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Hello fellow professionals. After 19 years in the business, I finally committed to attaining my Brokers license! I had initially decided to stay with my current Broker but decided to be a one person shop, I don't need the "support" as I do most on my own administratively except cutting checks. I am experienced equally in Residential Sales & Property Management.
I would like to hear from Broker/Owners about what you like most or not. Any advice is also appreciated.
Counter... It depends on who your old broker was. I have seldom seen a stand-alone real estate firm do as well as a REALTOR in a branded firm. Yes, they exist, I agree, but odds are against you. Don't take my word for it, check the statistics with your local MLS. See what the actual Gross Commission Income (GCI) you feel are your peer. (with 19 years you should have an idea who they are). Yes, you will get 100% of your GCI, but what will just two or three additional transactions mean to your bottom line.
Counter... It depends on who your old broker was. I have seldom seen a stand-alone real estate firm do as well as a REALTOR in a branded firm. Yes, they exist, I agree, but odds are against you. Don't take my word for it, check the statistics with your local MLS. See what the actual Gross Commission Income (GCI) you feel are your peer. (with 19 years you should have an idea who they are). Yes, you will get 100% of your GCI, but what will just two or three additional transactions mean to your bottom line.
It's a pure dollars and cents issue.
Point well taken and agree that it all comes down to your net return/gain. Hopefully in the 19 years you've branded yourself well and built your network.
Whether or not you will do well solely depends on how seriously you take your branding. While Tomocox's love for all things of the balloon can be over the top, he is correct in that branding matters.
If you have cheap signs, cheap designs, etc then it is harder for people that don't know you to decide to use you. I would hope after 19 years that you have a serious database and can get most of your business from it. I see people go indie here all the time and within 2 years or so they are back at a brokerage. They don't get branding.
Business doesn't magically come to you and you need to have a business plan. A coach can be really helpful as well.
So as someone that started as a one person indie...
1) Write your business plan
2) Hire a good designer to create your logo, signs, website, etc.
3) Don't jump into the next shiny thing without thoroughly thinking through things. Lots of ways to spend money in real estate with no ROI
What I like most? I'm totally opinionated, as people know on this forum, and I get to do things just the way I want to.
What I like the least? It isn't an issue now since I have agents, but you won't be able to totally unplug as a one person shop. Going on vacations was painful until I hired my first agent. I had an agent friend that would show my listings to unagented buyers while I was gone so that was covered, but emails, etc...all mine to handle.
Whether or not you will do well solely depends on how seriously you take your branding. While Tomocox's love for all things of the balloon can be over the top, he is correct in that branding matters.
If you have cheap signs, cheap designs, etc then it is harder for people that don't know you to decide to use you. I would hope after 19 years that you have a serious database and can get most of your business from it. I see people go indie here all the time and within 2 years or so they are back at a brokerage. They don't get branding.
Business doesn't magically come to you and you need to have a business plan. A coach can be really helpful as well.
So as someone that started as a one person indie...
1) Write your business plan
2) Hire a good designer to create your logo, signs, website, etc.
3) Don't jump into the next shiny thing without thoroughly thinking through things. Lots of ways to spend money in real estate with no ROI
What I like most? I'm totally opinionated, as people know on this forum, and I get to do things just the way I want to.
What I like the least? It isn't an issue now since I have agents, but you won't be able to totally unplug as a one person shop. Going on vacations was painful until I hired my first agent. I had an agent friend that would show my listings to unagented buyers while I was gone so that was covered, but emails, etc...all mine to handle.
Thank you for the shout out.
Now, let's get down to the brass tacks of the business. What will it cost you to follow the recipe above? I can just show you three things (because I have personal history with Coldwell Banker, Prudential, and I recruit and hire agents from little independents to top producers of big brands, I do have a bit of expertise as to why the balloon usually just does it better over all) 1) to build your own brand from scratch, your cost will likely be equal to joining a "brand named" office with less results. 2) I have seen most producers fail to recognize that a brand can give you five to ten more transactions per year than your previous brand (including your own), 3) independence isn't necessarily lost when joining a name branded office.
Calculate what 3, 5, 10 or more transactions will mean to your annual income. No matter how great you may be doing in your current situation, I am aware of the best of the best independents bumping their productivity from 40-50 transactions (solo) per year to 75-100 (solo) in the correct situation.
I can't begin to talk about your specific and personal situation, that would be the ultimate irresponsibility, but I can speak to knowing how in a macro-manner, brand naming can make you more income.
Great info here on both sides to consider. I TOTALLY agree about PERSONAL branding which is something I've been working on for quite awhile.
My reason after all this time, merely to do it when/how/where etc I want to. I would like to take on a few agents eventually and keep it moving.
As for the branded companies, they do have their advantages for most but I'm your typical rebellious flower child so the one person show is appealing, almost a necessity lol.
Hey, if it doesn't work out, I could always return to one of the big boys. But not until I give it a go "solo".
You can be successful by yourself but you will not get rich until you hire and train a competent sales staff that follows your lead.
What is the difference to the public between 1 real estate franchise from another - Answer = Nothing
If you want to potentially dominate your area in real estate, privately pm me.
Remember, you are not walmart and not here to make everyone happy. You are the professional and you are the one paying the bills.
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