Acquiring a brokerage can be a great move for your real estate business if it’s the right fit and the right time.
Gaurav Gambhir and Ben Oller, partners at The Condo Shop, took their time to get to know Keller Williams Center City Philadelphia before merging with — and eventually acquiring — their office.
In addition to familiarizing yourself with the company you seek to merge with, there are other key factors that go into a successful acquisition:
1. Make sure the people and culture fit
In any merger or partnership, both brokerages need to have similar values and goals. The acquisition between Keller Williams and The Condo Shop took time because they waited until they truly understood the other company’s culture, which matched their own.
2. Be ready for opportunities
The right timing is essential for acquiring a brokerage. Gambhir attributes the successful acquisition to being at the right place at the right time. “You always have to continue working hard and then be ready for the opportunity,” he said.
Acquiring a brokerage can also open up your business to more opportunities.
3. Observe your competition
Look to your competition to set your goals. Find out their mistakes and their successes, and learn from them.
According to Gambhir, you only need to look at the top few companies in the business and do a just little better than them.
Use these three factors when acquiring a brokerage, and you could be on the road to success!
Chris Haddon is an entrepreneur based in Washington, D.C., a partner at Hard Money Bankers and a co-founder of REI360.net.