Co-listing is a hot topic among real estate professionals — and one that is gaining significant traction in luxury home marketing strategies.
When the stakes and home valuations are highest, co-listing can be ideal for breaking into a new market, increasing your sphere of influence, and creating future opportunities for repeat business.
If you haven’t co-listed before or considered it an option, here’s why we believe it to be a viable strategy under the right conditions.
What is Co-Listing?
Have you ever asked yourself, “How do I co-list with another agent?” Well, you’re not alone.
A co-listing is when two real estate professionals work together to sell a property. There is typically an agreed-upon commission split between the two real estate professionals and a strategic divide in work related to the property. These partnerships are based on location, experience in a neighborhood, the expertise of each professional, and many other variables.
Today’s highly competitive real estate market can also provide an opportunity to continue working together to expand potential sales.
Why Should You Co-List with Another Real Estate Professional?
In such a strong housing market, it may seem counterintuitive to share any potential reward from selling a house. After all, inventory has been moving extremely quickly.
However, if you are trying to become a luxury real estate professional, forming a mutually beneficial partnership can help you and a mentor succeed together.
The luxury home market does not move at the same pace or have the same marketing mechanics as any other real estate market. So much of lining up the right buyers is networking, and even the ability to get luxury listings often requires a reputation or trust from the homeowner.
Working with a co-listing real estate professional who has experience in the luxury market is also a great way to build relationships for the future. At a minimum, you’ll be working with someone you can collaborate with on future sales. Additionally, if your co-listing partner has a reputation for success within a neighborhood or region, it can also boost your standing there.
This is why we recommend co-listing as a strategy to open new doors — literally and figuratively. With that in mind, you should treat co-listing like any other potential sales opportunity; do your research first, and make sure you’re partnering with someone who takes working together seriously and maintains your standards of excellence.
Tips for Getting Started in Co-Listing
Co-listing can seem tricky and has enough moving parts that some real estate professionals may be scared off by the prospect. However, if you approach it with a plan and stick to it, you can successfully sell multi-million dollar homes with top producers in your area.
We recommend using a few of the following strategies to get started co-listing:
- Make Sure It’s Mutually Beneficial: A co-listing team should provide value to both parties — and their listings. Whether you are the mentor or mentee, make sure your knowledge or hard work will be reciprocated with elements of your craft that benefit you, too. For example, if you’re working with a veteran real estate professional who is not as savvy at social media or tech-related tasks, offer that up as an area you can help in.
- Pick Up Expired Listings: Approach these prospective sellers with empathy and a plan, as they are likely a bit disappointed in their real estate experience. However, with the right pre-listing package and a highly regarded co-listing team, these can be fantastic opportunities to list a property you otherwise might not have the chance to.
- Research Luxury Home Trends: Knowing key statistics, tracking luxury lifestyle preferences, and capitalizing on the latest in luxury home marketing tips can propel your co-listing to the next level. Real estate is competitive and a zero-sum industry, which means you sometimes have to adapt your strategy to get the best results. Using your co-listing partnership as a catalyst, really examine how you can get the most out of your listing.
There is nothing about co-listing that requires fundamental changes in your real estate marketing skills — but it can be a great way to change your perspective and apply those skills to better opportunities.
Learn More About Co-Listing and Other Luxury Real Estate Marketing Strategies Today
Co-listing is just one of the many strategies you can implement to take your luxury selling strategies to the next level.
Our members have access to producers in luxury real estate markets as well as a suite of market-tested tools to enhance your marketing presence and client relationships.
If you’re looking to take your sales and marketing to the next level, The Institute is the next step to bettering your brand. Sign up today to reap the benefits tomorrow and for years to come.