Why Would Anyone Want To Buy A Franchise?
On this episode, we talk with the president of Motto Franchising Ward Morrison. We hear about Motto's success as well as why someone would want to look into buying a franchise as a business opportunity. We hear that the influence of a brand cannot be bought or borrowed. It’s earned over time. When you become part of a network you receive worldwide brand presence competitors can’t touch. This not only helps create a potent presence in the consumer space but also invites industry recognition, helping you to recruit the absolute best. As a franchise owner, you receive support services that help you stay ahead.
On this episode of the Start with a Win podcast, our guest is Ward Morrison, president of Motto Franchising, a US mortgage brokerage franchise brand. RE/MAX created Motto Mortgage in response to the increased consumer protections regulations established after the financial crash of 2008 requiring the mortgage brokers stop using marketing service agreements (MSAs) with customers. This caused a shake-up in the industry while opening the door to more forward-facing business operations between consumers and loan originators under the new compliance and legal guidelines.
Motto Mortgage surpassed the 100-franchise mark within 23 months of the company’s beginning, confirming that industry professionals see the start-up resources and coaching available to them through the Motto franchise setup as a huge benefit over starting their own small business. It could be referred to as a “mortgage brokerage in a box”, which eliminates blind spots and surprises from the entrepreneurial journey and provides franchisees with a network of colleagues to whom they can reach out.
Ward also spoke about the challenges Motto has encountered along the way, namely recruiting and retaining personal and professional loan originators who can stay up-to-date on changes in the industry and maintain fruitful client relationships. Motto helps set realistic expectations and benchmarks for franchisees to meet that will hopefully allow them to be productive, well-staffed, and engaged with their customers and communities. In fact, Motto is committed to corporate social responsibility, and they are very involved in feeding the hungry in every community that is home to one of their franchises.
Ward’s way of starting with a win is being sure to surround himself with the right team: individuals who are customer-focused and committed to the organization. He always tries to hire people who are smarter than him in complimentary areas of business and have a social and emotional intelligence that makes everyone around them better.
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