REALTOR advice needed

Ed, you need to get out of your office and into your local real estate offices.  Be patient but persistant and be helpful.  Once you serve one agent well the referral business will start coming in.  Good luck to you!

You said this group of agents hasn't been your only business.  You need to go back to the other agents you've worked with and give them a buyer.  By giving an agent an actual buyer, they'll reciprocate by giving you more of their buyers.  This means, you actually have to market and promote yourself and not just beg Realtors for their buyers.  I hate it when mortgage people call and want to do business and all they want are MY buyers.  Show good faith and help build their business like you want them to help build yours.

I'm not in your area but what I have seen work here is the Mortgage lender holding a seminar for realtors that is free to them on the changing market.  We read all the news, see the reports etc. but to here what is really happening and finding someone knowledgable about these changes gets realtors to trust you.  We like anything that is free and if there is a way for it to count as CE credit all the better, lol. 

Ed,

Work up funding scenarios for specific listings, 2 or 3 per listing, and get them in a flyer to the listing agent.  Offer to provide free flyers to the agent for display on site, so folks know the cost of buying the home.

Offer to help print flyers.  $$

You might even be able to set a sign, "Financing through 1st Metropolitan."

How about attending seminars and classes that Realtors would be attending?  Maybe sponsor a seminar or class for Realtors specifically? Send out e-mails to Realtors you have met and/or worked with and ASK for the referral?  Call some of the Real Estate offices in your area and offer to provide a continental breakfast or a lunch at their office meeting in exchange for 5-10 minutes of their time, then see that everyone at the office meeing gets something of value...your business card and a rate sheet or an explanation of loans, costs, etc.   Ask for business, offer to sit open houses with Realtors (especially newbies).  Good luck

you can build an entire business network right here on AR and many great mortgage professionals have done so.  Blog, be honest, provide good contact, make friendships.  It doesn't happen overnight, but no networking, business building endeavor does.  It works.  

Definitely get out of your office and into the real estate offices.  Have something that is of value, offer something of value.  Build a relationship with some of the Office Managers, not just the agents.  I say this as an Office Manager because I often recommend loan officers to my agents and I always have a loan officer that I trust come to my regular office meetings to report on market conditions.  I also have loan officers prepare flyers and brochures for my listings and invite them to come to open houses.  Make sure your products you offer are up to date and what the buyer needs and are current with market conditions.  You may also want to offer to co op market with some agents, getting your information out there associated with an agent and helping that agent with their marketing.  Join some networking groups like BNI, Chamber of Commerce, sponsor neighborhood association newsletters.  Make yourself the go to person for advice and you will become the go to person for the loan too.

Try approaching new agents, those just getting started in the business who have no established relationships. Offer to co-op open houses with them and provide them with support such as financing flyers. For example, you'd have a hard row to hoe to break into my office, especially since my owner broker maintains an affiliated relationship with a mortgage company, but new agents would be receptive.

Hello Ed

    I just wanted to take a minute to say hi and welcome you to active rain, it's a great online community,Enjoy!

 

Leo Namiot

Benchmark Mortgage

Connecticut & Florida

http://www.benchmarkct.com/

"These are all good ideas, but contrary to what we as LO's are being taught.

I beleive in reciprocating. At the same time, I have to be careful how I market for buyers. Many agents can see me as competition, rather than as a partner.

I am not simply looking for handouts. I want to build a partnership with just a few local agents, working together to create a solid business. But getting in the front door is damn near impossible as so many BICs have the gate keeper at the front door. I don't want to bring donuts and rate sheets.. how am I any different that the LOs begging you guys for business?"

 

Ed,

Reread my response.  Nothing in there is related to prospecting for retail clients.  It is supportive of an agent, the person you want to partner with.  It is a bona fide service and brings value to the partnership, with little expense or effort on your part.  It is something you do for agents after you have identified them as someone you would want to associate with.

If your training doesn't include it, question your training....

Mike and Donna are right-there's nothing more appealing to an agent than a buyer or seller lead.  And you get the added benefit of showing off how well you service a loan transaction as it goes.  Also, go back and chat with the other side of the transactions you worked on.  Often, as a listing agent, I spot good lenders on the other side.

Also, it's worthwhile to stop into Realtor open houses.  Offer to help them hold opens, offer financing information pertinent to that particular property, and be available for questions.  My best lenders are an information source first and lender second.

Ed,

I can just comment from the experiences we have had with lenders and their desire to work with us.

First, don't come in without an appointment! We are all too busy to just have someone walk in the door and ask to sit down with us. Unless of course you are wanting to list or buy property. :) Second and most important, know that this is going to take time. There is no quick relationship building process that I am aware of. Third, lenders always come in and tell us how they will be the best of the best when we send them a client. However, most don't even return a phone call on the same day it was made! And don't ever tell me, "This loan will be a slam-dunk"! That's a red flag if there ever was one!

Return calls in a timely manner. Tell me when there are problems and don't tell me you can close on the date specified if you are not 100% positive that you can. We can live with the delays if you tell us that they may come to be. We can't live with, "Underwriting called to say we have a problem" the day before closing.

You become a member of the team! The buyer, the Realtor, and the lender! The buyers are your clients, but don't forget that they are the Realtors as well. The Realtor does not become the enemy and therefore is treated as such. Example... by being told only as little as the lender deems necessary. Constant contact is what I am saying. All the way from the day you meet the buyers and the Realtor to the day we sit down together at the closing table. You do that and the business will come faster than you'll be able to handle!

Lastly...Remember, don't put all your eggs in one basket!

May the Force be with you! ;)

Go to your local MLS office and ask to provide lunch for their orientation classes in exchange for 15 minutes to speak during lunch. 

"...with 2 babies and one on my lap, it makes typing hard!"

LOL  I bet.

Ed, you can meet large groups at networking events, but nothing beats meeting one-on-one, quietly. 

Without a lot of palaverin'. 

Elevator speech...assuming 20 story building:

"Mike,

If you aren't currently hooked up with good lenders, and would consider another option,

I'd like your business, or anything you could send my way.

I'm willing to earn it.

Here's a couple of things I can/will do to prove that...

(Keep it under 50 words.)"

But, that's just me.  I like it short and sweet.  If you tweak my interest, you may get the opportunity to expound.

Oh... and, basically I'm currently hooked up with lenders... ;)

Hi Ed,

A lot of great comments and ideas!  The lender that has a great deal of our business first met Sandy at an open house,  called the next day to find out how she did, and offered to call any of the open house prospects.  He is interested in our business and makes us know that!  He has 8 other REALTORS he works with similar to us, (and we thought we were his only ones, ha) he told me at a function, that, is exactly what he tries to do, he still makes a great effort to BE at places we might be at, still goes to open houses, helps us with fact sheets as soon as he sees we have a new listing.  He is very pro-active!  He does not get all of the loans, however, when we say to a client, it is who did our personal loan, it goes a long way.  I would work on developing a GREAT relationship with just one REALTOR and then go from there, the goal has always been ONE....get that and the rest are a lot easier.

Dick Beals