As a real estate agent, building solid partnerships with local vendors is a powerful business growth resource that is critical to your success. These strategic partnerships can offer a chance to secure referrals, generating growth and helping to establish your business’s credibility and identity within the marketplace. Today, we’ll dive deeper into why these relationships are vital to your success and explore best practices for expanding your sphere of influence through these business relationships.
Why Vendor Partnerships Matter
Partnering with trusted professionals in your area offers a chance to provide your clients with valuable connections when they need a bit of added support. This increases the breadth of your service offerings, ensuring you’ll be able to go above and beyond for your clients no matter their needs.
There is also an added benefit that many may not realize—these connections expand your referral pool. Potential vendors, like lenders, home inspectors, movers and beyond, are likely to refer clients to you or even be on the home hunt themselves one day. Building relationships with these vendors is mutually beneficial; consider these professionals as collaborators in the home buying and selling process, giving the same care to maintaining these connections as you would with your clients.
Vendor Relationships to Consider
When vetting potential vendors, it’s important to cultivate relationships with vendors that compliment your business and niche. The key here is to anticipate the needs of homeowners, and work to build relationships with trusted pros in those fields. If you’re just starting out or reevaluating your current trusted vendor list, be sure to include:
- Financial and legal services, like attorneys, lenders, mortgage and insurance brokers
- Home services, like inspectors, interior designers, furniture companies, building supply and decor stores
- Trades like painters, landscaping services, contractors, electricians, plumbers and HVAC professionals
- Area business and services, like the best restaurants, hospitals, doctors and more—new homeowners are sure to need a little guidance when moving into a new area. Vetting a variety of businesses will allow you to provide your clients with even more value
How to Build Lasting Relationships
To build lasting relationships with the right trusted industry professionals for your business, you should:
- Leverage your network. Ask former clients, friends, family and seasoned real estate colleagues for their suggestions. Chances are they’ve worked with top-notch vendors and can provide first-hand insight.
- Do your research. Scour reviews, online directories and local chambers of commerce to ensure that your potential partners align with your business and customer needs.
- Connect on a personal level. Reach out to potential partners directly and get to know them and their business a bit better. While reviewing testimonials and their offerings is helpful, you’ll need to know that you can collaborate well with these vendors, and the best way to do that is through building a meaningful connection.
These strategic partnerships boil down to one simple thing: community. Building and maintaining a solid standing in your community is one of the most important tools for your success and growth as a real estate agent. Don’t discount the power of these relationships, and the impact they can have on your ability to dominate the market.
For more information, visit https://homesmart.com/.
Todd Sumney is the chief industry officer of HomeSmart.