Industry NewsMortgage

Blending company cultures a key to real estate partnerships

Panel says joint ventures must go beyond superficial level

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

SAN FRANCISCO–Long Realty Co.'s title joint venture has a 66 percent capture rate. Its mortgage company joint venture, only about 10 months old, already captures 35 percent of customers. Long Title Agency is now in the No. 1 position in its Arizona County, said Wissy Wendt, SVP of affiliated services for Long Realty Co. The mortgage joint venture is number three in the local marketplace. One of the keys to that success, Wendt said, is never viewing those customers as 'captured' business. "There is only earned business," Wendt told about 100 people at a breakout session on "Deep ancillary partnerships" at Inman News' Real Estate Connect 2004. She was joined onstage by Ed Krafchow, president of Prudential California Realty, and two mortgage industry representatives: Mark Mead, Bank of America's national partnership infrastructure executive, and James Panepinto, SVP of strategic business development for Countrywide. Chuck DelGrande, managing director of Presidio Merchan...