REAL ESTATE MAGAZINE 2021

How can joint venture partnerships prepare brokers for real estate market changes?

Mike Hickman: Like other organizations in the real estate industry, we are coming off of an incredibly busy year. When you’re experiencing the type of volume that we’re experiencing now, a combined effort between a lender and a broker is more important than ever. I think that most customers don’t understand how the purchase process relates to the lender and the broker. The closer we are in terms of communication, the better communication the customer gets from all parties. The closer we are in terms of fulfillment and operations, the better experience the customer is going to have closing their loan. Through our joint venture partnership with CMG Financial, our fulfillment has been like clockwork—it’s been great. The customer experience is what drives our business; and what customers want, the right joint venture can give. If you’re focused on the process of providing the customer with a better experience, the right joint venture partner will take care of everything else.

What should you consider before forming a joint venture partnership?

MH: We had an incredible launch; we outperformed our expectations and continue to outpace our growth. We’ve set lofty goals for this year and are continuing to recruit and prepare for another busy year. Even facing the economic hardship of the pandemic, our partnership enabled us to withstand and adapt. We were able to increase our marketing spend, invest in formal training programs and still financially withstand market cycles. values and cohesive company culture. The right joint venture partner-ship brings all of that together.

How do you align your vision with your joint venture partner?

MH: The very first time I had a phone call with CMG Financial, the first question I asked everybody on the phone was “could you tell me about your values?” I listened very carefully to what they had to say because I was in this frustrated mindset from previous partnership experiences. And that led me to an instantaneous connection because—I know this about partnerships, I know this about joint ventures, I know this about friend-ships (whether they be in business or outside of business)—when your values are aligned, it works beautifully and it works smoothly. We’re a values-oriented company looking for other values-oriented organizations.

What services did you gain from your joint venture partnership?

MH: Combining marketing forces has been especially beneficial. Our marketing director has been able to leverage the in-house marketing agency at CMG Financial. The more creative minds approaching a cam-paign, the more solutions you’ll find. I’m really impressed with the look and design of our marketing efforts; it’s helped us establish a bigger footprint in our market.

What do you expect from your joint venture partnership in the coming months?

MH: I’m very excited about it, and I’m looking forward to working together—our combined efforts will lead to something that a lot of people in this industry haven’t seen before.