How Loan Officers Build Referral Partnership With Real Estate Agents
This BLOG On How Loan Officers Build Referral Partnership With Real Estate Agents Was Written By Apryl Boyce Of Gustan Cho Associates
There are many ways on How Loan Officers Build Referral Partnership With Real Estate Agents.
- A loan officer is like a flower in a field of wildflowers
- It takes work to stand out from the crowd
- If you want some idea of just how thick the field of loan officers is, just take a look at the map above from www.bls.gov.
- Realtors are expecting more from loan officers than to simply offer products
In this article, we will cover and discuss how to build realtor relationships for loan officers.
Ways On How Loan Officers Build Referral Partnership With Real Estate Agents
Here is a to do list in becoming invaluable to realtor partners:
- Knowledge is Power
- Study and know the product guidelines for loans offered
- Be in the know and stay up to date on industry changes
- Know the market
- Define a niche, it is great to offer a variety of lending options, however branding succeeds when having a focus
- Find realtors focused on the borrowers in your niche
- Create educational seminars to inform realtors of the options you offer or specialize in
- Team up and co-market with social media, cross promotion of websites and postcards, door hangers and flyers
- Put on buyer education events together
Be Accessible And Honor What You Say
Be impeccable with your word
Loan Officers should never over-promise and under-deliver:
- Keep communication open and timely with updates on the loan status, appraisal, docs, closing and any unforeseen circumstances
- Communication is imperative, one cannot just put a loan in the pipeline and forget about it
- Determine the best tool of communication for each realtor
- Maintain a blog or newsletter keeping borrowers and realtors in the know of market trends, changes, laws, regional happenings and relative news
- Make it personal, what do you do that no one else does? Maybe it has nothing to do with lending, ex: include family recipes in the newsletter- BE YOU!
- Do not drop the ball, get lazy, fail to lock the loan or promise the impossible
Sugar and Spice might be nice, but customer service will ensure you thrive in the lending industry rather than merely survive.
- Instead of delivering doughnuts and coffee, be the bearer of knowledge
- If government guidelines change, the local market tanks, or a new business is coming to town with hundreds of jobs, be the one to share the news
- Get creative and think of how you can team up with realtors for increased mutual success
- Bring value, honesty, integrity, passion and a commitment to each relationship and treat them as your would a seed you planted to grow a garden, because ultimately a realtor and a loan officer are working together for the good of the buyer
Lastly my number one rule is to NEVER sell out of desperation but out of inspiration. Be inspired and team up with realtors to grow together!
About Our Author Apryl Boyce
Apryl Boyce is the author of How Loan Officers Build Referral Partnership With Real Estate Agents. Apryl has been in the mortgage and lending industry for almost a decade. Apryl Boyce took some time off from retail sales as a mortgage loan originator after the 2008 Real Estate & Mortgage Crash. She has missed her passion in helping home buyers who had prior credit issues realize their dream of home ownership become a reality. Apryl has been keeping on top of government and conventional mortgage guidelines and works closely with The Gustan Cho Team both as a writer for and Marketing Consultants. Apryl will be starting full time as mortgage loan originator within the next 90 days once she gets her NMLS certification. Reason Apryl Boyce has chosen Gustan Cho Associates as her home is due to the zero lender overlay policy and business model at Loan Cabin Inc. and our ESOP for our employees. Stay tuned for more mortgage and real estate blogs by Apryl Boyce.