Will EGO win?
Some particular savvy Real estate Sales Professionals are so good at generating leads for their business that the yield of their marketing outperforms their ability to serve.
These “Mega-Lead-Generators” have some choices:
- Serve only the leads they choose to serve and abandon the rest – I have this vision of a burning pile of money on these folk’s desks . . . so much untapped income potential.
- Single-handedly serve ALL of the leads (Thereby working 24/7/365) – this NEVER works as a long term strategy. Burn-out and failure to serve ANYONE well ensue.
- Serve only the leads they choose to serve and refer the rest to other agents – I believe this is a GOOD choice for those “Megas” who do not want to have to Manage other people. Another up-side to this is that they can refer the Buyer or seller to an agent who SPECIALIZES in the needs of THAT lead. Some of the Megas who choose this route are uncomfortable with “letting go” of their ability to “control” the experience of each and every lead . . . and so they . . .
- Build a Team comprised of themselves as “Lead,” a collage of Buyer and Seller specialists . . . and an administrative support staff (for Marketing, contract to close, Lead coordination, etc).
So . . . Let’s say the team is BORN and continues to grow. Lead agent effectively puts together a well-oiled machine that generates LOTS of leads and serves them all well . . .
Lead Agent starts thinking: “We need our own identity . . . our own BRAND so as to clearly identify OUR team distinctly from the others.”
She hires a Brand Specialist to build the “look” in a way that captures the value proposition of the team . . . Once the brand is polished and ready, ALL of the marketing (Ads, Signs, Website, etc) take on this new look.
THIS is when “The Battle of the Brands” commences.
With such an established team identity and high volume of sales closed, it dawns on the lead agent that her team has POWER because their production comprises an increasing share of the sales of the firm with which they are affiliated . . . and so . . . armed with that “Power,” she goes to the Principal Broker/Owner to negotiate “special terms” for the team . . . Preferential treatment and lower splits . . . OR ELSE.
If said negotiations fail to go well (Principal Broker pushes back), Lead agent has choices:
- Continue as before
- Move the whole team to another Real estate Firm
- Start a new company
In the past several months, I have met with several of these “Lead agents’ to discuss these options and to find out if my firm Pareto Realty might be a good fit for their team.
I have a series of questions I ask (Because I have had lots of recent practice)
- Why do you want to open your own firm?
- Would managing a firm be different than managing a team?
- would managing a firm potentially distract you from continuing to do the things that have made your team so successful
- Have you REALLY run the numbers? Will you come out financially better off doing it yourself?
- and more – Meet with me if you want to know the others 🙂
Some of these Lead agents have responded that they are frustrated that they’ve spent so much time, energy, and money developing their own BRANDING and their current Principal Broker is REQUIRING them to comply with the brand standards for the firm.
In the State of Tennessee, a team can NOT escape that requirement . . . Unless they are their own firm, their marketing must clearly represent them as being affiliated with the firm that holds their license . . . Gary Ashton with RE/MAX does this RIGHT.
So often, clarification of this Battle of the Brands solves the riddle of whether or not to open a new firm. Is having an independent brand important enough to the Lead agent to take on all that goes with it?
NO firm can (legally) give these Lead agents what they want if it includes the team having a completely distinct Brand presence in the market excluding the requirements to maintain the Parent firm’s visibility.
So herein lies my question:
Why NOT do as Gary Ashton does and EMBRACE the “Parent Firm” brand?
I believe this boils down to ego.
If ego wins the battle, the only way to legally win the battle of the brand is to create a new firm.
So . . . I LOVE this notion of Teams . . . In fact, I have built Pareto Realty to serve that very segment of the market because I am focusing on “Niche Specialization” such that EVERY client of Pareto Realty enjoys the service of a REALTOR who KNOWS the LOCAL market . . . We do this by being Specialists (not generalists) . . . and I know that TEAMS can also be specialists.
there now . . . I said it . . . If you’ve got more business than you are able to serve, don’t let that money burn . . . Connect with me, and let’s consider your options . . . we’ll figure out together the best way for YOU to convert those abandoned (or under-served) leads into INCOME.