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While not presuming to dictate to other successful business owners, I would like to share the process I went through before re-signing my franchise agreement.
RE/MAX Regency is a premiere property agency servicing the Gold Coast and covering the Scenic Rim through to Rathdowney and Jimboomba.
We are a strong team of almost 30 sales agents and property managers representing a diverse portfolio of residential and commercial properties. We also have a valued insight and intelligence in building and construction that complements an intimate knowledge of the residential market.
Speaking from my own perspective, a franchise agreement is a legal contract. Re-signing is not something any franchisee would take lightly. You are reaffirming your commitment to the franchisor and to the brand; and this goes both ways, with the brand committing to service, support and advancement for the franchisee.
In reviewing and assessing my franchisor, I considered:
1. The quality of their leadership.
2. Whether their vision, mission, goals and values continued to align with my own.
3. Was theirs an offering that was not just for the franchise owner but for my prospective agents as well?
4. How good were their procedures and systems? Did they have the consistency they needed with core elements while being able to readily implement new technologies?
5. Have they demonstrated the ability to adapt quickly and successfully?
6. Is innovation that improves my business and helps my agents a priority?
KPIs (benchmarks)
1. Real evidence of offering different models for agents. I’m not interested in “cooker cutter” ways to bring agents on board. I want to grow my business as my agents grow their own. I want them to be able to hit the ground running – a “plug and play” offering.
2. The scalability of the franchisor’s business rather than just office or agent growth figures.
3. The productivity of agents in the network. (Because of the focus RE/MAX has on supporting agents with back-end operation, its agents are internationally more productive than the competition.)
4. The number of clients the agents get in front of.
5. The quality and consistency of training and mentoring.
6. A full understanding of property management as integral to a successful real estate business, and the franchisor’s commitment to support and innovation in this area.
7. The reach of the brand.
Goal posts
1. I will look for continued growth in the network.
2. I want to see them working collaboratively with the franchise owners they already have, while giving first-class onboarding to new broker owners.
3. I want to see the brand reflects global collaboration.
4. I expect implementation and not just “talk”.
5. I expect any new tools and systems to be evaluated first: Does it save time? Save money? Put clients first? If not, it’s not needed.
6. I look for the franchisor to always create a winning recipe, refine that winning recipe, and duplicate it. Consistently.
Many other considerations spring to mind, but I hope this may prove a useful prompt for other real estate business owners.
It was vitally important to me that my franchisor was geared for the future of real estate.
People joining my team have the chance to grow their own business in both sales and property management. To me, this is the future of the real estate industry.
Justin Miller is the director of RE/MAX Regency, Robina.
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