3 Ways to Attract and Maintain Realtor Partners

Loan Officer Tools
Managing Realtor Partners - Loan Officer Tools

Let’s start off with why it is necessary to maintain and cultivate relationships with realtor partners.

Why do loan officers need to work with real estate agents?

Occasionally, real estate agents may meet a cash buyer that is interested in purchasing real estate property, but the majority of the time, buyers take out home loans to purchase their homes. Since home loans are more common, home buyers typically look to their real estate agent for a lender recommendation. Therefore, a realtor partner relationship is extremely crucial for all parties involved to succeed with the home purchase at hand.

A great relationship with a real estate agent is one of the most important resources for any Loan Officer. Building long term relationships with referral partners is integral in helping loan officers with keeping their volume up. Which means more deals and success for both parties.

Realtors and loan officers don’t always speak the same language even though both have the same end goal in mind.

We’ve put together 3 tips to help you attract and maintain realtor partners, along with standing out from the competition.

1. Transparency and Communication

You’ve probably heard this countless times, but we really stress transparency and open communication. Not communicating with your realtor partner puts stress on the home buyer. So, don’t leave your realtor out of the loop.

Efficient communication and responsiveness between all parties will help build trust and respect. Make sure to involve your realtor on updates throughout the loan process. Using a loan process checklist that automatically updates all parties is a great way to start.

Make sure to involve your realtor on updates throughout the loan process.

2. Leverage Technology

Keeping your referral partners informed throughout the loan process is the best way to show them you value their relationship. However, constantly updating partners while you are busy doing all the necessary tasks to close is time consuming. So, utilizing a feature like Jungo’s automated pipeline reports in Reffinity will help you save time and still keep your partners updated.

Reffinity helps you understand which referral relationships are bringing in the most closed loans which will help you focus your efforts on maintaining high-value relationships. With this feature you can track the number of referrals received, determine which referrals are deep referrals, and track total number of loans closed in volume/units.

Understanding which referral relationships are bringing in the most closed loans will help you focus your efforts on maintaining high-value relationships.

You can also automate updates to your referral partners such as sending the automated “Thank You for the Referral” emails, schedule customized reports for individual referral partners and manage default settings on automated reports across the board.

This is only one of the countless automated features a CRM, like Jungo, can do for you. Ultimately, saving you time to focus on what matters most, closings and clients.

3. Work Together as a Team

Believe it or not, Loan Officers and Real Estate Agents have one goal in mind, to make the client happy. It’s easy to lose focus of the primary goal when you don’t always see eye to eye.

Loan Officers and Real Estate Agents have one goal in mind, to make the client happy.

Loan Officers may not recognize the hard work that goes into assisting their mutual client in finding the right home, making an offer, and negotiating the final terms of the sale. On the other hand, the Realtor may not understand and be frustrated by the loan process and the various obstacles that arise as their client’s loan application moves toward approval.

In the end, you and the real estate agent are a team and need to work together for the happiness of the client. Once you establish a common ground, put differences aside, and realize team work makes the dream work, it will be that much easier to close more deals together.

You can start tracking and measuring your realtor partner relationships through Reffinity in Jungo. For more information about Jungo’s Reffinity feature, click here.