Strategic Business Alliance between Realtors and Loan Officers

By
Mortgage and Lending with First Federal Bank

I wish that I would have found ActiveRain long ago. 

I have not been on this site long, so if this is something that has been discussed than I apologize.

I believe now more than ever that both Realtors and Loan Officers need each other and need to work together to make sure that our business grows, and that we are not the next statistic of Agents or LO's getting out of the business.  One of the things I have done here in the KC (Missouri) Metro is to create a strategic business alliance with Realtors.  I am not your typical LO that goes around to Agents begging for referrals.  I know that if it were the other way around, Agents begging LO's for referrals, I would get frustrated by it and frankly disgusted with it.  The business alliance I have started with my Agent Partners is a "Referral for a Referral".  It is not a new tool, but, I think that it benefits both parties of the alliance. 

The program is simple, for every referral an agent sends my way, I send them a buyer/seller referral.  These leads are generated from a number of sources and are active buyers seeking a home or a seller that is interested in finding out what they could possibly sell their home for and would like professional advice from a Realtor.  I have 4 Agent Partners now and they have been excited about the program, however, they are slow and do not have a ton of referrals to send.

Since there are thousands of agents on this site, I would appreciate some feedback on this program and any possible additions I could make to this program.  Are there programs that you work with LO's that work and something that you believe would benefit both parties?  

I am a firm believer that behind every successful Agent there is a great LO and for every successful LO there is a great Agent.

Thank you again for your time.

Comments (3)

Joseph Lang
Pillar To Post Professional Home Inspection - Rancho Cucamonga, CA
Home Inspector, Southern California

Strategic alliances are a great idea.  But what about involving others in the industry; home inspectors, title officers, escrow officers, whatever applies to your state.  I personally don't like the whole, "I'll do this for you if you do this for me" concept.  I want to work with the best people in their industry because they're the best, not just for money.  This way my reputation is guarded and business will automatically come my way because of the services provided.  Make a team because of reputation, not just to get business, it will provide the most return on investment in the long run anyway.

Oct 17, 2007 08:14 AM
Chris Brown
First Federal Bank - Blue Springs, MO

Thank you Joseph.  I agree, I am not going to affiliate myself with another professional in the industry without knowing them and working with them.  Life is too short to work with someone that is not going to treat my referrals right.

Oct 17, 2007 08:21 AM
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- - Bogota, TN

Thanks for you for taking the time to comment on this subject in the Active Rain network.  AR is the new "cyber backbone" of the industry, and with it's uplink to Localism.com it is transforming the real estate marketplace. Agents who don't see which way the cyberwind is blowing are going to find themselves at a considerable disadvantage inside of three to five years.

Jul 24, 2008 04:36 AM