• A successful partnership can lead to long-term growth, product legitimacy and strategic expansion.

  • Partnerships are based on an equal, synergistic relationship, and they take time to create.

Forging successful partnerships — whether they are with fellow real estate agents, vendors or clients — can yield benefits beyond an initial sale or deal.

Perhaps you want to expand your service area, launch your product to an established market or implement technology that you don’t have resources to develop. Developing partnerships can facilitate all these things.

One of our most successful partnerships has resulted from the implementation of the following five best practices for creating powerful and lasting business relationships, and it’s been a “win win” for everyone involved.

1. Define a need

The first and most important factor when forging a partnership is to identify and define a true need.

What are the pain points your prospective partner is facing? How can you help with those? What does your partner have that you need? How can you benefit from the relationship? What are the synergies that exist between you and a prospective partner?

You also need to consider the potential problems: What are the downsides to working together? How could the partnership impact your long-term plans?

2. Be a true partner

Partnerships are based on an equal, synergistic relationship. Negotiating a deal that significantly benefits one partner over the other, or hiding facts, figures or capabilities can lead to disaster that might impact your long-term relationship, reputation and bottom line.

And success isn’t a given. You need to be flexible.

Sometimes your initial vision might evolve into something different. Be sure to set regular “check-ins” to determine how the relationship is doing, set future plans and determine growth goals.

A successful partnership should evolve with the industry and business climate.

Good partnerships can be hard to find, and you can’t “force fit” a relationship. You need to be willing to forgo the partnership if things don’t seem to be working out.

But if there is both a need and mutual respect, the rewards will definitely be worth the effort.

A successful partnership can lead to long-term growth, product legitimacy and strategic expansion.

Those results are definitely worth it!

Lisa Fettner is the VP of marketing at ReferralExchange in San Francisco. Follow ReferralExchange on Facebook or Twitter.

Email Lisa Fettner.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×