How Agents, Loan Officers Can Better Ties
February 1, 2016
Real estate professionals need loan officers to sell homes and loan officers need home buyers to stay in business. That means real estate professionals and loan officers could benefit from a good relationship with one another, according to a new article at MGIC Connects by real estate professional Bill Gassett in Westborough, Mass.
Read more: Loan Demand Spikes; Buyers Jump on Rates
“Forming strong business relationships takes time and effort on your part, but these relationships can make a world of difference in your performance and success,” Gassett notes.
He shares four tips to help loan officers build stronger relationships with you:
Remember, you’re on the same side.
“One of the ways a loan officer can work better with real estate agents is to approach them like you are both on the same team,” Gassett writes. “You may be surprised at how many are eager to work with you! Real estate agents ultimately want to make their clients happy, and they will gladly push business your way if they know that you are there to help them do that.”
Set realistic expectations from the beginning. “Accountability is a must if you want to attract the best real estate agents — the kind who can make a huge difference in your loan volume,” Gassett notes. “Real estate is a business filled with uncertainties, just like lending. Often what you expect to happen does not happen, forcing you to scramble to find new solutions if you want to accomplish your goals. Any chance to reduce uncertainty is beneficial to the agents you work with. By being accountable and dependable a loan officer can work better with real estate agents.”
Establish an open door for communication.
Have a system in place for communicating. “Real estate agents and their clients eagerly anticipate news from you, and the longer you go without communicating, the harder the situation becomes for the agent,” Gassett advises loan officers. “Your work as a loan officer is fairly mysterious to the borrower, and that makes it easier for you to deflect questions from potentially frustrated buyers who are wondering what is going on with their loans. But the real estate agent is often directly in the line of fire when things take too long, or go badly, during the loan process.”
Grow relationships with social media.
A win-win for both agents and loan officers is helping each other out on social media channels. "Real estate agents and loan officers who engage with each other on social media create opportunities for both parties to be more successful, for example, by mutually sharing content that is beneficial to one another," says Gassett. "Some of the real estate agents you work with on a regular basis, who you are also connected with on social media, can share the link in their own social channels."
Source: “4 Ways a Loan Officer Can Work Better with Real Estate Agents,” MGIC Connects (Jan. 28, 2016)
Updated: June 22, 2018