In today’s more challenging markets, agents are united to stay competitive and sanity. Mike Bruce of the Denver Metro Association offers strategies to work together more effectively.
Real estate is changing rapidly and you have to do so too. Inman Connect San Diego is the place to turn uncertainty into a strategy. There are real stories, real tools, and important connections. If you’re serious about staying ahead of the game, this is where you need to be. Sign up now!
A while ago I found myself staring at the empty event space and waiting for people to appear at the kickball event I put together. I was ready to prepare a drink, had appetizers and of course the team energy, but only a few people passed through the door.
I was irritated. I was spending my time and money, but in the end it didn’t have the impact I wanted. That’s when it really hit me. It’s how you run your network, market, and even business as an agent. Especially in this market, we no longer have the chance to do it alone.
Markets are changing, fees are changing, and raising the cause is not something that has happened before. The overall life of a solo agent is tough. Being on your island can become boring and burn out when you are expected to ride 24/7/24.
Collaboration is no longer just about convenience…it’s necessary. But how do you cooperate with staying competitive? And how can I avoid losing my client after doing all the work?
Unofficial partnership: Uber of Real Estate Show
One of the biggest challenges I faced as an agent is juggling the show. They are unpredictable and time-consuming, making it difficult to manage multiple clients while living outside of work. That’s why many of us look to informal alliances.
Think of it like Uber at a real estate show. If I can’t be there to show my house, I’ll call someone I trust. Maybe I give them a split of percentages, maybe we exchange favors – but either way, my clients take care of them, and I have no risk of losing them to another agent.
Structured Teams: Group Power
For those who want to be more stable, structured teams collaborate to the next level. I like to compare it to a hockey stick – new, emerging proven talent, all playing different roles.
Instead of the traditional 50/50 committee split, many teams are moving to a pool of resources for better marketing and client engagement. Instead of spending a bit of a small, ineffective campaign, each agent invests in high-quality efforts to get real results, including events that people really want to participate in.
“Price is correct” approach: collective market analysis
The correct price for a home is art. So I instruct my team not to do it alone. When someone on my team is about to list real estate, I collect the entire team together during the month and discuss market analysis. That’s what we call “prices right.”
Check out the comp, trends, potential obstacles and present your pricing strategy to the seller and you can confidently say, “The whole team agrees, this is the right price.”
This not only adds reliability, but also reassures the seller that he is getting the best possible strategy. This is an easy way to leverage group expertise for better results.
Networking is changing: Beyond Happy Hour
Real estate networking has been changed. The empty happy hour I mentioned? It was a wake-up call. These days, our teams don’t just throw small events. We’ll all come in.
Rather than hosting something basic and hoping for a decent vote, you book the entire venue, hire professional photographers, and create exclusive experiences where people actually want to attend.
Last year, we rented the Denver Zoo after hours to give our clients and colleagues a unique evening. We made it fun by cutting out faces, sticking them into popsicle sticks, and challenging them to take creative photos with different animals to win free animal memberships.
We also played archery dodgeball next to the bar and it was a hit. After all, people love a bit of a friendly competition with their networking…as long as they have drinks.
Adapt to changing industries
This market forces us to change and honestly, that’s not a bad thing. The age of lonely wolf agents is declining. To be successful, you need to work smarter, whether it means forming alliances, joining a structured team or pooling resources to host better events.
No one can do it all. But together, we can build a thriving business, even in the toughest markets. And maybe, just maybe, we can finally take our vacation without our phone ringing non-stop.
Mike Bruce is the board president of the Denver Metro Association of Realtor. Connect with him on Instagram and LinkedIn.
