Working With Real Estate Agents

Chris Lengquist is a guest contributor today from BBQ Capital. Chris is a real estate agent with Keller Williams Realty who specializes in working with residential investment properties.

Winning the trust and business of a producing real estate agent is not an easy task. By the time most real estate agents are solid producers (when both their office and the mortgage people notice) the agent has already made long lasting ties to at least one or two reliable mortgage professionals.

Loyalty can be a powerful thing. Trying to crack that egg and getting into the inner circle of a successful agent will take professionalism and patience on the mortgage provider's part. And when you get the chance it better go as smoothly as any transaction has in the past. Or better.

Over the years I've been approached by literally hundreds of mortgage providers trying to win my referrals. Here are some of the items I've been given to win my affections;

• Candy
• An eagle statue (why?)
• Dining gift certificates (ever heard of RESPA?)
• Birthday cards
• Certificates for $400 off my client's closing costs
• 4 pack of Guinness (This I liked...though I didn't send him any referrals)

All of these items, and more, were a waste of money and time on the part of the lenders. Let me tell you what you can do to win my attention and loyalty when it comes to providing mortgage services to me or my clients;

• Make your word good
• Don't make promises you can't keep
• Excellent communication with the client AND myself
• Competitive closing costs and rates
• Closing the loan on the day of the contract specification.

Notice I didn't say the cheapest closing costs or the lowest interest rates. I have actually advised clients to go with a more expensive rate (slightly) and a more reliable lender. They almost always agree they would rather have the lender with known integrity and performance. No surprises at the end, you know?

There are a lot of different ways I can go from here. I'm hoping some of your comments and input will guide me. We'll talk about the agent's role in helping you to keep the clients motivated and focused. We'll talk about communication snafus that have killed deals. We'll talk about forged documents I've received from a lender filled out by a local mortgage provider who signed my name.

We'll also talk about how to successfully approach agents. How to win their trust. What the needs are from an agent's point of view are during the whole lending process. I look forward to talking with you in the future.