Why New Agents Should Consider Co-Listing with an Experienced Agent
The real estate world can be overwhelming for new sellers’ agents. Working in real estate isn’t like other jobs. There’s no set schedule when learning how to generate real estate leads, growing your network, or studying the local market. If you want to be successful as a new agent, you have to manage the responsibility of being your own boss. The onus is on you to make quality connections with other agents and learn as much as you can.
One of the ways recently-licensed agents can learn new skills and acquire experience in new niches is by sharing listings with more experienced agents. Formally known as co-listing, this practice can help you build the experience you need to have a long and lucrative career.
Co-Listing 101: What It Is & How to Start
Co-listing is when two agents team up to mutually represent a seller in a real estate transaction.
Agents of all experience levels might pursue co-listing arrangements in order to:
- Compensate referrals- Shared commission from a co-listing can sometimes be offered in lieu of a traditional referral fee.
- Combine marketing resources- When it comes to high-profile properties with extensive marketing demands, co-listing allows agents to merge resources and extend their reach.
- Leverage unique expertise- If an agent is tasked with selling a lifestyle-specific property such as a ranch or waterfront home, they could consider co-listing with an experienced agent operating within that niche.
- Share prospects- By combining networks, co-listing agents can reach a broader buying audience.
- Overcome geographic obstacles- When one agent lives far away from the property, their co-listing agent can remain local to facilitate the sale.
A new agent should be on the lookout for any of these opportunities to co-list. Learning how to establish mutually beneficial co-listing relationships with more experienced agents is an investment in long-term real estate success.
Find an Experienced Agent Who’s Willing to Co-List
Experience is worth its weight in gold in the real estate world. The more experience your co-listing agent has, the more you can benefit.
Remember, years served as a real estate agent doesn’t always equate to experience. Many agents only work part-time. An agent may have sold one house a year for the last 20 years, which doesn’t make them very experienced.
Look for a co-listing partner who’s had the success you want. Ask around your brokerage to learn each agent’s strengths. Once you’ve found someone with a proven track record you’d like to emulate, approach them regarding co-listing.
The best brokerages for new agents usually have procedures for mentoring recent hires.
Agree to Split the Work & Commission
A co-listing relationship is a two-way street. You’ll both be working hard to sell the property, so it’s only fair that you split the proceeds in a way where both parties feel they are being fairly compensated for their efforts.
The best way to do this is to sign a co-listing agreement outlining your partnership’s terms. This document will spell out each agent’s expected contributions and commission percentages.
Your co-listing partner is counting on you to learn and help as much as possible.
5 Reasons New Agents Should Co-List With an Experienced Agent
Recently-licensed real estate agents need to understand what they can learn from their peers. As listed above, there are many reasons why agents pursue co-listing arrangements. In the case of new professionals, co-listing scenarios of all types have many perks.
1. Live a Day in the Life of a Top Real Estate Agent
After acing your real estate exam and getting your license, you probably feel like you can take on the world. And you should! Earning your certifications is a huge accomplishment, and you’ve earned the confidence that comes with it.
Your education doesn’t end when you get your license. In fact, the learning process has only just begun.
Real estate courses are essential, but there’s no substitute for on-the-job experience.
Think of co-listing as a paid internship opportunity. The value you derive from the experience will only be as much as the effort you put in.
Embrace the learning experience by shadowing your co-listing counterpart throughout the process. Pay close attention to their workflow, organizational habits, marketing strategies, and more. Whatever they’re doing is working, so soak up as much as you can.
At the same time, don’t be overly dependent on them. You need to bring value to the relationship, too. Be proactive; if you see an opportunity to be helpful, get on it without being asked.
2. Find Opportunities to Grow Your Network
Networking is key to success in any industry, but it’s crucial in real estate. It’s an aspect of the job you can never “clock out” of.
The most successful agents have an extensive network of clients, colleagues, and business partners. They know lots of people, and those people know and trust them.
When you co-list with an experienced agent, you have a chance to grow your network. Again, don’t approach their network as a freebie. You must prove your worth to these contacts as much as your co-listing agent. The way you treat people matters in all aspects of real estate, so make sure you bring a service-oriented mindset to all networking endeavors.
3. See How Veteran Agents Leverage Their Online Presence
So much networking takes place online these days. From lead-generating websites to viral TikToks, online presence is key to building a brand and driving revenue.
If you’re looking to master social media marketing, co-list with an agent that has a lot of followers. Don’t just ask for shout-outs; study their content and learn how to replicate it.
Once you know how to emulate their online voice, offer to take over production responsibilities. Drive out to properties to take photos and videos, write clever captions, and learn which hashtags are most effective in your area.
If you produce the content and post it on their platforms, you can tag your account and increase your followers. They get free content, and you get increased exposure. It’s a win-win situation.
4. Learn How to Sell a Home in Any Market
Real estate markets are fickle. Some less experienced agents panic when changes occur, but experienced agents know that ups and downs are a natural part of the business. Co-listing with an experienced agent can help you set realistic expectations for market trajectories by learning about their past experiences.
Remember, your co-listing agent was once in your shoes. They made mistakes and had to learn from them. They also had a lot of successes that you can learn from too. If you pay attention and ask the right questions, you can gain invaluable lessons on reacting to market conditions.
5. Take on Exciting New Opportunities
Unique, lifestyle-oriented properties are frequently co-listed because of the special expertise it requires to sell them. Co-listing can help you explore properties that you may not get to otherwise, allowing you to become a more well-rounded agent.
For example, if you work in a market with high interest in vacation rentals, you could seek out chances to work with agents who specialize in all the nuances of those properties. Many of these agents have received special training and certifications for selling second homes. Working with them can help you decide if you’d like to follow the same path.
Invest in Your Future: Start Small & Win Big by Co-Listing
Real estate statistics from the National Association of Realtors reported in 2014 that 87% of real estate agents quit just five years after getting licensed. Sure, this number is likely inflated by agents who only dabble in real estate before moving on to something else, but it’s still a striking statistic.
Why do so many agents not last in the industry? The answer is simple: real estate is hard. It’s a lot of work, and it can be unpredictable. Tall tales of massive commissions lead some people to believe that real estate is the ultimate career if you want to get rich quickly. It’s true that there’s plenty of money to be made in real estate, but you have to be fully committed to making it through the ebbs and flows of the housing market.
Gaining experience and insight through co-listing endeavors will help you build the foundation you need if you want to last.
If you want to set yourself up for success as a new real estate agent, consider co-listing with an experienced agent. By partnering with someone who knows the ropes, you can learn from their mistakes and successes, have the potential to grow your network exponentially, and boost your online presence. You’ll also gain invaluable knowledge about market fluctuations and how to ensure the longevity of your real estate career. If you want to go far in real estate, learn from someone who knows the way.
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