Last time we talked about how correctly managing the real estate agent co-branding relationship can make it far more profitable. Today, we continue with three more tips for successful real estate co-branding.
To avoid unnecessary problems, you should only co-brand with experts who have the same lead type as you. If your leads are too different, the marketing required for each will not resonate with the other, and at worst, may actually dissuade leads. For instance, if you’re going for first time home buyers, you wouldn’t want to co-brand with a lender who focuses on the high-end market. The marketing needed for both lead types is very different.
Instead, ask if the co-branding partner deals with the same leads you do at some point. Realtors have this easier than those in many other industries, since a large number of professionals are involved in the real estate transaction. You have a wide range of professional types to look into co-branding possibilities with.
It is not, however, necessary to guarantee that leads will be directed to each partner. Indeed, regulations prevent lenders from directing commissions towards agents. Rather, simply participate in the marketing together, and let leads make up their own minds.
Just like it’s necessary to have the same types of leads, it’s also needed to bring complementary skills. While you are co-branding with someone to fill a skill gap, you should also have skills they lack. While this might sound obvious, it’s fundamental for getting value out of the co-branding relationship: Each party should be motivated by the other bringing something to the table.
As a realtor, the primary skills you can bring to any co-branding partnership is access to leads face-to-face, and detailed knowledge of your neighborhood. Check out our report, Facebook Groups for Realtors: Becoming the Neighborhood Expert Everyone Wants to Deal With, for why this is a great field for a realtor to specialize in. Many other experts won’t have this knowledge or experience.
The final thing you can do to ensure your co-branding experience is successful: Choose a co-branding partner who has done it all before. If you co-brand with someone new, and you yourself are new, then neither party will have expectations of what can be accomplished. Neither will know exactly what to bring to the relationship.
On the other hand, if you co-brand with someone who has done it successfully before, they can use this experience to prioritize decisions and help you get the most from the arrangement. And after you’ve had a bit of experience, you can pass that on to others, by taking on a rookie at co-branding yourself.
At Primary Residential, we can provide our expertise on marketing and the lending market to our co-branding partners. If you need a boost to your realty business, come talk to us. Our door is always open to discussing how we can help you grow.