I've worked with many lenders over the years, serving my real estate clients. I thought I would share three simple tips on how to outperform your lender competitors out there just by doing these 3 things, and doing them well:
(1) Read the contract in its ENTIRETY
I am surprised MANY DON'T read the CONTRACTs. I am not sure what they do with them since they want a copy of the executed contract 
anyways. If it's in your hands, at least go through it once. Be proactive about your business. More often than not, I receive emails asking this, or that ..... and I realized that if they had just picked up the contract to read, they wouldn't have to ask. It's one thing to ask for confirmation, but it's another to ask as if you didn't know.
I don't know what is required of a Lender in Mortgage school here in Texas - if they are required to learn to read contracts or know what they mean. To outperform your Lender competitors, study that darn thing and learn it well. I, for one will be impressed because many don't.
Critical dates on contracts mean ALOT to the clients we serve. Our clients may not know a difference between 10 days of Buyer Third Party Addendum versus 30 days, but that's why they count on us.
Lenders can/ should take part in ensuring that we make note of critical dates (especially those concerning the Lending part of the transaction). Now, that's a real keeper if you are a Lender that can impress me with a Critical Date sheet you have set for yourself and share it with me. We can cross check ours.
If you are an out-of-state Lender but still want to do business in different states with different contracts, please learn ALL of them.
(2) Communicate often, better yet ... before Status Updates are expected
Most of the time, lenders that I built relationships with are usually quick to respond when I ask for a status update. If you want to know how to win a heart of a Type-A personality Realtor(R), learn to give updates before they are expected. Remember that Type-A personalities are already usually on top of things, but if you can impress your Realtor(R) by striking first, you are more a reason to be a "keeper". It shows that you are on top of things.
For whatever reason, lenders that I usually have not built a business relationship prior to a transaction with are usually not great in delivering quick and acceptable communication. There will be a week when time have passed and I have not heard from the Lender. And when I send an email for a quick update, it usually takes half a day for a response. Nope. Won't work for a Realtor(R)
.
Some Realtors(R) like me do NOT believe in the "No News is Good News" philosophy.
(3) Deliver a Smooth Closing
As much as a client may negotiate for less fees and lower interest rates, all they really want at the end is a SMOOTH closing. As a Realtor(R), I prepare my clients for stress, closing extensions, etc. to help curb the stressful and emotional situation. As a Lender, you can do that too. No one in the transaction knows it sooner than you (Lender) do, so be upfront and whenever possible, give ample warning.
It's easier to break it slowly and as you know it, rather than to have already known this problem for a week, and now just sharing the possibility of the loan not closing on target 2 days before it's suppose to happen. By then, no one is happy.
One thing I realize... if you have outperform expectations of your favorite Realtor(R), you don't need to ask for more business. It will naturally come to you because you earned the RIGHT for MORE BUSINESS. You've showed how you can perform and there is no reason NOT to use you again. We all want the same thing. As a Realtor(R), I want to set myself with a successful winning team. If you are the jewel Lender, of course you've booked your seat on the bus for the next ride.
But if you never communicated effectively, you need me to explain the contract to you and you fail to share information about closing not happening as intended, and the last sentence out of your mouth is for more business... Sure, just wait.
An awesome Lender is a true treasure in a successful real estate transaction. Be one!
Now, if you plan to do this well, you do not need other marketing plans to help grow your Realtor(R)s' businesses. You work well in yours, it naturally abundantly flows out to others.
PS: I've been offered by many lenders in the past to help me with marketing expenses, website domains, call captures, etc. All of that are fine and definitely very much appreciated in helping me offset my expenses, but if you cannot do your primary responsibilities well, I really cant help you much. In return, I can't accept your goodwill also.
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Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com
Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.
Copyright © 2009 by Loreena Yeo (3:16 team REALTY)
How to Be a Better Lender to Your Realtor(R)
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