You have decided the best way to advance your real estate career is by teaming up with another agent. You have already decided on the right agent and now you need to get to work. You will need to consider how to devise a marketing plan that takes advantage of your new abilities. You will also want to give some consideration to what each of you will be responsible for.
Before you get started, you will need to plan a few things. Begin by sitting down together and discussing what you both expect from the partnership. An increased number of clients along with more income are probably two of the main goals. Try to have specific numbers in mind and then commit to them in writing. A marketing plan is now more important than ever to reach your goals.
Your marketing plan will probably consist of a combination of direct marketing to one or more specific farms, a well thought-out and designed website with a plan to convert visitors into clients, consistent contact with your combined circle of influence, and follow up contacts with past clients. You will also want to take into account the marketing you will do with current clients including advertising, open houses, broker caravans, etc.
Define the areas you will concentrate on. This will include the areas you will farm and everyone else you will market to. Remember, farming can, and should, include more than just a geographic farm. You can market to any group of people you wish. Some examples might include members of a club you belong to, the members of your softball team, or even the people you went to high school with.
Each of you should list the different skills you will bring to the partnership and which ones you enjoy doing. If one person is better with people and the other is more of a marketing person, you just may have found a natural division of labor. It is rarely this easy, but you will have to work out a plan just the same.
Once you have decided whom you will market to, you will need to decide on a budget and a timetable in which to put your plan in action. Remember that much of marketing is in the numbers; a certain number of impressions to a certain number of contacts should result in a certain number of clients. Work backwards from the number of deals you expect to do to see what it will take to accomplish your goals. Contrary to what you may have read, there are no real numbers you can depend on when it comes to response rates. Your best estimates are likely to come from your own local experience and the experience of your co-agents.
One final thought to consider when you begin working with a partner is to make sure both of you have realistic ideas of what you can accomplish and what it will take to do so. No marketing campaign works overnight. Realize it will take a long-term commitment from you both to see the many benefits that can be the result of working as a team.
Aldar Nagy is the author of several informational type websites. These include The Real Estate Marketing Blogger, which offers free marketing ideas and daily tips to agents to help you list more sellers, find more buyers, and increase your earnings through better customer service. Real Estate Marketing Blogger can be found at: http://www.realestatemarketingblogger.com
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