Purchasing a home can be a tedious, complicated process for some home buyers. Not to mention, it’s a pretty big deal! Having support from trustworthy professionals (a quality mortgage loan originator and real estate agent team) will help to make the process as seamless as possible for the buyers.
You can simplify the process for your clients – and experience some benefits in your own business – by teaming up with a licensed real estate professional or MLO . Here are five reasons MLOs and real estate agents make a good team:
Be Proactive, it Pays Off
Start with helping your buyers be more proactive in the loan process, get them pre-approved. Get them started in credit repair while they're shopping for a home, rather than waiting until they've already submitted an application. Find out from your MLO what information could help your buyer. Give them a list of all the documents they're going to need right at the first showing, so they start collecting and saving paperwork immediately.
Increased Leads and Income
By teaming up with a real estate agent, especially one who is well-known and successful in your area, you’ll very likely see an increase in business. Establishing a good working partnership ensures that you will be the go-to lender of choice. In the end, real estate agents ultimately want to please their clients. If they know you are a pleasure to work with, they will gladly push business your way.
Better Experience Equals Better Reviews
Typically, when things run smoothly, a customer is willing to share how great his or her experience was. In the case of a MLO-real estate agent duo, communication is key. Establishing consistent communication with your real estate agent partner will ensure nothing falls through the cracks. It will also help your clients feel like they’re being taken care of. High-quality service will establish loyalty with clients for long-term business opportunities for both the MLO and the real estate agent.
Added Value To Your Business
For a partnership between hard-working MLOs and real estate agents to be mutually beneficial, each person must have respect for the other’s profession. They should understand the concept of being an extension of each other’s business, and willing to cross-promote whenever possible. The lender will reinforce the client’s decision to work with the real estate agent, while the real estate agent continuously supports the abilities of the lender. After the closing, having a peer that can provide feedback for your business will be extremely helpful in growing and bettering yourself professionally.
The Rule-of-Three is Non-Sense
Stop it with the rule of three and make it the rule of one, strongly encourage your clients to use the best MLO you have and provide as much business to that MLO as you can, you want someone who will answer your phone calls when you have a problem. Building a relationship with one MLO and driving as much business as possible to that one MLO will streamline your business. You may get to know the processor, maybe even the primary underwriters, so you know who to call when things get bogged down.
Teamwork makes the dream work; and an MLO/real estate agent partnership is no exception.