Real estate agents and mortgage loan officers both play key roles for home buyers. That makes them potentially valuable partners.
Unfortunately, agents and loan officers don’t always find it so easy to strike up relationships that are equally beneficial for both parties.
The good news is that it’s definitely possible for mortgage and real estate professionals to work together effectively. Here are three tips for loan officers looking for some profitable partnerships.
1. Think Like You’re on the Same Team
It really helps for real estate agents and loan officers to think like they’re on the same team… because, well, they kind of are.
From the mortgage professional’s perspective, it can be easy to start seeing agents as the enemy. They often pursue their clients’ best interests with overzealousness.
Maybe you’ve had some contentious relationships with agents over the years. Maybe there are even a few you can’t stand working with. But, if you think about it, there are also probably some people on your own team that you have conflict with from time to time. Ultimately, you still need them to win in the end. The same is true for potential real estate partners.
Establish Regular Communication
Inconsistent communication is probably the biggest barrier between a loan officer and a realtor trying to form a valuable partnership.
Agents will tell you that it’s usually the loan officer that’s to blame for gaps in communication. Maybe there’s no news to report on the status of a loan, or maybe there’s bad news that the lender is hesitant to share with the agent or the borrower. Either way, it’s the agent that’s probably hearing it from the client during those stretches of no communication.
The biggest thing a loan officer can do to develop deeper relationships with agents is to prove at every opportunity that you are a prompt, consistent communicator.
Become a Social Media Wizard
Real estate agents have to be great at social media marketing. They spend a lot of time and effort on building social followings and marketing their listings through platforms like Facebook, Twitter, and Pinterest.
Sadly, not many mortgage brokers approach social media with the same zeal. That’s a huge missed opportunity to connect with realtors, do some favors, and earn trust in ways that just wouldn’t be possible offline.
If you first become a bigger part of a real estate agent’s online social sphere, you’re on the right track to becoming a part of their professional sphere. That’s when deeper relationships form and referrals start happening at a higher rate.