Dear El Cardinale’
I read in your last newsletter that you are collaborating with competitors. I am in a cut-throat industry and at times it feels that we are at war with our competition.
However, these are unusual times, and there’s an opportunity for us if the competitor was open to it. Do you have any suggestions on where to begin?
– Tuff and Tactical
If you have hard feelings towards the competitor, work on that first. Don’t give them a call – yet, and consider the following before reaching out:
First and foremost, be very intentional in how you go about reaching out to someone. Don’t call a competitor with a general request to brainstorm; you should come to them totally sold on the idea you want to present.
Recognize that this could end up being a very high-quality relationship, so it requires you to spend at least 30 minutes to prepare before you call them.
Get behind the idea of what you are trying to accomplish, the goal you are aiming for, so your vision is really clear when you present it.
Ask yourself: What difference are you trying to make, why is this person so important to talk to, and how will the two of you be good together? Understand the significance of what you each bring to the arrangement.
What is the ideal outcome of working together? Paint a picture of what it should look like. This vision should energize you.
Ask yourself what’s the worst thing that could happen, and if it’s really horrible, then consider whether you should move forward with the plan.
Write down a few things that will have to be true after the call if you are successful. Be as specific as possible. This will help you determine the value of making the effort.
Discuss the idea with your partner or mentors or others that will have an interest in what you are about to do
Often we get calls from competitors interested in teaming up because our approach is different. They like our methods and processes, which are designed to give clients confidence in making big real estate decisions.
We also have a track record of making sure that people feel they are overly compensated when collaborating with us. They’ll learn some new things about how to go about their brokerage business, whether it’s new technology or marketing ideas. In turn, I always learn something new from those I work with.
Want to discuss a collaboration? Reach out to us at 704-953-5500.