How do I get in touch with bank lenders so that they can get me referrals? Is there anything I can legally offer them for the referrals in Wisconsin?

Asked by Joseph Roraff, Onalaska, WI Mon Dec 10, 2012

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Scott White, , La Crosse, WI
Mon Dec 10, 2012
BEST ANSWER
BTW, Its a RESPA violation to exchange things in exchange for referrals. The thing to remember though is that you get what you give. You won't get too many "quality" referrals if you don't also give the same. My business is 100% referral based. I've learned a lot of things the hard way. The best way to approach this is to rephrase your question, "How do I get in touch with bank lenders so that I can give referrals." A Realtor who gives me referrals never has to worry about offering me anything else.
1 vote
Scott,
Thanks! Let's meet up sometime soon!
Flag Mon Dec 10, 2012
Scott White, , La Crosse, WI
Mon Dec 10, 2012
The best thing to do is reach out and get to know them. Example: I'm Scott White. I'm a mortgage lender in the La Crosse area. Tell me a little about your business and lets see how we can exchange some referrals.

BTW -- I am a mortgage lender in the La Crosse area :P
1 vote
Edward Jones, , La Crosse, WI
Tue Dec 11, 2012
Good morning Joseph,

From a realtor's standpoint, I am constantly referring clients to various lenders which I have dealt with. Ultimately, it is the client's choice whether or not to work with a lender or lenders I have suggested to them. On occassion, lenders will come to me and ask if I would be interested in working with their client(s). I never ask for anything in return from a lender because of a referral. It is part and parcel of what I do. And yes, it is highly illegal to seek compensation for referrals from a lender and conversely. Relationships are what drive any business and especially in the area of real estate and lending, whether one is working with lenders, home inspectors, wood eating/destroying specialists, title companies and so forth. And more importantly, the customer is who we need to focus on and satisfy providing we follow code of ethics and the laws which govern our professions.

Wishing you all the best in your endeavors, Joseph.

Edward Jones
Coldwell Banker River Valley Realtors
0 votes
Linda S. Cef…, Agent, Franklin, WI
Mon Dec 10, 2012
There you go Joseph, a lender from your area that reached out to you. In answer to your question though, no, there is nothing you can or should legally offer them. It is illegal in the State of Wisconsin to exchange anything at all with a lender especially to receive business in return and for good reason.

As Scott already kind of said, the best way is to build a rapport over time. It takes time and trust to build relationships, both in business and out. There is no replacement for that..........no shortcuts unfortunately.

It's also good to have several lenders that you work with on a regular basis. It causes things to run much more smoothly when everyone knows what to expect from each other. And there are some lenders who specialize in certain areas. It's good to have an honest, experienced person to work with in all areas of real estate. So get out there and start meeting people.

And I would ask you..........who do you refer your clients to? That might be a good place to start.

Best of luck.
0 votes
Scott Godzyk, Agent, Manchester, NH
Mon Dec 10, 2012
NOTHING, you have to meet local loan officers, make a raport with them. If you refer buyers to them, they usually refer buyers who contact them direct to you. There is no short cut.
0 votes
Your business practice and professionalism when handling transactions is the best way to build that trust with local lenders.
Flag Thu Feb 20, 2014
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