How much brokers talk to each other?

by a searcher from University of South Carolina - Darla Moore School of Business

5 months ago

I assume that brokers know other brokers, and those working for the same company (TransWorld, Murphy, Sunbelt etc.) all have a database where they can share notes on buyers.
How much does this typically impact their communication and engagement with buyers?
Like for example, if a buyer breaks a deal or does something stupid, do brokers have some way where they warn other brokers not to take that buyer seriously?
I've always wondered about that... what's going on behind the scenes with brokers?

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searcher

What's certain is that some brokers regularly offer deals from other brokers (I've seen this regularly in Europe) and that they therefore trade with each other and/or are partners.

5 months ago | like reply | 0 likes

intermediary from Clemson University

I talk to other brokers almost everyday about unique situations that they or I am encountering as a best practices tool. I’m also in a best practices group of experienced brokers across the US.

We often discuss things buyers, sellers, lenders, and landlords did or didn’t do to find creative solutions, but we don’t use names or maintain a database.

Some franchisors maintain companywide databases but the two franchise experienced brokers I just spoke to said the notes section is not routinely used for this. Some state associations allow notes as well but apparently is not used for this purpose widely.

I keep detailed notes in my CRM and can block buyers that have proven to be time wasters.

5 months ago | like reply | 0 likes

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