MEANING OF COBROKING

Cobroking is a business practice commonly used in various industries, including real estate and insurance. It involves multiple individuals or entities, often agents or brokers, working together to facilitate a transaction or provide a service. The primary idea behind cobroking is collaboration, where different parties combine their expertise, resources, and networks to achieve a common goal, typically for the benefit of clients or customers.

In real estate, for example, cobroking occurs when two or more real estate agents or brokers from different firms collaborate to market and sell a property. They share responsibilities such as marketing, showing the property to potential buyers, negotiating offers, and managing the paperwork. The cooperating agents typically split the commission earned from the sale, with the division agreed upon in advance.

The concept of cobroking can apply to various other industries as well, where cooperation between different entities or professionals is advantageous for achieving specific objectives or providing services more effectively. Cobroking can lead to increased exposure, access to a broader range of resources, better service, and improved outcomes for clients or customers.