Need insight from a realtors point of view...

[ShaunG]

Hello everyone, I am new to this forum. I try to find as many real estate forums as I possibly can. I have a serious question I would like to ask all of you real estate agents. I am currently a loan officer at a mortgage broker firm in Cleveland, OH. I can do loans in OH, SC, CO, MI, PA, and FL. I have always worked off from leads and referals from friends. I have seen a few of my colleagues work with realtors on a normal basis. I think that if I had a few realtors to work with that it would make my life a lot easier. I have tried to talk to a few realtors in the past. I have even given a few referals. I know how to do my job and I know how to do it well. They were suprised on how fast I close my loans but I still get no referals from them.

What can I do to develop some business relationships with realtors that I have not already tried. Maybe I just picked the wrong ones to talk to? Any info would be much appreciated. Thanks!

[Chief Tutor]

I was a realtor once and tried to do the same as you would like to do however not with much luck. When I bought my house however, I called all of the people my realtor gave me and ended up using one of them. Go Figure......

Online, one thing I have seem mortgage brokers do is approach the best realtors in the area and partner on a custom real estate site. They each get a copy of the leads generated by the website. Since they are not competing, they both get the leads and their website costs are split in half.

[ShaunG]

When I bought my house however, I called all of the people my realtor gave me and ended up using one of them. Go Figure......



Thats exactly why I would love to partner up with a few good realtors. btw - nice idea about sharing the costs on the leads.

[MaxSinclair]

It's hard to approach a well established realtor when he/she has already had a relationships with other mortgage brokers. You'll need to look for a promising new comer who doesn't have a lot of ties and still trying to establish himself. Offer to partner in joint marketing programs, e.g. print ads, classifieds, internet PPC, etc.. Have an agreement that it's joint marketing. You might have better results by taking this more progressive approach rather than waiting for a referral. Just my 2 cents.

[HomeSurfer]

Like Max said, you approach promising newcomers. You meet them at open houses on the weekends.

First, pick where you want to work.

You have some valuable information with you in the form of one page informative flyer that isnt' just sales "puff." Since open houses are advertised in advance, you can prepare a "loan scenario" sheet that is tied to the sales price of that particular open house. You have at least ten copies, so they can be handed out to those who visit that particular open house.

Then they have to remember who you are, so you need a nice piece of marketing to go with that.

You have to know more about lending than who you are talking to.

Make friends with the agent you are talking to. You don't make friends just by meeting them once.

I certainly wouldn't bring up that you can do loans in multiple states, because then you sound like a telephone hack, not a lender.

You offer to prequalify their clients, and new agents aren't that great at prequalifying their clients -- so this will be welcome. Don't be agraid to say someone doesn't qualify - if he really doesn't. Sure, you can struggle with "sub-prime" clients if you want..., that is IF you want to become the local sub-prime lender (and you don't).

Once you get an agent to trust you with that step, you make sure your flyers get into that office at least once a week. While you're doing that, make sure your flyers get into nine other nearby offices. Create a route. Use the local flyer delivery guy. After months and months of seeing your name, you're not "new" anymore.

And so on and so on...

Then, when you're starting to get business...don't screw up.

Do not offer to share marketing costs because you're going to run across a RESPA violation, or you'll become known as the "guy" that will help with marketing costs - and others will expect it, too. Take them to lunch. Get business because you're good at what you do, you're personable, friendly, and their clients like you -- which helps them close the deal.

Meanwhile, as you're prequalifying clients -- some of these new agents won't yet be experienced at "closing" their own deal. If you are as good as you say, you will retain the client. Those clients ARE going to buy from some agent -- and you will be working with that agent while the deal is preparing to close. Make friends with that agent, too.

Whatever you do, keep expanding your circle of influence.

Meet ten agents belly to belly each day (face to face) -- you'll have plenty of business in six months, unless...

...there is something wrong with you.

Good luck.

[ShaunG]

Thanks again for the great suggestions...I really like to hear it coming from the other side. Keep it coming. :)

[HomeSurfer]

I'm not from the "other side." I'm giving you part of the plan I used to use to train loan officers who wanted to work purchase money loans.

[judyo]

Wow, what great answers! I've been in real estate for 22 yrs. I had a list of my top 3 loan officers & I'd give all 3 names out. Once I gave a friend's name & only his & they didn't like his processor. I'll never do that again.

I was introduced to a particular loan officer many years ago. He offered some cutting edge ideas at the time. However, I was introduced to so many agents I lost track of him & he obviously grew on his own.

The top agent in my prior office mentioned him several times a couple of years ago. My prior top loan officer (liked his company more than him) left the business so I felt the need for a new loan officer to add to my list. I decided to give this other guy a try again & was so pleased that he is now my #1 loan officer.

I still offer 2 other choices & put him as my #1 person. I do have to say that I wouldn't mind getting a couple more names as I'm not 100% happy with my other 2 choices. One is a friend that recently switched companies (again, I liked her company better than her service) & I've never been introduced to a new loan officer from my other favorite mortgage company.

However, I'm really not interested in hearing everyone's spiel. I'm switching real estate companies soon and will certainly investigate any preferred mortgage companies they deal with. So sometimes we old-timers need to move on but we also don't want to be pestered.

Also, I work mainly from home & rarely go to my actual offices. So if you had my office on your route I'd probably never get your information. But there are still many traditional offices around that you could try to meet agents at. Best of luck.

[pgodbey]

I see most realtors in here are proficient in their knowledge of real estate. I would like to know if there is anyway someone could give me information on how I could get help with getting financial assistance for real estate courses. I would really like to do an internship. But, I am not totally sure how that works. I am young and energetic, not to mention, I am professional and organized. I am a goal getter. I will not stop until I succeed. Does anybody know any real estate companies in Arizona who do internships??? I am open to any and all suggestions and information that could help me. I also would like to say that this information would really, really help me out in my life. I now have a daughter and a family to support. I work jobs that pay seven dollars an hour and eight dollars an hour and that is not cutting it. I need some kind of training and certification and some way to make more money. But don't get me wrong I am not in it just for the money. I will also meet my goals and my dreams in the process. :)
My email address is pgodbey1151@msn.com.

Thank you
pgodbey

[Chief Tutor]

I have not done an internship as I don't really believe in them unless they are short term and paid.

Having said that, I would look for a team. I know that Keller Williams works with a team concept. Teams allow you to be apart of a group that is does high volume sales and will allow you to learn at a faster rate than working with one individual.

Just my two cents...

[llaflamme]

We have lenders come by during our morning meetings, if they have something special to talk about such as being able to finance older manf. homes or new construction financing and they bring donuts and had out flyers, then come back and follow up wth each us. Take a realtor to lunch, that always helps then you get some one on one time with them and you would be surprised how much that helps.
Just stopping by the offices keeps you in their thoughts and you will get calls, it takes a little while.
Lori