In today’s competitive real estate market, agents are coming together to collaborate and stay ahead. Mike Bruce from the Denver Metro Association of Realtors shares strategies for effective teamwork.
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Some time back, I found myself at an empty event space, waiting for attendees at a kickball event I had organized. Despite having everything prepared, only a few people showed up. It was a realization that networking and running a real estate business need to adapt to the changing market dynamics. Collaboration is no longer just a choice; it’s a necessity.
The market is evolving, commissions are shifting, and working as a solo agent can be challenging. Isolation can lead to burnout, and the pressure to be available 24/7 is demanding. Working together is crucial, but how do you balance collaboration with competitiveness? And how do you retain clients after putting in the effort?
Informal alliances: Streamlining real estate showings
Managing multiple showings as an agent can be difficult and time-consuming. This is why many agents are forming informal alliances to support each other. It’s like Uber for real estate showings — if I can’t be there, I rely on someone I trust to assist my client, ensuring they are taken care of and I don’t lose them to another agent.
Structured teams: Leveraging collective strength
For more stability, structured teams offer a higher level of collaboration. Similar to a hockey team, each member plays a specific role, contributing to the overall success. Instead of individual efforts, teams pool resources for better marketing and client engagement, leading to more effective results.
The ‘Price Is Right’ approach: Collaborative market analysis
Pricing a home accurately requires expertise. By involving the entire team in market analysis discussions, agents can present a unified pricing strategy to sellers, increasing credibility and ensuring the best approach. This collaborative effort leverages collective expertise for optimal outcomes.
Networking evolution: Innovative experiences
Gone are the days of basic networking events. Today, real estate teams are hosting unique and engaging experiences to attract attendees. From reserving exclusive venues to organizing fun activities like archery dodgeball, creating memorable experiences helps build stronger connections with clients and colleagues.
Friendly competition paired with networking is a hit among people, especially when drinks are involved. It turns out that adapting to the changing industry is essential for success. The era of the independent agent is fading, and collaboration is becoming key. By forming alliances, joining teams, or pooling resources, we can host better events and build thriving businesses. Together, we can navigate tough markets and maybe even enjoy a phone-free vacation. Mike Bruce serves as the board President of Denver Metro Association of Realtors.