The DO's and DON'Ts of building relationships with Real Estate Agents as a Loan Officer
Posted by Eric Skates on
Building relationships with real estate agents is one of the most important things a loan officer can do to grow professionally. When building a relationship with an agent, we've compiled this list of DO's and DON'Ts to guide young or new loan officers in the industry. Check them out below!
Demonstrate Your Industry Knowledge
The mortgage industry is constantly adapting and changing, new loan programs pop up seemingly out of thin air, and rates are constantly changing; real estate agents appreciate your expertise and knowledge on loan products. Try and be a resource to the agent and they will bring you more business because they see you as an expert.
Add Value with your Marketing
Agents get so many emails from so many lenders everyday, consider taking a different approach than just asking the agent for business. Ask if they have any buyers that have unique or special needs for their loan program to purchase, or offer to join them at an open house to provide your lending expertise to any buyers that may have questions.
Grow Your Social Media Presence
With real estate agents being so dependent on referrals to drive their business, many agents today are focused on building their brand and finding new ways to get in front of customers. Loan officers can benefit from building their own social media presence and then offering to help promote an agent's listing or open house event, etc.
Back Up Your Claims
At the end of the day, agents are always looking for loan officers who can deliver on promises and provide quality service, don't make promises you can't keep.
Be a Local Presence in the Community
Real estate agents appreciate when a loan officer can meet face to face with their clients. Focus on networking on the local level with community organizations and local chapters of national organizations like NAMMBA or NAHREP.
Crash Their Open House
If you're invited to an open house by the agent, then of course attend the event, but if you haven't been invited some agents may feel it is disrespectful if a loan officer just shows up.
Make a Promise You Can't Keep
Honesty is the best policy, you don't want to let down an agent before you've even built a relationship with them - under promise and over deliver is the best policy.
Rely on Cold Emails
Agents are constantly getting their email inboxes filled up with cold emails from loan officers, consider moving your efforts to other digital mediums like social media. Interact with agents online, share their content, like it, comment on it, etc. This will help you stand out when you meet them in person and they will appreciate your engagement.
When you first meet an agent, don't push loans or start creating appointments or meetings. Your first goal should be to establish trust in the relationship.