Working with multiple brokers can be a challenge, especially if you have different goals, expectations, and communication styles. However, juggling multiple brokers with ease is not impossible if you follow some best practices and tips. In this article, you will learn how to manage your broker relationships, collaborate effectively, and avoid common pitfalls.
Before you start working with multiple brokers, you need to have a clear idea of what you want to achieve and how you will measure your success. Do you want to buy or sell a specific property, diversify your portfolio, or explore new markets? How do you define a good deal, a fair commission, or a satisfactory service? Having clear objectives will help you communicate your needs and expectations to your brokers, as well as evaluate their performance and feedback.
My past experience with "Brokers" is many had the attitude that you are just a tool to achieve their personal objectives. The key in a large Brokerage firms is to find the select few "partners" that want a win win win relationship. Their clients win they win and the Company wins. Some may have never experienced the true business partnership and if they are coachable they will see the huge partnering advantage. Today I don't like the work "broker" as to me it represents poor relationships that seek one sided wins. I believe the Insurance Industry has changed immensely in the past 25 years and the older staff has passed this on to new people. All your major Brokerage firms have recognized the value and benefit of win wins and it is engrained.
I disagree. Yes many simply want to please their clients and get them off their backs so to speak. Insurers aren't the ones directly in the firing line normally and all people can become unreasonable when it comes to a claim or a better rate. Most insurers are inflexible in my experience. There are also those of us "broker's" who do try to work with the insurer and negotiate for both parties. We try to be fair to both parties. It's not an easy position to be in.
Not all brokers are created equal, and not all brokers are suitable for your needs. You need to do your homework and research the brokers you want to work with, based on their expertise, reputation, track record, and personality. You also need to consider how well they fit with your style, preferences, and goals. For example, do you prefer a hands-on or hands-off approach, a friendly or formal tone, a fast or slow pace? Choosing your brokers wisely will help you avoid conflicts, misunderstandings, and disappointments.
It is not about choosing brokers (brokerages), it is about finding individuals, within those broking houses that are looking to strike up a relationship with you
A thorough and extensive Request For Broker (RFB) proposal should be in place, which can be shared and requested of all prospective brokers. This provides the insight necessary to evaluate those you are considering. Your broker should have the philosophy of being an extension of your organization and true partner. Capabilities as well as resources and services are an integral part of what your broker brings to your partnership.
Communication is key when working with multiple brokers, as it helps you build trust, rapport, and alignment. You need to communicate regularly and clearly with your brokers, using the channels and methods that work best for both parties. You also need to communicate your expectations, feedback, and concerns, as well as listen to their insights, suggestions, and questions. Communication will help you stay on the same page, resolve issues, and leverage opportunities.
This is probably the most important part of servicing brokers. Keep them up to date in each step of the process when handling any of their instruction. Communicate clearly and say what needs to be said or done. Never argue with a broker, rather work together to find amicable solutions to their issues. Your character will be tested, so stand on your values and laurels.
Communication is a two-way street. If any broker has an agenda, like testing the water, so that they can keep the business with current insurers, this should be told, loud and clear
Working with multiple brokers can generate a lot of information and tasks, such as contracts, documents, emails, calls, meetings, inspections, offers, and counteroffers. You need to organize your information and tasks in a way that makes sense for you and your brokers, using tools and systems that facilitate your workflow. For example, you can use a spreadsheet, a CRM software, or a project management app to track your progress, deadlines, and outcomes. Organizing your information and tasks will help you stay on top of your projects, avoid errors, and save time.
While working with multiple brokers can be beneficial, it can also create some challenges and tensions, especially if your brokers are competing for your business or working in the same market. You need to respect your brokers' boundaries and avoid putting them in awkward or unethical situations. For example, you should not share confidential or sensitive information from one broker to another, or pit them against each other to get a better deal. Respecting your brokers' boundaries will help you maintain a professional and respectful relationship.
Working with multiple brokers can be a rewarding experience, as it can help you achieve your objectives, expand your network, and learn new skills. You need to appreciate your brokers' value and acknowledge their contributions, efforts, and results. You can show your appreciation by expressing your gratitude, giving positive feedback, providing referrals, or offering incentives. Appreciating your brokers' value will help you strengthen your bond, motivate your brokers, and foster loyalty.
An underwriter should always appreciate that brokers will whatever they need to do to secure (new accounts) or retain (renewals) clients' business. Underwriters should not be surprised that they do win business, even if they have bent over backwards to satisfy the broker and their client. The client will always opt for spending less for the broadest cover. Fairness doesn't come in to it. However, if an underwriter feels that they are just being used, the answer is in your hands!
Souvent nous ne choisissons pas le professionnel, il s’impose à nous pas le produit. Malgré tout il faut un bon feeling sinon la transaction peut échouer juste à cause d’un manque de communication.