Real Estate Blog - Don't attack me with your loan program...attack the buyers!

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Don't attack me with your loan program...attack the buyers!

Don't attack me with your loan program...attack the buyers!

Why are you calling me, the REALTOR(R) with your great loans? You can get me a great FHA with a measly credit score of 530...that's great for you...advertise that in the paper or somewhere, however, I don't refer customer's to anyone...I merely suggest they get a few different mortgage opinions.

After all isn't red-lining illegal?

I don't want to be involved in any way shape or form on the mortgage side of real estate...It's not my job, it's not my forte...the only thing I want from my customer is a great pre-approval letter.

That being said, Mortgage lenders, banks, mortgage brokers...please reach out to the customers, not the REALTORS(r), as our job is to find a great home for a buyer, not to "steer" them to a mortgage company.

When you call me and solicit me and ask me for customer's information, etc...I delete your phone number.

My job is to satisfy my customer and find them a home.

Please respect me for my position.

Do you, my fellow REALTORS(r), refer to Mortgage brokers, banks, lenders?

Do you feel the same, or am I wrong?

http://KarenMonsour.com, 954-464-4194

Posted by Karen Monsour,REALTOR® Broward,Palm Beach,Miami/Dade! 954-464-4194 anytime! on 05/02/2009 09:08 PM

Comments (16)

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16 Comments on Don't attack me with your loan program...attack the buyers!

MAY

I refer clients to good loan officers that get the job done at a reasonable cost. I hate the gougers

I agree leave the loan to the lender leave the home sale to the REALTOR

Most of my buyers need contact info for lenders, I give them contact info for several and let them make their choices. I do not recommend. I only hand out info of several. I consider that to be part of my job, just like giving them info on schools, parks, utilities, etc.

I am going to be a contrarian. I do have a favorite LO because he is THAT GOOD. If I get a call or have a buyer that is unattached to a lender I just get permission for him to call them. He calls and either it is a go or not. No waiting for someone else to call the lender.

Yeah..and if I get one more phone call from one of these people telling me that they are "getting in touch with AGENTS in the area to give them business" I'll scream..what are you going to do for me..?

Russ,

You know it. I don't do mortgages, here's a few that you can choose from if you need a list...

Eric.

Right. I don't do mortgages and they don't do Real Estate...let us both be professionals in our specific arena.

Judi.

For schools, etc. I refer them to the County web site. I do not offer opinions. If they need a lender, I give them a list of people that I feel are good, other wise I tell them to try their own bank.

Renee,

I have my favorite too...however, I give them a list...and his name is at the top.

Konnie,

I just got a call tonight from someone that saw me on AR...I can get you an FHA with only a 540 credit score...CALL ME BACK QUICK HE SAID...

MAY

Karen, perhaps it's because you are renting and don't own a home that you are getting the more personal calls regarding mortgage information.

I agree though that the calls are getting tiresome. If I need a mortgage lender to recommend to buyer clients I already have several that have proven themselves over the years to be good and trustworthy.

Karen - First of all, let me say, that really good mortgage professionals don't call Realtors they don't know, trust and/or respect in an effort to generate business. Personally, any mortgage professional who does that is either desperate for business or some newbie who is just doing what they're told. I speak from experience when I say this. How do I know this? Because nearly eight years ago when I was a newbie mortgage LO, my broker told me to do that. Needless to say, I learned very quickly that is not the way to generate new business.

I learned very quickly that the best way to impress a Realtor was to have them watch me work. That being said, the best way to get a Realtor's business is to do my job and do it well. When I learned how to do that, I learned I didn't have to ask for the Realtor's business, they willingly referred it to me. Over the years, as we (the Realtor & I) developed a mutually trusting and respectful relationship, we were happy to refer business to each other because we knew when we did, that our clients would be very well taken care of. PERIOD!

For any mortgage professional reading this post, that is how you earn a Realtor's business.

Kris,

With all due respect, these are mortgage people calling me as a REALTOR(r), wanting to offer me great rates, pre-approval letters, etc. for my customers. This has NOTHING to do with me personally.

Donne,

I totally agree with what you wrote. I have Justin Miller as my go to person. He's here on the rain as well.

Thank you for your comments.

MAY

I apologize Karen, I misinterpreted your post. I thought you were saying you were getting personal calls for mortgage pitches, not professional calls. Thank you for clarifying for me.

Kris,

No problem. They are calling me for my customers. That's ok...love your comments.

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