When you work as a real estate agent the megabrand concept has its attraction. That is why the franchises are so successful. So let’s look at that a bit more.
Real estate franchise groups offer advantages such as these:
- Regional and national market awareness
- Consistent brand messages and coverage
- Buying power for resources and marketing tools
- Customer awareness, etc.
So the list can go on and you are likely to have a few things that you can add to the list. It should be said that the real estate franchise groups or mega brands should be compared before you choose to move to one. They will have differences and rules that will be quite rigid and important; that is how they protect the brand.
If I was joining a franchise group again I would really seek to understand and compare some of the big things that are important to me. Here is a small list of some of the things that you might find useful:
- Franchise fees – you will have a fee to pay and it will usually be a percentage off the top of the gross commissions earned. Don’t be swayed by a low fee; understand what is being offered in each case. A franchise group with a low fee may be weak in many other respects.
- Look at brand acceptance – the logo and the colours of the real estate brand should be well known to the markets that you serve. There is really no point in joining an unknown real estate group and then trying to compete with the larger and stronger brands.
- Support – if you are to pay a monthly franchise fee, just what will you get in exchange for that? Many of these real estate groups will say that they provide certain resources, training, and support; get them to prove it to you and test the service.
- Talk to others – before joining a group, talk to others in the network or real estate brand. Listen to what they have to say about market share, competition, support, training, member compatibility, and overall acceptance.
- Profile – there will be elements of online and offline profile to explore in any real estate franchise group. The group will want to protect their brand so rules will apply to things such as signage, websites, database ownership, office design and signage, and marketing material. Find out just what those rules are. Can you accept them and work with them?
- Competition and territory – the integration of a new real estate office into the area will likely be in conflict with other franchise members nearby. Are there rules that apply to how a new office should fit between other members of the franchise network? You may not want to be restricted in where you can prospect and on what property types you can work.
So this list will help you get started in the review of the real estate mega brand or franchise group locally. Get the facts before you sign up as a member. Be informed in all respects.