69% Of Buyers Took Realtor's Recommendation

By
Mortgage and Lending with Southwest Funding

Referral business is the strongest compliment that you can receive as a loan officer. Referrals imply trust and confidence in your ability to service a client's needs. As a loan officer you must ask yourself where are you getting referrals from? Are you marketing for referrals?

The National Association of Realtors mailed out an eight-page questionnaire to 35,000 recent home buyers. Did you know that 69% of buyers received a recommendation from their agent about where to get their mortgage? In fact, the majority of first time buyers asked the agent for help in finding a lender.

The same study noted that 48% of all home buyers got a quote from only ONE mortgage company when getting their loan, and 28% got quotes from two companies.

What are your experiences as a Realtor as to who the buyer users?

DFW Loan Officer

Imperial Mortgage 

 

Comments (2)

Darleen McCullen
Raleigh, NC
Broker - Raleigh, NC Real Estate

As a REALTOR, it has been my experience that many of my clients want a choice of 2-3 lenders, with information from me on each one's strengths. Each buyer's needs are different, of course, so I think it's great for them to compare fees, escrow/prepaid requirements, etc., before making a decision. Although I have favorite lenders, I also want my clients to get the best price--not just go with a lender because of my relationship with that lender. Because at the end of the day, it's not me who is going to be paying the fees and monthly mortgage for the client.

I had something very interesting happen to me recently...I had recommended a particular lender (a bank) as a possibility. The lender spoke with my client; However, the client decided to go with another company that better suited his needs. The lender called me with MAJOR attitude--just because she and I knew each other. She thought I could persuade the client to go with her. I was shocked at her behavior, and will think twice about recommending that my clients work with her again! As you know, clients don't always do what we think or suggest that they do!

Sorry for the lengthy comment, but this topic is dear to my heart. :-)

May 31, 2007 04:06 AM
Jeff Schraeder
Southwest Funding - Dallas, TX
Very informative.  Thanks for the info very helpful.
May 31, 2007 04:09 AM