Why cooperation and cooperation are the future of real estate
In today’s more challenging market, agents are together to stay competitive and healthy. Mike Bruce van Denver Metro Association of Realtors offers strategies to work together more effectively.
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Some time ago I noticed that I stared at an empty event room, waiting for people to appear at a kickball event that I had put together. I had the drinks ready to go, the starters and, of course, the Teachergie, but only a handful of people walked through the door.
It was frustrating. I had spent time and money, and in the end it didn’t have the impact I had hoped. That is when it really touches me: the way we network, bring it to the market and even running our companies should evolve as agents. We can no longer always afford to do it alone, especially in this market.
The market is shifting, changing committees and offering cause is not what it used to be. The general life of a solo agent is difficult, being on your island becomes boring and burnout is too easy if you expect you to be on the clock 24/7.
Collaboration is no longer just a convenience … It is a necessity. But how do you balance with staying competitive? And how do you ensure that you do not lose a customer after you have put all the work?
Informal Alliances: The Uber of Real Estate Showings
One of the biggest challenges I have been confronted with as an agent is juggling with impressions. They are unpredictable and time -consuming, making it difficult to manage multiple customers while still having a life outside of work. That is why many of us turn to informal alliances.
Think of it as Uber for real estate displays. If I can’t be there to show a house, I call on someone I trust. Maybe I give them a percentage of split, maybe we’re exchanging – but anyway, my client is cared for and I risk not losing them to another agent.
Structured teams: the power of a collective
For those who want more stability, structured teams bring cooperation to the next level. I like to compare it with a hockey stick – there is new, rising and proven talent, all of which play different roles.
Instead of splitting the traditional 50/50 committee, many teams shift to pooling resources for better marketing and customer involvement. Instead that every agent spends a bit on small, ineffective campaigns, we invest in higher quality efforts that actually get results, including events that people really want to attend.
The ‘price is good’ approach: collective market analysis
Prices of a home right is an art. That is why I instruct my team not to do it alone. When someone in my team is about to mention a property, I bring my entire team together in the month to discuss market analysis. It is what we call “the price is good” approach.
We assess compositions, trends and potential obstacles, so that when I present my price strategy to the seller, I can say with confidence: “My whole team agrees – this is the right price.”
This not only adds credibility, but it reassures that they get the best possible strategy. It is a simple way to use collective expertise for better results.
Networks changes: further than Happy Hours
Networks in real estate has changed. That empty happy hour that I mentioned? It was a wake-up call. Nowadays our team does not only throw small events; We all enter.
Instead of hosting something basically and hoping for a decent turnout, we reserve entire locations, we take professional photographers and we create exclusive experiences that people actually want to attend.
Last year we rented the Denver Zoo after hours, giving our customers and colleagues a unique night a unique night. We even made it fun by cutting out our faces, putting them on Icelollysticks and challenging guests to take creative photos with different animals for a chance to win a free zoo membership.
We also put archery Dodgeball next to a bar, and it was a hit. It turns out that people love a little friendly competition with their networks … as long as there are drinks.
Adaptation to a changing industry
This market forces us to change, and frankly that is not a bad thing. The days of the only wolf agent fade away. To succeed, we have to work smarter, or that means that forming alliances, adding structured teams or just our resources to organize better events.
Nobody can do it all. But together we can build companies that thrive, even in the most difficult markets. And maybe, very maybe, we can finally take a holiday without our phones ringing non-stop.
Mike Bruce is chairman of the board of Denver Metro Association of Realtors. Make contact with him Instagram And LinkedIn.
