Why It’s Important to Build Relationships with Real Estate Agents
When it comes to the home buying and financing industry, independent mortgage brokers and real estate agents are the key players in the business, making it imperative for each to take the time to build solid relationships with one another.
If a homebuyer is already working with a real estate agent, they should also plan to get pre-approved for home financing with a lender. And a buyer often turns to their agent for guidance. This will give the homebuyer buying power and a competitive advantage against others, especially if they find a home they love and need to submit an offer quickly. As an independent mortgage broker or loan officer, you’ll want to have solid relationships built with local real estate agents so they think of you and send these referrals your way. It’s important to remember that cultivating relationships with real estate agents has the ability to keep your referral network flowing and loan pipeline full throughout the year.
With most loan officers claiming they provide a great borrower experience and offer competitive rates, you need to find unique ways to differentiate yourself and build relationships with local real estate agents. Let’s take a look at some ways you can stand out from the competition and add value for your local real estate agent partners.
3 Ways to Maintain Long-Lasting Relationships with Real Estate Agents
1. Have a “Give and Take” Mentality
As you begin to develop more real estate agent relationships, it’s important to remember to give just as much as you receive. It’s not feasible to simply meet up with an agent for coffee, give them your rate sheet and expect new clients to be flooding through the door. Real estate agents are always looking for new business, so figure out how you can add significant value to them— referrals go both ways.
Perhaps you can show them the ins and outs of new mortgage application technology, that can get them to the closing table more quickly, keep them posted on mortgage rate trends, or maybe you have a friend in the market for a house you could send their way. The more you differentiate yourself by going above and beyond for them, the more likely they are to send their buyers your way.
2. Communication is Key
Whether it’s good news or bad, communication is key and can make or break any professional relationship especially with a real estate agent. For example, don’t wait for an agent to contact you asking about the status of a loan. Be proactive and keep them in the loop during the entire process. If a loan is held up or has no significant updates, still be sure to inform the agent, because odds are, their buyer is already asking them for an update.
Ensure that your partners and their buyers look to you as the go-to mortgage expert. It’s your responsibility to not only keep everyone updated on the loan status, but also walk the borrower through the entire process from pre-approval through closing.
3. Hold Yourself Accountable
Not every loan is going to make it through without a glitch. Instead of making excuses or pushing the blame, figure out a solution and communicate as soon as you know something is not going exactly as planned. The worst thing you can do in these situations keeps the real estate agent in the dark. Showing accountability and proving you’re working toward a fix is much better than hiding from a problem. This will not only build trust, but will reinforce that you are doing everything you can to get the loan closed in the most efficient way possible.
The mortgage industry is truly driven by relationships, and the amount of effort you put into building them will determine the long-term success of your overall business. Take some time to research the local real estate agents in your area. How can you help them? What value can you add? Making this kind of effort will set you apart and put you ahead of the competition.
Are you interested in making a career change? Consider becoming or joining an independent mortgage broker or loan officer. It’s easier than you might think and our team at BeAMortgageBroker.com is here to help you every step of the way.