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Amanda Price, Head of Strategy and Growth for Endpoint joined Broker Power Hour at Inman Connect New York to share the best strategies for building broker vendor relationships to meet your goals.
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As a broker, you may have a lot of goals in mind right now, like expanding to new states, adding more agents, or reducing administrative costs. The question is, how do you accomplish these goals? It’s important to cultivate vendor relationships that can provide the right solutions that will help optimize your business for success. Let’s look at how strategic partnerships can help brokers unlock new potential success.
“There are two things to consider when evaluating a new vendor partnership”, said Amanda Price, head of strategy and growth for Endpoint. “The first is to clearly articulate the business problem that you're trying to solve. Being able to clearly articulate the thing you're trying to do is going to make your entire experience more seamless.”
She cites some examples of goals such as, “as a broker owner, are you trying to solve a problem of scale? Do you want to expand geographically? Are you trying to make agents more efficient? Are you trying to get broader brand recognition?”
Secondarily, finding vendors that align with your values should be an evaluating factor. You're setting a vision for your brokerage, and you want to find a vendor partner that will help you realize that vision.
Regardless of what goal you’re trying to achieve, if you can clearly explain it, and find a partner that has value alignment, it will lead to more effective dialogue with potential vendors and it will set you up for success in measuring the impact of your partnership.
Successful vendor partnerships, like any relationship, are built on trust and communication. “It’s vital to make sure everybody's voice is heard, all key stakeholders are identified and they have a seat at the table”, added Price.
“As a broker, you have your goals and objectives for your business and a lot of that aligns with providing a better experience for your agents.” She shared a few prime examples of this:
Change management can be complicated because there can be hesitation that arises when changing processes and implementing new solutions. The goal of bringing on a new vendor should be to enhance the brokerage and provide ease to the agents. This is where communication, training, and documentation are crucial in ensuring that you support your agents and are leveraging your vendor in creating that roadmap to adoption and success.
It is no secret that the world we live in is increasingly connected, and integrations are becoming a hot topic in the industry at the moment. That’s because vendors that can work well with one another allow for seamless data exchange, which can be very advantageous when exploring potential partners.
“If one vendor can make a significant difference or an improvement 80% of the way toward the goal, but perhaps there's another vendor out there that joins in to take the process across the finish line, building those relationships dynamically can prove very helpful”, explained Price.
When evaluating the success of a vendor partner, look for specific metrics that tie into the goal you were trying to solve. For example, the vendor helped us expand into the western US market, which has led to an increase in $X for our business or our agents are X% more effective.
After onboarding a new vendor, brokers should continue to evaluate the performance and overall success. “When evaluating the goals of a vendor relationship, whether it’s technology or business process improvement, if it’s not working, look at where you may need to course correct” said Price.
Having an open dialogue with the team of agents and the vendor can help to realign on key objectives and level set on a new action plan toward success.
Working with Endpoint has a lot of advantages for brokers, including a suite of closing solutions designed specifically for their agent teams. Their agents will have access to real-time notifications, a progress tracker, digital earnest money deposit, e-sign features, and other resources that help agents become more successful and achieve their desired outcomes. With these tools at their disposal, brokers and agents are better equipped to close easily without a hitch.
“In the last few years, our product roadmap and API technology suite has matured. So now we take a unique approach to how brokerages and agents leverage title and connect to title. We are in the process of relaunching our first API integration with one of our digital brokerage partners, where agents within the ecosystem can place an order for title without having to leave the brokerage platform. This leads to increased efficiencies for the agent and then overall leads to a better consumer experience” shared Price.
In addition, the Endpoint platform helps streamline communication so that all parties are informed on transaction status and what is expected from them—which helps minimize any potential conflicts or misunderstandings.
Moreover, working alongside the Endpoint team gives brokers peace of mind knowing that they have an experienced partner who can provide valuable insight into new products or services available, and even potential opportunities for growth or expansion. This type of collaboration allows brokers to focus on what matters most—their agents and clients—while also keeping an eye on the future success of their own business operations. Finally, because Endpoint has a simple settlement fee structure, pricing is always transparent and brokers can reap many benefits from engaging in a partnership.
With so many responsibilities as a broker today, it’s important to have reliable partners whose solutions support reaching your goals both now and in the future. Finding a partner that can help solve your business needs and aligns with your values is essential to success. By leveraging the power of collaboration between professionals, brokers can focus on what matters most and experience long-term success.
Enabling collaboration with a reliable partner like Endpoint, with its comprehensive suite of features is an excellent way for brokers to reach new heights in their business endeavors.
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Watch as Amanda Price takes the stage at Blueprint 2022 to discuss Endpoint’s digital closing solutions that are built to scale.
At Inman Connect New York, Endpoint CEO Scott Martino discussed how innovative digital closing solutions are changing the game for real estate professionals and their clients alike.
