How To Find Strategic Real Estate Partners as an Agent
What Is a Strategic Real Estate Partner?
A strategic partner (or alliance) is an entity outside of your own business that you can collaborate with. A partner can be an individual, a real estate team or brokerage, business etc. You must ensure you work with a non-competing entity.
For example, You can work with other non-competing agents or teams. But don't work with Realtors in the same community, targeting the same demographic.
You can collaborate in a number of ways. Combine your efforts in the way of content, marketing and branding. Or help each other out with referrals. There are many different ways to work with partners, as I cover in part two of this series.
In order to find relevant partners, you need to ensure you are targeting the same audience.
Who Works With Homeowners?
Think of services that are typically provided to homeowners. Below is a list of many different entities to choose from.
1) Financials/Legal
Mortgage brokers
Lenders
Insurance brokers
Lawyers
2) Home-care
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 many more opportunities to choose from. Especially in the trades and services area. Just think of anything that would ever need to be added to or fixed in a house. Boom. Hundreds or thousands of these businesses exist in your city. How do you find them?
How To Find Strategic Real Estate Partners
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.
Below is a list you can use to find potential partners.
1) Through your network
Know any other business owners in your area? Have a friend or acquaintance that recently received some type of service? Get the information for the business or individual you wish to contact.
2) Online directories
Go online to search the Better Business Bureau, Yellowpages or Yelp. A side benefit of using these directories is their review systems. We'll talk more about using this later.
Another plus is that the contact information of the individual or business will be right on their company page.
3) Referral groups
Referral groups are structured groups that 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 are organizations developed to help network and develop ties with other professionals in the community.
This is a very important subject. For that reason, we're going to go more in-depth.
The Mini-Guide To Business Networking
Since this is a huge opportunity to meet successful people, I wanted to go deep in covering how you can use business networking groups.
Using these professional groups will likely net you better outcomes than cold calling potential partners. Although both works, finding people here means they are more active in the community and already collaborating with other businesses.
The Best Business Networking Groups
Below is a list of the best organizations to network with other professionals in your community. I have personally used or know someone who has for each option on this list.
A) Chamber of Commerce
The chamber of commerce is where business owners throughout the community connect to discuss current events, network and socialize.
B) Business Networking International
BNI is a business referral group. Their purpose is to generate the most amount of referral business as possible for each member of the group. Read more about that here.
C) Rotary Club
The Rotary Club is generally a collective of influential professionals with the goal of positively affecting the community. As a result of the kind of person Rotary attracts, you will have the opportunity here to network and create connections with other successful people.
D) Entrepreneur Associations
Check out the Entrepreneurs Organization. I believe they are one of the biggest associations for entrepreneurs in the world. As a Realtor you are an entrepreneur. This route may work for you as well.
E) Create your own online or offline club
By doing this you can control the audience of partners whom you are trying to reach. You will also be the leader - which offers you leverage if you can grow a decent club.
P.S - You can also check out Toastmasters, The Kiwanis Club or Yacht Club in your area. Although these are not business-focused groups, they still tend to attract the people you would want to connect with.
How To Use Business Networking To Find Real Estate Partners
Join the above groups. Get in deep with the crowd. How do you do that? By obtaining a leadership position within the group.
When you join these organizations, you want to make sure you're maximizing your reach. Don't go to events and hold up the wall. Speak at the events.
Be a person the other members look up to. At the very least become interested in the other members and provide value to their lives. Have you read "How To Win Friends & Influence People"? If not, do it now.
You can get a lot of value out of these groups. Be it strategic partnerships or simply friendships. But you have to approach it the right way.
Don't slither in and be a business card hoarder (which believe me a lot of people are). Develop real connections and get people to trust you.
Organize after event dinners
Set up dinner parties
Take people out for coffee
Send regards when you hear of member success (like speaking at a conference)
Go deep and create a strategy for following up your business networking efforts.
How To Develop Your Real Estate Partnerships
Before anything, you want to make sure that your partners are reliable and trustworthy service providers. This means that you need to screen your potential alliances prior to approaching them.
How To Screen Your Real Estate Partners
Think of what kind of person you want to do business with. Also, think of what kind of work or collaboration you envision with your potential partners.
Are you interested in co-authoring content? Your partner should have an online presence. Do you want to package your services? They need to be open to discounts etc.
1) Check their online reviews.
Using those online directories as mentioned under "How To Find Strategic Partners" you will usually be able to see some sort of reviewing system.
If the entity you are screening has no or low reviews, or a poor rating, you should stay away. If they get great reviews, go ahead and contact them.
2) Read their testimonials.
They should have testimonials on their website, Youtube or other social profiles. If they do not have any reviews or testimonials, you may want to cross them off your list.
3) Look at their social profiles.
A company with absolutely no social presence whatsoever is a warning sign that they are not doing well/not adapting to the changing times of marketing and branding.
If you are reading this, you most likely ARE adapting to the changes. Partner with like-minded entities.
Approaching Potential Real Estate Partners
Have your ducks in order when approaching a potential partner. Understand what you have to offer for the other party's business. Propose a win-win situation and show that you're serious.
It's always good to have your plan set in place when making the first contact. How would you like to leverage the partnership? Think about that long and hard.
When you're ready, give them a call or email. I usually do email because people generally hate getting phone calls these days. Example email below so you have an idea of what to send on the first contact. This is exactly what I would use myself.
Hey (Name),
I noticed you are active on social media - writing content and sharing etc. Would you ever be interested in collaborating together? I also write and think we could pump out some great stuff.
Let me know if you're open to talking more.
Connor
In Conclusion
You know what a strategic partnership is. It's up to you to go out into the community and develop those connections. Just remember, you have a ton of leverage to grow your business exponentially with the right partner(s)!