I live in Knoxville TN where Coldwell Banker and Realty Executives are very big. The small companies do have business but I don't think to the same degree. I know at Realty Executives you have to pay a monthly fee to even work there. Coldwell Banker has desk duty and a lot of training. I don't know that much about Realty Executives except I see a ton of listings. Any opinions on these Franchises? I would love to hear from someone working there. This is just such an important decision.

You just might be surprised to find out the truth about small vs. large offices.

Approach your local association and ask for the numbers on how much each office makes per agent in their office and how many escrows per agent are getting done. While some of the big name offices are doing lots of business, because they have dozens if not hundreds of agents, you will often find the small mom and pop office is getting way more done when you look at it from the standpoint of what each agent is getting done.

After all, what do you care about more? The office being a success, or YOU being a success?

R

Agree with rebel, but when your new the big name to back you up is helpful. People percieve National Companies to be more reputable. At least I've found. Also you mentioned training<-- Important. Interview more than two companies though. Every office is different, find a place that works best for you.

I think your right K20. There is that perception that the big national franchise is somehow going to do a better job for you.

I have worked at mom and pops and at big nationals.

What it really comes down to is the agent.... an incompetent agent at a C21 office is going to be just as incompetent at a small mom and pop. Additionally, bigger national franchises are just as likely to have morons working there as anywhere else. In fact, in my experience, the moron agents don't last long in small mom and pop organizations, while the anonymity of being in a big national office can let you get by with being sub-par.

Then we come to the famous disclaimer associated with every national:

"Each office individually owned and operated"

So you can often find huge inconsistency from one office in the same franchise to another.

R

Ok, I see where your coming from. Let me ask another question... Their is a small company that has 41 agents they have a fantastic website. I mean if you want to find out something it's there. In TN at least everything belongs to the brokerage. Meaning all my prospects and such. I like that company they work totally remote. They are real big on relocation. However, in their company policy it is plainly spelled out that if you leave you are not to contact any past client/customer. That they belong to the company. I know we work that way here but most companies will allow you to take the people you are currently working with. Also, I've read so much and completed the e-pro and it is supposed to be all about branding yourself to become known - what are your opinions on this.

Around here that's pretty standard.



In our office they "state" that you can not take clients/listings with you - but they also can not make the client stay if they call the office and say they want to cancel their listing...agents who have left have had their clients mysteriously call up and decide they wanted to take their home off the market a while, etc... I suppose they could be forced to fulfill the contract, certainly - but in the long run it could just turn out to be counter-productive.

This regarding your prospect list. Meaning anyone I have contact with belongs with them. You have to sign an agreement that you will not contact them any further after leaving the company. Things like birthdays or even anniversary of homeownership. This seems really harsh to me. I am working to build up a business and client/referral base but if you leave them it's like you're starting over again. I really like the company but I guess I'm to leary of this practice.

I would like to jump in on this thread.

First, someone stated that national companies are perceived as more reputable, which is true. Agents with a smaller company tend to be more personal with each other and their broker. Agents at larger companies can sometimes blend in and not be seen.

Second, because you're a new agent, the larger company might help you get recognized with your SOI. The large name could actually help you.

Third, the way I have seen it around here, the smaller companies don't have any training or support. The larger companies usually have the best training and it's usually ongoing. Support is extremely important too. If you make a mistake or need help with something, the larger company will usually have a support/management team to help you. The more educated you are, the better you will be.

Fourth, benefits to your clients are very important! Many of the smaller companies around here don't have any benefits at all for their clients. While most of the larger companies have huge benefits for their agents and clients. These benefits might include subsidized advertising for the agents by the company, name recognition on yard signs and marketing materials, a relocation department, lead generation, and much more.

Can you tell I am with a larger company? I think it's great to be under such a great name. I sometimes receive leads from people just because I am with Prudential, because of the name.

Hannah12,
I would not sign with a company that has this rule! That is totally nuts! Most companies say that they might not allow you to take your listings with you, but it would be up to broker's discretion. Many times, my company will allow the agents that do leave to take their listings with them anyway, but it is the broker's choice. Why would you want to sign with a company that has those crazy rules anyway? If I left a company that I had many clients with, I would still contact my clients. I don't care what the company contract stated at that point. Most likely what would happen is that you contact your clients to tell them you left that company, then they would probably just work with you wherever you go if their loyal clients. Is the old broker going to stop the clients from calling you and wanting to work with you? NO! Plus I don't know if that would hold up in court because it seems way too harsh of a rule to enforce.

This just seems to overwhelm me. I want to make a good decision. This is the time of the year where everyone is starting to sell and I want to be busy but it is hard to go out and talk to people and had out your card when you're not happy with your company.

I agree with agent 007 on both his posts. I think the smaller companies in general are probably better once you've gotten your feet wet. A lot of people don't realize that agents pick their company, it's not like interviewing for a regular job. I get people all the time saying, "wow, that's a big company", as if I am better than others because I made it in with a big name, like I somehow did something to win them over at my interview etc. Don't go somewhere where you can't continue to contact your prospects. The listings rule is common as far as I've seen. Listings belong to the broker, not you but the prospects you have are yours.

Send an email to Jim Lee one of the agentsonline moderators, he is with Realty Exec's in Knoxville.

As for what belongs to who is all a matter of negotiation and to be spelled out in the independent contractor agreement.

Personally, I like a small company, but if the one you are talking to says that you can't contact your clients when you leave, you would be dead in the water. It is common to have to leave your clients who are currently under contract with the old broker- but if they are saying that you can't contact your prospects that is crazy.
When I left my old company I just made sure to not have any of my buyers under a buyer agency agreement- that way they didn't belong to anyone yet, and at least I got to keep my buyers that weren't already in a contract to buy and sell.
The broker actually let me keep everyone, I just had to agree to still pay him a split even though I was no longer with the company.

The majority of companies will allow you to keep your clients. They know that it would look worse on them if the agents put up a fight about it.

There is a point where you just have to dive in. If you are this easily overwhelemed about this one decision, it may be difficult for you to run your own business. Running your own business means needing to be decisive. I know, because I have trouble with this as well. I eventually just dove in and then made a move a little over one year later.

I agree with the others to stay away from ANY company that requiries that you give away your prospects if you move. How can you properly work your SOI if you move? It could mean that some of your oldest and best contacts are "owned" by the previous office should you move. Which brings me to the question... How on earth do they even keep track of that? Listings are one thing, but each indiviuals customers and PROSPECTS are another thing. How do they establish that you were working with them in the first place? You might want to find out just what constitutes a prospect to them.

I work for a smaller Mom & Pop. It has a great reputation within our city and in the immediate surroundiong areas, but it is not a national "name". I started with a large franchise. One thing I will tell you about that...don't for one minute think that the office with the most listings provides the best leads. I chose that office because as someone starting out new, I thought the floor duty would be fantastic. It was terrible. First of all, the office was so big that I only got 4 hours a MONTH of floor duty. If I got one lead a MONTH from floor duty, that was alot. All the established agents (with the listings) got inquiries regarding properties forwarded to their mailboxes. The phones rang all day, but never at the uptime desk. The hungry newbies never saw any of that action. Since the franchise was doing perfectly well without my being successful, they didn't really care what happened to me. They were also living off of their reputation. They felt people simply had not "choice" but to use them. So they offered discount service at retail prices. Many of these places are puppy mills. They grab anything with a pulse and a license and hope they get a couple of closings from that person's SOI before they crash and burn.

Training is somewhat organized in my new firm. The brokers are always available to help...which is nice, so part of the training is formal, part is informal.

Good luck...