You’ve done a lot of soul searching about which path to take, and at the end of the day, you see more value in your own name and brand than with a franchise, and you believe it’s time to go independent.
If this is you, you would be joining the vast majority of REALTORS® who operate under an independent brokerage.
When it comes to franchise vs. independent, there is no general right and wrong way—it’s an individual business decision. Agents with franchises value the systems, tools and support they receive to help them succeed and believe the brand name helps with obtaining business. Independent agents place more emphasis on the freedom and flexibility to run their own business, develop their own voice and grant their agents a different type of autonomy.
Independent brokerages may represent a large portion of the market, but they are facing all the same industry challenges without the same resources or structure as some of the franchises.
If going independent is the best decision for you, then based on the current times, there are key areas that you will need to zero in on for success and growth.
The right tech tools
According to NAR’s Profile of Real Estate Firms, 48% of residential firms are concerned about competition from nontraditional market participants. This competition places pressure on independent brokerages to keep up with technology. The pressure on brokers and their teams is further exacerbated by the variety of software, tools and services available and the need to effectively achieve adoption of the tools by their teams. In some cases, the tools themselves require vastly different knowledge areas and can be difficult to master. Some tech tools considered must-haves for many modern real estate offices include:
- Comparative market analysis
- Multiple listings
- E-signature/e-contracts
- CRM
- Social media tools
- Marketing/marketing automation
Talent acquisition and retention
About 47% of residential real estate firms report they are actively recruiting new agents, primarily because of growth plans. Other reasons for actively recruiting agents include expansion to new markets, desire for younger agents and replacement of agents leaving the firm. Recruiting younger/new agents and retaining agents are among the top challenges independent brokerages believe will impact their business in the upcoming years. Many consider outsourcing human resource help for dedicated assistance on recruitment, retention and professional development.
Elevating professional level of agents
Most residential firms actively encourage their agents to pursue a certification or designation, as well as educational opportunities. Designations and certifications help the best and the most dedicated REALTORS® in the industry distinguish and brand themselves through specialized niche markets and nearly double their earning potential.
RRC prides itself on being of service to agents no matter where they are in their careers. Whether you’re an experienced agent striking out on your own for the first time, or you’ve been the broker of your boutique firm for years, you can take advantage of our services, products and tools geared toward independent brokers.
Find more information about services and tools for independent brokers at CRS.com.
Photo: iStock.com/Yuri_Arcurs
