The National Association of Realtors reports that 5.34 million existing homes were sold in the U.S. in 2018. As a loan officer, you certainly don’t want to miss out on the opportunity to be a part of as many of these sales as possible. To do so, you will need to land more realtor referrals.
But how can you establish these partnerships and gain referrals? Do you strategically showcase yourself at realtor conventions and gatherings with business cards and gifts? Do you scour LinkedIn for real estate agents in your area and reach out there?
While those options are good for attracting new connections, it’s the nurturing of these connections that becomes most important when seeking realtor referrals.
After all, it isn’t a long list of realtor connections that you want—it’s a close relationship with a few realtors who have steady work. Through these partnerships, you will be able to originate loans on a consistent basis.
If you’re saying to yourself, This all sounds great, but how does it happen? How do I find these realtor referrals? We have a few key suggestions for you:
Everyone in this business relies on a home closing to get paid and real estate agents are no different. If they set a closing date and you are able to originate within the set deadline, you will have made a positive impression on the agent. The buyer closes, the agent gets paid, you get paid, everyone is happy.
More importantly, you have gained the trust of the agent, and trustworthiness and reliability are key components to gaining realtor referrals.
Stand out from the rest
Are fruit baskets, gift certificates, and office supplies with your name on it good gifts? For some, maybe. For most, they’re typical. They suffice as a nice gesture but that’s about it.
Realtors don’t want your gifts—they want your help. In the end, we all want more business and by helping them to secure more business in the future, your “gift” far outweighs that of your competitors.
Do you utilize social media channels or other marketing strategies to grow your own loan origination business? If so, why not spotlight a real estate agent you’ve successfully worked with? Even if this leads to only one lead for the agent, the payday they could see after working with that lead will be much greater than a tangible gift.
Why are realtor referrals so important?
They’re top-of-funnel. When a buyer or seller wants to make a move, they call a realtor. And while some of these buyers and sellers may have a loan originator in mind already, chances are most don’t.
With a simple suggestion to their client, a real estate agent can send work your way—you don’t have to sell yourself to gain that customer. Having this relationship with only a few realtors could significantly increase your business.
How will you squeeze all of this work into your already-busy workday? With Wemlo’s automation tools, you’ll create more time for yourself to do what it is you’re best at doing: originating loans.