Loan officers can take a few steps to help build stronger relationships with real estate professionals to increase volume and bring in future leads, wrote Bill Gassett, a real estate leader, in MGIC Connects.
Professionals from different areas and levels of the real estate and mortgage industries partner with one another to further their chances of getting ahead, respectively.
But, sometimes partnerships end. Sometimes, they just don’t work out.
Real estate professionals are looking for strong, dependable partners to help them co-market and expand their reach in the field.
However, not all loan officers are able to provide that. That can be frustrating, because one person, one agent just can’t do it all alone. Even if they appear to be managing, sometimes that’s not the case.
As a loan officer, there are simple things you can do to help foster a strong working relationship with real estate professionals.
Do Your Research
Before starting that process, though, find out who you want to partner with.
Real estate professionals who drive their own leads and create their own business make ideal partners.
They should be qualified and knowledgeable about their market so that you can feel confident delivering leads as appropriate.
That doesn’t mean you constantly funnel leads their way with nothing in return, however. A partnership should have equal weight distributed on each side.
If one person seems to be the key driver in the race, maybe it’s time to take a different route.
“One of the ways a loan officer can work better with real estate agents is to approach them like you are both on the same team,” Gassett wrote.
This approach is a mindset. You go in thinking that you are on the same page and in it for the same goal.
Be Realistic And Accountable
Gassett said you’d be surprised how willing real estate agents are to create that ideal partnership. But, like any other relationship, this process takes time.
“Long-term relationships with and referrals from real estate agents help loan officers keep volume up, which means it is important for loan officers to know how to cultivate these relationships,” Gassett wrote.
“Accountability is a must if you want to attract the best real estate agents," he said in the article. "The kind who can make a huge difference in your loan volume.”
The business can take turns that are unpredictable. When you walk into the office, you could be putting out a fire that day or seeing some serious volume come through. There are peaks and lulls in your partner’s office too.
Gassett said it’s important to remain open to finding solutions in this sort of environment, while also proving to be dependable, because real estate professionals need that in their business lives.
During your first conversations with potential partners, establish what you’re able to provide. If you know flat out that you’re not going to be able to bring up your end of the deal for some things, then tell your partner that.
Being clear is going to help the relationship.
“Any agent worth doing business with will appreciate your honesty and accountability, and will want to work with you in the future because of these qualities,” Gassett wrote.
When agents have a clear understanding of what to expect from you, there are fewer surprises in your daily business.
Communicate. Communicate. Communicate.
To get there, Gassett advises establishing communication channels and keeping them open. Communication is primarily mobile.
A quick email once a week is manageable enough, but if you’re constantly on the go, send a text, call your partner or tweet at them.
Any sort of update and communication is going to help ease any potential frustration that comes from the unknown.
Some of those communication channels include social media. While you might not want to talk business over these public platforms, these are still good places to help one another.
Growing your business on social media is an effective way to extend yours and your partner’s reach.
You can connect with people from all over, and more importantly, you can connect with people from your markets.
By interacting on social media, you can both turn over followers, friends and connections to each other to help grow your businesses.
Also, this is a place to clearly show your working relationship with your real estate partner, which helps potential clients see who they will be working with in the near future.
“The more you can help each other out using social media, the greater chance you both have of seeing business grow,” he said.
Relationships Grow Your Business
Your partnerships become stronger from taking these steps. As you’re reaching out to your next partner or looking for more ways to further your existing relationships, keep these recommendations in mind.
Gassett’s recommendations aren’t time-consuming projects, nor are they overly strenuous.
They are relatively simple actions you can use to meet your partner halfway and get moving toward the future together.