Publication Date:
Thu, 2001-02-22 18:00
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Myers Barnes' Editorial Archives
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There are two existing paradigms (beliefs) that must be examined regarding sales that are co-brokered. First, understand that the developer and on-site sales teams often view the co-broker as being in their neighborhood, without knowledge of their homes or of how to work within a structured process. Second, the co-broker views the on-site sales team as an adversary, who is constantly trying to steal customers. This confrontational and nonproductive attitude on both sides must be changed.
Your True Customer is the Co-Broker
The astute community sales executive realizes that there are actually two buyers involved in the home/homesite decision-making process. There is the actual buyer and the co-broker who serves as the customer's assistant buyer. For the most part, the co-broker or assistant buyer has established a high level of trust with the customer and exerts a great deal of influence when it's time to make a decision to purchase.
Control is the key issue and understandably so. In the initial stages, co-brokers only want the on-site sales associate's brief overview and sales literature. What they do not want is for their customers to be taken over.
Therefore, on-site salespeople must acknowledge that the actual homebuyer is not the customer. The co-broker is. Consequently, 50 to 75 percent of the sale's conversation during the initial contact (meeting and greeting) and throughout the entire sale's process is directed to the co-broker. This is quite a revelation for some salespeople because it goes against their predetermined mindset.
Off-Site Co-Broke Marketing Strategies
1. MLS is Leverage: Join the Board of Realtors and become part of the team. A Realtor operates under a code of ethics and deserves to work with like-minded individuals and companies.
2. Handouts and Brochures: The cooperating broker needs an abundance of off-site materials. Brochures, handouts and price sheets should be generic and should provide a space for the co-operating broker's card and personalized stamp.
3. Clear Written Policy: Have a policy and put it into writing. Make sure your on-site people are aware of the policy, as well as the co-brokers. It is imperative that brokers know their customers are protected when they visit your community.
4. Communication: Keep the lines of communication active through the process until the final closing. A good on-site sales executive is in touch, at the minimum, on a weekly basis with the buyer and with the co-broker.
5. Give Closing Gifts: Napoleon said, "I realize a strange secret … men will die for ribbons." A bouquet of flowers or a gift certificate delivered to the co-broker and buyer maintains the relationship and leaves a lasting impression.
6. Pay Promptly: Nothing stimulates and motivates a broker more that a fast payment. Conversely, nothing de-motivates faster than delayed compensation. This is an appropriate area to apply the Golden Rule.
7. Contact the Broker-In-Charge: Send a letter to the cooperating broker congratulating him or her on setting a fine example and on being easy to work with. Acknowledge that you look forward to your next association with him or her.
Myers Barnes writes articles for many of the nation's top sales-related magazines and trade publications. Myers is also the best-selling author of Reach The Top In New Home & Neighborhood Sales [1] and Closing Strong: the Super Sales Handbook. [2] He is a nationally known motivational speaker and a consultant on new home and resort property sales. You may visit Myers' web site, www.myersbarnes.com [3] or reach him at his e-mail address sellmore@myersbarnes.com [4].
