In regional marketplaces across the country, real estate brokers are seeing the light at the end of the tunnel. Although the downturn has been prolonged, brokers stand ready to drive success as the market rebounds. With the national media promoting the rebound of the housing market, brokers are anxious to earn those illusive commissions. And that’s the name of the game – making money.
As the developer or owner of a new residential community, brokers can provide a quick burst of momentum for your program. Here are some things you do to capture their attention and their clients:
1. Communicate and educate. A strong broker partner is a resource for his clients. He/she knows what is happening in the market – where the opportunities lie, what’s selling and at what price point. Don’t assume the broker community is reading everything you are. Be deliberate in your communications to keep them updated on your progress.
2. Make it easy. Every broker has a database of potential clients they are working with. The easier you can make it for them to share the details of your offering the better. Make sure you remove your direct contact information to protect the broker’s relationship with his/her clients and consider customizing your marketing materials with the broker’s photo or contact information. They want to look good to their clients, why not help them achieve their goal as well as your own.
3. Develop a plan. Most sales teams are focusing on their prospect database, but your broker database is equally, if not more, important. Structure an action plan for outreach and follow up for the real estate professionals in your market. It’s important to maintain top-of-mind awareness so when that buyer asks them about available product, you are included in their presentation.
4. Be happy to write the check. It doesn’t matter how much effort the broker puts into the presentation or closing of the deal. The only thing that matters is that you were introduced to the client. Paying a commission to someone who only had to give you a name is the best thing that could happen. Celebrate success.
Remember, general market awareness is critical to the success of both your consumer and broker marketing programs. Often it’s the consumer who will ask the broker about a property they have seen online or read an article about. Although most deals will be written with a broker these days, they don’t always start out that way. It’s important to work both sides of the equation to maximize your sales potential.