Listing a property with a fellow agent can have its benefits and challenges
By Rebecca Lubecki
Michael Marcus, CRS, broker associate at Coldwell Banker Realty in Englewood, Colorado, recalls a time he co-listed with two other agents because the seller of the home had trouble picking a REALTOR® and decided to go with all three agents. Marcus thought a third of a commission was better than no commission, so he agreed to participate. However, he would chalk that experience up as a learning opportunity.
“It’s nice in theory,” he says. “We’re going to divide the work, triple the outreach and the contacts because both co-listing agents will market it, etc. But, in practice, it can be more difficult.”
Marcus says he quickly learned that while co-listing had its benefits, there was also more back-and-forth, and the process can ultimately become more cumbersome—especially with different working styles coming into the mix. That’s why he suggests REALTORS® who are considering co-listing have a strategy in place to make sure the positives outweigh the negatives.
Work together to expand options
Whether or not to co-list a property comes down to many factors, and the reasons for doing so vary for REALTORS® of all experience levels and life stages. A newer REALTOR® may co-list with a more experienced agent as they learn or vice versa if an experienced agent wants more mentorship or networking opportunities. It’s also an option for agents looking to reduce their hours to balance other jobs or their personal life.
Hollie Himmelman, CRS, a broker at @Properties|Christie’s International Real Estate, in Chicago, Illinois, has been brought on to co-list for a few situations:
- A colleague was out of town but knew they could rely on Himmelman to be responsive and help with coverage.
- Himmelman knew a broker based in the suburbs with a property in the city, so she needed to co-list with someone in the area to help her sell it.
- Someone wanted to sell a property in an area Himmelman knows very well.
“Sometimes, bringing in the other person provides huge benefits,” says Himmelman. “What I love is that when we work together, it’s the best way to serve the client,” she adds.
While you may not always agree on strategy throughout the process, Himmelman says discussing as much as possible in advance helps prevent the challenges that can arise when working with someone new.
“When I’ve co-listed, it has been smooth and without any difficulties,” she says. “The most important part is to define each agent’s role and have a leading position chosen prior to inputting the listing. For example, if each agent knows whether they are the problem solver/negotiator or will have more of an administrative role, the process will go much smoother.”
Himmelman also says co-listing can be a great way to network and recommends maintaining the relationship after the transaction. She keeps in touch with REALTORS® she has co-listed with in the past, and they’ll send referrals to one another and continue to help each other out.
Splitting duties alongside payment
Pamela Bradshaw Coskey, CRS, broker and owner at Premium Properties Shop in Celebration, Florida, agrees on delegating and setting clear duties ahead of the transaction to keep the co-listing process running smoothly.
“If I’m brought in to assist the lead agent, or I’m bringing in another broker to co-list with me, it’s very important to discuss your plans in advance,” Bradshaw Coskey says. “How will you be marketing the property? Who will be doing showings? Think about all that you do when listing a property, and discuss these things in advance. Co-listing can be great, as two of us can share in the showings, open houses, etc.”
Bradshaw Coskey learned this when co-listing with other agents who had clients relocating to a different market. Establishing clear roles can help mitigate the downsides that can potentially come with splitting the commission. Most of the time, it is split 50/50; no one wants to feel like they’re getting less pay for more work, so upfront communication is crucial.
And if something doesn’t go according to plan? Marcus says to remember that cooperating—not competing—with other REALTORS® is what ultimately benefits the clients.
“We’re supposed to be putting our client’s needs ahead of our own. If it works out well for them, who are we to say: ‘No, I won’t do that,’ or ‘I shouldn’t do that,’” Marcus says. “That’s a business decision that we can make. But to categorically refuse to do it, I don’t think necessarily is always going to be in your client’s best interest.”
Should I Co-list With This Person?
Any REALTOR® who has co-listed a property before would agree: Make sure you are compatible with the other agent before sharing a listing.
“It’s a question of: Do you know the other REALTOR®? Do you trust them, and do they trust you?” says Michael Marcus, CRS, broker associate at Coldwell Banker Realty in Englewood, Colorado. “And the one thing you need to agree on is who’s in charge.”
When Hollie Himmelman, CRS, a broker at @Properties|Christie’s International Real Estate, in Chicago, Illinois, knows she needs to co-list a property, she asks other agents she trusts for referrals and will meet with potential co-listers in person first to see if they work well together.
Pamela Bradshaw Coskey, CRS, broker and owner at Premium Properties Shop in Celebration, Florida, says she needs to establish a friendly relationship, as well as a business relationship, before committing.
“I would look for somebody a lot like myself: easygoing, somebody of that nature. I want someone that’s not going to harp on me if I don’t do things their way,” she says. “You don’t want to lose not only a transaction but also a friendship.”
Interested in co-listings? Discover an agent with our Find a CRS app or by visiting find.CRS.com.
Photo: iStock.com/ipopba
