How to Manage a Broker Deal

Managing Office Deals: The Good, The Bad … and The Growth Opportunity

Landing an office deal can be exciting! The broker told you how many listings they expected to do for the year and as you did some quick napkin math, the smile couldn’t be wiped off your face. Your excitement only grows as you think about expanding your business and hiring additional team members to cover all the shoots you’ll be booking.

As you work out the nuts and bolts of the customs office deal, it slowly occurs to you that there might be some challenges ahead. You’re confident it will be worth it, but also aware there will be some bumps to smooth out.

Why Brokers Love Office Deals

An office package is a mutually beneficial partnership between a real estate photographer and a broker to provide photography services for an office. In most cases, you’ll offer reduced pricing for a customized photography package, or access to a special product that you don’t offer to anyone else. In exchange, the broker will promote your services to agents and you’ll get more shoots.

Office deals are beneficial to the broker in several ways. It helps ensure a consistent, high-quality representation of the office brand. It also provides the broker with a good recruiting and retention tool because the broker can offer agents access to special pricing or media services the agent can’t get anywhere else.

Brokers also use office deals to lower the agent’s upfront costs per listing. If an agent orders the preferred photography services, then the broker can cover the initial cost for the agent, who won’t have to pay until later – typically not until after the listing has sold. This is a perk that agents love and it’s a great recruitment and retention tool for brokers that don’t increase their costs.

Office agreements can also simplify day-to-day processes for brokers by giving the broker’s marketing department a quick and easy place to access all the high-resolution photos and videos for the office.

Think About Your Brand, Too

Ultimately, office deals have the potential to be a win-win for everyone. The broker gets consistent, high-quality photography for every listing and you get more shoots. As you design the deal, be sure to set up products and pricing that will be profitable, scalable, and simple to execute.

If a broker covers any portion of the upfront costs of a shoot for agents, even if it’s not the full amount, orders generally include more services and larger photography packages. Some brokers might choose to pay for the full cost of a basic photography shoot, while others might want to cover the cost of a basic product plus an add-on that they really feel separates their marketing from the competition. If there is an add-on opportunity, think about offering aerial photography, twilights/virtual twilights, floorplans, etc. When you’re planning the details, be creative and flexible.

As you work with the broker, listen closely to what he or she is looking for in a listing. Consider what services you’re proud to offer and what sets you apart in the marketplace. And don’t forget your brand is on display, too.

Finally, be sure to put pen to paper and consider your costs. It’s easy to get distracted by the number of bookings. Keep in mind that brokers are trained negotiators who will always ask for a little more than you offer. Provide a great product at a fair price. Focus the conversation on the services that you provide and pivot off price as needed to protect your profit margin. Be strategic as you consider what your end goal is.

What’s the Catch? Is There a Downside to Office Deals?

Office deals can be a great way to grow your business. However, you will need to plan for some of the challenges that can arise.

Custom packages often mean you’ll need to put in extra time to do specialized billing. Splitting up billing or creating office-specific pricing can feel challenging, especially if your order system lacks the needed flexibility to support office deals. You’ll also need to spend additional time training members of your team to understand what the custom offering is and how it will be billed.

It can also be frustrating if the office shoot volume doesn’t live up to the broker’s expectations.  This is especially disappointing if you’ve decided to offer a discount and reduced your profit margin per order in anticipation of doing more bookings.

An office deal can make it feel like you’ve introduced more moving pieces to your business, especially at the end of the month if you must spend even more time handling the special billing requirements associated with the arrangement.

Get a System that Helps You Simplify Processes

There are great solutions available to help you solve some of these challenges. If you have the right backend system in place, these considerations don’t have to be deal killers! As an example, HDPhotoHub has some fantastic tools to make the ordering, billing, and management side of your business a breeze. 

With HDPhotoHub you can easily configure your online ordering to automatically handle special deals, which will save you time and make the deal more profitable. The HDPhotoHub shopping cart can be set up to offer certain clients special pricing and even book jobs while splitting the billing between the listing agent and the broker. With the help of a well-designed technology system, you won’t have to spend hours trying to work through customized billing on your own.

Using the right technology partner doesn’t just simplify the process for you, it also makes life easier for real estate agents. And I all know, the easier the process is for agents, the better.    When you’re shopping for a backend technology platform, look for a system that will allow you to charge based on the details of your office packages. You’ll also want a system that allows you to set up the cart to bill agents for specific add-ons or custom amounts.

Finding a system that can meet the specialized needs of an office agreement will make your daily life easier, give you the flexibility to get creative with your best clients, and help you attain overall scalability in your business. It will also free you up to maximize the potential of your partnership with an office.

Use Your Office Deal to Stay in Front of Agents

Once you have a handle on billing, and you’re using a great system like HDPhotoHub that can automatically handle the ordering and billing aspects of this type of deal, there are a few more things you can do to get the most out of a broker package.

First and foremost, make sure you’re leveraging the opportunity to develop relationships with agents. Take an active role in introducing your services to the agents in the office. Be prepared to provide samples of your work, as well as show agents how simple the ordering process is. Agents are in the relationship business. Your in-person presence will lead to more business.

After you’ve introduced yourself to the office, don’t stop there. Be sure to ask if you can present your current or new services at a few office meetings each year and use that time wisely. Consider what is important to agents and how you can make a personal connection during your meeting time. And as we all know, it’s always helpful to bring delicious snacks!

It’s also a great idea to ask the broker for a roster of agents to add to your own marketing lists. If you send out a weekly or monthly email, you’ll want to include the agents in your communications efforts.

Finally, make sure to personally check in with the broker quarterly or semiannually. When doing so, find out how things are going and if they have any new initiatives for the coming year. Look for ways that your services can solve common listing problems or help the broker stand out in the marketplace. If you have new product offerings or new photographers, be sure the broker is up to speed on this information and make introductions. A well-timed check-in before annual budget planning keeps your value top of mind and is a great time to discuss if it would be mutually beneficial to expand the current deal.

Find the Sweet Spot

An office deal can be a game-changer for a real estate photography business. It’s important to take the time needed to develop an agreement that lands you in the sweet spot where your services are helping the broker achieve goals, and the terms of the deal are driving you toward business success.

When you’re looking for the right backend system to help you get the most from an office deal, be sure to check out how HDPhotoHub can help you simplify the process – for everyone. If you can offer a simple, customized ordering system, efficient media delivery, and streamlined billing, your services will be even more valuable to agents and brokers alike.

And that can be the magic of a well-executed office deal. It’s a win-win for everyone, with powerful potential for business growth.