Keeping Real Estate Agents Happy During a Hot Market
Having solid relationships with real estate agents is often key to the success of a mortgage broker. And ever more important given today’s fast moving market. Here are some tips to keep agents happy and thus keep their referrals rolling in.
Ask the advice of any relationship expert and they’ll almost surely start with communication. But how? Have something valuable to communicate. A broker who is armed with industry knowledge can be an indispensable ally to a real estate agent. This expertise can run from everything to a deep understanding of mortgage products to the current state of interest rates and a finger on the pulse of where the housing market is headed. How you communicate with the agents will vary. Some may prefer connecting on social media or texting, while others would prefer emails or even old-fashioned phone calls.
The broker who best gains the confidence of a real estate agent is one who answers their texts, calls, and emails promptly. Even – perhaps especially – after regular business hours and on the weekends. Agents often don’t work nine-to-five schedules, and they may need to get in touch with a lender most during these off-hour times. Your vigilance will be rewarded with happy agents who may make you their preferred lender, setting yourself apart from other brokers, as poor responsiveness is a common complaint in the lending process.
Most real estate agents are constantly interacting with potential homebuyers who don’t fit the mold for qualified mortgages. But these creditworthy folks may be perfect for Non-QM mortgages. Does an agent have a self-employed buyer? You might recommend a 1099 Only loan, a Bank Statement loan, or an Asset Qualifier loan – all look beyond traditional income documentation in the loan approval process. The buyer’s not a U.S. citizen? A loan tailored to foreign nationals may be the answer. For every diverse client a real estate agent has, you’ve got an equally diverse loan product.
There may be nothing that makes a real estate agent happier than a timely and snag-free closing on a house. With over 25 years of lending experience, Luxury Mortgage Wholesale has streamlined the underwriting process to ensure that brokers, agents, and buyers are all satisfied when the deal’s done.
How can we make you a happy broker? Contact us now to find out.