As a real estate agent, it’s easy to think that you’re on your own. Although you’re part of a brokerage, you’re usually working by yourself with your clients on your schedule. Other realtors may seem like a competition. But, there’s often enough food on the table for all. Thus, collaborating with other realtors can improve your skills and abilities, develop friendships, reduce costs, and create a better work-life balance.
In this article, we explain seven reasons why you should collaborate with other realtors.
Whether you’re a novice or veteran sales agent, there are always areas of the real estate market you don’t know. This could be an area of your city, a type of property, or a particular builder. As we develop our business as agents, some ultimately specialize in a specific market area, such as luxury properties, working with new immigrants, or pre-constructions.
By collaborating with agents in a particular niche, you know exactly who to reach out to if you ever have a question. Even if you’re knowledgeable about a specific topic, specialized agents could provide a different perspective.
Occasionally, prior clients may reach out to inquire about a property in another city or a type of property you’re not familiar with. In this case, it may be better to refer your client to an agent who’s familiar with your client’s needs. In time, the agent you refer your client to may also suggest your business when facing the same scenario.
For example, suppose your client needs a specialized engineering technician for property foundation work, and you don’t know anyone. In this case, a colleague may have had a similar client issue and have experience with an engineering technician that they could refer you to.
Personal referrals are commonly the best way to find these services because you know someone with their work’s first-hand experience.
In a typical office setting, both young and more experienced colleagues learn a lot from each other. Real estate agents are no different, except you don’t have the same office setting. Experienced professionals can provide mentorship through their years of experience. They understand how to manage clients better, have more knowledge of the real estate industry, and more. Younger and less experienced realtors can learn a lot from them.
At the same time, younger agents better understand the benefits of new technologies. They may know what app or device to use to solve particular problems and have more social media experience. Additionally, younger agents may better understand millennial homebuyers’ needs, as they’re likely millennials themselves. These are skills that more experienced agents can take by collaborating with younger realtors.
Having too many leads may seem like a high-quality problem. It’s hard to complain about. But if you want to take on every client that knocks on your door, you may end up spreading yourself thin. And it can be hard to manage your work-life balance. That’s why you should have a team ready to take on the leads that you can’t handle.
Agents may have agreements to split the commission in these circumstances. So even if you give your lead to another agent, you’re still compensated for it. Or you may be on the receiving end, where another agent has too many leads and passes some onto you.
By maintaining this work-life balance, you can ensure that you have time for other essential things such as family. It also ensures you’re providing quality service to your current clients, as you don’t overextend with too many deals.
There’s no doubt sales jobs are tough. We all have our support networks to help us get through the mental pressures of this career. But, while your partner or friends are helpful, they may not understand your issues because they’re specific to being a real estate agent.
That’s why collaborating with other agents can benefit your mental health. They understand what you’re going through. Other agents can listen to your issues or provide advice. As a result, you may realize that the problems you face aren’t unique and that there are solutions out there.
For example, if a client said they were unhappy with your services, many friends and family members may tell you that you’re great and not mind one bad review. A real estate agent may tell you the times they made similar mistakes or had similar criticisms and explain how they improved themselves. This may help you realize that no agent is perfect.
Modern real estate agents are constantly improving their toolbelt. Digital signature apps and digital storage clouds are now standard for many agents. Although a single license for these products isn’t always expensive, a group purchase amongst collaborating agents in your brokerage can reduce costs even further. You may also get special benefits by group purchasing software, such as increased customer support or more features.
You could also write guest posts on each other’s blogs or work on a podcast together. This may also be a fun experience to get to know another person better.
Working with other agents is an integral part of building your real estate career. The benefits of collaboration genuinely prove that a real estate career is not a “lone wolf” job.