Written By: Steve Harney, President, Steve Harney, Inc. As a real estate company owner with over 1,000 agents and 30 loan originators, he currently coaches agents and LO's on how they can work together. Email: SteveHarney@RealtorSpeaker.com.
Has your local real estate magazine doubled in size?
Are the sales prices of homes "tanking" in your area of the country?
Homeowners cannot use their home as an ATM anymore - so, there goes your refinance business!
Consequently, a loan officer's relationship with key Realtors® is growing in significance.
Let us talk about how you can enhance those relationships without becoming a slave to their every whim.
A Realtor's® business is no different from any other, i.e. earn a profit by increasing revenue and controlling expenses. The realtor might misunderstand the value of the loan officer, who they see as someone who controls expenses. You are an expense controller if you bring breakfast to the office meeting, supply lunch for the broker's open house, pay for ads, or receive pressure for other financial assistance. Most loan officers are on the expense side of the equation where deep pockets (not mortgage expertise) influence the realtor.
The loan officer's true value to the realtor is as an advisor - that is, helping the realtor maintain or even increase the number of transactions he/she can close on an annual basis, thus, increasing revenue. The success of your relationships with your realtors will be determined by your ability to be seen as a revenue driver not an expense controller.
Which one are you?
The expense side of any business is never fun. It is where bills arrive and "bean counters" (accountants, spouses, companies) crush creative ideas. If you want to be a valuable partner in the realtor's business, consider switching to the revenue side.
How do you show the realtor that you are a valuable partner? As a real estate agent for over 20 years, I would like to share with you five ideas that I observed when working with my loan officer partners.
- Manage expectations
It never ceases to amaze me what salespeople are willing to say when they are trying to create a relationship. I hear so many loan officers (and realtors) say that they will be available 24/7/365. No you won't!
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