Loan Officers & Real Estate Agent Relationships – How to Work Better Together
How Loan Officers & Real Estate Agents Can Build a Better Relationship
Real estate agents and loan officers can make a great team when they support each other and focus on working together. As two key players in the home-buying process, collaboration can make both parties successful when they both put in a little extra effort. Here are some networking and relationship-building tips to support real estate agents and loan officers becoming a successful team.
Promote & Engage with Each Other on Social Media
Social media is an enormous resource for many consumers in the marketplace who are searching for homes. It can also be a helpful resource for loan officers and real estate agents. Social media is used to share articles, network, and engage with others, which is what you should use it for as well.
As a loan officer or real estate agent, if you come across an industry article that is relevant to the other party, share it! Post it to your feed or send it to them directly, so they always have the latest information. Whether it’s an article on low mortgage rates or one titled 5 Tips to Speed Up Your Client’s Closing, you should share the articles to help keep each other in the know.
Just as important as sharing articles is ensuring you engage with the articles and other posts that your partnered real estate agents or loan officers share. Liking, commenting, and resharing will show you appreciate and reciprocate the effort. This will help you build a stronger relationship.
Educate Each Other and Clients
You may be an expert in your field of work, but you might have some knowledge gaps in other areas of the real estate industry. Those little tidbits of information you’ve gained along the way may be of some use to not only your clients but also your partners. Sharing those tidbits can help you build a good working relationship with a loan officer or real estate agent. It’s important to educate each other and your shared clients on the process and any updates in the process. Keeping everyone up-to-date on what’s happening will ensure there is little to no frustration.
As a loan officer, you may want to inform real estate agents when the best dates to schedule a closing are if you usually get booked up on certain days. In addition, keep your agent informed of the loan you’re processing for their client. If it’s is having problems or if it’s delayed, let them know! Giving them this information will prevent anxious clients who may take it out on the agent.
As a real estate agent, let the loan officer know if a client is getting close to selecting a home. They may be able to let you know when they have open meeting times available. In addition, you can promote pre-approved mortgages to your clients. This helps the process go smoother for everyone involved. Be sure to tell them that if they do get a pre-approved mortgage, they should avoid making any major purchases – if that happens, the loan officer will need to redo the loan process.
Sharing your knowledge of the process can only be beneficial and ensure everyone stays updated.
Establish Strong Communication to Build a Better Relationship
Communication is a weakness in most businesses, but you can make an effort to improve it with your partnering agent or officer for better experiences all around. Find out how the real estate agents or loan officers like to communicate (is it through phone calls, emails, or text messages?), and use their preferred method of communication.
Make sure you respond to any messages in a timely manner. In the fast-moving world of real estate, many people expect fast responses. That is especially true now that technology has made quick responses a norm. Be accessible and help eliminate any concerns by responding quickly and providing as much information as possible.
There’s nothing like networking and giving referrals to build a working relationship. If you have clients who could benefit from the service that a real estate agent or a loan officer offers, then send your clients their way. Referring clients to your partners in the industry will show that you believe they do a great job, and you are willing to funnel business to them. Your partner will hopefully reciprocate and send you referrals as well.
Sending each other referrals will help both parties build their business in a non-competitive way.
Loan officers and real estate agents can reap tangible benefits from having a strong working relationship. From good communication to referrals, you can be a reliable business partner while also furthering your own business – the key is the extra effort. For more real estate and loan officer tips, follow us on Facebook.