Dispelling the Myths of Franchises

Making the leap from real estate agent to broker and owner is a scary and exciting transition. It is one that leaves most filled with questions about finding their own path to success. One of the biggest forks in the road that all real estate brokers face at some point in their career is whether to maintain their brokerage’s independence or to join a franchise. Of course, like anything, there are pros and cons to both business models. Making the right decision for you and your team requires careful thought.

The Myths & Realities of Joining A Franchise

If you have been thinking about partnering with a franchise, you are likely being held back by a few common concerns. However, there are also tremendous benefits which attract thousands of brokers like yourself to make the leap every year. Here are some of the biggest myths and the surprising realities when you find the right fit.

Myth: I’ll Lose My Individuality. One of the biggest benefits of maintaining your independence as a real estate broker is being completely autonomous and able to explore your individuality as a business owner. For many, there is a strong emotional desire to maintain that independence, especially if you are operating a multi-generational brokerage that has, or will be, passed down within the family.

Reality: You Can Gain A Support Network And The Reach Of A National Brand. While some fear partnering will diminish their own brand, the truth is that most benefit from partnering with a franchisor that already has a powerful brand with a broader reach. Being tied to a company with a national platform can be a shortcut to gain credibility and trust within the community or simply raise your current standing in the market.  Being the leader of a brokerage can be lonely. You are the captain of the ship and all the responsibility rests on your shoulders. However, aligning yourself with a franchisor that offers a personal business coach, as well as a network of other brokers and agents, can supply the necessary support, resources, and coaching you need to navigate forward with confidence.

Myth: It’s Too Costly. Franchising fees are also typically a main concern of real estate brokerage owners considering a partnership. When analyzing the pros and cons of a franchise and comparing them against one another, it is wise to consider the value that one receives in exchange for fees.

Reality: The Benefits Can Far Outweigh The Investment. 

Let’s face it. You have to invest money to make money, but find the partnership that offers the most extensive systems and support for your investment. The cost should be inconsequential to the benefits received as a result. With the right partnership you can gain things like training and continuous learning opportunities for your agents, which can be very time consuming for you to do on your own. You can benefit from a franchisor’s more extensive resources when it comes to technology. By choosing a franchise that already has a suite of tech-savvy resources in place and the resources to stay up to speed, you can skip the headaches and supply your agents with everything they need at all times to be successful and a reason to stay with your company. Plus, you typically get the benefits of polished professional marketing and sales materials so you don’t have to spend time developing them and can focus on your business plan. Not to mention, the pool of expertise and peers you have access to also helps you avoid common landmines which tend to be costly in other ways.

Myth: A Franchise Won’t Understand My Local Market. Some brokers fear that partnering with a national franchise will create the perception that they are not in touch with the local market or that the franchise won’t understand the unique needs of your market.

Reality: There are franchises out there that value involvement in the local community and whose systems are flexible enough to allow your local expertise to shine, as opposed to one-size-fits-all models. A good franchise brand should complement your strengths and local knowledge, not swallow them. At the same time, it should give you access to resources at a level few independents can afford to maintain on their own. Being part of the right Franchise will allow you to do what you do best, while you get the advantages of better resources and ability to tap into larger pools of knowledge and referrals.

Myth: A Franchise Is Going to Tell Me How To Run My Business. Some brokers fear that affiliating means giving up your autonomy and control over how to run your business.

Reality: Franchisors are really relying on you to know your market and know how to run your business. However, what a good Franchisor can bring to the table is a perspective from 50,000 feet. They work with all types of brokerages and see, and have seen, all types of challenges as well as keep tabs on industry trends nation-wide. A good Franchisor will coach on what they’ve seen work and what doesn’t. That type of advice can help steer you clear of certain minefields to save you time and money. They can also share best practices and trends working across the country that have led to success. If you can get that type of roadmap to shortcut your way to success, why wouldn’t you want to take it?

What Indies And Franchises Have In Common

Ambition: While there are many differences between independent brokers and franchises, one thing that all owners share is the desire to succeed. Ultimately, it is this drive to grow and progress that made you want to become a brokerage owner in the first place. Everyone is searching for a way to get to the next level. The difference lies in the collective resources and support you are able to tap into to get you there.

Need For Brand Recognition: Standing out in a crowded field is a common challenge for independents and franchises alike. You need to spend money on marketing and develop visibility and a positive reputation in your local market that is professional and polished if you want to compete.

Desire to Serve The Customer:  A good brokerage, whether a franchise or independent, wants to ultimately provide the best experience for its customers. Having modern, professional, polished materials, good follow-up and a desire to put the client first are all keys to success no matter what type of brokerage you own.

Are You Considering A Real Estate Franchise?

It is important to note that just as not all real estate brokers are created equally, not all real estate franchises are the same. There are pros and cons to every franchise and you should invest the time to compare them carefully in order to make the right decision for you and your team. Different models offer different opportunities for growth, and your success as a franchisee depends on committing to the right partnership.

For example, while some franchise opportunities use a hands-off approach and supply little more than their branding, the Weichert model is a far more personalized experience. The Weichert model of franchising supplies its brokers and agents with productivity tools like a CRM, marketing tools, a network of leads, coaching, training materials, and all the elements of a modern brokerage wrapped within a supportive culture.

For more information on The Weichert Franchising System or the benefits of partnering with us through our real estate franchise opportunities, please contact us today

Original content posted on https://www.weichertfranchise.com/blog/dispelling-the-myths-of-franchises/

Balancing Work, Life, And Your Brokerage

Many professionals struggle with the balance between work and life, but for real estate broker/owners this can be particularly challenging. Not only do they work a lot during regular business hours, but they also get called upon evenings and weekends and are expected to always be on call to help their team should questions or urgent issues arise. Often, even the most organized efficient brokers find themselves overwhelmed by the demands of having to recruit, manage their team, provide training, generate leads, put out fires, and be present in their personal life. As time goes on, it is only natural to lose the balance between life and work; however, it is important to restrike that balance to protect your productivity, keep a positive mindset, and to find the time to do the things that are meaningful to you outside of work. Here are some practical solutions to help you do just that.

Where are You Spending your Time?

The first thing you can do to regain control over your schedule is to take a cold hard look at how you are currently spending your time. Often, busy brokers are stunned at just how much of their time is not being used properly or meaningfully. One way to analyze how your time is being spent is to take a look back over your to-do lists and calendar from the last month or two. As you look over your lists and calendar ask yourself if each task is something worthwhile, if it could be delegated, or if it could be skipped altogether. Another option is to install apps or plugins like Forest that will track how you are spending your time on your computer or phone. Many people are shocked to learn how easily distracted they are while working and can find extra hours in the day that could be spent far more effectively. In other cases, you many identify many tasks that you really could give up if you invest the time to train someone in your office. In the long run, checking in on the work of others, is more time effective than doing it yourself from scratch.

Take a Hard Look at Your Priorities

One of the biggest things that brokers struggle with is getting their priorities in order. This is because there isn’t a good balance between tasks that are urgent, vs. tasks that are important. It’s urgent and important that you help your team get contracts filled out and reviewed. If, however, you are still showing homes to clients or putting together CMA’s yourself, instead of focusing on your business plan, company lead generation and recruiting activities, you might want to consider how that time is spent.

If you are anything like most real estate brokers, there are at least a few items on your list of responsibilities that don’t need to be one of your priorities. To identify these, make a list of all of the big and small picture responsibilities currently on your plate. Next, go through the list item by item and decide which tasks are creating value, what tasks are just busy-work or can be outsourced, and how to schedule or time block those that must be done.

Leveraging the Skills and Systems of Others

As it stands, you likely already have at least one or two agents on your team that have implemented strategic systems within their business which allow them to operate more successfully and efficiently without much guidance from you. There is nothing wrong with leveraging those already established and proven systems throughout the rest of your brokerage to alleviate some of the stress on your shoulders. The more that you invest in helping your agents to streamline their workflow and maintain a certain consistency of operations across your brokerage, the more time you will have to allocate to your personal life. That not only applies to your agents and their activities, but to yours as well.

This idea of “repeatable systems” is of course, one of the central ideas of a national real estate franchise like Weichert. Not all franchising real estate brands offer well developed and proven systems for everything from lead generation to recruiting, but Weichert offers this and more. Many of our systems are “plug and play” and can relieve some of your most time consuming activities on day one. Others give you a roadmap for success in every aspect of managing your business. These comprehensive operational blueprints for everything from marketing, to sales training, to technology are supplemented by ongoing coaching and training from real estate experts and peers across the Weichert organization who support each other 24/7.

Brokers who have embraced a brand like Weichert often express relief when they realize that they can still be in business for themselves, but not by themselves.

Final Thoughts

Being a real estate broker will never be a 9-5 job, but with a solid plan for the operation and management of your brokerage, a work-life balance can be achieved. The more you invest in developing or adopting proven systems like the ones used by Weichert brokers, the sooner you will be able to rebalance your schedule, alleviate your stress, and get more enjoyment in both your career and your life.

Visit https://weichertfranchise.com

Original content posted on https://www.weichertfranchise.com/blog/balancing-work-life-and-your-brokerage/

Portrait of a Gen Y Homebuyer

One of the most important niches in the real estate market today are the Generation Y homebuyers, otherwise known as Millennials.  Roughly defined as those born between 1980 and 1994, this group of over 71 million citizens is now 25-39 years old and represent most of the first and second time homebuyers in the US market. If you want to help your team of real estate agents find success by specializing in this often misunderstood niche, you must first know what is driving the decisions of the Gen Y homebuyer. Here are some of the biggest challenges facing this unique and increasingly dominant segment of the home buying population.

Overcome Fears of Another Recession

Although the economy has recovered and time has healed many wounds, many members of Gen Y are still scared about buying real estate because of the trauma caused by the Great Recession. In fact, many are fairly convinced that there will be another one and that they will become victim to it. The best way to address this challenge is to meet these nervous buyers with empathy and education and bring along good partners to help them finance their dreams. As with many fears, people still don’t understand what actually caused the Recession, why people lost their homes, and what market conditions to look out for. It is your job to educate them and help them buy with confidence by supplying them with all the information necessary to make a good purchasing decision.

Manage Expectations

After recovering from the financial blows of the recession many members of Gen Y feel strongly that they deserve more out of a home than previous generations. Therefore, many of them are attracted to new construction or more recently built homes with convenient features. Furthermore, since most people of this generation are primarily focused on their career, they tend to want a home that will need minimal maintenance, so condos or properties with an H.O.A. are considered desirable.

While these are reasonable priorities, it is important to be clear and honest about what your clients will actually be able to afford. Many carry onerous education loans and other expenses that were not a factor for Gen X and Baby-Boomers. Similar to a conversation that you might have with a first-time homebuyer, you should sit down with them for a Buyer’s Consultation to review their goals and explain what types of properties, amenities, and neighborhoods are realistic for their budget and comfort level. Do this right and you will have fewer misunderstandings and a referral source for a long time.

Plan for Long Term

One of the biggest challenges of the Gen Y homebuyer is that they often need to house themselves, their children, a sibling or two, and their aging parents. Often this is the only way they can afford their home purchase. This means that they will be heavily reliant upon their agent to help find a home that will support their multigenerational lifestyle. For example, if they want a multi-story home, the agent may encourage them to purchase a property that will have at least one bed and bath on the first level because it will be safer for aging parents and afford everyone a measure of privacy. This information is important to extract in initial conversations and shows that you have a deep understanding of where they are in their life. It all makes helping them more satisfying and more rewarding.

Financing And Low Rates

According to NAR, 97% of Generation Y homebuyers financed the majority of their home purchase versus the 88% national average, so getting a competitive loan is a primary concern. Therefore, it is very important that you have a strong network of lenders that will be able to provide your clients with the most competitive rates based on their circumstances, so they don’t get cold feet. It is also your responsibility to help them understand the value of locking in their rate at the right time and generally providing encouragement that makes them trust they’ve made the right decision, even after they’ve made it.

Build Valuable Connections with a Valuable Generation

Every generation faces its own challenges, and this population’s biggest challenge in real estate revolves around fear and mistrust of traditional outreach and impersonal sales approaches. If you want your team to be successful with Gen Y buyers, it’s important that they are genuine, work to earn their clients’ trust, and then work to keep it by understanding their clients’ unique needs and concerns by being an expert sounding board.

And it doesn’t hurt to have a large infrastructure of tools to effectively work with clients and help them keep in touch with their personal contacts with outreach that is easy, personal, and powerful.

At Weichert, we believe in the power of the personal.  Our selling systems and tools are based on building relationships and having real interactions with people. If that’s how you like doing business contact us today to see how you can plug into our systems and how we can help you grow your business. Visit https://weichertfranchise.com

Original content posted on https://www.weichertfranchise.com/blog/portrait-of-a-gen-y-homebuyer/