RISMedia's Real Estate Magazine

JUL 2018

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

Issue link: http://remag.rismedia.com/i/996974

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Page 71 of 126

RISMedia's REAL ESTATE July 2018 67 {Power Teams} W hether you're an individual or a team, building your real estate practice isn't necessarily hard; however, building a successful seven-figure business requires effort, planning and strategy. We've learned that the difference between the aver- age and the exceptional is that the exceptional actually do the activities that everyone else knows they should do, but very few actually do. Many people define teams as a team leader, an assistant or client care coordinator and one or more buyer's agents. While this is a good description of a team, it's not the only one that works. In fact, teams come in all shapes and sizes, and often consist of single agents who have developed strategic partners, virtual assistants and contract-to- close assistance without building a "traditional" team. The Value of Strategic Partners Most agents think about strategic partners as lenders or others who pay for a portion of their advertising and marketing. With the Consumer Financial Protection Bureau (CFPB) and local regulations, it's critical that you follow the rules of engage- ment and make sure your relation- ships are compliant, legal and ethi- cal. That said, we've learned that strategic partners are much more valuable than whatever financial contribution they may choose to make to your marketing strategies. A great strategic partner does the following: Provides best-in-class service. As agents and brokers, we pride our- selves on doing the right thing and providing exceptional client experi- ences. If you have strategic part- ners that don't adhere to this phi- losophy, you're setting yourself up for negative reviews and poor cli- ent referrals, possibly eliminating future transactions. Your partners must be the best. Assists in lead generation and fol- low-up. When combining for lead generation and conversion, your partners can and should be part of the follow-up and sales process when possible. We recommend our lenders call the prospect prior to a listing appointment to make sure they know that we'll do our best to qualify each buyer so that the seller can make the most informed decision when dealing with multiple offers. Honors the lead source. Where much is given, much is expected. When we give business to a lender to pre-qualify, it's critical that we track conversions and follow-up, and that once the client is ap- proved, they come back to the source that referred it. Is present and participates in team energy. We always invite our stra- tegic partners to be involved in our team huddles, role plays and prospecting nights. Not only does this allow them to get to know our agents, but it also allows us to help them learn how to prospect and grow their business as we grow ours. Shows up at opens, client events and gives back to the community. Great partners look for opportuni- ties to be present when we're with clients, and within the community. They show up. Is more interested in doing the right thing for the client than the money they make. This shouldn't have to be said, but partners who focus on the client rather than the sale or commission will do a better job. The money will follow for everyone involved in the transaction. Choose your partners carefully, make sure they exhibit the same core values you have, and involve them in the activities that gener- ate greater results for everyone involved. Verl Workman is the founder and CEO of Workman Success Systems (385-282-7112), an international speaking, consulting and coaching company that specializes in performance coaching and building successful power agents and teams. Contact him at Verl@WorkmanSuccessSystems.com. Creating Leverage Through Strategic Partners by Verl Workman

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