As the refinancing boom dies down, mortgage lenders and brokers may want agents to steer things in their direction. This is how brokers and lenders can build their business by forging strong relationships with agents.
You mortgage broker or creditor Want to find better ways to build relationships with your agents? As the refinancing boom dies down, you may feel the urge to have real estate agents direct the business in your direction – and now there really is no time to start working with them.
Read on to find out how mortgage brokers and lenders can build their businesses by improving relationships with real estate agents.
What Makes a Good Partner Lender?
There are several key factors for developing and maintaining strong relationships with real estate agents. The best lender partners need to have the following skills:
When time is of the essence good connection becomes decisive. Good news or bad news, it is vital that lenders feel comfortable with their agent partner. Good communicators will be able to overcome any obstacles that arise during the transaction process.
The best partnership is a partnership based on shared values and work ethics. Be open and honest with your real estate partners to see if your principles are the same.
New agents usually use several different mortgage brokers and lenders in the area until they find someone who is compatible with their working methods. Don’t be afraid to reach out to new agents and let them know you’re ready to help with their next deal.
A good lender will clearly articulate their expectations for the products and programs they can offer and what the projected timeline looks like. Goal setting will help hold the lender, agent, and client accountable on the way to closing the deal.
Why is it important to build a relationship with an agent?
Real estate agents and their creditor partners cooperate to achieve a common goal: to achieve the best result for the client. Lenders and agents working together with a team-oriented mentality can better solve problems and ensure customer satisfaction.
Get more referrals
Real estate agents target potential property owners, buyers and sellers. To provide the best possible service for those looking to buy or sell real estate, agents rely heavily on mortgage brokers and lenders to handle all the financial aspects. Building a relationship with a popular real estate agent will attract referrals to you.
Benefit for the client
When a close partnership is established between the lender and the agent, this streamlines the entire process. A particularly good-natured relationship will relieve the stress of the buyer or seller from the time the initial paperwork is completed until the closing day.
What do real estate agents expect?
Every real estate agent will have many different expectations about what their lenders should provide. Most agents expect lenders to provide the following:
Wide range of products
Since real estate agents work with a wide variety of types of clients, they are looking for lenders and brokers that offer a wide variety of products and programs. Lenders usually offer conventional, FHA, USDA and VA credits…
However, many agents want to work with lenders who offer their clients specialized options that do not meet typical requirements, such as HELOC, jumbo or 203K loans.
Agents want to refer their clients to a partner lender who offers favorable terms and rates. A local mortgage broker may have access to more lenders; they can also offer a more varied portfolio mortgage products, more competitive rates and lower closing costs.
Real estate agents expect they can trust mortgage lenders and brokers to offer first class service their wide range of clients. Home buyers often have little or no experience in home finance and need a lot of guidance. It is especially important for agents that credit partners have a documented history of timely closings.
If an agent constantly uses you as a referral for their potential buyers and sellers, they may expect some reward in return. Consider paying for your next close associate’s Zillow ad to have your name or logo listed under their name. One free way to support your agent partner is to promote their efforts on your social media channels…
Mortgage Information varies from state to state, so it is important for agents to have a reliable broker who can help their clients get the best financial deals for their unique situation.
Do’s and Don’ts when building relationships with agents
- Do: Focus on building personal relationships with real estate agent partners outside of work.
- Do not: Call agents and start talking about the different products and rates you have to offer.
- Do: Contact agents for future transactions.
- Do not: Be too persistent or harass real estate agents all the time.
- Do: Be patient! It takes time to build a strong team.
We cannot stress enough how important it is for lenders, brokers and real estate agents to work together throughout the home buying process. Keep this in mind as you start building these business relationships, and remember to stay true to your values - everything else will fall into place after that.
Roger Odoardi is a Co-Founder, Partner and Licensed Mortgage Broker at Blue Water Mortgage Corporation, an independent mortgage broker. sentence Mortgages in New Hampshire and mortgages in Massachusetts, Maine, Connecticut, Florida, and North Carolina.