Jun 3, 2021
As the multiple offer scenario becomes increasingly common in today’s market, so too does agent competition, which can lead to tension and frustration between realtors. Today’s show looks at the importance of having good communication with fellow agents, even though you are in competition with each other, as it is another important aspect of building relationships. Being empathetic and considerate of other agents’ time is extremely beneficial as you grow your business as it can help secure backup offers, early viewings, and ultimately better deals for your clients. When agents do not get along, negotiations can go bad fast. Matt and Garrett offer suggestions for creating cooperative relationships with other agents from the moment you meet, including complimenting them, asking questions to engage conversation, and treating them as you would a potential client. This builds rapport and ensures that they will want to work with you in the future.
Matt and Garrett talk about approaching your work with other agents as a ‘co-op-etition,” and remembering that you are all there to cooperate and win together. They discuss being respectful when competing for listings, having an intentional local realtor database that you apply your Ninja Systems to, and working with other agents to share information and feedback that will benefit both agents and their clients moving forward. If you have a reputation for doing the best you possibly can, not just for your clients, but for fellow agents as well, people will want to work with you, refer to you, and reach out to you as a trusted advisor in the real estate world. As agents, we can all achieve greatness together, and today’s episode will show how something as simple as being nice can go a long way in helping everyone succeed.
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Episode Highlights:
- Communication with fellow agents
- Two sides of this - agents have been able to secure backup offer because of their relationships with fellow agents; others have had very frustrating experiences because of unclear communication
- Being cooperative and considerate of other agents’ time goes a long way
- Example of Dan Smith’s FAQ sheet for buyers’ agents - builds rapport and connection
- Working well with other agents is also beneficial for your clients
- Going into a negotiation with an attitude will start you off with a roadblock
- Having empathy and working together facilitates a better deal, better contract for your clients
- When agents don’t get along, the deal can go sour quickly
- Create good relationships from the beginning
- Randall O’Dowd’s suggestion to compliment them, ask questions, and treat them like you would a client
- This builds connection and rapport
- Be mindful of how you interact with other agents at open houses as well - your reputation can precede you, and you want to make sure it’s positive
- Approaching your work with other agents as a ‘co-op-etition’ - you’re all here to cooperate and win together
- Having an intentional local realtor database that you apply Ninja Systems to
- Good relationships with fellow agents can help overcome judgment if a listing hits the marketplace wrong
- Have a baseline for treating every agent professionally as you never know when you might be working with them
- Communicating with other agents, sharing information and research together will change your business and create so many new opportunities
- Clients will also take notice of how you interact with other professionals
- Circle of energy
- Making sure you have a reputation for making things work for all parties
- Good relationships with other agents will allow you to have tough negotiations while maintaining respect and professionalism
Quotes:
“We have such a great opportunity to work and cooperate with our fellow agents, even though we’re in competition.”
“You might think you're in competition with all the other agents and on building your business and things like that. But at the end of the day, you have to work with all these other agents. And the more you can work together, the easier it is for your clients.”
“If you look into it, saying, Hey, let's start with some empathy, just like we do with our clients, because we need to figure out what the real situation is here and act as advisors all together and negotiate in a fair enough way. Obviously, I know that everybody wants to be on the winning side, but there can be win-wins here. You're gonna end up with a better deal and a better contract for your clients, too.”
“You always hear the stories of when the agents don't get along, the deal does not go well.”
“As Stuart Emery says in Mastery, be in the presence of masters without condemning. And I think that's part of it, too… This is a ‘co-op-petition,’ so to speak. We're all here to cooperate and win together.”
“There are times where you might compete against each other for a listing, but you see the top agents, they respect each other when one other person gets the listing, to be like, Man...good job.”
“That happens to a lot of properties that hit the marketplace wrong. The realtors make a judgment on it, they decide a certain way. And that's final, like very hard to overcome.”
“There's a wealth of knowledge and information there that will not only build stronger relationships with agents, but also make you a better agent for your clients with more information, more knowledge, more background.”
“Your clients are watching how you communicate, how you interact, for sure. And so that's something to keep in mind too.”
“If you're going to lose, at least lose with some information so that you can sit there and say, How can we be better next time? How can we improve?”
“Let's all get along here and work together.”
“A rising tide lifts all boats.”
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