Broker and director of Vision Money Bridget MacGregor recently spoke to The Adviser about a new joint venture with a real estate group, and how she builds and nurtures relationships with referral partners.
Independent brokerage Vision Money has announced it has recently signed a joint venture with real estate group, Harcourts Solutions Group in Brisbane.
Vision Money broker and director Ms MacGregor told The Adviser’s Elite Broker podcast the joint venture would offer her independent brokerage the support network required to increase conversion rates, as well as provide assistance with the brokerage’s sales.
For Harcourts Solutions the joint venture provides them with an opportunity for property management referrals moving forward.
“For them they saw that there was a gap in their market and for me I knew how important it’s going to be over the next couple of years to build long-term solid relationships from a referral point of view,” Ms MacGregor told The Adviser.
While Ms MacGregor’s brokerage firm will still maintain her referral partnerships with other groups, she said the joint venture with Harcourts Solutions will form the main referral partnership for Vision Money.
“A lot of clients are searching for further investment property so Harcourts can help them. They definitely want good property management support in Brisbane, which we can offer through the Harcourts brand,” she said.
However, she emphasised she would not rely on just one referral source, stating it is important to maintain multiple, high-quality referral sources such as conveyancers, property managers, and real estate agents, with a mentality and goals that align with the brokerage.
“For me, that was my main focus moving into 2020; to build that relationship with Harcourts,” Ms MacGregor said.
She added the branding of Vision Money would remain the same, and she would not undertake any co-branding exercises.
“I think it’s pretty important to keep that independent name out there,” she said.
Delving into how she builds and nurtures relationships with referral partners, Ms MacGregor said she preferred to rely on third-party endorsements from her existing network.
She said third-party endorsements are more effective than a broker or others attempting to sell themselves, particularly if a broker is new to the industry.
To hear more from Bridget MacGregor, tune in to the Elite Broker podcast.