Every loan officer understands the power of building and nurturing relationships with key professional partners, but is a real estate agent relationship really important for a loan officer? Real estate agents can be one of the most beneficial relationships for both the loan officer and the real estate agent. The industry knowledge that can be shared between these two professions not only benefits their professional success but also create a powerful partnership for homebuyers who can take advantage of this shared knowledge. But the best loan officer and real estate relationship requires time and effort in order to maximize and truly benefit from the relationship.
Key Takeaways
- Building a relationship with a real estate agent can be very beneficial for loan officers and real estate agents.
- Loan officers and real estate agents can work together to expand their networks, create co-branded marketing materials, educate potential buyers, and create a strong referral network.
- To build a successful relationship with a real estate agent, loan officers should connect with their community, share industry knowledge, be honest and reliable, be proactive and responsive, add value to the relationship, and show gratitude.
- To avoid hurting a potential partnership, loan officers should not be pushy, waste their partner’s time, come across as a know-it-all, or make promises they are unable to keep.
Can loan officers and real estate agents work together?
Loan officers and real estate agents make a powerful team when it comes to all areas of the home buying process. When you have a strong relationship with a real estate agent, you have a partnership that opens many doors when it comes to networking, marketing, educating, and gathering new homebuyer leads for both you and the real estate agent. Working together allows you to expand your reach and increase your exposure.
Networking
When you partner with a real estate agent, you grow your potential network. At networking events, such as Chamber of Commerce meetings or charity events, you are able to network as a team. By adding in other professionals, such as attorneys or contractors, you create a strong network of professionals that can help boost potential referrals and expand your reach. As you build a network, you gain exposure in your local community as well.
Marketing
Taking advantage of co-marketing opportunities with your real estate partner offers benefits for both of you. Working together, you can create co-branded marketing materials, such as open house flyers, social media posts or ads, and email marketing campaigns that allow you to reach potential new clients and contacts. Going one step further, consider sponsoring events for each other, such as open houses or educational seminars.
Educating
The home-buying process can be confusing, especially for a first-time home buyer. Real estate agents and loan officers work constantly to educate potential buyers on the ins and outs of the home-buying process. A partnership with a real estate agent opens up the doors to additional educational opportunities you have to offer borrowers. In addition, as a loan officer, you have a wealth of information that can be shared with your real estate agent partner’s contacts. Hosting networking seminars or educational classes together allows you to reach more potential contacts.
Referrals
When you build and nurture a strong relationship with a real estate agent and you successfully close deals together on a regular basis, you are both more likely to send clients each other’s way, helping to build a strong referral network.
How to build real estate agent relationships
Here you can clearly see the benefits of building and nurturing a professional relationship with a real estate agent. But where do you begin? Here we look at some of the dos and don’ts when it comes to building a solid real estate agent partnership.
Do’s
1. Connect with your community
Being a visible member of your community allows you to be out in front of potential clients and partners, such as real estate professionals. Attending conferences and loan closings, for example, gives you the opportunity to engage with real estate agents and start the relationship-building process.
2. Share industry knowledge
Real estate agents are looking to partner with loan officers that have a vast knowledge of the industry and stay up to date on current news and the latest trends. Sharing your knowledge with your real estate agent and their clients provides value to the agent.
3. Be honest
A strong and successful partnership relies on trust and honesty between both parties. When building a relationship, make sure that everything you offer is something you are able to follow through on. Do not make promises that you are unable to keep. You are working on building trust, so you need to show them that you are trustworthy and reliable.
4. Be proactive and responsive
Communication is key when building and nurturing a relationship with a real estate agent. Connecting with your real estate partner a few times a week, whether through email or a phone call, can go a long way.
5. Add value to the relationship
A successful partnership benefits both parties in every way. A key component of a successful relationship is the value that each party brings, so adding value should always be the main goal when it comes to professional relationships. This added value can be anything from developing co-marketing social media or traditional campaigns to offering a seminar for your realtor’s clients that covers lending options for first-time homebuyers. Adding value such as this shows your professional partner that working together is beneficial for their business as well as yours. Keep in mind that you also want to find partners that bring value to your business.
6. Show gratitude
Be sure to show gratitude to your real estate partner every time they help you land a new client or close a deal. A simple “thank you” really goes a long way in maintaining a successful partnership.
Don’ts
1. Be pushy
Building a quality partnership takes time. Your initial goal is to build trust and credibility. If you immediately start by asking for referrals, you are likely to push away any potential partnerships. It is important that you take the time to gradually build a relationship that benefits both parties.
2. Do not waste their time
Everyone’s time is valuable and that includes your potential real estate partners. When making initial contact, such as at an open house, be upfront about who you are and why you are trying to connect.
3. Don’t be a ‘know-it-all’
While sharing your industry knowledge with professional partners and their contacts is a key benefit of a partnership, you don’t want to come across as a know-it-all. Sharing your industry knowledge in informational and helpful ways, such as when asked or during a seminar, is beneficial, but if you are always jumping in with information and statistics, for example, you come across as arrogant. This appearance of arrogance can hurt potential partnerships.
4. Do not make promises you are unable to keep
The key to a successful partnership is following through on your obligations. If you say you will do something, be sure to follow through and actually do it. Letting obligations go or failing to stick with the promises you make are likely to hurt an existing partnership, if not end it completely.
Nurturing a relationship with real estate agents
Strong relationships do not develop overnight, and it will take time to build and nurture a successful loan officer and real estate agent partnership. Following these dos and don’ts and taking advantage of what a strong partnership offers both parties can ultimately lead to success for your business.
Good Vibe Squad helps you find qualified leads
At Good Vibe Squad, we understand the importance of qualified leads for a loan officer, as well as for a real estate agent. Our Unfair Advantage™ program filters potential leads based on their likelihood of loan qualification, meaning the leads you receive from us are ready to find their dream home and close a deal.
To learn how we can help boost lead generation for your business and your real estate agent partners, book a strategy call today.
