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Silvana Fino, Other/Just Looking in Beverly Hills, CA

CA market has an inventory shortage so why are Realtors resistant to co-hosting open house events with a lending partner?

Asked by Silvana Fino, Beverly Hills, CA Sat Jun 15, 2013

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Realtors with listings realize there is a housing shortage and prospective buyers are going to open houses. Could be a matter of supply and demand. Demand:buyers and Shortage: housing inventory. Realtors holding their own open houses have a wider range of prospective buyers. The other issue is co-hosting with lender partner. Realtor may not have confidence in lender partner offering to co-host the open house.

Gail Mercedes Cole
EXP Realty
310.853.9933
1 vote Thank Flag Link Sat Jun 15, 2013
Wow ,that sounds crazy ! It would be great to have your lending partner at the open house . It would be a great help for first time buyers !
2 votes Thank Flag Link Sat Jun 15, 2013
I agree with Bill's comment below....one has nothing to do with the other. I can't speak for other folks...but for me, when I do an open house, I really want to focus on showing the property. Having a lender present to pre-qualify folks really takes away from the focus - for me.
1 vote Thank Flag Link Sat Jun 15, 2013
Thanks for your feedback Cindy!!!
Flag Sat Jun 15, 2013
Sorry but I don't see the connection between co-hosting and open house and the inventory shortage. They are to completely separate issues.

From a listing agent's perspective, when sharing the time with a lender, there's just too much risk of getting a buyer approved for another's property.

How about this.....why don't lenders consider allowing real estate professionals to attend meetings with their prospective borrowers? Fair is fair!

Just keeping it real....

Bill
1 vote Thank Flag Link Sat Jun 15, 2013
Bill, I love that idea as well. If a lender could sponsor an event with prospective buyers where agents to bring their listing flyers, etc. Oooooh, I love that idea! If you were a CA Agent/Broker you would be the first professional on my list!
Flag Sat Jun 15, 2013
There is absolutely no correlation between an inventory shortage and having a lender at an open house. In a shortage market, I prefer cash offers, not buyers with financing contingencies. Sorry...
1 vote Thank Flag Link Sat Jun 15, 2013
I agree with Ron. Tried to do a open house with a lender and no one was interested.
1 vote Thank Flag Link Sat Jun 15, 2013
Real Estate Guy, call me directly if you have an open house and need a strong, reliable lender with Conforming and Non-conforming products. We have a 3% down program.
Flag Sat Jun 15, 2013
I agree working as a team gets best results!. I would appreciate hosting my open houses with the help of lending partners so the buyers can get help with their loans
1 vote Thank Flag Link Sat Jun 15, 2013
I don't understand either;
but no all Realtors share our feelings about Open Houses.
I've tried to co-ordinate a group of Open Houses in a short radius of mine; no one even responded.
1 vote Thank Flag Link Sat Jun 15, 2013
We should work more cooperatively in place of competitively. I have been able to get more business finished with strong reciprocal business relationships than ignoring another professional interested in working with me. You never know when you may need them in the future.
Flag Sat Jun 15, 2013
I love Hosting Open Houses with my lender. They are helpful and are an extra pair of eyes in order to provide better client service. Many loan officers will print flyers and do mailings for you too. I like to work with someone I know well and have a good relationship with.
0 votes Thank Flag Link Sun Jun 16, 2013
there are many reasons why an agent/broker wouldn't want that. I have no issue with any of the lenders we work with attending our open houses.
0 votes Thank Flag Link Sun Jun 16, 2013
Mack came close.
If a lender wants to 'leverage' the business I have cultivated, they must EARN the right.
They must send me viable home buyer or seller leads. PERIOD!
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NOTE: That is the process interruper. I have partners. You,as a lender what to wedge yourself into the circle. Referrals is the door opener. Sorry, co-advertising, printing flyers...not of any value.)
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ALSO
They must have a history of closing on time.
They must have a history of closing under budget.
They must have a history of avoiding drama.
They MUST do the job of overseeing every aspect of the lending process...application, verification, apraisal, undrwriting and keep the communication flowing.
Any lender who is associated with or is friends with a rebater takiing money from the agent is completely disquallifed..
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I use lender partners as a strategic componet of my select open houses. They have a role to play that I asssign.
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in the prospective of a real estate professional in Ca or Fl, the objectives are the same. This is a businesss, not a hobby. Even then, we always give more than we take. When I see a lender or broker doing the same, I WANT to do business with them.
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If you are ready to play ball in the Tampa Bay area of Florida, you know what to do.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Sun Jun 16, 2013
Define, "partner," Dinece?

In my experience, a "lending partner" expects a one-to-many relationship with Realtors®; they want all of our business but divvy up their referrals among many agents.

Also - the purpose of the open house, at least so far as the owner is concerned, is to sell the property. I'm not sure that setting up a satellite loan office in a house provides the sort of ambiance we typically try to maintain for prospective homebuyers . . .
0 votes Thank Flag Link Sun Jun 16, 2013
I don't think one is related to the other and I don't think you can generalize about realtors and co-hosting no matter what market conditions may be
0 votes Thank Flag Link Sat Jun 15, 2013
Carlos, I completely agree. My suggestion was to bring more information to the Open House event. I am finding Realtors who feel that having a lender present often catalyzes the prospects interest in the home. They can ask questions specific to financing that particular home. I have had prospects come into an open house I am attending with an FHA pre-qualification then call me to qualify under our Carrington 3% down program because the GFE was fat with MIP fees - upfront and projected monthly costs. Plus our company offers a down payment assistance program as well. By the time it's all done the numbers equal 100% financing. But you are right - it is not good to generalize.
Flag Sat Jun 15, 2013
The inventory shortage and wanting a lender at your open house are not related. I have done open houses with partner lenders, that I know and I trust. They are going to be an extension of my brand at the open house... so I am very careful about who I invite.

Most successful agents have established relationships... the situation you may be facing is probably related to resistance at bringing an "unknown" lender into the picture and has nothing to do with inventory.
Best of luck!

ron@select-realestate.com
0 votes Thank Flag Link Sat Jun 15, 2013
You may be right. Unfortunately, I would think most new home buyers would be hesitant to take a loan with the larger banks considering the lawsuits by the State Attorney Generals, Federal regulators and distressed home owners. I chose Carrington because they had an excellent reputation and when I was a mortgage negotiator they were one of the few that did it right the first time. Thanks for your response Ron. You have an extremely valid point.
Flag Sat Jun 15, 2013
Hi Dinece

Clearly there is some disconnect.

Realtors generally have a personal preference, to co-host with another Realtor
Or hold it open themselves or with a lender.

But a shortage of homes is not the issue.

Many times owners prefer that the Listing Realtor hold the Home Open, after determining
His seniority and years of experience.

Regards
Perry
Web Reference: http://Ruthandperry.com
0 votes Thank Flag Link Sat Jun 15, 2013
Interesting but given the licensing restrictions where a realtor can NOT quote rates or pre-qualify a home owner, why not have someone there who can answer questions about programs, qualifying matrices and help set-up and tear down the open house?
Flag Sat Jun 15, 2013
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