Mega firmament in real estate
Real estate has seen many transformations in recent years due to rapid technology advancements and increased globalization. One concept that has been gaining traction in the industry is the mega firmament, which refers to a network of real estate companies that operate globally, working together for the benefit of each other and their clients.
Mega firmaments are typically made up of several large and well-established real estate firms that have formed partnerships or alliances. This allows them to access new markets, provide more comprehensive services, and leverage each other’s resources and expertise.
One notable example of a mega firmament is RE/MAX, which was founded in 1973 in Denver, Colorado. Today, the company has over 130,000 agents operating in more than 110 countries, making it one of the largest real estate networks in the world. RE/MAX agents are independent contractors who own and operate their own offices but have access to a global network of knowledge, tools, and resources to help them better serve their clients.
Another example of a mega firmament is the Leading Real Estate Companies of the World (LeadingRE), which was founded in 1997 and is headquartered in Chicago, Illinois. LeadingRE currently has over 550 firms in its network, operating in more than 70 countries and representing more than 650,000 properties annually. The network prides itself on being a leading source of relocation services, connecting clients with trusted professionals in different parts of the world.
The benefits of a mega firmament to clients are numerous. For instance, they can access a wider range of properties and locations through the alliance of firms. Buyers who are looking to purchase a home or investment property in a foreign country, for example, can do so through their local RE/MAX agent, who can leverage the network’s global reach to find the right property and connect them with a trusted real estate agent in the foreign location.
Mega firmaments also offer better marketing and advertising opportunities, which can help properties sell more quickly and at higher prices. In addition, clients benefit from the collective expertise of the network’s agents, who can share knowledge and best practices on various aspects of the real estate market, such as pricing strategies, negotiation tactics, and local regulations.
For agents, joining a mega firmament comes with many benefits too. They can leverage the resources and tools of the network to enhance their marketing and operational efficiencies. Mega-firmaments provide a wider range of marketing materials, training resources, and systems to the real estate agents in their network. These resources help agents in their day to day work to better serve their clients.
As the real estate industry becomes increasingly globalized, mega firmaments are likely to become even more common and influential. They allow real estate firms to expand their reach and resources, and they provide clients with better access to properties and services.
In fact, some mega-firmaments are beginning to expand beyond real estate itself, going into fields such as mortgage lending and property management. For instance, the Keller Williams Realty network, which was founded in 1983, currently has more than 200,000 associates across the world, operating in over 40 different countries. The company has also expanded into mortgage lending, with its KW Mortgage business, which provides clients with a range of financing options and expertise in the home buying process.
Another example of a mega-firmament branching out is the Long & Foster Real Estate network, which was founded in 1968 and operates primarily in the Washington D.C. metro area. In 2017, the company launched Long & Foster Property Management, which provides a range of services including tenant screening, rent collection, and maintenance and repair management.
As the mega firmament concept continues to grow, it is important for real estate firms to understand the benefits and challenges involved in forming and operating within these networks. One major challenge is ensuring that all the firms within the network are aligned on goals and values, and that they are all working together towards the common goal of providing the best possible service to their clients.
Overall, the concept of the mega-firmament in real estate is a positive development for the industry, as it allows firms to better serve their clients and expand their reach in a globalized world. As the network continues to grow and evolve, it will be interesting to see what new innovations and opportunities emerge from this dynamic and ever-changing industry.