In an attempt to enhance the scope of purchase-loan businesses in the market, a powerful bonding has to be established between real estate agents and mortgage professionals. Refinances are bound to fall while interest rates are bound to increase. Developing a bonding with real estate agents is likely to prove beneficial as the purchase-loan business gains momentum. However, mortgage professionals need to follow certain steps for creating their partner networks.
Simple steps that help real estate brokers and mortgage professionals in creating their referral sources:
Stay proactive. If the realtors have to reach you for seeking the status of a file, then it’s certainly frustrating for them. You must provide all updates to the agent while being proactive once a milestone is achieved, any appraisal is performed or a loan is issued. You mustn’t wait till someone gets in touch with you.
Remain honest. All loans can’t be originated by the lenders. This is easily understood by the real estate agents. You can’t think of resolving all loan scenarios at once. So, study all scenarios presented by agents very carefully. Find out if a loan matches the lender guidelines by performing your diligence. If things don’t look easy, you may explain that to the referral partner without wasting time.
Be Responsible. Don’t give any excuse if you identify any issue while checking the loan files. Find out a possible solution and consider your lender or yourself accountable. Don’t hide facts if the deals don’t materialize. You must discuss all problems with the realtor and determine your future course of action even when things tend to look tough.
Add value. You won’t see too many dropped off rate sheets in the office nowadays. Don’t attempt to sell things to a real estate agent, but you can spread awareness and share information.
Search for connections. Agents can now be contacted with the help of social media as sales are getting driven by technology on most occasions. You may seek an introduction of an agent through Facebook or LinkedIn, especially when you come across a special agent.
Identify target audience. For every niche product, you’ll need to find a real estate agent. Realtors get in touch with you when your products match the needs of their clientele. For instance, if you have a loan product targeting business in the Upper Longcross, you must search for a listing that seeks a property in Upper Longcross area and find agents that operate within that area.
Get prepared. Originators are often known to sit face to face with the real estate agents while they’re still not prepared. A short explanation of how they could expand their business with your services can be presented in the form of a short speech. Make sure you share your plan in brief. You can only discuss things in details when you meet them in person.
This is more likely to enhance your success as well. The real estate industry has always been driven by industry bonding. Your business thrives mainly on such bonding regardless of whether you’re an attorney, estate agent, appraiser, or mortgage originator. You may simply be able to convince your referral partners in maintaining successful and long-term relationships with you by concentrating more on these steps.