In any industry, business partnerships have their pros and cons. According to recent studies, two-thirds of all businesses fail, but partnerships stand a better chance. If you’ve decided to expand your business and form a team with another agent, be sure to find the right person first.
Here are some qualities to look for to build a successful business partnership:
1.Complementing Personalities
The best partnerships are those where your strengths and weaknesses are balanced, meaning areas where you might lack in, your partner excels (and vice versa). If you’re great with people, but less so with finances and logistics, then you know what personality to look for. Make a list of your strengths and weaknesses and try to find a partner that has the opposite so you form an unbeatable combination.
2. Similar Goals
Your partner must share a similar vision, goals, and values as you for the success of your business. Sit down and discuss where you see your company going and how you plan to get there. This conversation should be had before anything else. Your business plan and goals should be rock solid, which won’t be possible if you and your partner are not on the same page from day one.
3. Good Communication Skills
As business partners, you must be able to discuss everything and anything. If issues or concerns are not addressed, tension will build. Be sure to choose a business partner who is a good listener and communicator so you can discuss any topic of your business (no matter how controversial) and come to a mutual agreement.
4. Industry Experience
It would be a huge mistake to go into business with someone who has very little to no experience working in the real estate industry. Your partner needs to know how to handle the ups and downs of the market, and this can only be gained through experience.
Choosing a business partner is one of the biggest decisions of your career. Look for the qualities above in your potential partner to steer you in the right direction.
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