Real estate agents and loan officers should help to scratch each other's backs, so to speak. After all, real estate pros can't sell a home without the help of a loan officer, and loan officers need people to buy homes if they're to stay in a job. As such, both groups of professionals should strive to maintain good relationships with one another, writes realtor Bill Gassett in MGIC Connects.
According to Gassett: “Forming strong business relationships takes time and effort on your part, but these relationships can make a world of difference in your performance and success.”
Gassett goes on to share a few tips on how to build stronger relationships:
You're on the same team:
Gassett suggests real estate agents and loan officers approach their relationship as if they're playing for the same side. “You may be surprised at how many are eager to work with you!” he said. “Real estate agents ultimately want to make their clients happy, and they will gladly push business your way if they know that you are there to help them do that.”
Set realistic expectations:
Gassett believes expectations should be kept realistic from the beginning. To loan officers, he writes that accountability is a must if they want to find the best agents to work with.
“Real estate is a business filled with uncertainties, just like lending,” Gassett says. “Often what you expect to happen does not happen, forcing you to scramble to find new solutions if you want to accomplish your goals. Any chance to reduce uncertainty is beneficial to the agents you work with. By being accountable and dependable a loan officer can work better with real estate agents.”
According to Gassett the best way is to establish a system that enables good communications with one another. He tells loan officers that real estate agents and their clients are eagerly anticipating any news or progress reports they may have, and warns that the longer they go without relaying a message, the harder it becomes for agents. He adds that loan officers' work is “fairly mysterious” for the average home buyer, which makes it easy for them to deflect questions about their loan applications. And while that might seem like the easy way out, Gassett notes that real estate agents are the ones in the line of fire if and when things take too long.