Consistent Business Tips for Loan Officers
Starting your career as a new loan originator will require some consistent lead sources. Many experienced mortgage originators will tell you hands-down, their best source for business is from Realtors.
There are two simple reasons why that is:
Realtors deal with people every day who need your services!
Realtors alone don’t usually earn a commission unless their client is approved for financing. The exception are when they represent all-cash buyers which happens a lot in California and high-cost areas in the country.
What many loan originators have been doing to work with Realtors is to establish and cultivate a great relationship. The following are some strategies where some Realtors will respond and some will not respond. The thing is you only need to have 5 to 10 good relationships to keep you busy and earning a comfortable living every month.
1. Schedule a Meeting with the Agent at their Office
Nothing can replace face to face contact. Quality relationships develop more in PERSON than they through the email, text messages or the phone.
Trust is built when someone see your face, knows your voice, gets a sense of who you really are in person. Don’t be fearful, too much of a salesperson. Just be yourself,friendly, and wanting to know them as a person and what their goals are.
2. Once you feel there is a mutual friendship, ask them to have a quick coffee. The objective here is to make a calm and friendly conversation and then you ask, “Is there anyway I can help you sell more homes?”
The agent will usually share a not so good experience and you can find a way to solve it. Maybe there’s an open house you can sit on to generate buyer leads for them.
3. Do Informational Workshops for those in your Realtor network
Have you noticed ares where Realtors are not well informed about a particular loan product? Organize a workshop and see if you can go over it with agents in nearby Real Estate Offices. Organize the meeting, with snacks, and be sure to consider some Q&A afterwards. Subject areas could be: Co-borrowers, Credit Scores, Allowable down payment funds, Self-employed borrower income and deductions… each one of these can help Realtors be more knowledgeable when the topic of income arises and multiple buyers.