What Realtors want...

I am looking forward to implementing a marketing plan to establish new relationships with Realtors for 2007.  Since the refinance boom is over I decided to research what Realtors want from mortgage providers.  I've gathered coupons for discounted food and beverages and stocked up on miscellaneous supplies from the local Costco warehouse.  These are some of the things marketing publications and mortgage industry experts offer as advice to help build Realtor relationships.  Here are the important things:

  • Donuts and coffee for early morning cold call visits to the office
  • Sandwiches and soda for afternoon cold call visits to the office
  • Pizza and soda for evening cold call visits to the office
  • Fruit and water for Open House visits on the weekends
  • Rate Sheets for daily distribution via fax and email
  • Calendars/Note Pads/Post-It Notes
  • Pens/Key Chains/Letter Openers/etc
  • Amortization Charts
  • PMI Charts

All marketing pieces will be embossed with a personal photo and "Best Rates, Best Service 24/7" slogan with emphasis on availability including home/work/cell/pager/IM/home address contacts.

The experts emphasize delivering rate sheets and the assorted promotional gifts every day.
There is only one problem that I can see...When I will have time to originate loans?

All kidding aside, I recently relocated to a new market and would like advice on building relationships with new Realtor referral partners.  So I thought that I would consult the real experts...

                                    What do Realtors want?

What approach/quality/service/trait/attribute is appealing and would entice you to try a new lender?
More importantly, what do you dislike (aside from what's listed above) from current providers?

I moved from growing major metropolitan city (Chicago) to a declining mid-size market (Metro Detroit).
The greatest challenge is the local economy and the real estate markets are completely different.
 
My company has an excellent reputation in Chicago (recently voted the top lender by area Realtors).
But nobody has heard of the company in Michigan - no local presence and no reputation to build upon.

Any comments or suggestions are greatly appreciated for those new to the business or simply starting over...

 

11 Comments on What Realtors want...

JAN
01
2007
153,741 Points 21 Featured Posts Localism Sponsor Outside Blog

Personally, I would skip that entire list..lol

I don't feed anyone besides myself, wife and kid...

I don't buy stupid trinkets that will get thrown away or broker..

I don't give agents MORE PAPERWORK THAN THEY ALREADY HAVE!

I was the 2006 Chairman of the Affiliate Commitee for the local Assoc of Realtors (Good networking!)

I do offer my agents leads...

Scott

4:40pm • #1
476,020 Points 54 Featured Posts Outside Blog

Brain, leads as Scott has suggested are great, but some times hard to come by if you are new in the area.

Other things that have worked great for me are staying in from of Realtors on a daily bases (lots of cold calls) and returning phone calls right away.

I have also found that most Realtors will not use you until something goes wrong with the Loan Officer that they have been using (there are some exception, but I have found this to be the norm), that is why you have to stay in front of them all the time, because you never know when that will happen. 

5:52pm • #2
131,334 Points 14 Featured Posts Outside Blog

I would suggest you might want to try and sponsor some educational events within your local board. Search out the educators and ask them if you can speak for a few minutes in front of new agent orientation classes that the boards may have.

Best of Luck in '07 

7:39pm • #3
JAN
02
2007

I agree skip the list lol

I will share this from other area's of experience with offering these extra's from the IT industry. That industry is full of vendors/consultants sending, donuts, sandwichs, pens, badge holders, etc... These things do not earn the vendors any more business than the vendor selling the same service and support down on the local corner. The IT business is much like RE everybody has something to sell and everything they sell is similiar or the same as the next agent on the corner is selling.

Personally I appreciate the lovely pens and donuts but that doesn't enable me to serve my customer and take care of their needs. What I would suggest from an IT perspective is to understand your business (which you do), know where its headed, monitor the industry, remain flexiable enough to rapid change within the industry and know your customers requirements, (if a customer wants a cheaper rate - then you should have resources to make it happen NOW -Not I'll have to get back to you on that because industry will tell you consumers Want it NOW and if you can't turn it that quick well we'll move right to the next one in line), REALTORS are more than likely not to concerned with stats and charts that say I'm doing more business than the next corner business and that you have the money to send everyone a gold plated pen, from past experiences it comes down to can your company fill my clients needs if you can't then I don't care if your the Microsoft of RE because if your service doesn't solve clients request then we'll find someone else.

The last thing I'll suggest do your advertising send SOME pens, join a network of lenders, send thank you cards, support a local fundraiser, be a part of your community (it doesn't always have to initialy be about making money) and things like that (which are a must to get your name out there). But have faith in your business, keep a repitable service, go over and beyond to support your customer, know your customer and

MOST Importantly know that customers/REALTORS have access to many many Real-Time Mortgage Lenders via the internet so if your not there yet I would suggest you look further into IT because consumers want answers NOW and as a side note in the near future consumers/REALTOR will be able to get a Mortgage Rate Quote via a cell phone TEXT message. Did you know in some places in the U.S. you can text your order to a local restaurant and never have to make a call (plus you order is paid for automatically via your online account. Wow!) Remeber Fast, Convient, EASY, and Best RATES WIN!!! 

 Good Luck   

9:14am • #4
2 Featured Posts

The realtors I have spoken with want:

  • A follow up person, who stays in touch with both their clients and their realtor.
  • If this is one of those pre-approval situations that need a little help, stay engaged with the client and bring the realtor and client back together again when the pre-approval has upgraded to "time to find a house."
  •  Live Leads.
  • To do business with people they have relationships with.

Renee Kokoszka, mortgage consultant. Park City, Utah

6:05pm • #5
1 Featured Post

Thanks to everyone that contributed these valuable suggestions... 

Scott - I'm trying to network in the traditional groups as much as possible.

George - I'd love to be able to offer leads - but as you noted tough at this time.

Jay - I will certainly look into sponsoring/speaking with a local board.

Mark - I willing spending a great deal of time to market myself with technology.

Renee - I will definitely do my best to offer real value to agent opportunities.   

Thanks again...


  

9:22pm • #6
JAN
03
2007

Brian - may I step outside the box?

Recently a mortgage professional contacted us and told us she wanted to pay for a Realtor's virtual tour and gave us a $100 price ceiling. The realtor in question

  • had 2 additional tours done within a couple of weeks
  • thanked the mortgage professional BIG time because she had thought all virtual tours were alike. Now, she has a new marketing tool!
  • Everybody's happy!

Before reacting .. take a look at one of our tours.

Research your local MLS .. watch virtual tours .. and should you discover a virtual tour provider in the area who stands out, speak with her. Ask her if she offers method by which you can do this occasionally.  

You don't have to pay for the entire tour .. offer to pay half. You may just cement a fledgling relationship, because you thought enough of this realtor to give a gift of the finest marketing available.

By doing this, you can wrap up several of the above suggestions: By networking you will meet the people who will, over the course of time, need a realtor you can give leads to.

Mortgage professionals are unable to directly give things to realtors but they can pay for a tour here and there (and write it off), which is a huge value. Not many people (mortgage professionals or realtors) understand the impact of a quality virtual tour because, frankly, not many exist.

You could even offer to pay for the next virtual tour after a realtor gives you business? (I am not in your industry so I don't know how to phrase it, but you'll know the opportunity when you see it.)

Best of luck to you! Let us know how it goes!

4:27pm • #7
1 Featured Post

DAWN -

Thank you for the unique marketing idea to help attract Realtor relationships.

My company currently offers this service exclusively to our Realtor Partners. 
GuaranteedVT.com - Virtual Tours - It is a tremendous value added benefit.
Our partners utilize this service over the VT's offered by their own company.

I certainly understand the value virtual tours offer Listing/Buyer Agents.

As noted, my wife and I recently relocated from Chicago to Detroit. 
Our search focused almost exclusively on listings featuring Virtual Tours. 

Thanks for your advice...

 

10:17pm • #8
APR
05
2007

Dawn,

Great idea to go to jail... violates RESPA.  Brian, if you don't care about violating RESPA, just offer the realtor cash... both bad ideas.

Realtors do care about establishing relationships with people they like. Big selling points:  communication, service, longevity, and capital/experience to joint market.

Dennis
12:49am • #9
APR
09
2007
1 Featured Post

DENNIS -

I appreciate your concern and suggestions for selling points.

My original post listed all the "wrong things" in an effort to make people laugh.

I'm certaintly mindful of RESPA and the selling points you alluded to...sorry if you took it the wrong way. 

 

2:38pm • #10

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Brian Brass

Troy, MI

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