealing to your entrepreneurial side. Franchise owners have the chance to set things up the way they want, find their own team, and open their own office, their way.
Building a Team
As a franchise owner, you will need to build a team. When it comes to owning a franchise, this will be easier than trying to hire agents for a boutique agency. While the boutiques might appeal to the younger, less experienced agent, the franchise offers clout that will attract more experienced agents who are trying to take their career to the next level. Hiring skilled agents is key to success, and with the name brand behind you, it is easier to attract the cream of the crop that can bring some of their own clients on board, while also having a stronger potential for referrals.
As well, if you did decide to go the junior agent route, you have tools to bring them up to speed faster as you can leverage your access to training, while also providing them with a longer list of listings through the franchise system. Let’s not forget the entire onboarding process. This can be long and painful for lone business owners but becomes easier and less time consuming with the assistance of an existing onboarding process.
Marketing Your Franchise
When you own a franchise, marketing becomes a less expensive and a less time-consuming endeavor. You will have access to a brand name people recognize which gives your brokerage a leg up against the competition. However, you can market your own franchise more affordably because you will have access to existing marketing.
Although this might be generic in nature, it still gets the name out there and encourages people to look up the closest brokerage in their area. You get inquiries from that marketing alone saving you tens of thousands of dollars. Then for your local, customized marketing you have access to technology and templates that streamline the production process, reduces costs, and provide highly professional marketing materials.
While most brokers have success as an agent under their belt, most don’t have the small business background behind them to achieve operational excellence. With the support of your franchise behind you, you start off with a uniquely capable, experienced network of experts who are able to help you every step of the way.
Today’s brokerages also need technology behind them to streamline the process and meet the expectations of their clients. You won’t need to invest much time and money in office set up because as a franchise owner you will have access to customer-friendly agency tools that include digital marketing resources, a global Agent-to-Agent referral network, and a highly responsive and intuitive lead capture and management system to keep you and your agents on top of client nurturing and transactions. You do pay a franchise fee, but you still have lower overhead than you would going it alone.
If you have questions on Franchise ownership, our team would be happy to walk you through our Franchise options and help you decide which option is right for you. For more information on owning a RE/MAX Franchise, contact us today.
This material is not an offering. The information in this material is not an offer to sell or a solicitation of an offer to buy a franchise; it is for informational purposes only. A franchise is offered in many jurisdictions only by delivery of a franchise disclosure document to you in compliance with applicable franchise disclosure laws. Further, if you are currently affiliated with another franchisor, this material is not intended to offer a RE/MAX franchise or to solicit a change in affiliation. RE/MAX INTEGRA, 7101 Syntex Dr., Mississauga, ON, L5N6H5 Minnesota File No. F-1659