Mortgage Loan Officers and Real Estate Agents: Cultivating a Healthy Relationship
Real estate agents and loan officers in California rely heavily on each other. Although real estate agents may come across a few cash buyers, most of the time they require the help of a mortgage loan officer. In return, loan officers need an “in” with home-buyers in order to keep their business afloat. As you can see, this relationship is very dependent on the success of both parties which is why you should pay attention to these tips:
In every profession, there is always that one person that takes more than they give. Don’t be this person. As we pointed out before, loan officers and real estate agents must work together in order to close deals. By realizing that you’re on the same team, all competition and unsportsmanlike conduct flies out the window. Real estate agents and loan officers always want their customers to end up with a smile on their face so if this happens, you could both end up on each other’s referral list.
Open lines of communication
Like any relationship, communication is key. Real estate agents and their buyers are not the most patient, especially when a large financial commitment is involved. If you are a loan officer, consistently touch base with the real estate agents you work with. Even if there is bad news or no news at all, a quick phone call can make a world of difference in the eyes of a real estate agent.
Honesty and accountability
As a loan officer, holding yourself accountable is crucial when it comes to communicating with real estate agents. Although you may not always be able to come up with a solution to their client’s problem, take full responsibility and thoroughly explain your roadblocks. Both parties must set realistic expectations and build trust upon one another. I recommend to check my site for more information on keeping a steady income and its benefits.
Social media has changed the game for loan officers and real estate agents alike. At Jcap Private Lending, our favorite way to stay in touch with business contacts is through LinkedIn. By sharing useful information that helps out other loan officers or real estate agents, you could become the “expert” in your field. This will grow your referral list in no time.