Committing to a real estate partnership is a big decision that shouldn’t be taken lightly. Though many aspire for it to be a smooth-sailing process, it is a long process that requires work to be put in. In fact, finding the right partner or partners to align oneself with is only half the job. After the tedious process of finding partners, the parties involved still need to come up with a structure that would bear success. Still, partnerships are beneficial for a broker’s growth and success in a competitive industry like real estate.
There’s much on the line with a partnership – money, time, connections. But there are ways to structure a partnership to make it beneficial for everyone involved. At the core of almost every real estate broker network or partnership is collaboration. This is best displayed when a partner has an interested buyer to offer for a broker’s listings, both of them serve as middlemen for their clients. If the deal is closed, their collaboration benefits both of them while saving them time and money.
There’s much on the line with a partnership – money, time, connections – which could greatly affect a person’s career. But there are ways to structure a partnership to make it beneficial for everyone involved. These do’s and don’ts can serve as a guide for those who are in the process of engaging into a real estate partnership or for those who are already in one and are looking to get the most out of it.
Do look for people who complement your strengths.
Each person in a real estate partnership should be able to bring something unique to the table. This coming together of different strengths will put the partnership in a position to succeed further. With complementary strengths at play, people bring the best of their talent and strengths forward.
Don’t just look for someone that mirrors your own skills.
While it’s perfectly acceptable for partners to share some skills, complementary skills are needed to make the team more versatile. In the face of unexpected problems, a multifaceted team will be better prepared to resolve them.
Do establish clearly defined roles and expectations.
Those involved in the partnership need to lay everything on the table before committing to it. This includes detailing each others’ roles – whether it’s acquiring listings, finding clients, or securing documentation. That way the team can set reasonable expectations each person will be held to.
Don’t neglect other partners’ goals.
Understanding what it is every member wants out of the partnership is key to making it succeed. Gaining a clearer picture of what the partners expect out of the partnership could make or break things moving forward. There has to be a certainty of goals; there is no point in partnering with someone that has different intentions.
Do conduct self-evaluations regularly.
Regular self-evaluations among each member will help identify the areas they are currently lacking. Make time regularly to do self-evaluations, and use this to identify what changes need to be made.
Don’t have a short-term outlook.
It’s inevitable that the partnership would encounter speed bumps along the way, but this doesn’t mean it isn’t meant to succeed. Having a short-term outlook could hinder the potential of the team. Success takes time, but it’s important to be a voice of reason and encouragement to keep the partnership excited and determined.
In an ideal partnership, good communication is key. With the right structures in place and the right people to grow it with, there is no reason not to expect good results.