Have you been approached by a Realtor?
I have clients reporting back that they are having Realtors calling them out of the blue, asking if they will take their referrals. Yes, Realtors are calling mortgage professionals asking if they will take and close their deals is happening on a regular basis. This is not an unusual phenomenon, many of my clients have this happen occasionally by a Realtor who is unhappy with their current options, but it is happening more and more consistently and more frequently for sure!
It is interesting to see the reasons these agents are giving for calling:
- I have heard good things about you from a coworker and wanted to try you and see how it went.
- I have seen you before but didn’t have an opportunity to send you.
- I have had a series of bad transactional experiences with my current referral choice.
- My current choice can’t get loans closed in 30 days.
- My current choice’s pre-approvals aren’t trustworthy.
- My current choice doesn’t respond to my calls.
- My current choice would rather do refinances.
- Use the Forever Home Strategy.
Any of these things are terrible to hear, but they represent an opportunity for you to explain how you work and what your expectations are about the relationship and how you do business! This is important. If the agent says they need a lender who answers the phone 24/7, RUN! Nobody can, or should, be put in that position. Politely explain that it is impossible for anyone to do that IF they have more than one client at a time and don’t have a life outside of work. Explain your system and how and why it benefits everyone and go from there!
Now is a great time to benefit from other mortgage originators who don’t have a plan, or don’t effectively communicate. It’s true, that many originators would rather sit at their desks and hammer the phones scouting refinances then managing relationships with Realtors and purchase transactions. But refinances, while plentiful now, are not going to stay that way! We have already seen the FHFA tax of fifty basis points on refinances, who knows what is next!
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