How much brokers talk to each other?

February 01, 2024

by a searcher from University of South Carolina - Darla Moore School of Business in Charleston, SC, USA

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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Reply by a professional
from University of Southern California in North Palm Beach, FL, USA

While brokers aggressively compete amongst their peers for sellers and buyers, quite a few of them also (confidentially) pass the word to their competitors when they’ve encountered particularly troublesome searchers/buyers. Some brokers also alert owners who might be thinking about selling, as a way to show their street smarts to potential listings. Nobody wants risky or dishonest people on our playing field. That’s why it’s a good idea to know how to search and buy, while getting along with people.

Reply by an intermediary
from Clemson University in Raleigh, NC, USA

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.

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