I am very excited to pass along a big announcement from a competitor. Why?!? Let me explain.
Earlier this week, RE/MAX, the world’s biggest real estate franchise, stated they are opening mortgage brokerage operations within their existing real estate offices for a “one-stop-shop” experience. Known as Motto Mortgage, these outfits will perform as mortgage brokers offering multiple finance options from a number of lending sources (just like we do!).
Some may say this is bad for my business. The world’s largest brand name is copying my one-stop-shop business model. Should I be concerned about my market share?
Perhaps, but the overwhelming feeling I have is one of flattery. I’m absolutely flattered that RE/MAX, a 43-year old company that has over 100,000 real estate agents doing business in over 100 countries, is trying to emulate us! And I’m flattered that a company with that much financial backing chose to set up their mortgage operations as a traditional brokerage rather than a bank, citing that mortgage brokers “bring choice and service to the consumer.”
The Blue Waters Group has believed from our very beginnings that the customer benefits from competent and compassionate advisors who can offer both mortgage and real estate services. With RE/MAX acknowledging the consumer demand for one-stop-shopping, no longer is our business model the obscure alternative; it is the one that leading industry players are striving for. No longer is our platform one that I need to defend with blog posts titled Is What I Do Legal; it is the one that’s copied by others.
We are still unique from RE/MAX’s aspirations in that our associates are able to offer both mortgage and real estate services (all of us are licensed both as mortgage loan originators and real estate agents) while RE/MAX simply hopes to pair mortgage and real estate services more efficiently by providing them under the same corporate umbrella. Nevertheless, this week’s move by RE/MAX further validates the craft I’ve been honing for nearly my entire career. Working as both a mortgage broker and REALTOR is not an easy task, but with a 15-year head start on RE/MAX and others who are sure to follow suit, I’m confident The Blue Waters Group will continue to be imitated but never duplicated!
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