You can be the best real estate agent in the world, but if your team and your partner network isn’t, your business will suffer.
The real estate market, like many other industries, is driven by partnerships, collaboration and referrals. Real estate agents, inspectors, appraisers, mortgage companies and title companies all play a vital role in finalizing a real estate sale. It is the collective effort of each individual group that makes the transaction happen.
Given the extremely collaborative and referral-based process, the network of partners that an individual agent creates reflects that agent. In a world driven by customer experiences, any point of friction in the process, no matter who is responsible, will partly be attributed to the agent.
It’s important we remember that buying or selling a home is a very emotion-filled experience for the buyer or seller. It is up to the real estate agent to work with the best partners in order to deliver the best ultimate experience. When it comes to your mortgage partner, here are some reasons why picking the right one is so important.
Keep the Transaction Moving Forward
The biggest headache in any real estate transaction are the inevitable roadblocks that come. Your mortgage partner needs to have the experience to be able to navigate what might be an extremely complex financial situation. Even if it’s a one-in-a-million kind of purchase, your mortgage partner should let you know ASAP that they will be able to get the job done. They should also be honest enough to say that it isn’t going to happen.
Keep Your Buyer/Seller Informed
The best mortgage partners will over-communicate with you and your client. They will also provide some time frames that help set expectations on how the process will work. Mortgage lenders that have empathy for the fact that buying or selling a home is extremely stressful will do everything they can to offer a pleasurable experience where expectations are either met or exceeded and communication is constant.
Don’t Waste Time
Showing houses and doing research for a buyer without knowing the amount of funding they are eligible to receive is a waste of time not only for agents and loan officers, but for the buyer as well. Your mortgage partner should be the first call your clients make to determine what kind of funding the client is eligible to receive given their financial situation. This will help you personalize your listing recommendations for the price range they are in.
Deliver Speed & Efficiency
The world moves extremely fast and customers have an expectation for speed and efficiency in all aspects of their life. Buying or selling a home is not different. Your mortgage partner should have a reputation for not only great customer service, but also a level of expertise and efficiency that gets deals done as quickly and effectively as possible. With the right combination of tech and personal service, your mortgage partner
Get Co-Marketing Support
There are thousands of ways to promote your real estate business. Your mortgage provider should be offering additional exposure, reminding your client who their agent is during the entire loan process. Additionally, as the market changes and refinancing becomes a great option for home owners, it is yet another opportunity for the loan officer to follow up after the transaction. This is another great co-marketing opportunity that your mortgage partner should be delivering.
All in all, your partners should be adding value not only to your business, but to the overall experience you deliver to your clients. The partners you decide to work with can hurt your brand if they don’t bring the same care and attention that you do. It’s important that real estate agents vet partners, learn about their reputation, get to know them, and see them at work in order to build a solid real estate team and network.