Ever Hear The Team, “Grin & Bear With It”?
Loan Officers and Real Estate Agents, need to work closer these days, because the two could really propel one another and create more leads, smooth out any questions and in the end, make more money.
Loan Officers and Real Estate Agents usually have the stigma of not working well with one another and we’re perplexed on what that seems to be the case most of the time. Loan Officers need homebuyers and of course Real Estate Agents need homes to sell… why is there a separation? Just because there are two different departments, does not mean the other side doesn’t know the process.
Let’s face it, selling a home isn’t the easiest thing to do and it’s a tough market. Loan Officers have just as much as a hassle actually. Can you imagine all of the paper work they have to fill out on the daily and all of the regulations and laws they have to know?
If you want to make more money in the end, it’s about building a strong bond with one another, even though, dealing with some people might be a major pain in the rear!
Here are four tips, to help you build a foundation and improve your interactions with your fellow Real Estate and Loan Officers.
Find Out How You Can Stand Above The Competition…
1. Realize you are on the same team.
Just as it is in any profession, there are real estate agents out there who can be a real pain to work with. They can be overzealous in their approach, and maybe even pushy in their demands on behalf of their clients. You may even run into a few who are just plain unpleasant. 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. You may be surprised at how many are eager to work with you! Real estate agents ultimately want to make their clients happy, and they will gladly push business your way if they know that you are there to help them do that.
2. Be accountable.
Your work as a loan officer can be complicated and unpredictable. You may not always be able to do what you want to do for the people you are serving, no matter how much you like them or how motivated you are to foster your relationships with them. However, any good real estate agent will understand that you have limitations. As long as you are honest about what is going on, and are accountable for your part in it, you can still develop strong business relationships even when things do not go according to plan.
From your first interaction with a real estate agent, be clear about what you can or cannot accomplish. Set realistic expectations for everyone you are working with. You may work hard to get a certain result, but be unsuccessful. Whatever the outcome, remain clear with the real estate agent about what is going on and what you have control over. 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.
3. Establish a system for communication.
Communication is just as important as accountability. Real estate agents and their clients eagerly anticipate news from you, and the longer you go without communicating, the harder the situation becomes for the agent. Your work as a loan officer is fairly mysterious to the borrower, and that makes it easier for you to deflect questions from potentially frustrated buyers who are wondering what is going on with their loans. But the real estate agent is often directly in the line of fire when things take too long, or go badly, during the loan process.
It is an unfortunate reality that many loan officers avoid such communication, either because there are no changes to report, or because there is bad news that they would rather not deliver. When the loan officer falls short in communication, the real estate agent is left to pick up the slack. One of the ways a loan officer can work better with real estate agents is to provide relief to the agents you are working with by keeping up regular communication. Just checking in once a week by email with an update on loan status can be helpful. Calling once a week is even better!
If you have a system in place for communicating with real estate agents, and you make this system known to the agents you work with (and follow through with what you say), you will stand miles above the majority of loan officers. When you stand out, referrals come to you, and with those referrals an increase in your loan volume. If you run into problems with a particular loan and know the mortgage is going to be rejected, make sure you have some alternatives you can discuss with both the agent and borrower. This shows the agent that you are not just concerned about your own pocketbook, and that you still want to help get to the final goal.
4. Use social media to help each other.
One of the best things both real estate agents and loan officers can do to communicate more effectively and grow their brands is to have a presence on social media. Today hundreds of thousands of people are using social media to stay in contact with others in their industry. Social media is a great place to grow and nurture relationships with others in your field.
Real estate agents and loan officers who engage with each other on social media create opportunities for both parties to be more successful, for example, by mutually sharing content that is beneficial to one another. Let’s say you are a mortgage broker and have just discovered this compelling article on 3 ways to avoid mortgage insurance (and what it will cost you). Some of the real estate agents you work with on a regular basis, who you are also connected with on social media, can share the link in their own social channels. You of course would return the favor when they write something of their own. This is very powerful and a win-win for both parties. The more you can help each other out using social media, the greater chance you both have of seeing business grow.
For More Information On Loan Officers Or If You Want To Know How You Can Join Our Growing Team…
Article Source: Loan Officer Hub