Hawaii Randy's Real Estate Opinions: Building Professional Relationships

Building Professional Relationships

                                                                        Team

Often underestimated by Realtors is importance of the relationships you build with other professionals.  Networking is not only something you do to get clients it is something you do to enhance what you do for your clients.

Let me give a couple examples of what I am talking about.

Example #1

During the peak of the market I submitted an offer on a single family home.  I got a call back from the seller's agent, who was broker for a large real estate firm.  She indicated they had multiple offers; a couple a little higher than ours.  They decided to go with us.  She did not know the other agents or their lenders.  She knew me and our loan officer and was confident the transaction would go smooth.  I thought, if the situation were reversed I would probably recommend my client consider taking her offer for the very same reason.

Example #2

In our town several townhouses had been on the market for a long time.  I had a client who was desperate to move his townhouse quick and could not afford to lower the price below market.  I got on the horn and notified all of my Realtor friends in the community about the unit coming available.  It was a nice unit with a convenient location.  The very first day we showed it, we had multiple offers in the first four hours.  We closed early and painless with an agent and loan officer on the other side that I know well.  My client has since sent me a few more referrals.

We all recognize this is a people business.  That does not end with clients.  It also includes the other Realtors we interact with.  Remember it takes two agents to make a contract.  You need to find Realtors just as much as you need to find clients.

The networking and relationship building does not end there.  Venders are just as important.  Without quality loan officers getting the mortgages, there are no sales.  Home inspectors, surveyors, cleaners, contractors, escrow officers and handymen and many others are all critical to your success and your ability to best serve your clients.

When you think about where to spend your time and energy, just remember to not overlook those relationships.

 

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Randy L. Prothero, REALTOR®

Broker-in-Charge, ABR, AHWD, CRB, CRS, e-PRO, GRI, MRP, SFR

eXp Realty

Team Leader - "The Prothero Group"

Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers.  His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.  His luxury home listings sell faster and for more money.

Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) Performs mediations and ombudsman services for the Board of Realtors.  To improve overall professionalism in his area Randy also offers classes for real estate agents. 

www.HawaiiRandy.comOahu (Honolulu County) Property Search  Hawaii Military Relocations

Comment balloon 30 commentsRandy Prothero • June 29 2007 05:30PM

Comments

Randy, I just had two Realtors within the last three weeks that were involved in multiple offer situations, tell me that the Selling Agent went with the Borrower that I gave a Pre-Approval Letter to, because they knew me and knew that the deal was going to get done.

So you are absolutely right about the power of networking, especially if the networking is done with people who are trusted professionals. 

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 11 years ago

I completely agree, if you know that someone is professional and has integrity, why wouldn't you want to work with them?  It creates a lasting impression both with the other agent and with your client when a transaction goes smoothly. 

Posted by The Moore Team (Keller Williams Integrity First Realty) about 11 years ago
I tell you what Randy ....that is sooo true. It surely matters the "company" we keep and the networking we have with our fellow peers. I think this includes all in the industry. I surely believe as we are networking on Active Rain that the same philosophy applies. I would surely refer to a lot of agents on here...and then there are a few I would not even blink at. Integrity, honesty and respect is the best guideline to use.
Posted by Celeste "SALLY" Cheeseman, (RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE (Liberty Homes) about 11 years ago

Randy, you spoke to the relationships in the neighborhood. Don't overlook the potential for relationships to be built right here on AR. If a seller here in AZ wants to move to your island, do you think I'm going to a GRI or CRS book, No way. I know how you think, I have some idea how you will act, why wouldn't I talk to you? AR is a great tool for referrals.

Knowing the agents in your neighborhood is extremely important, and keeping good relationships with them is invaluable. Each week on tour I look at the sheet for properties I might have an interest in, and agents I know I will be able to work with smoothly. Yes, I have a few agents on the show at last resort list also.

Posted by Jim Little, Your Sun City Arizona Realtor (Ken Meade Realty) about 11 years ago
Amen to that.  It's why I send handwritten thank you notes to co-broke agents in the transaction, because that agent is more likely to represent repeat business down the road than anyone (some agents excluded because they're on 'My List').  We often talk about 'working the sphere' and we forget that our spheres include our real estate colleagues.
Posted by Leigh Brown, CEO, Dream Maker - Charlotte, NC (Leigh Brown & Associates, RE/MAX Executive) about 11 years ago

George - It makes a big difference.  If I know and respect the Realtor or the loan officer it helps.

Tony - Well said

Sally - Good point, Active Rain is a great place to network.

Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) about 11 years ago
Leigh - That reminds me I have to write on today.  Great point!
Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) about 11 years ago
Jim - Active Rain is a great place to network and get referrals.  It is also a great place for potential clients to get to know you better also.
Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) about 11 years ago

Randy,

You are so right!  I have picked up a few pointers from BB and TLW about how they nurture the relationships with other Realtors(R). 

We definitely need each other.

Aloha,

Lucky :)

Posted by Lucky Lang, SRES, Davenport, Iowa Real Estate (Mel Foster Co.) about 11 years ago
There is a dark side to the realtor relations thing - we have top producers collaborating to shut out others when it comes to contracts, referrals etc.  I'm aware of at least one "society" that meets in random places each month and has an invite-only membership. 
Posted by Jeff R. Geoghan, REALTOR, Marketing Manager (Coldwell Banker Residential Brokerage) about 11 years ago
I have a huge list of trusted professionals locally and growing my referral data base with reading AR - you can get to know a lot about professionals and create a great database to refer your clients to when they are moving to another area.
Posted by Thesa Chambers, Principal Broker - Licensed in Oregon (Fred Real Estate Group) about 11 years ago

Lucky - BB and TLW are the masters.

Jeff- That would be something I would avoid. They could get in a lot of trouble if they cross the line for anti-trust.

Thesa - I find attending CRS classes is also a great way to meet and interact with area professionals.

Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) about 11 years ago

Having good relationships with the local agents is a must.. Knowing the listing or selling agent can, as Randy notes, really make the difference..I know which agents will be terrific and which ones I hope I never have to deal with again..

Oh Randy... the BIG ferry ship is on it's way it came through Manhattan Beach, Hermosa and Huntington Beach on Tuesday.. we had pics in the local paper with some interior views..looks very cool

Posted by Kaye Thomas, e-PRO, Manhattan Beach CA (Real Estate West) about 11 years ago

Meeting peers is very important in this business.  If you dont meet others face to face, they are likely to discard you when it comes time to multiple offers if they dont know who you are.  Making an impression and letting others know that you are serious about this profession is critical.  I like Jeff Geoghans comment though and I beleive it happens here too in Hawaii but I say screw them because there are plenty of other homes available!

Posted by 1SG (Ret.) David Kucic, President and Owner (Hawaii Military Realty, Inc.) about 11 years ago
I attend alot of networking events in the local real estate circles.  I also am kind and fair to deal with.  I have a lot of repeat realtors that know showing my listings isn't a gauntlet.
Posted by Chris Griffith, Bonita Springs Listing Agent (Downing-Frye Realty, Bonita Springs, FL) about 11 years ago

Kaye - The Super Ferry arrives this afternoon in Honolulu Harbor.

David - I do not believe there is anything quite like what Jeff described in Hawaii.  if there is I was not invited.  I do see some companies who try to discourage cooperating brokers and try to keep their transactions in-house.  A terrible business practive that is not in their customers best interest.  It is also crazy to try and be a dual agent on most of their transactions.

Chris - Your good reputation helps your clients.

 

 

Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) about 11 years ago

I believe that networking with other agents is key to a business plan.

Vicki

Posted by Vicki Bishop GRI - Alabama Real Estate (Coldwell Banker United Realtors®) about 11 years ago
I have a list of MANY different service providers, that I hand out to friends, customers, etc. It improves my relationship with the people who receive the list, and the people on the list. It's a win-win situation. I even hand out the list to people in my neighborhood. When they're ready to sell, they remember who helped them, with no strings attached.
Posted by Lisa Hill, Daytona Beach Real Estate (Florida Property Experts) about 11 years ago
One of the rewarding aspects of my practice is building relationships with other agents in the same phase of career - fun to hang out at Association events and swap stories.  Whenever one of those folks shows a listing of mine I hope they're the ones who can bring the offer - helping each other grow. 
Posted by Jeff R. Geoghan, REALTOR, Marketing Manager (Coldwell Banker Residential Brokerage) about 11 years ago

Vicki - I should be a part of your plan for sure.

Lisa - I also have a services directory that I give out.  It is very helpful to friends and clients.

Jeff - I too have a group of agents who I took classes with and we have become good friends and support each other.

Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) about 11 years ago
Great post. What's the old saying, "It's who you know."  I belong to several groups (sometimes I think too many) but lately I've been getting more business from their referrals than other places.  Again, "It's Who you know."
Posted by Tammy Stone, "Eco-Green" Agent in West Michigan (Prudential Preferred Realtors) about 11 years ago
Tammy - It makes a big difference that is for sure.
Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) about 11 years ago
That's one side bene of continuing ed for licensure - allows you to spend time getting to know other agents in a common (non-adversarial) setting.
Posted by Jeff R. Geoghan, REALTOR, Marketing Manager (Coldwell Banker Residential Brokerage) about 11 years ago
Jeff - I found the CRS and brokers classes were really good for that because you spend more hours and you have more interaction with each other.
Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) about 11 years ago
I am a firm believer that the energy you put out will come back to you.  Good reminder.
Posted by Rosemary Brooks, The Mother & Daughter Realty Team (BMC Real Estate - 209-910-3706) about 11 years ago
Rosemary  - Thank you
Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) about 11 years ago

Couldn't agree more Randy. In a profession where there are new people coming in and out of the business all the time, part timers, etc. that may know little about what they are doing; It is very helpful to work with someone you know if knowledgeable in their field and will work a smooth transaction.

Posted by Joe Schmitz (Summit Mortgage Corporation) about 11 years ago

Joe - Venders can make or break you.  Those relationships can make a big difference for you and your clients.

Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) about 11 years ago
The other day I met a new client that ended our showing by sayng to me "I want a pit bull for an agent" I looked at him and said "i am NOT a pit bull,and I never want to turn into one. My job is to make your purchase go smoothly." When someone tries to bully me I feel they have no substance, if you know your job you don't need to make your dealings with the other agent a battle.Be fair,do your job and treat others with respect...they deserve it. 
Posted by Cait ODonnell Donohue (Red Key Realty Leaders) about 11 years ago
Cait - The only time I become a pit bull is when someone is doing something improper and I need to protect me clients interest.
Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) about 11 years ago

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