The Realtor-Lender Connection: More Important Than You Might Think By Holly Stevens
As a real estate professional with Century 21 Award in La Mesa, California, Robin Felix works hard to provide exemplary service to her clients who are spread throughout the San Diego area. By fostering a strong working relationship with Shelly Lake, a loan officer at West Coast Mortgage in Escondido, California, she provides high value service to her clients. We interviewed Felix and Lake about the Realtor/lender connection and the strong bond that forms from joint customer service.
Holly Stevens: Do you regularly deal with Realtors/lenders?
RF: Yes! I routinely work with my buyer’s lenders; when my buyers do not have their own lender, I refer them to lenders such as Shelly whom I know I can trust to be competitive and get the transaction closed. In the event I have a potential buyer, often the first step is to speak with the customer and get their pre-approval so they know what they qualify to purchase and what their payments will be. This ensures a smoother process and avoids them looking at properties above their price range.
SL: I often stand side by side with Realtors, answering lending questions at open houses and I work hard as a “partner” to the Realtor during the transaction to ensure the deal is completed on time and as smoothly as possible.
HS: Do you feel there is interdependence between Realtors and lenders?
RF: Yes. Realtors depend on loan agents to ensure they are working with viable clients. I have referred past clients to lenders in the event they want to re-finance their home and pull out some equity. Lenders rely on Realtors to locate the properties their clients want to call home or commercial locations where they can grow their business.
SL: Definitely. Realtors and lenders must be able to rely on each other to competently get the job done. Good communication is key for a successful transaction.
HS: Can the Realtor/lender relationship falter if not properly maintained?
RF: The relationship between lenders and Realtors is an integral part of the home buying process. It is important for communication to be free flowing. Ensuring a smooth escrow relies on a good working relationship between the two professionals and attention to detail on both sides. The joint objective is to ensure the clients achieve their goals in as stress-free a manner as possible.
SL: The relationship between Realtor /lender is based upon trust—trust that the client is being treated fairly and that the deal will get done on time.
I think that it could become a bit of a destructive relationship if either professional tries to do the job of the other. Just like any relationship, it is important to keep communication open and discuss situations as they may arise. My clients, the buyers, have a lot at stake and I don’t take my responsibilities to them lightly.
HS: Can you share any examples of how Realtors/loan officers can best
work together?
RF: I prefer to conduct open houses with a reputable lender on site. This offers an easy, one-stop shop for the potential home buyer. Having a lender at my open house assures me any and all financial questions will be accurately answered right off of the bat.
SL: Joint open houses—they are a one-stop shopping for customers. Stopping by to see clients together is another great way to build a strong relationship…and obtain new clients. Joint marketing can also be beneficial to both. Examples might include joint flyers or advertisements and lending seminars.
HS: What advice might you have for other Realtors and/or lenders to help them improve the relationship between the two groups?
RF: I believe it is helpful for Realtors and lenders to have an understanding of and respect for each other. Both positions require expertise and a solid work ethic.
SL: Touch bases often with your Realtor/lender. Discuss topics of concern before they become issues. Let them know how much you appreciate them and the relationship. Finally, share ideas for marketing. Both sides will benefit.
HS: How can one best develop a relationship between a Realtor and lender?
RF: As a Realtor, I have been a part of transactions involving many different lenders. Buying a new home can be a very emotional experience. The average person experiences some degree of anxiety throughout various pieces of the process. I have experienced the difference a good lender’s dedication can make in completing the transaction as well as maintaining the peace of mind my clients expect and deserve.
SL: Locating a Realtor that you like and trust may take some time. Let everybody know that you are looking to build a referral relationship with a Realtor. During a transaction, work hard at getting to know the buyer’s Realtor. If you are a hard-working, driven lender, your chances of finding the same type of Realtor are good. Then you just need to nurture that relationship. |
