3. Make your relationships with Agents a WIN-WIN
You’ve heard me say that Developers are problem solvers, and that’s no different when it comes to your relationships with Real Estate Agents.
Maybe they don’t want the hassle of going through an advertising campaign. Maybe they’re desperate for their next commission cheque and would love you to complete a speedy purchase. Maybe they don’t know how to analyse a listing for its development potential and you can add value by giving them a free site assessment. Maybe if a property doesn’t meet your criteria, you can introduce another more compatible buyer from your network.
And maybe – if you’ve met a top operator – you’ll be interested in not only just buying, but selling through this Agent too. That’s always a carrot we can dangle, but we have to be careful how we do it, because often the Agents that are good to work with when buying property are not so good when it comes to selling and vice versa.
It usually pays to let an Agent know that not only are you likely to be a repeat buyer, but also a repeat seller. So building a rapport with me potentially means multiple transactions.
I’ve got Agents on speed dial that I’ve had long term relationships with. Once you’ve got someone you can trust, you have the ability to have open conversations. If you’ve got the right rapport, you can have those conversations and there’s less game-playing, more realistic market appraisals, and better representation to Vendors.
Every time you’re in a negotiation it’s not just you and the Vendor, it’s you, the Vendor and the Agent. If the Agent’s not representing you, you’re not in the deal.
You have to ‘WIN’ the Agent before you get through to the Vendor. Show them how you’re the least amount of hassle and how you have the potential to provide multiple streams of revenue for them.
Agents are critical to our success! We want to have a multi-faceted approach to filling our pipeline with opportunities and Agents are one of the best ways to fill our funnel.