How to Maintain a Successful Joint Venture Long-Term Commentary by the Experts at CMG Financial
T
he name says it all. A joint venture partnership is just that: a partnership. Any successful long-term joint venture partnership depends on two equally involved entities mutually invested in the organization, financially and operationally. A partner who is only partially invested is only partially committed to the joint venture’s success. A long-term joint venture partnership depends on shared goals and an equal desire to achieve those goals. Building the right team is essential—the ability to attract and retain talent is the foundation of any company. When recruiting loan officers for the joint venture, it is vital to identify the loan officers who are already working successfully within your agent population. Converting these loan officers to your new joint venture is the fastest way to earn your agents’ trust. These loan officers have demonstrated their value to your company and have a successful rapport with your agents. Your agents will know what to expect from these loan officers, and the joint venture gives everyone the advantage of a unified customer experience. 56 March 2021 RISMedia’s REAL ESTATE
A common agent concern that comes up when forming a new joint venture is, “How will I know that the loan officer and new company will take care of me in the same way that I am used to?” Agents may be hesitant, as they believe that any significant change will disrupt their workflow and inhibit their ability to effectively serve their customer base. This is a common concern that the right mortgage partner will answer. It is important for your selected mortgage partner to be able to support the mortgage operations and offer consistent service to its referral partner and their agents. Leveraging existing lender relationships solves
that problem because the agents will know what to expect. However, if you are unable to recruit existing loan officers, speak to your agents to find out the qualities that are important to them in a loan officer. As a broker, you may think you know, but every agent has different needs. When you are thoroughly engaged in the new talent acquisition process, you truly serve your agents and offer them a unique opportunity to take more ownership over the customer experience. As a partner to a joint venture, you have greater access to new products and new technology, which allows you to strengthen your existing repertoire and create a new type of home-buying experience for your clients and agents. To take your company further, we recommend that you integrate the customer experience early on and make sure this new experience really is the best-in-class service you’ve promised to deliver. The key is to make sure your new loan officers are involved; leverage them to answer questions for your homebuyers who are working with an agent, and help their other customers identify an agent. The power of knowledge for both industries works hand in hand. In most cases, the home-buying process starts with the mortgage company. So not only does a joint venture give you the advantage of working with a loan officer you know and trust, but you also get the opportunity of earning new business before your competition. Through a successful joint venture partnership, you maintain the same tone, cadence and focus of your current real estate brand while cultivating new business earlier in the buying funnel. RE For more information, please visit https://www.cmgfi.com/jv-partners.
