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Old 11-15-2007, 11:55 AM
14 posts, read 23,666 times
Reputation: 12


As some have read on my previous post, I am a new loan officer trying to earn some relationships with real-estate agents. Consistent, dependable service is key for agents to stay loyal (this is what I have been told). I have been encouraged that it is a good idea to prove good service and be given a chance with agents to give a loan at cost. This did not come from an agent, it came from a mortgage broker. Does this sound like a good deal? Or does it sound desperate? I am just wondering on a real-estate agents perspective, what the opinion is.
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Old 11-15-2007, 01:06 PM
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 19,196,051 times
Reputation: 6383
I wouldn't make a habit out of doing a deal for nothing, it creates an expectation that you will always do the deals that way.

I think it's time to wear out the shoe leather. If you have an especially good loan program go out to every RE office you can and sell it. Most offices have staff meetings and I've always been amenable to letting mortgage reps have a few minutes to pitch their wares.

Then follow up with great service and stay in touch with all the players during a transaction.
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Old 11-16-2007, 10:39 PM
Location: Columbia, SC
9,097 posts, read 18,100,017 times
Reputation: 6728
Be prepared to get a few no's. The top producers already have loan officers and they won't give you a chance (don't waste your time). You need a few rising stars to get in with. You'll miss on some but if you can find a couple of good ones make yourself available and enjoy the ride.

I'd advise against doing a loan at cost, sets a bad precedent. I know I'd probably abuse you every chance I got for my clients.
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Old 11-18-2007, 06:22 AM
Location: Palm Coast, Fl
2,249 posts, read 8,066,420 times
Reputation: 1002
Consistent, dependable service is key
And to not rip my referrals off with high or hidden fees.
it came from a mortgage broker.
Is he successful? And is he talking about a 'free' loan for a customer or the agent themselves?
The mortgage broker I use, and this isn't why I use him, I use him because he doesn't rip my people off, I can always get him (although I do have a back-up), and he has good contacts at the lenders, gave me MY mortgage free when I redid it. He's never done so for any of my customers. So, it was a perk for me. I saw it as a reward type of thing, not desperation by any means.
Your idea is interesting though for someone just starting out. IMO, you don't necessarily need heavy hitters (top producers), you need volume. Visiting all the Realtor parties this holiday season might be a good idea. Having a drawing for a free mortgage or re-fi would certainly get some attention, I would think. I don't think I've ever seen it done it here. Running an ad to the public for a drawing might just bring in new business. Referring those customers who you approve with "a" Realtor also is a good idea...find a couple of good ones. Or, hook up with a couple of Realtors and advertise with them for discounted mortgage costs (with this ad coupon). Defrays the cost of advertising and builds relationships. And don't forget your builders. Some times they can't get the people approved for their programs. My guy gets referrals from a couple of builders for people they can't get through for their homes and he gets them approved for something else.
Last but not least...make sure you know as much as you can about the various programs for all situations. Performing a 'miracle' every once in a while keeps your customers loyal and your referral base going. Don't get someone approved and they go to someone else who does and you're toast.
Good luck to you in your new business! Seems to me you're going to do just fine!
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Old 11-19-2007, 11:49 PM
Location: Columbia, SC
9,097 posts, read 18,100,017 times
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I'm not your average agent by any stretch but I think most will agree with what I want. I want a lender that:
1-will be available and return calls/ emails within a reasonable amount of time.
2-has a lot of programs to offer
3-will always offer my clients the best option even if your margin is less
4-will occasionally refer an unrepresented buyer back to me
5-will always offer top notch customer service/ not mistreat or be rude to customers
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Old 11-20-2007, 07:00 AM
Location: Orlando FL
1,065 posts, read 3,744,847 times
Reputation: 424
6 - Provide me with updates on any new or interesting programs they may be able to offer
7 - maybe some marketing material for his company that I can give to my clients

I wouldn't expect, nor would I want the broker to do things for nothing, you gotta eat too.
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