Real estate brokers enjoy a lot of freedom in their work. They have full control of their work schedule and can develop their own brand. They also avoid any redundancy with their work, as no one client is ever the same. But this freedom comes with a responsibility — that of being the sole maker of their success. This doesn’t mean, however, that a broker shouldn’t invest in building his or her network of connections. In fact, there is big value in maintaining connections, especially in real estate.
It’s recommended to go beyond exchanging business cards when meeting new people. Explore how this newfound connection could benefit one’s business. Where networking takes place, opportunities for collaboration open. Brokers simply need to be quick in recognizing them.
Competition will always exist, but not every other broker is a threat. There are those who work in other areas, specialize in different aspects of the industry, or pursue dissimilar target markets. These people have the potential to be collaborators, and it would benefit a broker to be intentional in finding ways to work with these non-traditional partners.
Here are three ways to collaborate with other brokers and yield positive results.
Co-brokering a deal
Perhaps the most common way a collaboration between brokers can take place is through co-brokering a sale or lease. Co-brokering takes place when two brokers work together on a deal. One represents the buyer and the other, the seller — or the landlord, for a rental.
It’s a simple yet effective collaboration because both brokers need to work together and ensure that each of their clients gets what they want. Co-brokering also helps lighten the workload as both brokers will share in the responsibility of handling documents. Additionally, co-brokering expands a broker’s network. With a seamless collaboration, the co-broker could even recommend potential clients in the future.
But real estate collaborations can begin even before a transaction shapes up. A broker can tap into his network when he needs leads for his listings. In turn, he can also provide leads to other brokers.
Promoting each other’s efforts
A cross-promotion is a collaboration between brokers, mutually agreeing to amplify each other’s content. This can be done through re-sharing a blog post or property feature on social media or including a mention of an upcoming event. This requires very little effort, but it’s an effective in bringing in new leads.
Joining a real estate team
Sharing of clients to get more business is the standard in real estate teams. Such is why young brokers are encouraged to join a team that can help them grow their business. When a broker needs leads for his listings, his co-members can offer him clients. Moreover, being part of a team ensures that he has a referral network that he can work with.
Real estate collaborations are common in today’s market. Whenever entering a real estate collaboration, brokers need to keep an eye out for any potential issues – ranging from ethics to loyalties – that may arise. Wisdom needs to guide a broker as he shares clients and listings with another person. An effective collaboration will not only grow one’s network but also help close more deals.