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Among the strongest connections from the lender's point of view is the Realtor®/Lender partnership. As a mortgage professional, having a strong relationship with a Realtor will result in more loan originations, as these Realtors will be handing out your business card to their clients. Searching for relationships where you could become the sole lender of selection is a key secret to the most successful lenders.
The BankingBridge platform is a key component to both enhancing your current Realtor Relationships AND finding new ones, but if you are not putting in the effort to find and build the right kind of partnerships, then you will never build the elite partnership network of the most successful loan officers. We have built the following guide below to help you become the ultimate lender partner!
The Way Dynamic Partnerships Develop
They take time to mature. There is a 3 part process necessary to create outstanding relationships. Much
of the danger is removed when you discover that "essence" match that will drive your company to new heights. Dynamic partnerships comprehend long-term business planning, co-invest in one another's business and create regular standing meetings designed to boost their income and developing their businesses for future growth.
Identifying Realtors® To Partner With
It might take a range of interviews with the potential for to know, like and trust before an exclusive relationship is shaped. To define a Fantastic prospect for me, I Would Have to know the following:
- Full-time Realtor®
- Invests in their business
- Builds strong customer relationships
- Great networker
- Produces a decent variety of transactions
- Professional in appearance and the way they do business
- Constantly looking to improve themselves and their business
- Mutual enjoyment in working together
- Realtor® respects/admires your business
- Mutual Trust
Characteristics of great working partnerships
Like-minded. Each partner understands that the client is an annuity. They work together to squeeze every drop out of every opportunity. They know how to build high trust with their customers together and always communicate throughout each trade.
- Partner's care about one another's company. They understand the idea of being an extension of one another's business.
- Partner's give honest feedback to one another. They aren't scared to discuss where improvements will need to be improved on to make the venture work better.
- Every person has a good balance in their personal and business relationship. Dynamic partnerships know when to operate and when to interact.
- Not one of the partners attempt to make the most of each other.
- Become cross-selling specialists to each other. The lending company reinforces the client's decision in choosing the Realtor® and the Realtor® always supports the lender during the loan process.
- Partner's yearly commissions grow together. The Realtor® doesn't request referral fees or ask the loan officer to decrease his commission to make a transaction work. Both the Lender and Realtor® respect each other's profession and understand profit and loss management is important to both of these. If the partnership is working, greatest commissions are earned by the two parties and outside referrals will continuously come in.
Build a RESPA Compliant Partner Plan Together, Review Regularly & Keep Each Other Accountable
Like any business, the best partnerships are built on a collaborated strategy that outlines:
- The goals for the partnership
- The plan to achieve that goal
- What is expected from each party
- How you will measure each other's progress
- Set recurring meetings to discuss and review your progress
It is important to know what you can and cannot expect from your Realtor® partner, so be sure to review the RESPA guidelines and confirm with your Broker-In-Charge to ensure that you are not violating any compliance regulations.
Final Thought
For the partnership to genuinely work well, each cannot examine the other as "another vendor".
This also applies to the title company, review services, insurance broker and the 1031 business.
The Realtor® partnerships whom I've formed over the years are enjoyable and exciting. We are constantly on the lookout for ways to assist each other. There's a true friendship and eachs seems to add to each other's life.
