Working with non-competing real estate professionals is a great way to build credibility and generate referrals in other articles. Today, let’s go deeper on that topic.
Here, we’re going to tackle a different topic: what are the different types of real estate partnerships? If you’ve read our other article, you know that working with other professionals in the field is a great way to build your credibility and generate referrals. Here we’re going to discuss different types of real estate partnerships.
Today we want to go deeper on that subject.
This article provides an overview of strategic partnerships, with a focus on how to identify and assess potential partners. It discusses the key factors to consider when screening potential partners and provides guidance on how to evaluate whether a partnership is likely to be successful.
We will also cover how to approach the individuals or businesses you want to work with. Let’s first cover the concept of what a strategic partnership or alliance is.
How To Find Strategic Real Estate Partners
But first, you want to suss out who you’re actually dealin’ with. When looking for a strategic partner, you want to ensure you’re working with a reputable business. We’ll talk more about screening in a second. But first, you want to investigate who you’re actually dealing with.
The list below can be helpful in finding potential partners.
1) Through your network
If you know any business owners or individuals who have received services recently, get their information so you can contact them.
2) Online directories
You can find ratings for businesses on the Better Business Bureau, Yellowpages, or Yelp websites. These websites can also be useful for finding contact information and other Details about businesses.
You will be able to easily find the contact information for the business or individual on their company page.
3) Referral groups
A referral group is a group of people who focus on providing referrals for each member. You can use them to find other individuals or businesses you already know are open to collaboration.
4) Business networking groups>
Business networking groups help professionals network and develop ties with others in their community.
This is a very important subject, so we’re going to cover it more extensively.
The Mini-Guide To Business Networking
Business networking groups are a great opportunity to connect with successful people. Here are some tips on how to make the most of these groups.
Connection with professional groups is a better way to find potential partners than cold calling because the people in these groups are more active in the community and more likely to be collaborating with other businesses.
The Best Business Networking Groups
The following is a list of the best organizations to network with other professionals in your community based on personal experience or recommendations.
A) Chamber of Commerce
The chamber of commerce is a place for business owners to connect with each other, discuss current events, and network. It’s also a place for them to socialize.
B) Business Networking International
The business referral group BNI exists to help members generate as much referral business as possible. Get more information on referral groups can be found in the linked article.
C) Rotary Club
The Rotary Club is usually made up of successful professionals who want to make a positive difference in their community. You’ll have the chance to meet other successful people and make connections with them.
D) Entrepreneur Associations
If you are looking for an organization for entrepreneurs, the Entrepreneurs Organization may be a good option. It is one of the largest associations for entrepreneurs in the world. As a realtor, you are an entrepreneur, and this organization may be a good fit for you.
E) Create your own online or offline club
This will allow you to control the types of partners you want to reach, as well as giving you the advantage of being the leader if the club becomes successful.
There are also other groups you can join that are not business focused but still attract the type of people you would want to connect with, such as Toastmasters, The Kiwanis Club, or the Yacht Club.
What Is a Strategic Real Estate Partner?
A strategic partner is a collaborator that you work with that is not in competition with your business. You want to make sure that you are partnering with someone that is not going to be taking away from your business.
For example, you can work with other agents or teams who are not competing with you. However, it is not advisable to work with Realtors who are in the same community and targeting the same demographic as you.
There are lots of ways to collaborate with partners. You can help each other out with things like content, marketing, and branding. Or you can refer each other to other people. There are lots of different ways to work with partners, and I’ll talk about some of them in the next part of this series.
To find partners who are relevant to your business, you need to target the same audience.
Who Works With Homeowners?
There are many different types of services that homeowners can choose from. Some of these services include:
- Mortgage brokers
- Insurance brokers
- Interior designers
- Furniture companies
- Builder supply stores (For DIY projects)
3) Trades & Services
- Painters & roofers
- Landscape companies
- Electricians, Plumbers & HVAC
- Builders & Construction Companies
There are hundreds or thousands of businesses in your city that exist to add to or fix anything that would ever need to be added to or fixed in a house.
The 10 fastest ways to get listings in 2022
We hope that you’ll use these 10 ways to win more listings in 2021.
Let’s get to it.
1. 90-Day CMA-a-thon Using Google Earth
This first strategy is inspired by Jimmy Burgess who decided to send unsolicited CMAs to property owners with whom he’d built relationships and who had mentioned selling their home in the future. But instead of just sending his contacts the CMA, he took it a step further.
Jimmy showed his clients their home on Google Earth, recorded the screen, and walked them through the comparable properties. His personalized approach and delivery got him immediate results.
We recommend sending out two to three video messages per day using BombBomb. BombBomb’s analytics lets you see the percentage of people who watched your video, opening the door for follow-up opportunities.
You can use analytics to find out who watched your video and how they interacted with it. Based on this information, you can send out personalized letters, make phone calls, or visit the viewers in person. These interactions will give you a chance to deepen your relationship with your most engaged viewers.
” at inbound marketing. Research from Harvard Business Review Analytic Services has shown that only 13% of business leaders consider themselves to be “very effective” at inbound marketing.
2. “What’s Your Plan?”
Every consumer knows more than one agent.
An agent who has the last contact with a homeowner who is ready to sell has a greater chance of winning the business than the most known agent. This “right message at the right time” strategy is simple to execute.
How many of the sellers in your database are planning to sell within the next 90 days? 6 months? 12 months? Once you have that information, you can start to put your sellers into the appropriate follow-up strategy based on their timeline.
At the beginning of the year, we recommend sending an email asking what their plan is for the year. After a few months, you could send them a similar message with one small tweak, “Have your plans changed?”
Our client Jessica Evans is a great example of how to build long-term relationships with your past clients and seller leads. This simple exchange helps you keep in touch with them and keep them updated on your business.
3. Branded YouTube Pre-Roll Ads
In just a few years, the majority of internet traffic will be video. This is why so many consumers say they’ve discovered new products and brands on YouTube. We’re passionate about helping you use this strategy to grow your business.
Pre-roll ads are video ads that play before a video. They are very practical for increasing brand awareness and generating sales.
If you want to target potential customers in a specific area, you can create an ad campaign on YouTube. These ads are usually only 15-30 seconds long, but they can be up to 2 minutes in length. By doing this, you will effectively establish your brand as a local authority. When a buyer or seller needs to find an agent, you will be the first one they think of.
4. Amy Youngren’s Magic Buyer Letter 2.0
While direct mail may not be as quick as sending an email, it can be an effective way to reach potential home buyers who are struggling to find a home on the market.
The strategy is to write a letter addressed to homeowners in the neighborhood where your buyers are looking to live. In the letter, be specific about describing who your buyers are and what they’re looking for. The goal is to encourage these homeowners to contact you if they are interested in selling their home.
5. Facebook Live Neighborhood Farming
Maybe one-minute videos are more your thing.
Stephanie Cole does a monthly Facebook Live to update her neighborhood on notable sales and offers a free home valuation. She also tells viewers how they can contact her. We recommend boosting your video to make sure the right people in your target area see it.
6. Redfin Research Tools
The focus should be on using data to create content that is more tailored to your customer’s needs.
The key to successful market research is to find the right data, analyze it, and make it relevant to the consumer. Redfin does an incredible job at this by providing extensive research that can help inform your customers so they can make better decisions.
The increased availability of information has made consumers more frustrated, confused, and overwhelmed than ever. It is the responsibility of those who interpret the data to communicate it clearly so that consumers can make the best decision for their individual circumstances.
7. Home Value Ads 2.0
Average home value ads aren’t cutting it anymore.
To generate quality seller leads, use hyperlocal photography, qualify leads through your copy, put yourself in the ad, and use relevant market data to engage your audience.
If you want to be successful, you need to go deeper with this strategy than you have in the past. This will allow you to get more inbound leads who are ready to work with you.
8. The Gretchen Coley Strategy
Gretchen Coley is helping to shape the future of real estate by providing consumers with the information they need to make better decisions. By presenting seller-centric programs on her homepage, she is empowering consumers to choose the options that make sense for them.
Two questions that real estate agents are often asked are “How much is your fee?” and “How much do you think I can sell my home for?”. Gretchen is able to disarm her competition by presenting different seller strategies and breaking down each option. This builds an upfront, transparent connection with the consumer and gives them the choice to make.
Before you make your sales video, answer these questions:
1. What makes you different?
2. Is your USP relevant?
3. Is it sustainable?
If you haven’t already, you should add the Gretchen Coley strategy to your list of things to do.
We saw that the CEO of Zillow sold his personal home for 40% less than the Zillow estimate, so why not create an email campaign to take advantage of the situation.
You might want to reference a more recent article than the one you are looking at, for example one about how Spencer Rascoff paid $1M above Zestimate for his LA home. The strategy here is to say “If Zillow can’t get it right for their own CEO’s home, they might not get it right for yours.”
If you want to give your clients better data and more accurate information, you can offer to prepare a “Zactimate” for them. This will help you to provide them with a more accurate estimate of the cost of repairs, and it will also give you an opportunity to upsell your services.
10. Dani Fleming’s Masterclasses
One way to engage potential sellers in your area is to present them with a strategy they haven’t seen done before: live masterclasses. This could involve having a knowledgeable person teach a class on a particular topic related to selling, such as negotiating skills or staged home preparation. Not only will this provide valuable information to participants, but it will also show them that you’re innovative and resourceful.
Dani Fleming and her team offer masterclasses in different locations eleven months per year. They mail monthly postcards with class information to establish their credibility, expertise, and reputation as the “go-to” for real estate. After a few years of refining this strategy, Dani estimates that 75-80% of their sellers have been to a seller’s masterclass at some point.
It is necessary to be willing to make long-term investments if you want your business to expand. This is an investment that necessitates dedication and dependability, but if you put in the effort – as Dani Fleming and her team can attest – the rewards will surpass the cost.
By taking a unique approach to CMAs, you can step into the gap and win more listings.