4 Ways to Improve Loan Officer and Real Estate Agent Relationships in 2018

Real Estate agents who can say, “I have a lender that can give you a good deal” will often help take some of the uncertainty and stress out of the buying process. This article was originally submitted on Feb. 9, 2016 and has been updated.

If you are a lender, a great way to break into the big time loan market is by cultivating good working relationships with established real estate agents.

When it comes to the business of real estate, most buyers will not make a full cash offer and will need to take out a loan. In this sense, real estate agents need loan officers to thrive in their business, and loan officers need home buyers to stay in business.

It is essential for loan officers to learn how to cultivate long-term relationships with agents in order to keep up the volume of business.  To help loan officers figure out best practices for building a foundation and improving interactions with agents, Massachusetts real estate agent Bill Gassett offers the following 4 tips:

1. Realize you are on the same team. Approach agents like you are on the same team, because ultimately you are. Many agents just want their clients to be happy and when they feel that you are there to help them out and have the same goals, they will be happy to work with you and refer their clients over.
2. Be accountable. Real estate, just like lending, has its uncertainties. When working in a unpredictable and complicated industry it’s important to hold yourself accountable and be honest in order to better harness your relationships with agents. Set realistic expectations and have an open line of communication with your agent about what is going on and what you can or cannot do.
3. Establish a system for communication. Agents, as well as their buyers, are eager to receive any relevant news as it occurs. When going long periods of time without communicating with your agent, the buyers’ frustrations fall on the agent, making things more difficult for them. Make your system known to your agents and have alternative options ready in case of a rejection.
4. Use social media to help each other. Social media offers you the opportunity to communicate and grow your presence online. Loan officers and real estate agents can use social media to be more successful and effectively communicate and promote one another.

Modern home buyers will go to companies that give them expedited processes and good communication. Gone are the days when loan companies can drag out deals, misplace paperwork, or delay due to employee changes without consequences. When this happens, millennials will not hesitate to lambast you on social media and review sites. Internet savvy in the hands of a disgruntled client is a dangerous combination in this era.

If your company can provide stellar communication on a daily or weekly basis then you will project the ability to get the job done in an expedited manner.

With MoreLoans4U, loan officers can now team up with their real estate agents to provide a complete property marketing solution to help automate real estate marketing efforts.

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