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During this time of record low interest rates, refinance business is booming. But as history reveals, this won’t last forever, and when the well of refi’s begins to dry up, mortgage lenders will be turning to purchase transaction opportunities as their primary revenue source. To capitalize on this, mortgage lenders must have already established a solid network of realtor relationships that will provide a steady stream of referral business. Read on to review some tips and strategies for building these invaluable relationships from our experts at Champion Title, one of the top rated title and settlement agencies in the DC Metro region.
Be proactive. Just like you, realtors are busy professionals. Don’t wait for a realtor to reach out for status on a file. Make sure you stay ahead of your realtors’ requests by proactively contacting him or her when a new milestone on a transaction takes place. By saving them time, you will prove yourself to be a reliable partner in their business.
Honesty is the best policy. Realtors understand that you cannot lend on every purchase transaction presented to you. When a real estate agent offers a new mortgage opportunity, make sure you carefully review the circumstances before replying you can get it done. An honest response the first time around is better than a broken promise down the line.
Be accountable. Similarly, real estate agents appreciate accountability. It is a fact that not all deals will close without a hitch. If a problem arises, take responsibility and get to work on a solution, rather than hiding from the issue.
Use technology to create a connection. There are a number of social media platforms available as channels of communication to your realtor network. Use these as an opportunity to connect with these agents by sharing any industry updates or news specific to your lending entity, thus providing them with added value while reinforcing your relevancy in the market. And don’t forget “short and sweet” video messages that add a personal touch above and beyond a standard email.
Be prepared. Once you have set a meeting with a new realtor, make sure you’ve got your “pitch” at the ready. Prepare a short speech outlining how you plan to help them grow their business and explaining your ideas for doing so. Again, creating value will place you at the top of a realtor’s list for mortgage referrals.
By following these suggestions, you will be able to expand your network of realtor referral sources while strengthening your existing relationships. Champion Title would also like to partner with you to grow your business, and for more information or questions regarding any of our services, please call us at (703) 444-4100, or visit our website at www.championtitle.com.
