Remember to mens basketball USA dream team of 1992? Wow! that must have been the funnest olympics I ever watch. It was a complete domination of that tournament I ever seen in my life. That probable is the greatest team ever essembled for a sports team. Here is the top 10 highlights, decide for yourself. Did you know why they was so successful? Not only eveyone was a superstar in their own light but each person complimented each other by playing their role and doing it to the best of their ability. This is the same for your real estate business, you must develop a strong dream team around you.
In my past posts I spoke about the power of networking and building a dream team of individuals that could grow and develop your business such as mortgage brokers, real estate agents, attorneys, contractors etc but lets talk about mortgage brokers for a while. Did you know that you could get seller and buyer leads from your mortgage broker? Yes, that's right, your mortgage broker.
In today's market with the credit crunch lenders are extremely tight on their lending policies making it a lot tougher for borrowers to refinance as well as new potential buyers to purchase. This is where you come in. In our business we have set up a routine to constantly communicate with mortgage brokers to see if they are able to pass us any leads. Like I mentioned before lots of their clients aren't able to refinance their properties which allows us to assist the homeowner if their are heading towards default. Many homeowners think to refinance instead of other options like investors because default deadlines so giving homeowners an additional option could be just what they are looking for. (Oh course with the best interest of the homeowner at all times. The mortgage broker as well as an competent advisor should assist in guiding the homeowner to the best decision)
Many mortgage brokers you approach although will need to know that for exchange for a lead that you will also help them along the line and typically giving them business on a future transaction is a good trade. Remember to make it a win, win, win situation for you, the mortgage broker and most importantly the homeowner. Don't just approach mortgage brokers with the intent to just get leads from remember you are trying to build a dream team of real estate professionals to support and grow your business. Developing great relationship is key and will serve you a long way, so if it maybe takes going to lunch or dinner once in a while with a rock star broker then that is something you may have to consider.
Some places to find mortgage brokers are your local real estate association group, networking sites such as realestateinvestor.com or activerain and even places like craigslist.com and backpage.com. When approaching mortgage brokers do not come off like you are only looking for leads but more like you are looking for a partnership. Making this type of approach while building rapport will allow you to build a very strong and long relationship. Good luck.
Hopefully the 2008 mens team this summer can be the next dream team. We shall see!
Please post any experiences you had with this tactic and any questions or comments. Thanks
Till my next post...
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