Successful real estate agents often reach a point where they need help. They simply cannot handle all the work that is coming in without help. Delegating administrative tasks to an assistant can help, but you might also want to consider partnering with another real estate agent.
Without the right help, you’ll run yourself ragged. You could end up burnt out from skipping vacations and working weekends. Long work hours can even destroy your family relationships or make it impossible to find someone to enjoy life with.
After enough time working long hours and making your real estate career the only thing you do, it’s time to look at your priorities. You can have career success without ending up burnt out or lonely. Partnering with another real estate agent might be just what you need.
What’s Best for Your Real Estate Business?
You have several choices to help take some of your workload away. Usually, successful agents will start by hiring an assistant. This person can take over some of the administrative tasks and alleviate some of the workload.
However, this is only a temporary fix. You will free up some time, but you will likely fill that time rather quickly. Since your assistant cannot do everything you need them to do, they can only help so much.
Adding a buyer’s agent to your team can help, too. This person can show homes for you and work with buyers, while you focus more on the sellers and gaining new listings. However, this might also only be a temporary fix.
Taking on a full-time partnership with another real estate agent might be the answer you need. It might seem like you will have to give up income, but with a good partner, your income will actually go up, even though you’re splitting transactions 50-50.
Partnering with another agent can add many benefits to your real estate career, however. You gain the help you need and you won’t have to worry about your career becoming your entire life.
Top 3 Benefits of Partnering with Another Real Estate Agent
1. Vacation Coverage
Have you been able to take a vacation in the past few years? If not, a real estate agent partnership can help ensure your business runs smoothly, while you take a vacation. With another agent as a partner, you can cover each other’s vacations and you don’t have to give up income when you do it.
There will be less worry while you’re on vacation, too. If you trust your partner, they can run the entire business for a week or so, while you take your vacation. Then, you can provide the same coverage for them, when they need a vacation.
2. Added Resources
When you partner with the right real estate agent, you can gain access to added resources. For example, maybe you specialize in working with first-time buyers and sellers. If you partner with an agent that specializes in luxury real estate, you can both gain access to new resources from each other.
3. A Second Set of Eyes
If you deal with a more complex type of property or listing, from time to time, a second set of eyes can be very helpful. Having a skilled partner can provide a different perspective on the property and other parts of your business, too. They can help by adding value to your marketing, analyzing deals, and give you someone to help balance things, when necessary.
Partnering with another real estate agent can offer you plenty of benefits. You can gain more “wow” factor with clients by combining portfolios and gain plenty of help, too.
Disadvantages of Partnering with Another Real Estate Agent
1. Split of Earnings
You might not make as much money, at first. However, even though you will split earnings with a partner, they bring the ability to take on more listings and buyers to the table.
2. Might not Have the Same Style
Partners may not have the same management style, which can lead to conflict. This can be a disadvantage, but it can also become a benefit if you can navigate this issue properly.
3. Disparity in Equity or Skills
In some cases, if you partner with someone that doesn’t bring as much to the table, it can cause issues. This is probably the main issue you might run into when partnering with another real estate agent.
While there are benefits to partnering with another real estate, there are also disadvantages. However, most of the disadvantages can be mitigated. Often, the benefits make it well worth it, when you find the right partner.
What to Look For in a Real Estate Partner
When you start looking for the right real estate agent to partner with, you need to know what to look for. You need more than just another body to take up space in your business. You need someone that will improve your business, make it run better, and help catapult your success.
Real estate partnerships are all about balance. Finding someone that enjoys doing the tasks you don’t enjoy is a big deal. Maybe you love working with sellers, but not as much with buyers. Find an agent that loves working with buyers to help strike the perfect balance.
It’s also smart to find someone that specializes in a different area. If you both specialize in the same area, you will be in competition with each other. When you have different specialties, it’s easier to define the responsibilities of each partner and grow the business to new success.
The absolute most important thing you have to find in any partner is trust. If you cannot trust the real estate agent you plan to partner with, it will become a disaster. Don’t partner with someone you think is lazy, doesn’t work hard enough, or you simply cannot trust.
A good partner will help push you to greater success, while you do the same for them. They should have a different skill set than you, but should also have similar work habits.