How Can a Lender Earn My Business?

Jennifer, I am running with you. Service and outperforming expectations a key element of any relationship. The only problem is that in 15 years, I have never seen any traction from this idea. I have worked with some of the brightest and hardest working LO's in the industry. Many of them are still in business, but they are constantly reprospecting to replace the RE agent relationships. My opinion?...No Loyalty. Forgive me for this, but if nothing works from a marketing standpoint and agents do not want to be bothered, then explain to me how to gain loyalty?

I have never worked directly with agents or consumers (wholesale experience), but I do understand the dynamics of how to build relationships. The RE one eludes me. Great people, but almost impossible to gain any footing and make a living at it.

Your thoughts?

Bo

I recently closed a very tough purchase that had to close in less than two weeks. The sale went through smoothly and the agent was so impressed that I have worked a few other deals with them.

By the way, the client was someone in my SOI.

That is a great perspective.

Jennifer, this is exactly how I have built my business over the years.  Do a great job and news spreads, and Realtors talk and mention the great job.  Right place right time kicks in too.  If an agents current lender drops the ball, and they have good things about you, they will pick up the phone and hand you that ball. 

Reputation is everything.  Dont take a deal that wont close, manage expectations and stay in touch.

It's tough to find a good lender but the good ones really stand out because they work hard and keep the client and agent updated throughout the process.  Unfortunately, if a lender performs poorly, that is a bad reflection on me if I recommened him/her to my client.

Excellent advice.  I for one, am not going to experiment on my precious clients by sending them to a lender that I don't KNOW will do a phenomenal job.  So yes, the best way to get on my list is to do a very good job and I hear about it, do a very good job on the other side of one of my deals, or do a very good job with a client who brought the lender to the table.   Of course, sending me a buyer first would satisfy that last requirement in letting me taste how awesome a lender is and thereby getting on my list.

How to impress me?  Communicate everything.  Be reachable. Dont' screw up, but if you do - admit it and rectify.  Be nice.  And of course, by knowing their products, learning the buyer, and making a perfect match.

This is really great info Jennifer.  The most frustrating thing I had happen last year was a referral I sent to an agent, the customer loved me, it closed on time, the customer even got quoted (because I referred him) in the Wall Street Journal!  He LOVES me! ... I sent the agent other realtors to interview - and I've gotten NOTHING.  She sends all of her leads to her in house.  Oh well.  I just figured one lead back would be good. 

Hi JA.

I am certainly with you about getting referrals from my lender.  Sometimes I think about looking for another, but he always takes care of my clients.  That is hard to replace.

Ken

Jennifer - AMEN!!!  When I first started in the biz (nearly 8yrs ago), I marketed to Realtors simply because my broker at the time told me to.  I learned very quickly that marketing to Realtors who didn't know me was a waste of time, energy and money for both me and them.

Nowadays, I only spend my time, energy and money targeting my niche market, which is low-medium income borrowers.  Over the years though, I have established relationships with many of the local Realtors.  How?  By impressing the heck out of them with the way I do business and the services that I offer.

So, for all those newbies out there looking to get their foot in the door with a Realtor, stop marketing to them!  Market to buyers instead and start building your own reputation in the community.  If a Realtor does refer a buyer to you, do your job and do it well and impress the heck out of them.  If you do that, you just may earn their business.

Jennifer at least 80% of my business comes from refferrals from Realtors.  What I have found that works best for me in getting Realtors to send me their buyers are.

- Return their calls right away.  It is even better when they can reach me without having to leave a message.

- Treat their buyers like they were the only clients I have.

- Produce Pre-Qual Letters that they can depend on.

- Make the difficult deals work.

- Attend closings and be prepared to answer questions at the Closing Table.

By doing these things I have been able to do what you are looking for, impress the heck out of them.

Jennifer - I like your 2-point list.  I agree... when the lender impresses the heck out of me and both of those cases, I have referred that lender again !

Jennifer - I agree that if a mortgage professional feels that they have to constantly "sell" to you, then they haven't really established a relationship with you.  When I think about four of the Realtors that I currently work with,two of them I became good friends with them before we ever did business together and the other two, I became good friends with after our first deal together.  If we never did another deal together, we would still be friends.

As for George's list above, if a mortgage professional can't do those few things and do them well, they either don't belong in the business or they don't stay in the business for very long.

Actions speak louder than words at all times. I was loyal to a lender who got too big for his boots. One year I gave him close to 5 million in business, but then he stopped answering my phone calls and even had the gall to tell one referral that he was too busy to help them when they called.

Guess how much of my business he got last year?

My preferred lenders have all been introduced to me via word of mouth from other agents whom I trust.  A client raved about her lender, who did a great job on her loan...she has since referred a couple of agent-less qualified buyers to me and again proved her worth.  Now THAT is the quickest way to an agent's heart.  ;-)

Actually I have given Realtors more referrals over the years than they have given me. I basically look at the ones who don't use me and say "your loss!" It's kind of like dating!.

 Nothing beats the old fashioned earn it mentality. Why else would I answer every phone call and show up at every closing?