Cross-promotion with lawyers, lenders, contractors and other vendors can generate leads and increase your business
By Eric Schoeniger
You have just seen the latest sci-fi flick at your local theater. Afterward, you notice the drive-thru at your favorite fast food restaurant giving away sci-fi movie-inspired toys with the purchase of a kid’s meal. As a result of cross-promotion, the theater increases ticket sales, the restaurant sells more kid’s meals and customers (or at least their kids) are happy.
As a real estate agent, wouldn’t it be ideal if you could achieve the same impressive results? According to real estate experts, cross-promotion with local vendors can help agents achieve measurable results. Through cross-promotion you generate more leads, your promotion “partners” do the same and your customers receive better service. It’s a win-win-win situation.
The secret, say experts, is to approach cross-promotion as not just a one-time event, but as an ongoing relationship that benefits all participants over time.
Double your boost
There’s no shortage of vendors with whom an agent can collaborate to jointly generate leads. Spend a few minutes considering your options, and you are likely to create a list that includes:
• Lawyers
• Lenders
• Insurance agents
• Title companies
• Home inspectors
• Movers
• Contractors, remodelers and painters
• Landscapers and lawn services
• Home cleaners
• Furniture and appliance stores
“For any vendor you work with regularly, think about how you can leverage the relationship to generate leads,” says James Nichols, an account executive at Liberty Title Agency in Saline, Michigan.
Likewise, there’s no dearth of cross-promotional activities that you can pursue. Many agents have experienced success collaborating on:
• Co-sponsored events such as open houses, seminars or information sessions
• Co-branded advertising, with costs divided two or more ways
• Shared direct-mail or email campaigns
• Co-located flyers and business cards
• Joint appearances in local media such as television, radio and magazines
• Co-written blogs or cross-linked social-media posts
• Jointly produced comparative marketing analyses (CMAs) of home values
• First-time buyer’s kits, including information about lawyers, lenders and insurers
• Post-sales promotional bundles with details on movers, cleaners, painters, appliance stores and lawn services
Be certain none of your cross-promotional activities violate the Real Estate Settlement Procedures Act (RESPA). RESPA prohibits companies associated with the buying and selling of real estate from providing undisclosed kickbacks to one another that would inflate the cost of transactions.
From referrals to high tea
Lawyers and lenders are the go-to people for cross-promotion. “I partner with a divorce attorney, since divorce often involves the sale of a home,” says Susan Fraley, CRS, an agent with Keller Williams Realty First Atlanta. “I recommend him to my clients, and he includes my information in his divorce decrees. We also invite each other to networking groups and continuing-education classes, so we’re always sharing knowledge.”
Gadget Inspector
Poor Wi-Fi connection? Un-tether your security camera. The Netgear Arlo Go LTE live-streaming outdoor security camera doesn’t need Wi-Fi—it works over LTE. The camera features night-vision, two-way audio and seven days of free video clip cloud storage. Plus, the rechargeable battery lasts for weeks. A geo-fencing mode lets you select a small, medium or large radius around your home.
Price: $400 | netgear.com
The Cross Peerless TrackR pen features a built-in Bluetooth tracker. The well-crafted writing instrument connects to your smartphone and sends you notifications when you leave it behind. You can track your pen’s last known location via a smartphone app, set optional alerts to notify you when your pen is separated from your phone and use it to locate your phone with a tap of the pen’s button.
Price: Starts at $95 | cross.com
Lawyers have been equally helpful to Lisa Parenteau, CRS agent with RE/MAX Leading Edge in Mashpee, Massachusetts. Most recently, she has experienced success collaborating with elder law and estate lawyers.
“We have an aging population on Cape Cod. Often we have a situation where a homeowner passes away, their spouse moves into assisted living and our clients are their adult children,” Parenteau explains. “My team and I have become knowledgeable about how to serve these clients, and the estate attorneys are grateful there’s an agent who understand their unique needs. As a result, I get probate leads every month.”
But cross-promotion isn’t only about referrals. Co-sponsored events also can be economical—and highly effective.
“As part of the cross-promotion process, many agents host classes for first-time homebuyers and sellers,” Nichols says. “An agent hosts the event. A lender speaks about pre-qualification and pre-approval. And a title rep answers title questions. As a result, you create an informative conversation with 10 or 20 buyers or sellers.”
Parenteau has collaborated with title lawyers to host luncheons and, recently, a high tea. “The attorney will sponsor and pay for the event, and we’ll share and cross-promote the event on social media like Facebook,” she says.
More than one and done
But cross-promotion is about more than just one-time events. The most successful relationships are those that deliver value over time. “Focus less on collaborating with vendors that simply do cross-promotion and more on those who deliver the best experience to your clients,” Nichols says.
Fraley looks for vendors who have deep experience, a great reputation and a good personality fit. “I partner with vendors I’ve known for a long time and who do business the way I do,” Fraley says. “For example, I only cross-promote with mortgage lenders, because I know they’re working as hard as I am.”
Such relationships need to be maintained.
“I invite my cross-promotional vendors to lunch or coffee at least once a quarter,” Parenteau says. “I ask what I could be doing better, and I share with them my clients’ needs.”
Cross-promo perks
The payoffs of cross-promotion are tangible. Parenteau used cross-promotion to expand her market to Boston residents who might be interested in second homes on Cape Cod. “I was able to do marketing I otherwise couldn’t have afforded, especially in the early stages,” she says.
Nichols has seen several agents reap the rewards. “I attended an event co-hosted by an agent and a lender,” he says. “The agent said he signed buyer agreements with 60 percent of the attendees, and the lender said he obtained loans for 40 percent of the buyers.”
Another agent-and-lender duo cross- promoted through a Facebook Group, an online page where people share common interests. The team created a group that allows agents to ask and answer real-estate questions. “Both the agent and the lender actually doubled their business during 2017 through this cross-promotion,” says Nichols. 
Meet your Designation Maintenance Requirement today! Read this article and “A Winning Hand,” take a 10-question quiz and earn 2 credits. Go to CRS.com/trs-quiz to get started.
Pick a Professional
Lawyers, lenders and contractors are the usual targets for real estate agents when it comes to cross-promotion. But additional opportunities include:
Psychologists and social workers—“Therapists work with people in transition. People in transition often need a real-estate agent,” says Lisa Parenteau, CRS, an agent with RE/MAX Leading Edge in Mashpee, Massachusetts.
Nonprofit professional—You can do well while doing good. “At a broker event or luncheon I announce that I’ll make a donation for every business card I get,” Parenteau says. “In 2018 we’re donating to the Housing Assistance Corporation, which offers housing programs that evolve with the needs of the community. Everybody wins!”
Other real-estate agents—Schedule an open house and identify other open houses in the area. Then collaborate with the agents who represent those properties to create an open-house guide. All the participants can significantly increase the exposure of their listing.
