The ability to form winning partnerships with other businesses is an art form that can add immense value to property portals, says Charles Pittar, CEO of leading Chinese portal Juwai.com.
Juwai recently partnered with Sotheby’s International Realty to market its listings to Chinese buyers, and Pittar says the key to success in partnering with other businesses is the unity that the arrangement provides.
“By definition, a partnership has to offer something of value to both parties,” Pittar says.
“At Juwai.com, we find partnerships are valuable for helping us achieve what we could not so easily achieve alone.
“Partnerships generate revenue and help us achieve core business goals such as increasing the number of quality real estate listings on our website. They also create barriers of entry that prevent possible competitors from emerging and challenging our dominance as the number-one Chinese international real estate website."
Pittar says there are key points to consider when thinking about a possible collaboration, noting that Juwai looks for situations where they can “form a partnership which will allow both groups to grow more quickly than they could otherwise”.
And Juwai certainly has no shortage of new partnerships on the go. In addition to the recent Sotheby's deal, Pittar says the portal has partnered with one of China’s largest property developers – Wanda-Ridong – as well as Japanese real estate website Suumo.jp and Australian commercial portal CommercialVIEW.com.au.
When considering potential partnerships, Pittar says there are three things that should be avoided.
“You need to have a balance of interests. Never go into a partnership expecting to take advantage of the other group, but always with a clear idea of how you can help them achieve their most important goals,” he says.
“It’s best to avoid potential partners who have real conflicts of interest that could undermine their desire to see you succeed.”
And finally, Pittar suggests it's best to avoid those alliances in which either party does not have a strong motivation to make the partnership work.