When Realtors give out Referrals, what reasons do they use?

Asked by Florida Mortgage Planner, Pembroke Pines, FL Mon Jun 11, 2007

What I want to know is why a realtor uses a particular mortgage broker, title company, or other referral. Is it simply because they know the deal will get done, or is it because they know the referal will be the best for that client?

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Kim Chitwood, Agent, Fayetteville, GA
Fri Jul 13, 2007
I can't speak for all agents but I can tell you my reasoning.
1. I want people who conduct business in a similar manner- that means returning calls quickly, answering their phone, go getter attitude
2. I need to know my client is going to be getting the best advice, the best rates and the deal will get closed on time as promised (there are a ton of shady lenders out there- I do not take chances with my clients)
3. The people who prove themselves to me and service my clients have earned my loyalty. I want to see them succedd just as they want me to succeed.

Hope that helps. FYI- the lending industry is especially tight on anything that even smells of a kickback so we do not make money if you use one of our trusted vendors/lenders. My use of any service is purely a need basis. I need quick response and I use people who give that.
0 votes
Barry Miller, Agent, Amherst, NH
Tue Jun 12, 2007
Its a little of both. Usually realtors( which I am one) refer people they know and trust. They want to deal to get done, but they also want the client taken care of. When I refer someone I know that what they do, say, act and how they treat my client is a direct reflection on me.

Most people I refer are very satisfied. The people I refer them too understand that I am expecting them to treat them like they were family. Give them great service, timely responses and do not overcharge them. If they fail on any of these, it will be the last referral they get.
2 votes
James Gordon…, Agent, Hamilton, OH
Mon Sep 7, 2009
Hey Florida there is a lender in my area that I give a lot of business to. The LO that I work with responds in a timely fashion to my clients. She is available nights and weekends. Her preapprovals are good. She sets a realistict expection for the buying process with the buyer reinforcing how I have counseled the buyer. They have great rates and low closing costs. Refi special with her this weekend 30 year at 5.125 and 199.00 closing costs, 100.00 recording fee. One of my clients called her at 7:30 Sunday night and I recieved an update at 8:30.

I had a client close on a home in June and we did not ask for closing costs as they were only 299.00 on a new purchse money mortgage, the tax prorations and app fee credit would cover that. The seller told his father in law ,who I have professional contact with as he is a super for a builder, that the buyers wanted the home so bad that they did not ask for closing costs. I just smiled and told him that was right.
Web Reference:  http://www.Find1Home.com
0 votes
Deborah Madey, Agent, Brick, NJ
Fri Jul 13, 2007
I want the deal to get done by the person best for the client. For example, I work with a few mortgage brokers. Which one I refer a client to depends upon the client and the property. A client puchasing a farm property is referred in one direction. A credit score challenged client is referred in another. The referral is based on the client need. In all cases, a confidence level that the job will get done is critical. I refer to those who I know will return calls (clients and mine), solve problems, and deliver results.
Web Reference:  http://PeninsulaFirst.com
0 votes
Kim Chitwood, Agent, Fayetteville, GA
Fri Jul 13, 2007
excuse my spelling typo, I guess we can't edit these things?
0 votes
Scott Taylor, , Alameda, CA
Fri Jul 13, 2007
I agree with Barry and all great agents operate that way. As a consumer you need to also be aware that not all agents are great agents, and some do operate in less than appropriate maners. It is important that you start a real estate transaction with an agent you trust. Trust is gained through time together and trials that require integrity and show character. If you haven't already started establishing a relationship you should get referrences from people you know and trust. Trust is the most important part of the relationship or some of the problems you are alluding to might happen on your deal.
0 votes
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