Essential Questions to Ask When Developing Strategic Partnerships

Essential Questions to Ask When Developing Strategic Partnerships

Before beginning a strategic partnership with a realtor, architect, interior designer, or lender, it is vital to know that the organization you are considering as a partner is right for you. This requires more than just a review of their background and history; it requires asking key questions tailored to your needs.

Having a checklist of key questions prepared is a great way to ensure you make the best decision for your business.

What kind of services do they offer? Do they have a proven track record for success? How quickly can they adjust according to your needs and changing business environment? Knowing the answers to these questions is essential when selecting strategic partners who can help propel your project forward and can unlock valuable resources for both parties.

1. Ask them to provide you with a corporate pitch and achievements since they are new to the market in your eyes.
2. How many buyers and sellers do they represent?
3. What is their specialty?
4. How do they help buyers and sellers get their needs met?
5. Walk me through their strategies and campaigns. Is their approach different in a constrained vs. a low interest rate economy?
6. Where do most of their projects come from? word of mouth, strategic partners, advertising, etc..
7. Who is their ideal client?
8. Do they have buyers in your price range and target market?
9. How do they motivate clients to transact?
10. What type of professionals are in their network? Sports/tech/legal/retirement?
1. How specifically are you connected and what transactions have they completed?
11. What is their perspective on your company - pricing, product offering, and promotions to attach and close best-fit clients?
12. Can they provide references
13. Are they taking on new clients?
14. What does an ideal job look like for them -
1. remodel/custom build
2. average size of your projects?
3. average budget of your projects?
15. On average, how many projects do they take on a year?

When pitching your construction business to potential strategic partners, you'll need to provide a clear understanding of both who you are and the value that you provide.

Make sure to highlight your experience and expertise in the field, as well as any certifications or qualifications that give additional credence to your services. Explain the processes behind how you approach jobs, as well as what safety protocols are put in place for every project. Additionally, be sure to provide references from past work, allowing these potential partners to get an idea of exactly how other customers view your quality of service firsthand. Ultimately, giving a comprehensive overview during pitch meetings will help prospective partners recognize the unique strengths of your business and how valuable it could be for them in their own operations.

1. Tell them about your available homes / lots and ask them to provide their perspective. Are there any red flags?
2. Share an explanation of who your best fit client is
3. Pitch your inhouse design team - it’s a value add!
4. Have they worked with builders and spec homes before? What builders?
5. Pitch an incentive bonus (%) structure to move a property within X months

To learn more about developing strategic partnerships and how our strategic partner program can add an additional $30 million revenue, download our latest case study.