Whether it’s providing a value-add for agents, boosting awareness of your brand in a new market or generating more sales, strategic partnerships can give you the edge over others in the industry in so many ways. Here are a few.
Strategic partnerships are an excellent tool to help grow your business and set your brokerage apart from competitors. Finding like-minded groups — especially ones that share your principles and can help target your clientele — will elevate your brand and help position your firm as a thought leader in your region.
We founded our brokerage on a core philosophy of collaboration, and our strategic partnerships have been very important to our success. Since its founding in 2011, The Agency has maintained its deeply rooted culture by partnering with those that align with our founding principles and seeking out-of-the box ways to be creative and stand out from the crowd.
Whether it’s to provide a value-add for agents, boost awareness of your brand in a new market or generate more sales, strategic partnerships can give you the edge over others in the industry in so many ways.
1. Think quality over quantity
Think through your firm’s goals before partnering with any group. Successful partnerships are all about identifying which companies are also targeting your market and customers and determining a way to provide value back to the partner.
Although strategic partners can help increase high-quality leads and build your brand, it’s important to be selective about who you partner with and ensure it aligns with your overall goals for the year. Many of our partnerships at started organically and through our agents’ strong connections in their diverse communities.
2. It’s not only about your bottom line
Effective strategic partnerships don’t always have to be all about business. Instead, think more about the greater gain. Partnering with groups in your community is one of the best ways to not only give back but also reinforce your company’s core philosophies.
Consider partnering with philanthropic groups — and they don’t have to be strictly related to your industry. For example, through our partnership with Giveback Homes, our agents and staff have collaborated on build days and raised funds to help families obtain safe and affordable housing throughout our regions.
A community partnership also helps strengthen relationships within your company, especially in times when it’s needed most. During the COVID-19 pandemic, we took a literal leap to fight homelessness in Los Angeles through a partnership with the Los Angeles Union Rescue Mission in its annual Over The Edge fundraising event.
Twenty-three members of our team took to the roof of the Hilton and rappelled 24 stories to help raise funds for the fight against homelessness. Together, our team spent months raising tens of thousands dollars for the mission. A partnership like this is a fantastic way to fight for an important cause and not lose sight of your philanthropic mission as a company.
3. Building your brand
Partnering with like-minded organizations is also a great way to build your brand and tap into their customer bases. It is always best to look out for ways for both you and your partner to succeed. Their success directly relates to your success, so don’t be afraid to share tips, referrals, leads and more.
Cross-promotion can be an excellent way to engage your customers and expand your network. I recently joined Nurit Coombe, our D.C. Metro managing partner, on her national television show American Dream as a guest speaking on how the pandemic has affected real estate.
This strategic partnership opportunity was an excellent way for us to tap into our like-minded followers from coast to coast and showcase our brand on a new vertical.
4. Partnerships for solutions
Find partners that offer real solutions to your agents and their clients. Focus on the issues that a company’s product solves, and work with that provider that targets the same industry as yours.
In Los Angeles, for example, buyers are competing in a market where aggressive deal terms, bidding wars and homes are all being snapped up hours after they hit the market. Markets across the nation are also experiencing record-low inventory that can’t keep up with demand. Look for partners that can help agents provide better service and real-time solutions for their clients that are relevant today.
As an example, we recently partnered with Knock Home Swap, which is a real estate technology company that specializes in empowering sellers to move before they sell.
By partnering with this leading and growing firm, we are now able to offer a great tool for our clients in Los Angeles, Scottsdale, South Florida and the additional regions where Knock operates. This also creates a unique solution for clients in these incredibly competitive times.
5. Keep the long term in mind
Build the foundation for a long-lasting partnership. When you find a partnership that works, aim to build the groundwork for it to last in the long term.
As your brokerage grows, expand these solutions, and ensure your growing team has access to all of these strategic groups you’ve maintained a strong relationship with over the years. Keeping a win-win mindset can give you the edge that allows you to grow and differentiate your brand.