best way to develop REALTOR relationships
what is the BEST way to develop relationships with other REALTORS
i want to SELL CONDOS, but i need more QUALITY customers
i thought a GOOD way to approach this would be to SPLIT commissions, where i can keep a part, and let the person coming in with a customer keep a part. BESIDES, this would help me get a higher closure rate.
ANY TIPS ?
or i would like tips to get more QUALITY LEADS than my website is generating
Good Answers (1)
You are on the right track. Agent cooperation really speeds up the real estate business. As Paul said it is a very common practice to split commissions here in the U.S. Here in Missouri there are usually 2 agents involved with most sales. One agent represents the seller, the other represents the buyer in relationships we refer to as agency agreements. If you have an agreement signed then the person you are working with is a client, if you have no agreement signed then they are just a customer and there are limited legal obligations. It sounds like buyers agency is not something that is common in your area. I would recommend rallying support with local board or other real estate brokers to get everyone to start offering buyers agent compensation. If someone calls to ask about your listings and you don't have what they want but know who does then wouldn't it be nice to sell them your competitors condo and get paid for negotiating the deal for the buyers? I think you already know this answer and you are heading in the right direction.
More Answers (6)
Cassandra "Cassie" W
Rental Division Manager at Florida Home Realty
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JEN,
How long have you been in the business? Try doing free seminars in your area...buyer seminars, seller seminars, and gain the respect of your peers. Also try joining local chairs with your local board...I am on the community involvement committee, and our Expo committee..... Once word is out, and your know as a trusted, knowledable college .....they will come.....or try getting set up with a developer that will allow you to be their number one person to go to......I am going to be doing a seminar on portability with our local tax appraiser's office. I am expecting a record attendence, as many have asked me how this works....
Cassie Williams/ABRM ABR RSPS
cjimmosel1@comcast.net
Paul W
Owner at Krislyn Technologies LLC
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I'm not in the real estate market, but am currently selling my home in the U.S.
Your idea of splitting commissions is the accepted way of doing business in the U.S.
Do you have "open houses" in the U.K. where the property is advertised as being open for public inspection for several hours on a particular day? If so, one thing my broker did was to make a deal with another broker he trusted who had an open house nearby. Both of them had property sheets on the other's property. They handed them out to people coming to the open house, and encouraged them to go see the other property. Needless to say, you only do that with a broker you trust.
Ramesh M
Founding Director at CERTES REALTY LIMITED
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Hi. Our practice in India (may not be very relevant for deeloped MLS listing markets like UK /USA) is to pool in the resources. 2-3 realtors pool in their resources and support the transaction. It ensures that the deal does happen. Anyways, we work on success fee only.Therefore, it becomes critical that the information, inventory and strengths are shared.
Even the revenues are pooled in together, and shared between the participating realtors.
To my mind, the nest thing for you to do it to send the message across to your fellow realtors that you are open to sharing resources, leads, customers and profits. Attract and then choose whom to forge a strategic alliance with. I am sure, you cant go along with all & sundry.
You can amil me directly with specific queries on menon@trustbanq.com
Fred H
Sr, VP - Director Commercial Lending at Global Fundings, Inc.
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Jennifer: There are some excellent suggestions here. Rather than repeat them I'd like to add two more:
1. Be sure your condos are priced for today's market. In a dynamic market, buyers are always ahead of sellers. You will be spinning your wheels if your product is not priced correctly.
2. Be sure you have financing sources lined up for buyers.
One more - do you have a target market for the units? Are you seeking owner occupants or investors? Marketing would be very different for those populations (as would financing, of course). Be sure you are targeting your market.
Finally - don't be afraid to seek out the best real estate agents in your market and ask them - what do you look for? What will it take to bring in your business?
Good luck!
Consider joining Active Rain, which is a real estate specific networking site. You might find ideas for your marketplace, as well as ideas for prospecting and lead generation.
Explore Buffini and Company's "By Referral Only", as well as Craig Proctor's "Quantum Leap System" lead generation systems. You will have to decide which one is most suited for your personality and budget.
Links:
Judy B
Creative Purrsuits Writing and Consulting Services
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Getting out and developing a network of related service providers is also another way to generate leads and listings. One of my clients is a successful home stager, she often refers her clients to realtors.
Some realtors have exclusive relationships with this stager. The realtors invest part of their marketing budget into getting listings staged professionally. This has resulted in more work for my client and more sold listings in shorter periods of time for the realtors. It's a win-win situation all the way around. :)
Take every opportunity to network and as others have suggested here, put together a presentation to give to the general public and other business people. You can offer to speak for service groups, check your local newspaper for meeting times and contact info and get in touch and tell them you are available for short presentations on some subject of real estate, (prepare your home for sale) (how to find a home using the internet etc)
Then write up a presentation try to anticipate some of the typical questions your audience may have and note answers to those. Usually these little freebie talks are booked for 1/2 to 1 hour. You do your presentation and leave enough time for questions or interaction with the group. :)
Good luck!
Judy
