Last week I was in Las Vegas at a private mastermind with some of the brightest people from around the world. I spent two days locked in a 9,000 sq ft home with nothing to do but make money with money making people. I spent quite a few hours with the members asking them questions one on one.
The reason I went was to find out how I can better help you!
I’ve spent the last 2 years building up a reputation in the real estate niche as a social media expert. Agents from all over the USA and Canada practice my methods of selling homes on Facebook and YouTube. I’ve managed to sell $100s of thousands of products and services to real estate agents. That’s no easy feat my friend. Realtors are constantly being pitched, and they only buy an average of 1 out of every 26 products pitched to them. At the height of our POSTfuser product we managed 72 Realtor’s personal Facebook page on a daily basis. Needless to say, I’ve built a good sized list of responsive agents. These Agents are honest and don’t sugar coat sh*t. I say all of this to let you know how I came across the information I’m about to share with you. I recently surveyed 50 top producing Realtors and asked them, What is the #1 thing they wanted from a mortgage person? Some of the answers I got back were really harsh. Turns out, some Realtors dislike Loan Officers with the same passion some Loan Officers dislike Realtors. It’s really a cats and dogs relationship. You can find this same scenario at any car dealership between the finance guys and sales guys.
The number #1 answer was “I want my loan officer to stop telling me how to do my job.” Before I give you the other top answers, let’s dissect them one by one. The facts are the facts. A below average Loan Officer sees twice as many transactions a year as an above average Realtor. Agents hate to admit it, but numbers don’t lie. The average LO does 2-3 loans a month. The average Realtor does 1 deal every 2 months. Agents need your help! They don’t want it though. You have to demonstrate a reason for them to want your help. Instead of pointing out their mistakes and telling the Agent how things need to be done, just do it for them. Delayed gratification pays the bills. Trust me. Don’t brag about it or boast about what you did. Just do it. The easier you make life on the Agent the more likely they are to keep using your services.
The #2 answer was “I want my mortgage person to answer the damn phone.” Let me first say I am disgusted and shocked that this would even come up. As much as Loan Officers bitch about Agents not answering the phone, how could Agents have the same problem? Easy. Your competition sucks! These days, business is all about information and communication. We have social media, text, email, voicemail, snail mail, phones and a million other ways to communicate. Why in the hell would anyone in sales avoid contact from their customers? That sh*t cray…
The #3 answer was “I want them to help me grow my business.” Now in the context that most Agents wrote this answer, I think they meant pay for advertising and stuff. A skilled Loan Officer can get around having to pay a dollar if they know what they are doing on social media. There are many ways you can bring benefit to an Agent that grows their business but does not cost you money. Help them make YouTube videos. Teach them how to write blog posts. Share their listings on Facebook and LinkedIn. All these little things stir up action. Even if you never make a sale for them, the Agent will see you taking action and want to send you business. So after reading all 50 surveys and organizing the top 3 answers, I am amazed. I’m amazed that there is so much wide open opportunity and so many Loan Officers dropping the ball. It almost makes me want to go back into originating. Instead, I’ll just continue to help the LOs I do work with take over. Here’s the deal:
Your competition is weak. I don’t care what part of the country you are in. Your competition is weak. That top producer you see that you are scared your gonna lose your Realtors to is weak. The problem is that you just might be weak. Being weak is a problem that can be fixed. Weak people just need to work out and become stronger. I doesn’t happen overnight. But little steps over a 30 day period could yield you two or three new Agents as referral partners. If you’re interested in learning more about how to attract and add value to the right type of Agents fill out the form below.
FAQs
Since agents work on a commission basis, if a deal falls through, they don't receive any compensation. Hence, real estate agents prefer the peace of mind that comes with a pre-approval letter from a reliable lender. Furthermore, it ensures a smooth process and avoids any uncertainties that could jeopardize a sale.
Why do realtors want you to use their lenders? ›
Since agents work on a commission basis, if a deal falls through, they don't receive any compensation. Hence, real estate agents prefer the peace of mind that comes with a pre-approval letter from a reliable lender. Furthermore, it ensures a smooth process and avoids any uncertainties that could jeopardize a sale.
Why does my realtor want me to use a local lender? ›
Reliability. Everyone involved in the process, sellers, real estate agents, and you, the buyer, want the loan to close on time. Local and Regional lenders have a better reputation for closing loans on a timely basis.
Do lenders and real estate agents work together? ›
Throughout the homebuying process, the real estate agent and loan officer work closely together to ensure a smooth and timely closing.
Do loan officers talk to customers? ›
A consistent lender/loan officer is the one who maintains regular communication with the borrower as per their preference. It can be emails, texts or calls to your home/office. It is the lender's duty to stay connected with their clients throughout the process and return calls/texts in timely manner.
Why do realtors want bank statements? ›
It's part of the qualifying process to see your ability to get a mortgage. The statements should show that there is enough funds for downpayment, closing costs and any reserves left back after closing. They usually show your monthly or weekly deposits from employment and a record of not bouncing checks written by you.
Is it better to go through a realtor or bank? ›
Whether you should begin your homebuying journey with a Realtor or a lender can depend on who you ask. Most lenders will say that finding a lender first is a good plan, while most agents might point you toward finding an agent before doing anything else.
How do you tell a real estate agent you are not interested? ›
In-Person Is Always Better. Honest and direct communication is the number one trick to tell an agent you are not interested. Of course, there is no defined communication method for dumping real estate agents, but I think in-person communication is better.
How do you tell a realtor you don't want to use them? ›
During your scheduled call, tell your real estate agent you've chosen to work with someone else and thank them for their time. They may ask if you've signed an exclusivity agreement with someone else. You don't need to disclose any other information if you don't want to.
Can a home seller force you to use their lender? ›
Legally, a seller cant force a buyer to use a particular lender. Many home builders will encourage buyers to use certain lenders, though. Likewise, a buyer cant force a seller to entertain any offer (unless there is unlawful discrimination involved).
The Relationship between Lenders & Realtors
These days, more and more real estate agents refer their clients to trusted lenders, and these agents know which lenders are most likely to help clients in various financial situations.
Should I work with more than one mortgage broker? ›
Contact at least three lenders on your list. Don't stop with just one lender! By exploring your options with multiple lenders, you get more information about your options and get a sense for which loan officers you might feel most comfortable working with.
Can you be a real estate agent and a loan officer at the same time in California? ›
A real estate agent can be the loan officer for the same transaction when the buyer uses an FHA loan. Previously, FHA prohibited the real estate agent and loan officer from dual roles. However, on December 15, 2022, FHA published Mortgagee Letter 2022-22, revising their conflict of interest and dual employment policy.
What questions Cannot be asked by the loan officer? ›
Whether you are single, married, divorced, or widowed, is off-limits for lenders. They also cannot inquire about your family status, including whether you have children, are planning to have children, or are pregnant. "Are you part of a single-parent or two-parent household?"
Can loan officers see your bank account? ›
Lenders typically look for 2 months of bank statements from potential borrowers, which provides enough data to assess your income consistency, spending habits, account balances and other crucial financial information. It's possible the lender may ask to see more bank statements for additional insights in process, too.
How do loan officers get new clients? ›
8 effective marketing ideas for loan officers marketing to realtors
- Get your digital marketing game going! ...
- Engage through social media. ...
- Create virtual events for lead generation. ...
- Develop a strong email list. ...
- Utilize video marketing. ...
- Personalize your approach. ...
- Encourage client reviews.
Legally, a seller cant force a buyer to use a particular lender. Many home builders will encourage buyers to use certain lenders, though. Likewise, a buyer cant force a seller to entertain any offer (unless there is unlawful discrimination involved). So, it is a matter of negotiation.
Do I still need to shop around if my real estate agent recommended the lender she usually works with? ›
Your realtor likely knows a few good lenders and will give you a recommendation if you ask for one. However, there's no obligation to work with your realtor's preferred lender and you're free to stick with whichever one you choose. Be sure to always shop around and compare rates.
Should you always use a mortgage broker? ›
It makes sense to choose a broker or adviser providing a 'whole of market' service. This means they can choose from the largest number of lenders and mortgages available. However, even 'whole of market' advisers don't cover everything and there are still some merits of going directly to the lender for your mortgage.
What does it mean to be a preferred lender? ›
A preferred lender is a mortgage company that partners with a residential builder. The lender could be a bank, credit union, online lender or an in-house part of the builder's company.
