Special offer

I know you have a preferred lender.. but if you give me a chance you'd prefer me!!!

Services for Real Estate Pros with Bowers Insurance Group

With all of the market changes, I have been trying to establish new marketing techniques. 

Fortunately for me, I have been able to generate most of my business through referrals because of the relationships I have with my clients... Lately, my phone has not been ringing as much as usual.. I typically deal with "credit challenged" people, and the media is scaring them away from purchasing homes and making them think refinancing is even more impossible..

SOOOOO.. I have tried talking to realtors.. Most of the responses I get are.."We already have a preferred lender." 

How do I break down that barrier??????

June Piper-Brandon
Coldwell Banker Realty - Columbia, MD
Creating Generational Wealth Through Homeownership

Sharon,  Just keep at it.  Find out what the preferred lender offers and see if there is something different that you can do or something better that you do that the other lender doesn't do.

Aug 26, 2008 02:39 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

You probably cannot.  Not by asking.  You have to earn referrals from agents.  Get out to the offices and hand out info, get to know them, offer to do free pre-quals. 

I have preferred lenders that I have met through previous transaction. I watched them manage a loan snd they closed on time.  I can't turn a good buyer over to a loan officer without a track record.  When a buyer comes to us with a lender already selected, that's how I meet new ones. 

Of course, if there are problems with that transaction, they don't get on my preferred list.


Aug 26, 2008 02:40 AM
Julie Hite
Guaranteed Home Mortgage Company, Inc. - West Bloomfield, MI

Ask if they see a benefit in referring a client to more than one loan officer. They are doing their client an injustice by only referring one company. Give their client the choice. That way they can review 2 GFE's instead of one.

Also, compliment that preferred company by saying, "Wow, that is great, they must do a really good job for you. Aren't you grateful that you gave them a chance in the first place? You would never have gotten the benefit and built the relationship that you have now".

They will look at you strangely and agree or nod their head. Then you say, " Now if you give me an opportunity you may find that I can give you and your clients the same service and likely even better, so let's get started. Here is my company info with my card and do you have any clients in your drawer that have had credit issues.  This is my specialty, I really have a knack for it and we can close more deals because of it."

Good Luck, this always has worked for me.

Aug 26, 2008 02:41 AM
Ron Tarvin
Residential, Investment properties, rehab projects, property management, luxury homes, new construction! - Katy, TX
Broker, Katy, Houston, Cypress 77450,77494,77095

You know that most have a preferred lender for a reason, right?  What is that reason...what need does that preferred lender serve to the agent?

What sets you apart that you have above other lenders that a particular agent might prefer?

There are agents going out of business right and left and there are lenders going down too (brokers AND Loan officers) so unless we don't want to be among the extinct, it's time to analyze just HOW you can be a preferred lender by helping an agent generate business! 

Aug 26, 2008 02:42 AM
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Hi Sharon,  Our office has a policy about referring at least two names for any referral.  Like your example I have a lender ( as well as many trades people ) with who I have a long standing relationship.  As long as she is able to meet my customers needs with a high level of professional service I have no reason to use an unknown provider,  That said,  that lender came to me willing to provide services which I had a need for and from that I gradually used her on additional projects.  Good luck in your marketing.  Remember,  many times an agent will hear " I have an agent I already know and trust!

Aug 26, 2008 02:43 AM
Anna Matsunaga
Team Momentum Keller Williams Realty Tacoma - Lakewood, WA
Seller specialist, Certified Negotiation Expert

First I would go back to the realtor on both sides of every transaction you have ever done.  I would begin by calling them and thanking them for their part in the transaction and then I would ask them as the market shifts what things are they needing from lenders most and are there any resources you could help to hook them up with.


Then after the conversation I would send them a thank you card and begin to mail to them even if just a post card at least one time per month.  I would follow up with phone calls always offering something of value.  Also ask them what challenges they are running into with lending be a solution person for them.  None of us just refer because we met some one or they asked us to.  You might also meet with those that will agree and preface it with I know you have some one you work with and love, but I really need your help.  When you meet find out why they love this person and never put them down.  You will learn alot and also see how to make your self more valuable.  After the meeting, send them a thank you and also follow up.  If you never put their person down, but stay in touch, they will consider you when they need something that that realtor cannot do or when their lender leaves or falters.

Aug 26, 2008 02:47 AM
Eric Bouler
Gardner Realtors, Licensed in La. - New Orleans, LA
Listening to your Needs

Sharon, we build relationships over the years and we we get good and better service we stick with a winner. It is very hard to change unless you offer something in terms of dollars that cannot be passed up. I normally give only one lender since that is the one I think is the best.

I see lenders come and go. They are all nice and are trying to do their job. You have to be next in line when they frontrunners falter.

Aug 26, 2008 03:00 AM
Luke Landis
First Priority Financial - Des Moines, IA
VP of Mortgage Lending at Guaranteed Rate

I gotta tell you, one excuse I hear that is so tired and annoying is the "its our policy to give the names of 3 lenders......" blah blah blah. Annoying when you hear that huh? First of all that is a complete scapegoat excuse and doesn't hold a bit of water. I respond with so its ok if I give the names of 3 realtors instead of just giving the clients referral to you and you alone? That shuts them up pretty quicky.

Aug 26, 2008 05:38 AM
Teresa Lains Real Estate Broker
ATL Real Estate Group, LLC - Conyers, GA
"home buying and avoiding foreclosure assistance"

I would love to make you my primary lender !!!  The only thing I ask in return is




Sep 07, 2008 09:28 AM
Dan Hartman
Province Mortgage Associates - NMLS #2861 - Providence, RI


I have to agree with Lenn.  I've made some of my best contacts through closing transactions on which they represented the seller. Once you've done that a few times, you can build up significant critical mass.


Mar 10, 2009 06:09 AM