Franchise Opportunities
What REFAC Provides Our Franchisees
Training & Support
Monthly Broker/Owner
Meetings to discuss strengths and opportunities
Training & Support
Monthly Broker/Owner
Meetings to discuss strengths and opportunities
Inclusion Monthly office meetings for all agents
Celebration and Holiday get-togethers
Recognition for monthly/yearly performance
Affiliate Support
Monthly Income From Title Insurance Agency For A CAUSE
Monthly rent assistance from Legacy Mortgage
Marketing Service Agreement with Guard Home Warranty
Additional Mortgage Loan Office income opportunities available!
Additional Mortgage Loan Office income opportunities available!
Our Customizable Franchisee Options To Ensure Success
| Franchisee Option | Details |
|---|---|
| Independent With A Brokers License | You are the Broker/Owner You have your own website You use your own systems You have your own store front |
| Store Front Without You Having A Brokers License | James Mirolli is Broker/CEO You use our website You use our systems Partnership Agreement |
| REFAC/(Insert name here) Hybrid With A Brokers License | You are the Broker/Owner You use our website You use your own systems You have access to all of our forms |
| Virtual With Or Without A Brokers License | You are the Broker/Owner or James Mirolli is the Broker/CEO You use your home address for your business You work out of the REFAC Grand Blanc Office |
| REFAC Manager Without A Brokers License | James Mirolli is the Broker/CEO James Mirolli pays overhead costs You are paid salary to manage the office Quarterly performance bonuses PNL - salary & all expenses are taken into consideration You are on an agent split |
7 Things You Should Know Before Starting Your Own Real Estate Brokerage
1. Your brokerage needs a clear objective
You need to know why and believe in the reasons why you are starting up your business. You need to be able to make decisions with a clear objective in mind. Find an advantage that makes you stand out.
2. Your brokerage needs a competitive advantage
You need to find something that separates you from others and makes you stand out. Success of the past is a good building point, but ensure you have a competitive advantage among your fellow brokerages that sets you apart in the customer's view. You have three types of competitive advantage for your brokerage: price, unique products/service, or a specific niche. You could offer lower commissions, a special program or perk to help your clients out, or focus on one main area and use your knowledge and power in that area to your advantage.
3. A recruiting plan is essential to attracting the right agents
Use your objective and competitive advantage to determine the type of agent who you want to bring in and who will thrive at your brokerage. Discuss how your brokerage could benefit them. Learn the agents’ niches and narrow down your options to the best fit for your brokerage. Present why they should be a part of something bigger and why they should choose your brokerage over others.
4. You need to develop the necessary processes and procedures to operate a Real Estate Brokerage
Being a successful agent is completely different than being a successful leader and owner of a real estate brokerage. You need procedures in place to maintain a brokerage on a daily, weekly, monthly, and yearly basis. This includes agent support, broker supervision, office management, agent recruiting, and more. In addition to creating your own processes, you need to manage your employees and lead by example, following your objectives. It’s a lot to maintain but worth it in the end if you have the determination to succeed.
5. Software can make or break your brokerage
Consistency is key to owning a brokerage that helps with turnover and fosters success. Trust is built when consistency exists, leading to retention and referrals. Investing in the right software is critical. As the broker, you need to ensure systems are consistent so that if any key employees leave, your processes and procedures can continue smoothly.
6. How to select the right office for your brokerage
Your largest expense and risk is often your office space. You must consider your objective, competitive advantage, and agents before committing to a significant office payment. Make sure the space aligns with your goals. It’s more challenging to change this decision later, so getting it right the first time is important. Whether you need a visible office to create brand awareness or a semi-private office if your brand is already well-established, the choice matters.
7. How to select the best location for your brokerage
Location is one of the most important aspects of choosing office space. The location determines not just your visibility but also the types of deals your agents will handle. Whether in a small town or a city, your location influences the market you’ll serve. Ensure the office has curb appeal and accessibility for clients. Ultimately, the area must be one where your agents can thrive.
Bottom Line
Starting your own real estate brokerage can be fulfilling yet daunting. It’s a lot of work, and many don’t realize the complexity involved. Opening a franchise can be a great option, as the objective, competitive advantage, recruiting plan, and software are often already in place. With our customizable franchise plans, you can pick and choose what works best for you. Talk with James Mirolli today to learn more about how we can help you succeed.
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