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What to Consider when Considering a New Real Estate Firm...

The New Year is an enticing time to try new…almost anything. New diets, new exercise routines, new meditation schedule, new mantras.

It’s also a time when real estate firms amp up their recruitment, for good reason too. Agents have had some “down” time, hopefully, and have taken some time to reflect on their past sales year, upcoming sales goals, and quality of life.

And, like many things, it’s easy to get inundated with advertisements and invitations for something “shiny and new.” It’s all exciting and enticing and there are so many possibilities! But, what’s really important when considering a new real estate firm?

Bigger is not always better.

Did you know that the majority of clients and consumers don’t care what the name of the firm is? They pick the Realtor, the person, the individual.

Crowded room

True, bigger firms may have more name recognition and attract more lukewarm leads…but true long-term lead generation success comes from building client retention. Client retention meaning repeat clients and referrals from past clients and being identified as “the Realtor” in your sphere of influence.

Also, the bigger something gets…the more expensive it can be to run…so that’s going to get passed along to the agent in some way (think desk fees).

You get what you pay for.

I get it. Real Estate is expensive to do. And, if you’re not closing, you’re not making money. But, even though a “small fee per transaction” may seem enticing…the firm’s model is quantity, not quality…both in terms of agent recruitment as well as Broker support.

Do you like being a cog in the machine?

Cog wheels

A bit of a tie-in with the previous two points…do you have direct, unfettered access to help? And, I don’t mean tech support or marketing support…that’s just always a google search away…but someone to role play with, someone to ask a question to when you’re in a multiple offer situation and your buyers are in a time crunch and you need a gut check on whether you are guiding them in the right way. Someone to bounce ideas off of that’s seen multiple ups and downs in the marketplace that can provide some real time, real world feedback to help sell that languishing listing. That’s invaluable as an agent. Real estate is a relationship business, and technology is no perfect replacement for the human interaction and support. As a self employed, independent contractor it’s also something that is not readily available in firms with multi-levels of administration and one “broker” for 100s of agents. It’s also often the difference between “getting it done” and “being great…everyone has to use my Realtor.”

How much of a self-starter are you?

Task managers and CRM’s are great and enticing and everyone suggests they are the key to your success…but YOU still have to DO it to make it work. At the end of the day these are all just prettier interfaces for a solid excel sheet and proactive calendar reminders. Don’t get sidetracked with all of these tools to “make your life easier” or “make you more successful,” look for someone that will motivate and build a solid foundation in your own personal accountability. Real estate is not a get rich quick scheme…you need a solid foundation to build a long term business. All the templates and tech resources in the world are not a substitute for your own value…don’t let someone convince you it is going to solve all your problems. What do you really need to take your business to the next level? Find someone to help pinpoint and facilitate what will work for is not one size fits all.

Are you Cut Out for Cutthroat Culture?

I am a firm disbeliever in the success of Dog-Eat-Dog corporate culture. It leads to burnout, dissatisfaction, and questionable business tactics. But, unfortunately, I'm sure we can all remember a time working in a setting where this environment was the norm. Culture starts with leadership, and when leadership is too far away (either physically, like out of state, or metaphorically, like too involved in their own production) the work environment suffers. Find a firm where collaboration is celebrated and practiced. You shouldn't have to worry about your colleagues snaking your clients and marketing ideas. The market is a big enough pond for everyone and when everyone supports each other and collaborates, everyone (especially the clients!) win.

Is Bungalow Realty right for you?

We’d love to find out.

We are a locally owned and operated boutique firm. We encourage living, working, and playing where you do business. We’ve found a way to make a long term career out of real estate that is beneficial to both the client and the agent. We focus on QUALITY, not quantity. We don’t need or want to be “the biggest.” We want all of our agents to be above average, we want them to build a strong foundation so they too can be in the business a decade from now. We want to provide the best client experience by facilitating the best agents in the biz…and we want to be there every step of the way.

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