Residential Real EstateWhich Should You Choose - A National Or Local Firm?
The real estate industry, like so many others, has undergone restructuring over the past several years with many smaller firms being purchased by or joining one of the large nationals. You basically have two choices - a large national franchise firm, or a smaller, locally-owned firm.
Here is a brief summary of the advantages and disadvantages of each type of company.
Large Nationals
Advantages:
Name recognition
Marketing strength
Relocation business
Current technology
Structured training programs
Disadvantages:
Large offices, will the manger/broker have the time necessary to devote to you?
Franchise fees
Non-local ownership
Smaller, Locally Owned Firms
Advantages:
More personal attention from the manager/broker
May have a niche in the local market
Smaller offices with fewer agents
Disadvantages:
Lack of marketing strength
Difficulty in keeping pace with technology advances
No training program
Dependent on "on-the-job" training
My advice is to interview with at least two of each kind of company and rely on your intuition as well as logic.
Before you begin interviewing, do some research on the companies you plan to visit:
Check out the company"s national and local internet sites;
Ask mortgage lenders about the companies you are considering;
Ask escrow/title companies about the companies you are considering;
Ask a banker;
Ask an attorney;
Talk to any agents you know;
Find at least one listing for each company and ask the sellers.
When you are ready to begin interviewing, be professional. Call the manager/broker and make an appointment, don"t just walk in and ask to see the manager. Making an appointment leaves a good first impression even before you walk through the door, it tells the person you"ll be meeting with that you are a professional and that you respect their time and position.