You’re all set to kick start your career in the property business. You’ve done your research, you’ve attended the necessary courses and you’ve obtained your REN license. Now you’re probably thinking about whether to choose an independent agency to work for or a corporate one. In this article, we have listed a few pros and cons of both options, so let’s dive right in!
What Is The Difference Between An Independent Agency And A Corporate Entity?
An independent agency is a smaller-scale business that do not operate under corporate policies and is mostly run on the terms of its proprietor. Some independent agencies might only take up a room in a shop lot as their office while some others may have a number of offices regionally. A corporate agency on the other hand is a larger-scale company and runs under the full corporate works such as policies, guidelines, board members, brand identity and corporate culture.
Benefits Of Working For An Independent Agency
-
Better Control Of How You Run Your Business
Since independent agencies do not operate under stringent corporate policies and guidelines, agents will have greater freedom to be in control of their business. They can choose their own practices and implement guidelines that work best for them according to their own capacity. The highly-adaptable nature of independent agencies is appealing to those who seek greater freedom in implementing strategies for their business in comparison to those who prefer to follow pre-determined guidelines.
-
You Can Choose Your Own Platforms To Advertise Your Business
As an independent agent, you will be free to use the platforms that you feel will benefit you the most in marketing, such as Facebook, Instagram and YouTube. You can create your own profile and advertise your listings according to your own creativity. The freedom to choose your own marketing tools is rather restricted within a corporate agency environment, where you will have to abide by a certain marketing guideline that closely follows the corporate brand identity.
-
Lower Commission Cuts
Compared to corporate agencies, independent agencies do set a lower commission margin and mostly do not require initiation or annual fees. Nevertheless, it will be wise to compare the commission and fee rates from one company to another to weigh out your options.
Benefits Of Working For A Corporate Agency
-
Brand Recognition
It is important for any business to have a brand recognition and it takes years to build that reputation and awareness among people. When you work for a corporate agency, you do not have to worry about building your brand from scratch and marketing it, as that job is already done for you. When you tell your client that you are attached to a particular corporate agency, it instantly builds confidence and further strengthens your position as an agent. Corporate agencies go to great lengths to market their brand and build awareness around it with their own specialist marketing team, and this will enable you to purely focus on your property listings and client servicing.
-
Better Training Programs And Benefits
Although every agent has to go through a number of trainings to continue being a qualified agent, not all independent agencies make the effort to organise such programmes frequently for their staff. Corporate agencies on the other hand continuously offer upskilling programmes for their agents and also offer incentives for those who wish to further enhance their knowledge. New agents will especially find this benefit attractive as they will get the opportunity to learn about the latest technologies and practices within the industry.
-
Larger Network And Listing Inventories
As corporate agencies are usually larger, their referral network and listing inventory will also be quite sizeable. This will make it easier for agents to obtain new leads and even offer varied listing options to their clients. Corporate agencies will also be able to provide greater support to agents as such companies usually come with sound HR policies and operational processes. All these can be of great help especially to new agents who require more guide and assistance in building their portfolio.
In Summary
Deciding between being an independent agent or a corporate agent will actually be quite easy if you are able to set your goals and expectations right from the beginning. If you are the type who prefers to have more control and like the idea of building your business from down up, then being an independent agent will be the right choice for you. If you prefer to start in a more established environment where you want to only focus on your local listings and deals without worrying too much about setting up your brand and marketing campaigns, perhaps being a corporate agent will be your best option.
Do you want to know more on how to advertise your property listing at Guyub? Feel free to contact us via WhatsApp, Messenger or drop us an email here.
The statement and information in the articles are the opinion of the writer and meant only as a guide. Any property purchase, rental or lease involve many legal issues and other complication depending on the individual facts and circumstances. Readers and Users are strongly advised to seek professional advise including from qualified and competent lawyers, bankers and/or real estate agent to verify the information and the statement before embarking on any purchase, rent or lease of any property. To the fullest extent permitted by law, we exclude and disclaim liability for any losses and damages of whatever nature and howsoever cause and arising including without limitation, any direct, indirect, general, special, punitive, incidental or consequential.
