REALTORS: 3 things your mortgage lender should be doing for you
As a Real Estate agent, you deal with clients that have not been pre-approved for a mortgage. Some of you work with a Mortgage Broker, and some of you may work with a bank. This is obviously a great opportunity to refer your client to the person that you trust to take care of them. If you are not working with someone yet, send me a quick message. Keep reading to find out the Top 3 things that your mortgage lender should be doing for you.
1. Open Communication
Imagine this: You spend many hours with your clients to find them their perfect home. You spend even more hours helping them with the back and forth to get them the
You have all been there.
And it is frustrating!
Part of what makes buying a home so stressful for people is the feeling of uncertainty. Clients are wondering “is this home the perfect home for me?” “can I afford this home?” and “Can I even get approved for this mortgage?!”. Your job, as your client’s go-to Real Estate professional, is to help ease their minds throughout the home buying process and take some of that stress off your client. But how are you supposed to do that when you have no idea what is going on with the mortgage?
This is why having open communication with the mortgage lender is important. If you know how things are going with the lender, you can help mitigate some of that stress with your client. Now, I am not saying that the mortgage lender should be disclosing confidential information. However, just a simple “we have a conditional approval and are just working through some of the conditions now” or “I haven’t heard anything from the lender yet, but I will keep on them” goes a long way. In our industry, No News is Bad News – Unless you communicate that you have no news! Radio silence is NEVER a good thing.
2. Peace of Mind
This should go without saying, but you should have
You are not alone in this.
Maybe their parents made them use their Realtor. Maybe they drove by a home and called the listing agent on the sign. Or maybe their mortgage lender referred them to their Realtor.
You have so many other things to worry about, wouldn’t it make sense to not have to be concerned if the lender is going to pressure your client to use their agent? If your client is using a lender that you trust, this would not happen. I mean, sure, there isn’t much you can do about parent intervention, or another Realtor moving in on them, but at least you can worry the lender has your back.
In fact, a good lender would even pump your tires a bit to reinforce the client’s decision in working with you.
Let’s face it – your relationship with your lender has a “WIIFM” component. “What’s In It For Me??”
The lender that you choose to send business to should have some sort of value to you. I mean, you are providing value to the lender by referring them solid clients, so it seems only fair that you should get some value out of the relationship too!
Value can come in many different ways. Besides the first two points in this blog post, here is a list of some more
- Marketing help
- Client Follow up/touch points
- Blog contribution/features
- Knowledge (asking your lender questions)
- and more…
If you have stuck around reading this long, THANK YOU! I hope that this post provided some value to you. And if you do not have a mortgage professional that can provide the above to you, I encourage you to reach out and let me take you for coffee or drinks. You (and your clients) will not be disappointed!
In order to be successful in life, you need to surround yourself with successful people.Chris K