Tips to help loan officers establish better relationships with real estate agents
Real estate agents typically work with buyers who need a mortgage loan to finance the purchase of the home. Just like real estate agents need loan officers for the financing, loan officers also need real estate agents to find buyers who need loans. Both professions rely on each other for steady income. Strong business relationships facilitate good outcomes for all parties involved, and here are some tips to help loan officers establish and keep good working relationships with real estate agents.
Recognize Shared Goals
Loan officers and real estate agents ultimately have the same goal. They want the sale to be a success. When communicating, approach issues with a teamwork frame of mind. Both real estate agents and loan officers need to make their clients happy, and both parties have to make efforts in order to do that.
Both real estate and lending have a lot of uncertainties. If a mistake happens, be accountable for it. When things go off-track, do what you can to take responsibility. At the same time, know your limitations. Explain what you’re able to do and what you can’t do. Keep expectations realistic.
Establish Strong Lines of Communication
For the borrower, what a loan officer does is mysterious. The real estate agent and the borrower will be waiting on your work as a loan officer for the transaction to proceed. If there’s no word from you, the agent and borrower will experience a lot of unnecessary stress. Be sure to check in at least once a week, either by phone or by email. Explain your communication system, and stick with it.
Take Advantage of Social Media
A strong social media presence will help you reach your goals. It can also help you maintain good relationships with local real estate agents. You could post success stories of closed transactions, and call out the involved agent for a job well done. This will benefit you and the real estate agent and promote a good working relationship.
Have questions? Speak to an expert for more information.