Sometimes you just have to create what you want to be a part of! [/pullquote]
Brokerages and firms are owned by every kind of entity. Ownership can be by an individual, a family, collection of investors, and various kinds of corporations. The ownership can be in the local community and part of the brokerage, or by a multi-national corporation, and everything in between. Owners do not have to be licensed in real estate nor do they need to be Principal Brokers.
Does it Make a Difference to You?
I think it does, both to your bottom-line dollars but also to the ‘corporate culture’ in the office. It also has an effect on how one does business. There are issues related to the ownership structure which must be considered. Is the company hierarchical? Is there a corporate flow chart of authority and for decision-making? Or is it a flat structure with limited power structures employing collegial consensus for decisions. Is it a dictatorship of one person or couple?
While in the past, it was easy to justify the benefits of a national company (sophistication, tools, reach, referrals) today all of those benefits are within the reach of not just a local brokerage but the individual agent! There has also been a paradigm shift in the way people search for real estate and real estate agents which obsoletes the necessity of a national brand to be successful.
Every entity will justify their own existence for their size and their corporate structure, but it is for you to think it through, learn what the differences are, and what is most appropriate for you in our evolving industry.
Bella Casa Real Estate Group is locally owned by 3 people, all in the family: Randy and Joni McCreith, and Amy (McCreith) McCormick, daughter and business partner. We make our primary income the same way all our brokers do, by selling real estate. We have a very flat organization and make most brokerage decisions by consensus of our brokers. We are a professional cooperative of independent and autonomous Realtors®. We have one designated Principal Broker, as we must (me), but we also have more than a dozen Principal Brokers and we would be glad to see all our brokers achieve Principal Broker status!
Why Local Ownership is a Benefit [ul_list icon=”tick”]
It is more personal. The agents and the owners know each other and interact regularly. Each understand the needs and issues and can work together for solutions to challenges.