Some might say the real estate industry is a dog-eat-dog world — if you don’t close the deal, someone else will. That type of thinking isn’t necessarily accurate.
The truth is, real estate agents who embrace collaboration see more abundance, prosperity and growth in their businesses than those who subscribe to a scarcity mindset. It benefits not just the agents in collaboration, but both parties’ clients as well. Here’s why.
1. It breeds innovation
Collaborating with other brilliant minds is like firing on all cylinders. When new ideas are born and shared, they inspire more ideas and even more sharing. Everyone in the industry benefits from innovation because it makes all of our jobs easier, more effective, more efficient and simply more fun. There really is nowhere to go but up when great collaboration happens.
Take the COVID-19 pandemic, for example. When traditional open houses were no longer an option, we relied on innovation and collaboration to find new options.
Agents and teams were open with how they were adapting their businesses which allowed others to adapt as well. Through that innovation, we now have more options for our clients to view homes than before the pandemic.
2. It brings new opportunities
By not being scared of sharing your ideas and what you know, other agents will do the same for you. This can ignite a multitude of new opportunities for everyone.
If you’re a buyer’s agent, and you team up with a seller’s agent, your collaboration can be explosive. Not only do you each get to close the deal, you also become exposed to each other’s work ethic, and can form an ongoing, collaborative and beneficial relationship.
It’s a similar situation when a new agent reaches out to a seasoned professional. The experienced agent could choose to hoard their knowledge and view the newbie as their competition. Or, they could be open to collaborating, and benefit from the new and creative ideas they learn. Collaboration brings you new opportunities and opens doors.
3. It nurtures your community
“A rising tide lifts all boats” is a saying that couldn’t be more true in the real estate industry. Your community of fellow agents and teams are the other boats at the harbor. When one of you benefits from a new idea or connection, everyone else benefits, too. In fact, these benefits multiply as they get compounded with new perspectives and contributing networks.
While your first instinct may be to be stingy with your expertise, when you collaborate, you receive the benefits tenfold. You may have lofty database goals. Perhaps you’re trying to reach 1,000 before the end of the year.
By building a relationship with your competition, they will be more likely to refer the leads they can’t take to you. By attending their events, you become exposed to more people you didn’t know before. It all boils down to being open to collaborate.
It’s natural to have feelings of scarcity in business and to see your competition as a threat to your success. However, if you can open yourself up to collaboration, you’ll see it’s quite the opposite. Collaboration unlocks a world of potential growth, wealth and success for everyone.