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Defraying Marketing Costs and Establishing Relationships

By
Real Estate Agent with Foxhall Investments

As Realtors who have access to a large amount of buyer leads we are constantly exposed to a lot of attention from mortgage brokers.

As the manager of my company it is even worse for me because not only do they want my leads but they are also looking for introductions to my agents so they can start relationships with them as well.  Needless to say I had to come up with tactful methods to tell these people that we were up to our ears in mortgage brokers and probably didnt want their help unless they were some kind of diamond in the rough.

The truth of the matter is that, similar to real estate agents, not everyone in that industry is really good at what they do and only a fraction of them are in it for the long haul.  The question is which ones are professional enough to trust with your clients.

I ended up asking them to put their money where there mouth is.  If they were interested in working with myself or my agents they would have to make a financial investment in the marketing events we were producing to help grow our business.  It worked out great.  The serious ones stepped up and ended up being another creative and administrative contributer to our campaign, and the ones that were just looking for handouts had to bow out.

Next time you find yourself in an uncomfortable situation where a mortgage broker you don't know is asking you to start a business relationship just say, "Great!  I've been looking for someone like you to help out with my new marketing campaign..."

John Marlow
Real Living Helios Realty
http://www.highendchicago.com/
jmar@heliosresidential.com

 

Comments(2)

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Scott Alpaugh
RE/MAX Classic Group - Branchburg, NJ

Excellent points. 

Many mortgage reps are just looking for a morsel without having to put forth anything more than a letter or a phone call.  The ones that are willing to invest the time, the energy, and the resources to help US grow our business demonstrate a willingness to assume a PARTNERSHIP and not a one-sided relationship.  It creates a win-win situation for all involved!

 Have a Productive Day,

Scott

Oct 07, 2006 06:29 AM
Steve Powell
Fifth Third Bank - Dublin, OH

Good point!  I typically offer the advertising bit, but also offer to produce their virtual tours too for $20 per year (must comply with RESPA)... then send them the links for their site and MLS stricter links...

It's really a tightening market... and our industry requires constant education on products as they evolve... you really want to know someone who is up on their game, ethical, and represents you well...

Oct 07, 2006 08:15 AM