Big swings in the housing market have a way of causing many brokerage owners to contemplate how to improve their business, reflect on ways to increase revenues and profits, and figure out ways to grow and expand. It causes others to consider what their strengths and weaknesses are. And may lead them to decide that owning and operating a brokerage is not for them.
That’s particularly the case during uncertain times like these, when many in our industry question whether they are focused on the right things. Is there a way to get more satisfaction, better results, and greater rewards from this business? Are they doing the best they can for their clients, for their family, for themselves? We have seen significant market changes stimulated by the pandemic, and the most common is brokerage owners looking for change.
So, these two diametrically opposed choices create incredible opportunities for each other. The key is to identify what you want, lean into those who can help you get it, and figure out the best way to achieve your specific goals and objectives.
At RE/MAX, we’ve had a number of expansions, conversions, and acquisitions that help both parties get what they want, whether it is growth or an effective exit. Either way, committing to one direction is the key to maximizing your results, earning the greatest rewards, serving your customers well and ultimately having a fulfilled business and personal life.
Thinking about a change? Here is the best way to get started.
If you want to grow
For brokers who are ready to double down on their business and grow, there are a wide variety of ways to do that. For example, brokers can partner with a franchise, bring in strong producers and even management support or, a quick way to get both could be through a possible merger or acquisition.
We recently helped facilitate an acquisition of an independent brokerage by Scott and Renee Comey of RE/MAX Elite in Snohomish, WA. This acquisition involved a strong group of agents in addition to an impressive, high-traffic office location. They now have 15 additional agents who have become raving fans, and as Scott and Renee put it, “They are now benefiting from the tools and resources we offer and many of them have increased their production since switching to RE/MAX.” This was a great way to continue growing their operation, enhance their market share and add an excellent location allowing them to extend their footprint in the Snohomish market even further.
Taffy Bishara, with two real estate offices in West Covina and La Mirada, CA, was looking to totally reinvent his business. Taffy had owned and run two separate brokerages for nearly 30 years, one franchised with Coldwell Banker and the other with Century 21. He wanted to shift his focus from recruiting all agents, to focusing on full-time top performers and, after looking at many options, decided RE/MAX was the way to go. As Taffy said once totally immersed in his new venture, “RE/MAX was my competition for many years, but now I know why they always win.” He is putting an entirely new energy into growth and has a high-performance focus by the re-invention of his company into the newly transitioned RE/MAX Olympic offices and is very optimistic about his future direction.
If it is time to exit
When we first spoke with the owners of First Choice Realty in Snohomish, WA, the owners needed an exit strategy that would help them end their partnership and allow each of them to pursue other interests all together. Scott and Renee Comey put together a plan that helped the sellers of the brokerage dissolve their partnership and completely walk away in different directions, ultimately achieving their joint and individual goals. Together it was a win-win for everyone.
If you are looking to grow your business, now could be the perfect time to consider affiliating with a franchise, expanding your footprint or pursuing potential mergers or acquisitions. If you are looking to get out of brokerage ownership, now could be the ideal time to investigate all of your options. Either way, my team is here to help those interested in considering RE/MAX as an alternative, and I know there are many others out there who can help, whether you are on the up-swing, pivoting, or just looking for a change.