There was a great discussion started by Janet Guilbault... (which she credited me with inspiring) about what Realtors want from their lenders - or better said - what it takes for a Realtor to give a new-to-them lender a shot. Janet was surprised by my assertion that lender marketing krap ain't gonna get ya no-wheres with me.
We don't want to be marketed to... we don't need to be schmoozed... we don't need to be fed. We do want our lenders to keep us in the loop. We want our lenders to make us look good in front of our buyers and sellers. WE WANT OUR DEALS TO CLOSE.
We want to be WOW'ed... Not Wooooo'ed. (Thanks, Rockin' Kim for that delightfully catchy phrase).
Seems rather obvious, doesn't it?
But guess what? That's all our clients wants from us, too. Competence. Expertise. Market Knowledge. Communication. Negotiating skill. They don't need our krap. They just need us to perform. Now more than ever...
Join me, Borino, Katerina & Broker Bryant for "Pricing it Right with a Persuasive CMA" workshop on February 7th!
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Jennifer, here's what I'm running into as my circle of professionals increases (thanks Facebook). I've got two or three mortgage lenders and a home inspector in my group of new "friends."
I'm terror-stricken at the thought of referring these guys and having them be terrible. Do I think they are? No. They all seem pretty sucessful in their own right. However, I don't have any personal knowledge of their work and I just can't force myself out on a limb of referring them and having them reflect on ME. Especially when I have to experience with them.
So, maybe a new question will be - how can we (and mortgage lenders/home inspectors/stagers) prove to others (without actually doing a deal) that we're rockin?
Kinda goes along with your "Know your market" message.
That's the same question our lenders have for us - "how can we prove our competence without your taking a risk on us?" With our SOI, there's a related issue - "How can I feel good about referring you - when I've never used you and don't plan on buying or selling anytime soon?"
That's where the good old RCHB comes in - at least for us. I think we have it easier than lenders do - y'know why? Because the general public thinks our job is EASY. They don't know how badly an incompetent real estate agent can mess up their deal. But we as agent KNOW all too well how an incompetent loan officer can ruin our day...
Know your market...know your lenders and other contractors...expect the best and when you don't get it...go find it...it's there for the taking !
You're absolutely right Jen, as usual. We've had lenders come in to talk to us and all they tell us is the new website they'll put us on, or how to make flyers, etc. I"m a realtor, I know how to market. Give me stuff about loans and what they'll do for our clients, that's how you'll earn our business.
Hi JA.
Yep.
I chose my lender the way I would choose my Realtor.
Take care of the customer.
Thanks for writing,
Ken
Performance counts! The bottom line goal is to get the deal closed! Not just the easy deals but the hard ones as well!
My goal is to allow my agents to let go of the deal and move on to the next one. If I take it it will close, and typically will only get the agent involved if there are issues that are important to discuss. It is the same way I want to work with people I refer to. My appraiser does her job, only calls if there is an issue, My title company: hand it over and it closes PERIOD!
If you build a trusted team around your business, business is easy and seamless, everyone gets paid, and everyone likes each other at the end of the day!
Jennifer - Great post! I agree 100% that I don't want to see a bunch of marketing crap from Realtors. That's not going to get me to refer you. However, I can also relate to Heather who is afraid of referring someone that she has never worked with. Been there, done that.
Over the years, I have had Realtors contact me because someone in their office gave them my name and number and told them that I was great with first timers. The Realtor would basically call me just to get info on how I could help with a client they're currently working with. Sometimes I would get the referral and sometimes I wouldn't. But over time, that Realtor may call me time and time again for info on loan products, my services or to just ask my opinion about a particular scenario.
Before long, that Realtor and I may become very familiar with each others experience, work ethics and strengths as well as some personal info; we may become friends. It's called establishing a relationship. Even though a particular Realtor and I may not have had the chance to work together, yet, hopefully, we have learned enough about each other and have come to know, trust and respect each other enough to know that if we do decide to work together, we are confident that this person will handle the situation as expeditiously as possible and in a professional, ethical and courteous manner.
Granted, not all Realtors and lenders want that kind of relationship with each other but I speak from experience when I say that it's a really wonderful way to work. Life is hard enough already, why make it harder? Working with friends can make it a little nicer along the way.
Jennifer, you are so right! I am very lucky my husband is a mortgage broker so I don't have to worry about all that. I tell him what I need and he finds the best loan for my clients.
Jennifer, that simple phrase says a lot "We want to be WOW'ed... Not Wooooo'ed" now we just need to do it.
It is great when we WOW our buyers and sellers and it is great when we are WOWED by a lender. Typically, that WOW will come when we see the mortgage pro on the other end of a deal or they were already picked by the buyer and we are working with them. Or it could be by word of mouth too... every once in awhile it does not need to take that WOW to start a relationship, but you are right, in this market, it will be most of the time...
"WOW'ed... Not Wooooo'ed" I LOVE that phrase!!! What I require in my lender is knowledge and communication skills. I want updates and I don't want to have call to get them. Send me an email once a week and I'm a happy camper.
What a great point you are making. There is a huge difference between wow'ed and woooo'ed, and us a Realtors, as well as lenders better know the difference.