Let’s face it… EVERYTHING seems to be changing constantly and rapidly these days. From a real estate industry perspective, this means that most of what we thought we knew in terms of real estate brokerages, brokerage business models, vendor services, mortgage lenders, mortgage products and guidelines, disclosures, technology, marketing, franchise affiliations, etc., is perhaps markedly different then it was from only six months ago.
To give you an example, I engage with licensed brokers and real estate salespeople on a daily basis with the intent to educate them about our new Realty World network. Most often, before I am able to utter the next sentence after introductions are made, I’ll hear something like, “Oh yea, I know all about Realty World,” abruptly shutting down the conversation. Although this might have to do with a restriction on time or simply that they are overwhelmed, shutting down the conversation short changes them on vital information they may not have. While it’s convenient and all too easy, being curious can many times pay big dividends.
The next time a vendor or competitor approaches you with “something new” give them the gift of 10 or 15 minutes of your time and be attentive. Who knows… you just might learn about something you weren’t previously aware of that can greatly impact you, your clients or your business.
Scott Gill
Senior Vice President
Scott.Gill@rwnc.net
Franchise contracts, in most industries, range from five to ten years. On occasion, a franchisor may offer early renewal incentives. This is typically done to provide additional services and benefits to their existing franchisees. In addition, early renewal allows the franchisor to position itself to more aggressively develop member resources as well as to expand market share. When market share is expanded, franchisees and franchisors secure increased business opportunities and profit potential. Therefore, early renewals can be advantageous to both parties.
It seems like title insurance companies have forever been “buying the business” in one form or another from realtors. It’s just the way business “was” done. You know what I mean … FREE farm packages, marketing materials, use of meeting rooms, educational seminars, lunches, dinners, trips, concert/sports tickets, and the list goes on. The “quid pro quo” was always in play and, let’s face it… many partook. The State’s Departments of Insurance have been shaking their heads at title insurance companies for these types of offenses for decades. In reality, they did little to nothing to enforce regulations which were designed to protect consumers. This mentality opened the doors for title insurance interlopers to set up local shops that systematically bought title/escrow business from their realtor clients. However, when the market conditions got tough and the party ended last year, most of those title companies left town or went bankrupt, leaving many realtors and their clients holding the bag. It wasn’t pretty and was costly for many.
