While it may seem like it on the surface, the life of a real estate agent isn't a solitary one. In fact, it is quite the contrary - the best professionals in the business have a team in place that covers all aspects of this industry.
That includes lenders, escrow agents, home inspectors, marketing specialists and many more people, all working together with you to best help clients buy and sell real estate. If you instead decide to go out alone, you might quickly realize that your strengths and weaknesses are more prominent than you once thought.
To avoid these issues, here is what you should know about building effective partnerships in the real estate industry:
Teams can alleviate the burden
As a professional, you know what you are good at. It could be any number of things, but in all likelihood, you have an equal amount of weaknesses tagging along as well. In order to prevent these negatives from hampering your business, creating a team will turn these flaws back into advantages.
In an article for the Bigger Pockets Blog, Richard Warren wrote that partnering up with other professionals will allow you to evaluate who you are as a real estate agent and list the areas where you need assistance. The goal is to bring in people who complement you - not those who are the same as you. When getting started, define the goals of the relationship and talk to the other people involved about their responsibilities. Everybody has their own business to attend to, but a set amount of time must be dedicated to working together toward a common goal.
This can all be made easier if you have a firm understanding of the local housing market. With CRS Data, you can access mortgage records, property data and much more, right online. Walkthrough our CRS Data Real Estate Suite to get ahead in the industry.
Ask around to find your team
Now that you know why you need a team, it is time to begin looking for the right people. As an agent, the first place to start should be with a mortgage lender.
Jeff Parry, a senior account executive with NexTitle Title & Escrow, wrote in an guest post for Inman News that asking a few questions can help you determine which lender is right for you. For example, see what programs they have available, ask if they can also serve as a broker and figure out what hours they work and how accessible they are during their down time.
Your goal should be similar to a client's. You want to figure out if recommending homebuyers to this lender is a smart move. Parry explained that all teams must have confidence in one another, so ask plenty of questions to satisfy your concerns. Repeat with the remaining members of your potential team.
Once that is complete, Parry stressed the importance of a regular schedule to go over business opportunities. He also recommended creating a referral system and shared marketing strategies to keep everybody working together.