Loosely related to the November 25 International Prestige blog… I was chatting with a friend today who’s agency was recently bought out by an entity paying a franchise fee to one of the big international auction houses and the conversation turned to how entirely impressed buyers and sellers were with the masthead which of course led to the declaration that the notion of perception being that of reality is indeed thriving.
There was a time when marking up the classifieds in the Sunday paper was the original act of scrolling through Zillow. Brokerages with satellite offices, Century 21 rushes front of mind, created linkage and value for that buyer in New Mexico looking for beach front property in Chatham. The shops would often work on a referral or finder’s fee basis and between physical offices and fax machines, for those who had them, the big box shop had an edge… reality.
Today, a number of entirely unrelated industries are renting their names, and by extension reputation by brand recognition, to area entities who either cannot create and stand on their own brand and reputation or simply don’t care to take the time to do so.
Perception one is a big happy family. Be it a smattering of satellite offices sprinkled over 50 square miles or a single franchise, every agent and broker under roof is a contract employee to the franchise owner and a direct competitor with the guy or gal in the cubical on either side.
Perception two is the premise of expanded exposure where some magical reach into a secret portal exists that mere mortals working the Google machine cannot access based entirely on the manufactured relevance that is international status. Unlike our buyer in New Mexico, we’re going directly to Chatham through digital reach be it direct with the listing office or a vetted buyer broker in the immediate area. If you are looking to buy in Chatham, why start in New Mexico. Conversely, if you’re looking to sell in Chatham, understand that the big box satellite office in Dubai renting the same auction house brand will see the listing just like every agency on the planet with an internet connection. In terms of global reach and exposure, the playing field is as level as water from the small independents to the hulking reputational dependents.
Perception three is the notion of savings and layers of support. Quite the contrary. Beyond the franchise fee, the scores of contract agents are governed by an appointed office manager and across the spectrum of satellite offices, administrative and legal staff. Throw in the cut to the investment group paying the franchise fee and I believe you’ll find a bit more resistance for agents to get creative in the margins when warranted. I had a listing two years ago where first time buyers, through a local agent, booked a follow up showing and left their poker face in the car. These first time home buyers had a great story, and I was pulling for them. Having flipped over every couch cushion to present their best offer, and despite my sellers coming down notably lower than their previously indicated threshold, we were $6k apart. Before parting ways, I took the buyer agent aside and told her that I would kick in $3k out of my end to help bridge the gap. She was going to talk to her manager and get back to me. An hour later and quite predictably, the agent circled back to let me know that her manager “…would go as high as $2k.” I told her that I would make up the additional $1k out of my end provided she brought the buyers back to the house and laid out the premise in my presence noting that the listing broker was a bigger advocate than their buyer agent and of course I never saw the kids again.
Regardless of the shiny object, perception, that gets you to the website or front door of the office that dazzles, drill down. Having done so, you will find yourself working your way to an agent or broker; a singular entity rather than a corporation renting a name. Have you ever had an amazing meal at a high end steak house only to be disappointed at another location? Was it the chef or the service? The brand can’t sauté and time tableside check ins.
Ask questions and scour reviews.
Do you have access to the owner of the brokerage?
How many people will you be working with?
What is the fee structure?
How long has your prospect worked in your area of interest?
Does your prospective agent/broker’s background have any relevance to real estate?
For sellers, what is expected of you in terms of the various requirements that get you to closing?
For buyers, does your agent or broker have established inroads with area resources be it contractors, vendors, mortgage and insurance brokers, etc.?
Coming up in real estate and as required in order to obtain a broker’s license, I spent my mandatory three years in sales under a local broker who was simply amazing. She saw the unspoken writing on the wall from day one that was my taking a direct line toward my own brokerage where I could then operate like no other and she was most gracious on balance. My only moment of disappointment came in year one and we never discussed the matter until the very day I DE affiliated and struck out on my own. During my very first listing, that I was often convinced would be my last, I would find myself in a dust up with a plastic walking cliché of an agent from one of the big box shops. She tried to get cute with the details between a fully executed offer and draft purchase and sale agreement and was entirely out of line. My broker quickly dismissed the matter before explaining to me that we were the Savings and Loan invoking the small independent bank in It’s A Wonderful Life and would go on to tell me how these contract employee shops were always on the hunt to gobble up the littles guys and to this day I’ve never understood how that works and I’m certainly not concerned with ruffling the feathers of an off Cape entity that rents a brand to support a handful off offices run by others who oversee contract employees working off their own number. Not unlike those first time buyers in fingertip reach, $6k, of their first home, I had posed a similar suggestion to a big box agent who would look at me with a mix of venom and envy before offering “I can’t work like you do.” I would smile and note “Of course you can. All you need to do is take the broker’s exam.” It’s as simple as that.
Cape Cod real estate is flush with licensed agents and brokers as a majority of the herd works in a passive capacity. Some are content with the security and cover offered by franchises while others strike out on their own. Brand and reputation put that metaphorical restaurant on the map. Now meet the chef.
I have been blessed with some wonderful reviews and remarkably, my current sampling comes exclusively from those with gmail addresses as the hoops and hurdles required for those without a gmail account otherwise inclined to offer a few kind words is often a bridge too far. In regard to my approach and speaking of Google reviews, I have compiled 8 dual agency transactions where I would have a listing and go on to procure the buyer, where both the buyer and seller would leave a five star review on each occasion. So much for the notion of not being able to please everyone all of the time.
As the broker/owner, my buyers and sellers have exclusive access to me as I do not delegate. I am the single point of contact from the mundane paper process through the final cleanout.
With decades of commercial and residential construction experience in the very area I was born in and serve to this day, I cannot conjure up a background that would offer greater relevance to real estate. Understanding how a home is built rather than simply staged is a tremendous advantage to my buyers and sellers alike. On the seller side, we’re identifying manageable issues and mitigate what is feasible in advance of listing through my vast network of area trades and vendors. As most buyers bid farewell to their agent or broker at closing, we’re just getting started whether it is leveraging those very resources in an improvement/renovation capacity or engaging in a go forward management program.
Based in large part on how I’ve approached my management base compiled of secondary homeowners, my unprecedented approach to real estate is truly second to none and whether you’re buying or selling, I would counsel anyone to take their time, look under the hood and land on an agent or broker that is as unique to your needs and personality as are the boxes that need to be checked in regard to your new home.
Big box, boutique, single individuals on their own or sharing cubical space with many or a few, there are outstanding agents and brokers among the herd and buyers and sellers are well served taking time to turn over those rocks to vet the individual rather than banking on the reputation of another.
