Real estate franchising is everywhere. Brokers are faced with a lot of choices, models, and value propositions, which often leads to a lot of confusion.
So how do you know real estate franchising will be good for you?
It’s hard running a real estate brokerage these days, and franchises offer many benefits. If you’re a broker considering a franchising partnership, how do you know where to go? What do you base your decision on? Most importantly, how can you make sure the franchise will be good for you? It’s important to remember that the franchising model only works if you make the effort to utilize their technology tools and systems. No franchise brand will make you successful just because you sign their agreement and put up their shingle. There is much to be done if you want to make your franchise work successfully for your business.
Here are the top 5 things that will help you get the most out of franchising:
1. Every franchise has tons of technology tools and systems. You can’t possibly implement every one of them immediately. Pick the top three (or five) that can make the best impact on your business in the first 6-12 months.
2. As you continue to learn more about what’s available to you, talk to other franchisees. Discover what has worked for them and see if it makes sense for you. As you do this, make a list of the three to five solutions you want to implement within the next 12 -18 months.
3. Make sure you’re fully utilizing the support you’re being given. And then ask for even more. Nothing frustrates franchisors more than spending millions developing technology tools and systems that their franchisees don’t use. Every franchise has a servicing team. Push them, cajole them, and demand that they provide you with as much support and access as they are able to. Remember the old saying: The squeaky wheel gets the grease.
4. Participate in events and network like crazy. The more franchisees you meet, the better you’ll understand what can help you make your investment a successful one.
5. Network with the franchisor’s senior management. If they’re good, they’re listening to their clients. They’ll help keep you ahead of the curve and the competition.
With so many choices for real estate franchises these days, it’s incredibly important for brokers to know who they are, where they’re going, and where they want to be. Once these analyses are made, then—and only then—can you determine which path you should follow. Once you do, milk it for all it’s worth, because you’re the one who determines if the fit will be good for you.
Jose Perez is the founder of PCMS Consulting. The real estate solutions provider offers a fixed-price, pay-as-you-go alternative to traditional national franchise systems. PCMS combines real estate consulting with powerful technology to help brokers and agents engage and respond online. Learn more at www.pcmsconsulting.com.
