Tips for Building Realtor Relationships
The real estate industry is dependent on strong connections and relationships. In the mortgage industry, it's known that those relations are what build and expand business leading to greater overall success and a much more efficient loan process. In a market dealing with the effects of the pandemic and an abnormally tight inventory, it can be challenging for lenders to establish and build these critical relationships. Having a plan and working toward the execution of that plan can ensure success with such relationships.
Here are a few tips that will help...
Be Proactive in reaching out to establish and build long-lasting relationships with realtors. Don’t sit around and wait for an email, LinkedIn request, or call. It's up to you to reach out and establish a connection. Use all social media platforms available to connect to professionals. Try using LinkedIn to find, connect and message possible industry connections. Don't be afraid to extend an invitation, networks can be built with contacts you follow or contacts who follow you. Never wait for someone to find you.
Credibility and Honesty
The current lending market is overly competitive and technology has only made the world move faster, at least where the mortgage industry is concerned. Every and any lender can originate a loan for an agent. Pricing can be negligible SO... service, credibility, and honesty will win the day in the current environment. Don”t make promises you can keep, and be honest about your decisions to process the loan.
Managing expectations with clear and understandable requirements and time frames make the process so much more collaborative and reliable to your borrowing clients and goes a long way to easing the tension that buying a home can create. Don’t take on business you can’t handle. Refer a business that you cannot service to another agent that is part of the network you are building if you can't close the deal. If you help others, in the future, they will just help you! That is how successful networks operate.
It is a challenge to connect with people on a personal level. Introductions can be awkward and meeting new people is never easy. It's important to get creative to build connections in these times of an abundance of remote workers. Try incorporating virtual happy hours, calls, and market updates in your meetings. Use technology as an everyday part of your plan. The days of face-to-face are not gone, they have just gone online. Necessary use of technology including Zoom, Meetings, and FaceTime should allow you to establish and build a modern relationship with realtors.
You shouldn't try to create value for yourself by giving cliche gifts and goodies. Be the expert. Impress a realtor by showing your market knowledge and highlighting the success of your recent and past deals. You will be way more credible and showcase your confidence. Knowledge is power! Stay up with current trends, terms, rates, fees, regulatory requirements, and any other parts of the loan process that may affect your deal.
Always be Prepared
Be prepared... as the boy's scouts say. When it's your time to address and speak to a realtor, prepare your pitch in advance and be ready with the reasons why you help grow their business. Make everyone you deal with want to be part of your network. Don't Arrange a meeting with little preparation. First impressions still go a long way, make sure that it's going the long way in the right direction.
Use Social Media
Social media is one of the most powerful tools for connecting with others. As mentioned above, LinkedIn is a great way to message possible agents, but you should also be active and update your social media on a daily basis. Post helpful articles that demonstrate your knowledge of the mortgage industry. Create a strong profile that highlights your experiences and professional accomplishments. This will help attract realtors, and will better convince them to do business with you.
Focus on Staying Local
Many times realtors will be more inclined to work with lenders who are local and have knowledge about the area. Focus on establishing meetings with local agents, so you will have a better chance of understanding the local market and building a connection. Try joining or following local social groups online. This should help you connect with local realtors, residents, trade professionals, and many others that may be helpful in the overall loan process!