Pursuing a Partnership? Know Your Own Culture First by Chris George
To see the full interview, visit www.cmgfi.com/jv-partners/nexthome-chat
James Dwiggins
in working arrangements and other pandemic-related disruptions? JD: We pivoted very quickly—within days—and said “we’re going to lead the charge on information”; we foWhen you’re vetting organizations cused really hard on the truth and making sure we kept our members to form a joint venture partnership safe. We’ve always put our memwith, what would you define as a bers’ needs first and our financial ‘dealbreaker?’ James Dwiggins: We have to partner needs second. We shifted from hostwith a company that shares our cul- ing Town Halls with our members to small regional meetings ture. Everything we have done to discuss concerns and as a real estate brokerage health and safety issues. has always been about the We talked about a health customer and making sure and safety policy that our their needs come first and offices would follow to they get the experience make sure we were reducing they’re looking for. If you’re going to do this, you need to Dwiggins liability with our agents in the field and also with consumspend the time talking about when things don’t go right and how ers. In this remote environment, we you handle that. There are lots of op- are going above and beyond to make tions out there, but one of the things a human connection at a distance, that makes a successful joint ven- and we doubled down on this human ture is when the leadership teams connection. align to achieve the same goals. We define our organization by our culture What advice do you have for orgaof service, and we can’t replicate nizations getting started in the joint that customer experience unless we venture space? partner with a company that shares JD: Before you consider a joint venture partnership, you need to fully those same core values. understand your own organization’s culture. Find partners with a similar How have you been able to maintain your company culture amid a change mentality, and you’ll be able to exCEO NextHome www.nexthome.com
ecute a shared vision. If you don’t have a good feel for your own organization’s culture, you’re not going to be able to align with the right joint venture partner. We’re very selective about who we bring into the company. We’ve turned more people away than we have taken in solely because we are looking for a partner who shares the same values of putting the customer first. How can an agent benefit from a joint venture partnership? JD: The agent can benefit because a joint venture partnership gives you more resources to serve your clients and enables you to deliver a repeatable client experience. When you have access to a direct lender, your clients get more products, more attentive service and a better overall personal experience. Do you expect more broker-lender joint venture partnerships to be formed in the coming months? JD: Absolutely! Following one of the busiest years in housing history, with record low mortgage rates and limited homes for sale, real estate professionals will need a competitive edge to attract new business. Joint venture partnerships benefit the broker and the lender by leveraging each entity’s strengths to stand out in a crowded market. In my case, I am very excited to see where my joint venture, NextMortgage, ends up in the next few years. We have the right people involved, the right vision, and we are adding more great people to the mix. It’s taking what we’re doing well on the residential side and adding it to what our lender partner, CMG Financial, does well on the mortgage side. RE Chris George is the CEO of CMG Financial. For more information, please visit cmgfi.com/jv-partners.
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