Mortgage Broker Basics: Understanding the Loan Officer and Real Estate Agent Relationship

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November 1, 2018 | By RGR Marketing Blog

Good Relationships Are a Must in the Real Estate Industry

The real estate industry is one that is fueled by relationships and referrals. An example of this is the fact that most real estate agents tend to use select loan officers. They stick with the same professionals because they like and trust them, and as is often the case, they have each other’s best interests in mind.

Loan officers need real estate agents and vice-versa. Loan officers need agents to keep their business volume up, and agents need loan officers to sell homes. For these reasons, it is crucial for a loan officer to be comfortable with the real estate agents they work with.

If you want to improve your relationships with real estate agents in your area, then here are seven things you should start doing.

#1: Find Like-Minded Agents

Real estate agents come in all shapes, sizes, and attitudes. To build a good relationship with an agent, you should look for those that have a like-minded approach to the industry, customer service, and success. It is important for both you and the agent to understand that you’re both on the same team and that you’re both working toward the same goal of selling homes. Ego has no place in this relationship.

#2: Be a Proactive Partner

If you’re processing a loan for a real estate agent, you shouldn’t wait for the agent to contact you for a status update. Immediately upon the approval, you should reach out to the agent and notify them. This keeps your agent happy and it speeds up the sales process.

#3: Be Accountable

Things don’t always go smoothly for a loan officer. There are some instances where a borrower’s information changes or mistakes are made. It is important for you to be honest and accountable with your agents. Don’t hide or not take your agent’s calls. Own up to the mistakes and get to work on fixing them.

#4: Communicate Clearly and Often

Communication is essential for any strong relationship, and this one is no exception. Both parties always need to be abreast of the situation, so everything can proceed on schedule. The last thing you or your real estate agent wants or needs are surprises.

#5: Be a Valuable Asset

It used to be common practice for loan officers to sell their services to real estate agents by buying them lunch or having food or gifts delivered to their offices. While this might be acceptable during the holidays, it should not be a part of your everyday practice. You will build better relationships simply by being an asset. You can do this simply by being a reliable source of information and advice.

#6: Know the Market

You can wait for real estate agents to contact you, or you can know the market and reach out to agents who might be looking for your unique set of products. In doing so, you can help make an agent’s job a lot easier and less time-consuming, and that’s something any agent will appreciate.

#7: Use Social Media

Social media is a quick, free, and easy way for loan officers and real estate agents to help each other. It allows for information and opportunities to be shared, thus encouraging an open line of assistance and education. It also allows both parties to repost each other’s content, so they maximize their exposure and increase the odds of landing business.

Work Better by Working Together

Having a stable of real estate agents working with you is one of the keys to building a mortgage business that endures. Deliver a great product, be honest with your agents, and be an asset to them, and your business will see its volume increase.

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Good Relationships Are a Must in the Real Estate Industry

#1: Find Like-Minded Agents

#2: Be a Proactive Partner

#3: Be Accountable

#4: Communicate Clearly and Often

#5: Be a Valuable Asset

#6: Know the Market

#7: Use Social Media

Work Better by Working Together

Start making more
money today!

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Good Relationships Are a Must in the Real Estate Industry

#1: Find Like-Minded Agents

#2: Be a Proactive Partner

#3: Be Accountable

#4: Communicate Clearly and Often

#5: Be a Valuable Asset

#6: Know the Market

#7: Use Social Media

Work Better by Working Together

Start making more money today!

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