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With our Powers Combined…Four Ways to Earn More Realtor Referrals
Batman had Robin. Steve Jobs had Steve Wozniak. John Lennon had Paul McCartney. And loan officers have real estate agents.
Realtors need loan officers to sell homes. Loan officers need realtors to bring them a steady stream of buyers. The way to ensure that stream doesn’t turn into a trickle—and to turn it into a rip-roaring river of realtor referrals—is to maintain solid, long-term relationships. Here are four ways to do just that!
Create Value for Their Business
Many realtors are tired of free drinks, pointless meetings, and “cups of coffee” to discuss loan officers’ new loan programs. From their perspective, all loan officers are basically offering the same products. Realtors want more clients and to increase their bottom lines. If loan officers can help realtors do that, they have a friend—and a steady source of referrals—for life. By and large, realtors are in the referral game as well. What they are selling is a homebuying experience. If the experience is a positive one, they are more likely to get referrals. If loan officers can demonstrably help improve the overall experience for consumers—explaining terms to consumers in plain English with patience and understanding, for example—realtors will inevitably receive more past-client referrals, grow their business, and improve their bottom-line.
The lending world is complicated and unpredictable. Even with the best intentions and flawless preparation, things are sometimes beyond your control. A good real estate agent will understand this, and will appreciate if you are upfront and honest with them about what’s going on. Be honest with them about what you can and can’t accomplish. By always remaining accountable for the things that are in their control, loan officers can earn trust, respect, and referrals from realtors even when things don’t go entirely according to plan.
Use Social Media
91% of realtors use social media. The best realtors tend to use it very, very well. It multiplies their effectiveness, allowing them to introduce and endear themselves to hundreds if not thousands of consumers with little effort. Loan officers can help realtors boost their social media presence—which in turn increases the chances that realtors will help them out. How can you do this? Share their content. Post on their pages. However, remember to keep it professional and business related. If a realtor you work with writes a blog post you find interesting, share it with your contacts. You scratch their back, they’ll scratch yours.
The crux of the realtor-loan officer relationship, as in any relationship, is communication. Borrowers are anxiously awaiting information from you. This makes the realtor anxious as well. Put them both at ease by providing upfront, proactive communication. It’s safer to trend towards overdoing it than underdoing it. Remember, you and the realtor, together, are selling an experience. When things take too long, or when the borrower perceives things as taking too long, the realtor is the one that is going to take the heat. If you do happen to run into a problem with a given loan, make sure to have some alternatives ready to discuss with the agent and the borrower. Altruism—showing that you care about more than just your payday—goes a long way in earning the trust and respect of a realtor.
Velocity Title Moves Your Business Forward
Velocity Title supports the real estate industry with a comprehensive line of title services that add value to each and every transaction. With a focus on the best CUSTOMER EXPERIENCE, Velocity Title incorporates leading title TECHNOLOGY and EXPERTISE into every transaction—enabling the final step in the home buying process to be EASY, EFFICIENT and INFORMATIVE. To learn more, visit our website or contact us today!