Building relationships with other real estate agents leads to success in this profession. Every business involving high commissions becomes very competitive, and sometimes competition breeds unprofessional behavior. According to the National Association of Realtors® (NAR) on May 19, 2016, “More people entered the real estate profession this year than in past years.” This surge of new real estate agents increases competition, creating more pressure and stress for all agents. The pressure increases when the market downturns with fewer sales. A hot market means multiple offers for listings, increasing the competition between agents. Unfortunately, such high levels of stress and competition can bring out the worst in people.
All members of the same Multiple Listing Service (MLS) are supposed to be working together. How can you get other real estate agents to cooperate with you? Building positive relationships with them is the key. Here are some suggestions on how to get along and build better relationships with other real estate agents.
Trust is the foundation for any relationship. The real estate sales profession requires building relationships in order to thrive. Building trust requires time and effort. Not only must you build trust with your sellers and buyers, you must gain the trust of your office mates and competing agents.
Listings rarely sell themselves. As a listing agent, you must advertise and use marketing strategies to promote the property—as well as your reputation. Sharing a commission with an outside agent in order to make a sale is better than no sale. To get outside agents to bring you buyers, you must build their trust when doing business with them. It they trust you, they will not hesitate to bring you more buyers for future listings. In addition, they will notify you of their new listings to encourage you to bring them buyers. This is how the real estate sales profession should work. The MLS exists so real estate companies can cooperate with each other to share the guaranteed commissions upon the closing of every sale.
Be on good terms with your competitors
Some people hate their competition. Others fear competitors. Being on good terms with your competitors always pays off. Having an accommodating, friendly attitude has considerable advantages for everyone.
One benefit of being on good terms with your competitors includes the ability to learn and improve your profession. The real estate industry constantly grows and changes, requiring agents to learn from each other and bounce ideas off each other to provide better services to their clients. Another reason for maintaining good relationships is the referrals you can get from other agents.
Confrontational and uncooperative agents end up losing because they will offend other agents who will not work with them. In a booming market, agents may steer their buyers away from an uncooperative agent’s listings. Listing agents may tell their sellers that an offer from an uncooperative agent’s buyer will create problems.
Maintain a good reputation
Success in the real estate sales profession depends on building and maintaining a good reputation. Your ability to obtain more listings depends on your good reputation with current and past sellers, who recommend you to future sellers. The same goes for past buyers. If they are happy with your services, they will recommend you to future buyers.
Your good reputation carries over to interactions with others who are not buyers or sellers. Be sure to build good relationships with all real estate professionals you encounter, including your competitors.
Try to get along with other real estate agents
People are complex with different attitudes, beliefs, and personalities. Some real estate agents consider themselves “rock stars” and brag about how many condos they sold or how much money they made. Others are territorial about the neighborhoods they mine for listings or within their niche.
Don’t let differences between yourself and other agents jeopardize working relationships. This profession requires everyone to work together. Listing agents and buyers’ agents need to cooperate to ensure the property sells.
Building relationships with other real estate agents by trying to get along builds mutual trust. Remember: Competing real estate agents must work together in order to make more money. Ultimately, creating an excellent professional reputation will lead to more business and greater success.
Looking for opportunities to advance your real estate career? Check out McKissock’s Pro-Series real estate courses.
About the author
Steven Rich, MBA has over three years of experience as a successful real estate agent. He was awarded the Top Condo Salesperson for two of those years by his real estate company. Steven has served as Associate Editor for a real estate magazine and is the author of a 104-page e-book on How to Buy, Develop, Lease, and Sell Real Estate.