As published in Scotsman Guide's Residential Edition, December 2005.
Receiving consistent referrals from Realtors and real estate agents can be your business's lifeline and one of the most-reliable ways to increase production. When working with real estate agents, if you use two particular tactics -- servicing the listing agent and becoming a second-opinion broker/lender -- you will position yourself to develop strong, high-referral relationships.
Servicing the listing agent
Many brokers don't call a listing agent unless the transaction absolutely requires moving ahead. This is a big mistake. Even if the listing agent already has a relationship with another broker or lender, you never know what will happen.
When I was an originator, I moved to a new area as rates were climbing. Looking for ways to develop new Realtor contacts, I took the servicing approach. I worked with one agent who was a high-producing Realtor. At the end of the transaction, I suggested we meet for lunch to discuss doing more business together. He said he was grateful for the service I provided but that he had a lender with whom he worked for many years. I repeated that I would love to work with him in the future.
I contacted him by fax and phone for the next six months, hoping to work with him again. One day, he said his current lender was not performing well and asked if I would like to be his preferred originator. That was the start of a fantastic relationship.
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