Having been with several of the big franchises over the years we also wondered whether moving to a smaller (in our opinion better) business model would result in a negative impact to our business. In fact business has continued to increase at an even faster pace - so we conclude that the franchise banner has little to do with the success of the individual agent.
Buggy whips, VCR's, Newspapers, Magazines, And now real estate franchises?
I have had several conversations with real estate franchise owners over the past several months about whether we are seeing the national real estate franchises on their way to becoming extinct. We have seen many, many franchise offices close in this dismal market period. In contrast, there have been many start-up Brokerages that have found a foothold in this market.
In addition to the very difficult market conditions, I think there are several major market trends that will spell troubled times for the national real estate franchises:
- The REO market has shifted many listings to small independent Brokerages. Large franchised offices are not able to dominate listings, as they have in the past.
- Many of these independent offices are offering low commission splits ($500-$750 per transaction) with their Agents, with NO FRANCHISE FEES!
- The Internet has changed consumers. A start-up company that is only several months old has sudden credibility, as much or more than older established companies.
- These recent trends will become a foothold in the market and continue into the future.
Now this may be specific to my market in the Metro Detroit and Ann Arbor area. So, please let me know what you are observing in your market.
When you choose Scott Petersen and The Petersen Team to handle your Canton/Plymouth real estateneeds, you choose a Realtor® who is not just an expert, but someone who really cares about you and your family. Buying or selling a home can be a very exciting and yet stressful. We will work to achieve your goals and objectives, bringing our years of industry expertise and old fashioned "blue collar" hard work. In this difficult market, we are proven producers selling in the multi-million dollar range year after year.
We are very familiar with today's market and specializing in Short Sales, REO, Bank Owned, and all types of real estate in Wayne County , Oakland County, Livingston County, and Washetenaw Countywe specialize in Canton, Plymouth, Northville, Livonia and Novi.
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