Top Mortgage Producer Success Secret: Arm your Agents, Teach Them Your Value!Jun 26, 2019
Real estate agents and loan officers don’t have a great reputation for getting along. In a 2017 survey of over 250 loan officers, the majority of participants showed a negative perception of real estate agents. When asked to describe the average realtor, the most common responses included: condescending, nosey, aloof, untrusting, and stressed out.
On the flip side, realtors have their own pet peeves about the habits of loan officers. Many real estate agents complain that loan officers crash their open houses without invitation and are overly pushy with their offers. Other realtors report having multiple bad experiences with loan officers who fail to follow through with their promises.
Even if your relationships with realtors aren’t bordering on dislike, you might have impersonal or distant partnerships with them. They might refer clients to you simply because you’re the only loan officer they know of, or maybe you’re the only officer who has established a local presence. However, as the industry becomes more competitive, you need to work harder to form personal connections with realtors to expand your business and stay successful for years to come.
Why Connection is Key
One of the most important steps in securing a solid, long-lasting partnership is to get to know one another. If you’re wondering why a more personal relationship is recommended today, Tim states that your realtors should know why they refer their clients to you. When your realtors know you well and understand the value you can bring to the table, the way they describe you to their clients will improve substantially. Instead of merely referring an interested buyer to you because you’re a loan officer, they’ll begin to refer people to you because you’re dedicated, hard-working, and reliable.
If your realtors don’t have a reason to specifically recommend you over other loan officers, then that partnership might be in jeopardy. The real estate agent might be less likely to refer clients to you, or they may put an end to the relationship altogether.
Ryan Grant, a branch manager with Fairway Mortgage, has a winning strategy for building trust between his real estate agents. To make sure that his partners fully understand what his job entails, Grant actually invites real estate agents to his office and walks them through the process that he would take with potential clients. Then, Grant answers any questions they might have, and arm them with other helpful knowledge about his profession.
Once all questions have been answered and the realtors feel more confident about his skills and capabilities, Grant takes it a step further by telling them exactly how they should describe him to clients. Later on, when clients from realtors have their initial appointments with him, Grant will ask them if they thought it was a valuable meeting. If so, he asks them to relay that information back to the realtor to show that he follows through with his responsibilities and does his job well.
Tips for the Long Run
When real estate agents and loan officers can work together and efficiently collaborate with one another, both of their jobs become easier and can start growing faster. These long-term partnerships require time and dedication, but the influx of clients will ensure that you won’t have to spend much time cold-calling or emailing potential leads. By following this advice, your career and your realtor will thank you:
- Recognize commonalities. If you ever struggle to get along with real estate agents, remind yourself that you’re both working towards the same goals. Realtors aim to satisfy their clients, and if they believe that you could help them purchase the home of their dreams, they will be more than happy to refer prospective buyers to you.
- Be accountable. Creating realistic deadlines and expectations is crucial for everyone involved in the home-buying process. You should always stick to your word to avoid confusion and to establish further credibility between you and the realtor. Loan borrowers often blame the realtor when things take too long, which puts agents in a difficult situation if they don’t understand why you haven’t completed the necessary tasks.
- Communicate clearly and concisely. Just like any long-term relationship, communication is essential. However, be aware that real estate agents get an average of 35 calls a week from loan officers alone, so constantly spamming their phone might not be the best idea. Set up the best method of communication for you and your partner, whether it’s through text, email, or face-to-face meetings, and remember to consistently follow through.
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