As a Real Estate Agent, one of the best things you can provide to your clients is advice. Most homebuyers and sellers look to their agents as a source for information to help guide them through a very complex process when it comes to buying and/or selling a home. During the course of your real estate career, you will undoubtedly have the experience of working with numerous local professional service providers with varying results – both good and bad. As a trusted consultant, you are in a clear position to provide insight as to which providers may be best suited to work with your clients.
Realtors are often asked to provide referrals for: Insurance Companies, Home Inspectors, Attorneys, Mortgage Lenders, Surveyors, Appraisers, Landscapers, Tradespeople, & even other Realtors.
One of the important referrals you may make includes a reputable Mortgage lender. If you want your transaction to close, on time, with the least amount of stress for you & your clients, then you need a go-to person in your area to refer valued clients who need financing.
- PRE-APPROVALS:
If you value your time, then you need to know that your buyer can buy, BEFORE taking them out for the day. A qualified mortgage originator should be able to quickly and thoroughly determine if your buyers will ultimately be approved for their financing. Your lender can tell you what parameters the buyer will qualify for, and help you with price range & budget planning. This can be a real time saver, and clients will appreciate knowing they have the process started! Don’t forget: your sellers may also need to be buyers, and they should speak to your lender as well, to make sure that when they do sell, they can also purchase. - STRUCTURING AN OFFER:
This is something often overlooked as a benefit of working with a professional loan originator. Often, the offer being presented by the buyer has little to do with the true market value and more to do with the desire to “get a deal” or work within a budget. A good originator will help structure a win-win offer that both fits the parameters of the buyer’s abilities as well as presenting the best make sense offer. Sometimes, a seller concession, or change to loan type, or even the use of discount points to reduce the rate can be the tools needed in order to get the offer in shape so it works. If you don’t work closely with and include the loan officer in the offer process, you may be missing out on deals that are very close to succeeding. In most cases, you’ll never know what could have been. - COMMUNICATION AND TIMELINESS:
Now that an offer has been accepted, the process of getting ready for closing can begin. This is where your referral of a great loan originator, and attorney can come into play & begin to really make you look good. Your mortgage originator should have an efficient process for obtaining the required documents & disclosing terms of the loan, and needs to work with the rest of the ‘team’ in order to get the loan approved, obtain a mortgage commitment & clear any outstanding conditions. It’s during this time that good communication is demanded. A good originator keeps the client, agent’s & attorney informed as to progress of the loan file, and is ready to close on time. - CLOSING TIME:
The day has come, the walk through is complete, the C/O in the file, closing time has arrived. Everyone shows up: attorney/title rep, buyers, sellers, agents, and wait, where’s the mortgage lender? Is the closing package ready? Are the wired funds available? If your mortgage person is not present at the closing, who answers any questions about the paperwork? If your lender cannot make it in person, then they should definitely confirm that everything is in order, and review the closing statement with your buyer, before they walk in the room. This is the last impression you get to make with your client, in order to secure those future referrals. Make certain your partners realize this is important, and act accordingly. - SUPPORT:
A good referral partner does care about you & promoting your business, right? In order for a good partnership to work, there needs to be both give and take. Your mortgage partner should have the desire and ability to help you find new business. They can co-sponsor your broker open houses, provide training, share industry information, and be available to you when you need them. They may offer to do joint advertising, seminars, and other creative and helpful things to make the partnership a true success.
If you are a Real Estate Agent in the Salt Lake County area and don’t have a lending partner like this, then please contact me because I will do all of the above items and more. It would be my pleasure to discuss how my team can help you and your clients have an incredible mortgage experience.
(50.2%)
(49.8%)
25.3 years
27.1 years
Kelly Whytock's Blog - Retail Manager 