What Real Estate Agents Are Looking for in a Lender
The real estate agent–lender relationship is important. Here’s how you build one the right way.
In today’s market, it’s a must that mortgage professionals build relationships with real estate agents to grow their business. In a business that’s so dependent on networking and referrals, these relationships can make or break your career on either side. So what are real estate agents looking for in a lender? Are they looking for the best rates? Do they want somebody with years of experience? The truth is most real estate agents want to work with a lender who’s going to do their job well. It’s that simple. And to show you just how simple it is, we’ve outlined a few key tips on how to become a real estate agent’s dream.
The truth is most real estate agents want to work with a lender who’s going to do their job well. It’s that simple.
rates are overrated
This may come as a surprise, but it’s not just about the numbers when it comes to creating a bond between a lender and a real estate agent. Based on a panel at a HousingWire conference in Dallas, Texas, real estate agents aren’t always looking for the best rates when it comes to finding a lender to partner with. So what are they looking for? One panelist said that “responsiveness and the ability to get a deal done” are the most important factors when evaluating potential lender partners. Many times, real estate agents care more about a smooth, quick process than getting the absolute best rates. If you focus on the experience you’re providing, you should be able to rack up the referrals in no time.
make it personal
Just like the rest of us, real estate agents want to feel special. They’re tired of the canned messages and emails. If you’re looking to build those relationships, personalized messaging is the way to go. Understand that you’re not the only loan professional that’s marketing to them. So you have to figure out a way to make yourself stand out from the crowd. Show some personality when you communicate and it will go a long way for you in establishing connections.
honesty: still the best policy
This one should be easy. Real estate agents want to know that you’re going to do what you said you would when they gave you a client referral. They don’t want to see their clients overcharged with junk fees or outrageous rates. Make your pricing competitive and be transparent about any issues that may arise during the process. As is the case with any relationship, communication is key in a successful agent/lender partnership. Real estate agents expect to be kept in the loop about any potential hiccups regarding their clients. Don’t limit yourself to just email communication. Send a text! Make some calls! It’s imperative that you keep everybody informed on the progress of the process. Communication is a two-way street. So when you’re on the receiving end of these emails, texts, and calls be sure to reply in a timely manner. Nobody wants to be left hanging, especially when there’s business on the line.
Autonomy is a valuable skill in the mortgage industry.
Take care of business
These days, real estate agents want to work with lenders that can take care of themselves. Autonomy is a valuable skill in the mortgage industry and it helps ease the burden of the real estate agent that the lender is working with. Real estate agents don’t want to carry the bulk of the load when it comes to processing the mortgage. They want to be able to pass a file to the lender and not worry about the finer details of the mortgage. When an agent has confidence in a lender to do their job and do it well, it goes a long way in building those relationships.
Do you have any tips for lenders looking to build their relationships with real estate agents? Share them with us on social media!