People mistakenly hire big-name companies for various reasons,
including the allure of brand recognition, a false sense of security,
and a perception that larger firms offer unmatched expertise.
This decision can be a mistake for home buyers and sellers when the cost, lack of personalized attention, and bureaucratic processes of large companies outweigh the benefits.
Why do people hire big name companies?
Brand trust: A big name can serve as a form of "expert" opinion, providing a sense of reassurance for high-stakes decisions like those involved in buying or selling a home.Perceived low risk: Buyers and sellers often feel like there is less risk when hiring a big name company.
Extensive resources: Large firms often have a vast, global network and often spend a lot to market their brand to the public.
Common mistakes in hiring big-name companies
Overpaying for services: Large real estate companies, especially large companies with expensive franchise models result in agents pushing for higer commissions from buyers and sellers. If an agent has to split their commission with an office, pay monthly desk fees, pay franchise fees, pay high broker admin fees and technology fees, they are more likely to feel pressured to pass those costs on to their clients by insisting on higher commissions.Paying for junior-level talent: While major real estate firms promote their expertise, very often even the most experienced agents over-leverage junior-level agents and don't provide the hands on guidence needed to ensure real estate clients achieve their goals with the minimum amount of risk.
Slower response times: Large, bureaucratic companies and large teams will often be unresponsive to buyer and seller needs. Scheduling showings takes longer. Getting offers presented takes longer. Paperwork takes longer. When it comes to real estate, the maxim: "Time is of the essence" is paramount. If your offer isn't presented to a seller quickly, the seller may accept an offer that isn't even as strong as yours. If your listing agent drags their feet and doesn't present you with an offer from a potential buyer in a timely manner, that buyer may decide to move on and select another property.
Work with Change Real Estate and get hands-on, experienced support from a small team
Change Real Estate was founded with the principal that small is better than big when it comes to real estate companies. With a smaller group of agents, each office and broker can provide more support for each agent. A well supported agent leads to a well supported client and ensures that the client succeeds at their goals to sell for the highest price in the shortest time frame or to buy a property that meets all their needs at a price that they can afford.Reach out to us today and learn more about how Change Real Estate can help you meet your real estate goals!