Q: How can brokers who represent opposing parties work together?
Brokers have unique relationships with one another. We compete for clients, and we represent our respective clients’ interests while negotiating. At the same time, we are facilitators, which means walking a fine line and working closely together to reach an agreement and close the sale. It takes a lot of experience and expertise.
In seasoned brokers with more industry experience, you’ll see a strong sense of respect for one another. When an agent is an expert negotiator, he will strategize the negotiation so that both parties feel like they win. This is critical to maintaining a healthy relationship, and to influencing any party from trying to back out of a deal before, or even after, a contract is signed. There are many ways to obtain a win-win negotiation, but ultimately, it means finding out what is most important to your client and conceding what might be less important.
In many ways, once the negotiation is complete and a contract has been signed, the real work for each broker begins. Financing often needs to be obtained and Board Packages need to be assembled and submitted. The key is that once a contract of sale has been signed, the interests of the two brokers become very much aligned: both parties want to close. The stronger and the more respectful the relationship is between brokers, the greater likelihood a good package will be completed, and the greater likelihood that any hurdles will be overcome.
At Meier Real Estate, once a contract of sale has been signed by both parties, we reach out to offer our assistance. If we represent the seller in a Co-op, for example, we don’t just stand by and wait for the other broker to send us a Board Package for their buyer client, we offer our assistance and give them a guide they can use to help make preparing the Board Package easier and more organized. We also include a schedule so that each party stays on the same page.