Contacting realtors

mk0325 · #1 (**permalink**) 05-15-2006, 11:17 AM

Hello!
I really want to build a referral relationship with Realtors, but how can I convince them to work with me when I am very new?

I have seen scripts and letters that can be used to approach Realtors, but they also like to mention being in the mortgage industry for xx years!

What steps do you take? EX: Do you call and schedule them to meet or do you goto the offices and intro yourself and schedule it there? What things do you offer the realtors? Etc.... Thanks

Secret! · #2 (**permalink**) 05-15-2006, 12:30 PM

Quote:

Originally Posted by mk0325

Hello!
I really want to build a referral relationship with Realtors, but how can I convince them to work with me when I am very new?

I have seen scripts and letters that can be used to approach Realtors, but they also like to mention being in the mortgage industry for xx years!

What steps do you take? EX: Do you call and schedule them to meet or do you goto the offices and intro yourself and schedule it there? What things do you offer the realtors? Etc.... Thanks

IF your new job requires you to cold call Realtors, you'll hate it within a few weeks.

There's loads of other ways to attract custmers that won't feel like you're being punished.

mk0325 · #3 (**permalink**) 05-15-2006, 12:32 PM

Besides asking for me to buy a class from you what can you suggest?

Erik · #4 (**permalink**) 05-15-2006, 02:22 PM

mk0325,

There are a number of other threads discussing Realtors (use the search feature to find some), but in general I think you need to do something to stand out above the crowd. Realtors, especially producers, get bombarded by loan officers wanting their business.

Do something different... send them business first or create a blog and post pictures and info about their listings (ask member Lenderama about this - one of his great ideas) or if you're daring and confident - ask for any impossible deals they have that nobody else could get done. If you figure out a way to get an impossible deal done, the agent will likely send you more tough stuff and there's a good chance they'll tell other agents in the office about what you were able to do.

There are many more ideas but that's a start. What have you tried so far?

mk0325 · #5 (**permalink**) 05-15-2006, 02:28 PM

I havent tried anything as of yet. Im new and this is my second week in the job. I dont want to wait too long.

Greg · #6 (**permalink**) 05-16-2006, 06:14 AM

Contact the schools that do pre-licensing and get the realtor before they even land a position. If you are new so are they but realtors are good at finding people to buy a house. Friends and family at the begining. Referrals after that too from the buyers and then you also impress the listing agent.

#1 rule is communicate. Call them to give them and update. Do not tell them you will call them with updates every 2 days. Just call and surprise them.

Join some groups and make friends. People do not like sales. Period! So make friends with them and listen like you are trying to land your next wife. Minus anything too personal.

I like not mentioning the other lenders or asking questions about them. I ask each new propect "What do you value in a lender" a lender not your lender....

Most importantly you need to hit the streets and introduce yourself to anyone and everyone. Use your name more often than your company name. Hang some flyers. Market yourself. It does not have to be pretty.

People make up nice flyers and they are catchy but imagine going to the grocery store and seeing your name in 24 font bold and big then saying I do mortgage loans. Honesty and Integrity #1 or something short like that. Low cost.

What is you real name?

There is much more if you search. I think I covered much more but this is some low cost idea's.

When is the last time someone called you and you were sold?

brendo927 · #7 (**permalink**) 05-16-2006, 10:15 PM

Scratch their back and they will scratch yours......

mk0325 · #8 (**permalink**) 05-17-2006, 08:37 AM

Well their's has to itch first.

I was thinking on sending flyers to realtors but I have been told thats a waste of money cause they only hit the reception desk. Only way I think getting a realtor is going there and setting up a future appointment. I just dont know what to bring to the table when Im there.

Just say Im young and learning but in order to learn i will need loans, since Im young I live from loan to loan and I give it my all to get the loan done in time for 4 people. Me, You, borrower, and the home seller. If you want I can attend open houses, or I can give you financing items just for that certain home. I will follow up with you and the borrower every step of the way. Nothing hidden or left out that will cause chaos when its time to sign.

Erik · #9 (**permalink**) 05-17-2006, 11:51 AM

Their backs are always itching. You want business from them (like every other LO that calls on them) but try turning the tables and send business their way first.

Imagine getting 5-10 visits a day from people who all want you to send them business, and all have a pitch that they have "the best rates, the best service, and the most loan programs to fit every borrower's needs". How do you differentiate? Pretty quickly you learn that basically every LO can provide those things (service, low rates, variety of programs), which get categorized as "expected". So do something "unexpected"... something to differentiate yourself.

Greg mentioned a great idea, which was to hit up would-be-agents before they finish real estate school. Their expectation levels will be slightly lower (because they haven't already been approached by 1,000 loan officers) and you may find some eager marketing partners. Try to set up a joint "first time buyers" seminar with someone so that you both benefit from the relationship.

Brendo's principle of scratching their back first will always apply. Figure out a way to do it and you'll get further than if you just try to pitch "best rates, service, and programs".

But most importantly - just get out there and try something. There are thousands of agents out there and if things don't go so well with the first few meetings just chalk it up to a learning experience and move on. Or come back with a better approach and show that you can adapt and improve.

Greg · #10 (**permalink**) 05-17-2006, 03:06 PM

I had also mentioned in a few other topics to buy leads and interview realtors for your customer.

My name is x and I have a pre-approved borrower that needs a good agent. I would like to meet with you to discuss sending them to you. Ask for proof of production and basically a resume.

Control.... Imagine a lender who walks in and gives you a loan that you do nothing for. What would you do? Keep using them or walk away from the guy who helped you out?