Tuesday’s Objective: Finding 2 to 3 lenders
Some buyers you work with will have a lender/loan officer in place prior to contacting you or know who they want to go with – but many, especially first-time home buyers – look to you for a recommendation.
Building trust with a lender will help assure you that your clients are in good hands and that there will be no unexpected delays in the buying process. Best practice is to have 2 or 3 lenders to refer to your clients.
Look for these characteristics when partnering with a lender:
Accountable: Your lender should be able and willing to invest time into your clients, take the time to explain what your clients can do to ensure their loan is approved, and pre-approve them prior to beginning their home search.
Open Communicator: You should get regular updates from your lender regarding the client’s loan approval process. As you work with your lender, figure out what communication methods work most effectively for the both of you, so you can have clear, consistent ways to reach each other.
Has Diverse Product Offerings: Conventional? FHA? Reverse Mortgage? You don’t know what type of buyers you’ll be working with in the future or their specific needs. Make sure the lender you partner with has a diverse line of offerings.
Experienced: Go with someone with a proven track record (this will be especially important since you’re new to the business and they can help strengthen your value proposition and answer questions you might have, as well as your clients.) You can search for lender recommendations on the Silvercreek Facebook Forum. Type “Lender” into the search box and see recommendations from your fellow agents.
A Good Fit: Some agents prefer mortgage brokers while others prefer bank lenders. Learn the difference between a mortgage broker and a bank lender, decide which lender type you feel would work best with you and best for your clients.
Willing to Partner on Marketing: Looking to do direct mailers or print fliers in the future? You can cut your cost in half if your lender agrees to partner with you.
- Decide whether you prefer to partner with a mortgage broker or bank lender.
- Research your options and narrow down your choices.
- Make the calls. Talk with a couple lenders and decide on one you’d like to work with in your first couple buyer’s transactions.
- Add their contact info to your industry affiliates list (and CRM if separate list)
Make sure to check in with your clients as they work with the lender and ask them about their experience. When all is well and they’re raving about the lender, dial them in as your partner/preferred resource.
- A REALTORS Guide to Partnering up with a Lender
- The Difference Between a Mortgage Broker and Bank Lender
- Facebook Forum