6 Ways We Can Help You Sell More Homes
Realtors and lenders may work in the same industry, but they’re anything but competition. In fact, because of the distinct assets that both roles bring, loan officers and realtors often work better — and more successfully — together. We’ve seen opportunities to help our realtor partners increase their profits in at least five different ways.
Only about 23% of home sales in early 2017 were cash sales, confirms the January 2017 REALTORS® Confidence Index Survey Report. And unlike sales for investment properties, second homes, and distressed sales, first-time buyers are much less likely to pay in cash. This means that around 80% of the time — and when working with first-time buyers, the number is significantly higher — a realtor will work closely with a loan officer to help a buyer fund their purchase.
When a realtor gets support from a loan officer beyond basic funding, a special synergy can happen. This partnership may come with benefits like:
1. Increased Business
82% percent of real estate sales come from previous clients, referrals, friends and family, and personal contacts.
The most important key to getting referrals is to provide a great experience. Partnering with a great lender is probably the most important way to ensure a consistent, lights-out experience for the homebuyer. People will forget a lot of things after they move into a house, he says, but they won’t forget how they felt.
AS LOAN OFFICERS AND REALTORS WORKING SIDE-BY-SIDE, WE CAN ASK OURSELVES THESE QUESTIONS ON BEHALF OF THE BUYER:
Were we polite and encouraging?
Was the process quick and efficient?
Did the buyer feel informed and confident as the transaction progressed?
The speed, follow-up, and reputation of a strong lender partner can greatly enhance a realtor’s business by giving them better communication, more negotiating power in offers, and overall stronger collaboration to help bring things together. This all leads to more past client referrals and, overall, more business.
2. TIMELY PRE-QUALIFICATION
When working in a competitive seller’s market, speed can be the difference between making the sales and missing out on an offer to a faster buyer. When working with our realtor partners and our borrowers, we pay exceptional attention to detail, while keeping an eye on the clock.
During the early prequalification phase in particular, we recognize the “need for speed.” Realtors want to get their buyers prequalified quickly to find out how much house they can afford so they can start hunting.
3. MARKETING SUPPORT
In a word-of-mouth profession like real estate, marketing support can be invaluable. Today, 88% of first-time buyers use a realtor, and 33% of these first-time buyers start researching online — whether for a house, a realtor, or a lender.
Connecting the dots in the housing search can increase a homebuyer’s purchase power while making for a simpler and more positive buying experience.
We’ve invested heavily in marketing, especially around social media.
Our social media platform allows us to aggressively market properties while ensuring proper compliance.
Whether it’s providing co-branded marketing materials or lead follow-up through our robust CRM, we give loan officers the resources to engage in realtors’ businesses.
4. PROVEN TRACK RECORD
Marketing support can be essential for the many realtors looking to expand their sphere and gain new connections. In a report by Inman News, 79% of realtor respondents said they currently don’t get leads from a lender partner. But roughly 74% of realtors surveyed said they would like to receive leads — as long as they’re from a lender they know and trust.
If you’re in need of support from a lender, we’d love to welcome you to the family of partners. Our mission has and always will be to transform individual lives through lending. This is reflected in the relationships we cultivate with our team members, our industry partners, and our borrowers.
When managed well, Inman News estimates that real estate agents can expect to see up to a 20% capture rate from a successful mortgage lender partnership.
5. PROVEN REPUTATION
When managed well, the Inman News special report estimates that real estate agents can expect to see up to a 20-percent capture rate from a successful mortgage lender partnership.
6. GOING THE EXTRA MILE
If you’re in need of support from a lender, we’d love to welcome you into the family of partners. Our mission has and always will be to transform individual lives through lending. This is reflected in the relationships we cultivate with our team members, our industry partners, and our borrowers.