Most realtors that I talk with for the first time are generally surprised when I spend most of the conversation about how to work TOGETHER.
Meaning, what value can we create that builds each ofÂ us moreÂ power in marketing, database management and building synergy in the relationship.
Often times mortgage professionals have a habit of promising ordinary offers, like quick loan approvals, etc. The real test for mortgage pros is what can we do that will directly benefit both the realtor and the client? What would bring the client back ,and what would make the client recommend both of us?
It has long been my personal belief that the first transaction is the hardest pill for both realtors and mortgage brokers, since there is no history of working together and expectations are new. Time is at a premium, so trying new loan officers is generally not super appealing to any realtor, particularly if you have used the same loan officer for some time.
When starting a new relationship with a realtor, I work to define expectations for both of us, and then I make my promises about our service. We then do a transaction together and determine just satisfied the client was, and each of us were. We look to have the client very pleased with both of us, and that takes some clear coordination and commitment to excellence.
Once we have closed a transaction together and get to know each other's style, I introduce ways to work each other's database - where I forward any new listing that the realtor has to my entire database, combined with an endorsement and recommendation. Since I have a large database, it allows the realtor to get some high value at NO COST. In return, I request that the realtor feature me on open house flyers, websites and database updates about the interest rate market. Since rates have spiked quite a bit, we make sure to send more market updates along with a nudge to not let the market get away and lose the opportunity to refinance. We also include the realtor market update along with a calculation tool for any client who would be interested in purchasing an investment home.
The benefits are obvious for both parties, we get more exposure to clients after their initial closing and significantly more referrals, which are higher quality leads.
It is not magic, as it takes time and effort to get started with any new relationship. Setting clear priorities and expectations will guide the way and make the relationship a strong ROI.
Please share your comments and insight about your preferences and ways to work with mortgage professionals.