I get numerous calls every week from mortgage reps wanting to partner with me. Some offer to pay for my catered broker open houses. Others want to subsidize my advertising costs. It seems that everyone that calls on me has something that they want to do for me to gain my referrals.
Ok... first let me say that this post is not intended to bag on the mortgage reps. I think that these services are fantastic. I also believe that these "incentives" allow some reps to get their foot in the door with a Realtor that may not have given him/her a shot. Bottom line; offering services and financial relief are a great ways for a mortgage rep to endure themselves to a Realtor. That is of course, assuming that the mortgage rep can deliver when a deal is on the table.
For five years I have been referring my business to a specific mortgage banker. I've become good friends with her. She also has become a good customer of mine. In fact, I've sold 4 of her personal homes. I'm very happy with this business relationship. However, she never offers to help with my costs, which would be nice. I don't care much because the referrals and her personal business are worth so much more to me.
The decision I've made works well for me and my business. My preferred mortgage rep understands that when necessary, I do give out multiple mortgage rep names and numbers. Sometimes I have to offer that to my buyers. However, that doesn't happen very often. I'd like to think that I'm a good referral source for her as well. We have a reciprocal relationship.What I'd like to know is how many Realtors out there have exclusive relationships with mortgage reps? What are the expectations of both parties for this exclusive relationship? Mortgage reps, what are your expectations of me as a Realtor; and are these relationships working well for you?