Sunday, January 17, 2010

What is a better way to build strong relationships with realtors?

Realtors have so many loan officers tugging at their feet, I was just wondering what the best way to do business with them was.What is a better way to build strong relationships with realtors?
I hate realtors.What is a better way to build strong relationships with realtors?
Know your product and get with a company that offers programs that other don't or can't. I like working with one lady because she can get mobile homes done when other lenders want to end the call as soon as you mention them. But above all of this, be available and keep the agent informed as the deal progresses. I hate it when I'm in the middle of a deal and the lender seems bothered by my calls. I watch over every step of every deal so no one drops the ball. As for the people who answered they hate Realtors, they just have not worked with a professional who does not have to lie and cheat.
As an LO I was hoping to find some good ideas here for myself. Depressing answers. Here is what I see. A realtor is not going to send you buisness after stopping in there office once with a flyer on your rates. You have to stay in front of them. I go to open houses where they are somewhat of a captive audience. Bring a little soft sided cooler with some sodas. Offer to print out some marketing flyers specific to their homes.

As mentioned have something different. I always believe you get what you ask for. If you ask for the junk loans and manufactured (manufactured are not as hard to get done as everyone thinks) homes that is what you will get. Remeber, they are people just like you and aside from sending them buyers it is hard to get realtors to listen.

Go to your closings. It allows you to be face to face with the realtors again, be available to answer questions of the borrowers again which goes along way to getting them to refer buisness. Do something nice for the customers at the closing. I always try to bring a bottle of wine or another small gift. Goes along way.

Have a home buyer seminar ALONE and then use the leads you get to refer to realtors you are working on. The biggest thing is to stay available. Don;t be bothered if they call on a saturday to get a preapproval. They work weekends you should too. Ask the realtors what you can aside from sending them buyers to help them generate buisness.

Just remember when go to meet the realtors that is a position game. Try to get into the rotation of lenders they use. Do a great job when you get a chance and you will get used again. After you get a loan get it closed ASAP and send the clear to close approval to the realtor 2 weeks early if you can. They love that. Ask the realtor to use you for their backup if they have a good relationship with another lender. Don't be afraid to be the number 2 guy for awhile. If something goes wrong with their number one then there you are. Good luck.
ITs not going to happen. Every Realtor that is in the business for more than 6 months already working with thier or thier brokers favorite LO -that is an almost impossible nut to crack.

Successful LO'S and Realtors will gladly trade leads with each other - but then you come to the age old question that we are all trying to answer ';how do you get the clients in the first place';.

My suggestion is this - save your money - the only REaltors you are going to get by taking them out to lunch are the broke agents wanting a free lunch. Instead focus on open houses (realtors will gladly let you sit in them, and consumers would rather talk to an LO than a realtor anyway) and try advertising direct to the consumer -any buyer leads you have trade them and start a realtionship with a local top producer.

As a Realtor myself use the golden Rule. Treat others as you would like to be treated.

Be loyal, Be on time, Don't jew on commissions in fact ask to pay 1/4 to 1/2 % more than the agent asks, Don't be a Sunday Looky lou just out for a ride in the country,

If you don't like your agent break it off as there are lots around looking for business...
Go beyond best rates...differentiate yourself somehow, through better service or some other way to make yourself stand out.
good luck!!! it's a harsh harsh world for an LO and developing a good relationship w/realtors is near impossible. Most broker's (i work for Coldwell Banker) have their own loan offices they deal wtih and really don't want to hear an LO nagging at them about ';we're better and i can do this for you.....'; so on and so forth. Maybe send out monthly emails, or go into certain offices with fliers.....not saying it will help cuz we just throw away what ever fliers we get from LO's but maybe it'll work for you.
Lie and them...
LO are always begging for business. Yet, when they get the business, they don't refer because his/her spouse, friend, family is a Real Estate agent, and they keep all the leads. LO are a joke. They control too much of a deal because you can't purchase a home without $$$$$$$$$$.
Take one out to dinner. While you're eating, rub your hand down his or her thigh. That will help heat things up. If he/she doesn't slap you, you're good to go.
Learn to do real estate yourself. Most agents are only interested in two things: Certainty the loan will be ready and what's in it for them. Best deal for the client never enters their calculations.

It is much easier for a good loan officer to learn real estate than for an agent to learn loans!

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