Relationship Between Mortgage Professionals and Realtors

Building Relationships with Real Estate Agents as an Independent Mortgage Professional

Independent mortgage brokers and real estate agents are the essential actors in the house purchasing and financing sector. Therefore, it is critical for each to take the time to create solid connections with one another.

Realtors may help you grow your business, so attempt to develop a network of realtors and stay in touch with them on a regular basis. Most home-buyers start by finding the ideal real estate agent and then looking for a mortgage professional.

While we recommend this or not, is another thing, but this is the standard procedure.  If the majority is following through with it, then you should build a closely-knit relationship with a realtor.

Mutual Benefit

As you begin to build more relationships with real estate agents, remember to make the relationship based on give and take. Real estate brokers are also on the lookout for new businesses, so find out how you can provide considerable value to them—referrals work both ways.

Realtors are not going to meet you and receive your rate sheet, and bring you clients. The more you distinguish yourself by going above and beyond for them, the more probable it is that they will refer their buyers to you.

Perhaps you can make the deal better by showing them the ins and outs of modern mortgage application technologies.  This can get them to the closing table faster, keeping them up to date on mortgage rate trends. Or you could refer them to a friend who is looking for a home.

Listen and Make Yourself Heard

Communication is essential and can make or break any professional relationship, particularly one with a real estate agent. Don’t, for example, wait for a representative to call you to inquire on the status of a loan.

Keep them informed throughout the process by being proactive. Even if a loan is held up or has no significant updates, notify the realtor because their buyer is certainly asking for an update.

Similarly, make sure you are the mortgage expert, your partners and their buyers go for. It is your obligation not just to keep everyone up to speed on the loan progress, but also to lead the borrower through the full process from pre-approval to close.

Accountability

Not every loan will be completed without a hitch. Instead of making excuses or shifting responsibility, devise a remedy and communicate with your realtor as soon as you realize something isn’t going as planned.

In these cases, the worst thing you can do is keep the real estate agent in the dark. Showing accountability and showing that you’re working on a solution is preferable to hiding from a problem.

This will not only create trust, but will  emphasize that you are doing all possible to close the loan as quickly as feasible.

Conclusion

A mortgage broker is worth his or her weight in gold. They provide a critical service when it comes to navigating your home loan options, so their profession is heavily regulated.

Every state has their licensing requirements, but all mortgage brokers are trained, bonded, and act with your financial interests in mind. However, for increasing their clientele, they need to build strong relations and a powerful network, that should preferably include a lot of realtors.

Spend some time researching local real estate agents in your region. How can you assist them? What added value can you provide? Making this kind of effort will distinguish you and put you ahead of the competition.

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