Why are some of the most successful Agents no longer working with regular retail partners? It’s quite simple, agents for decades have been the primary source of leads/referrals for mortgage companies, inspectors, attorneys, and title companies. But consumer awareness is rapidly changing due to new technology and digital solutions, allowing a new generation of industry professionals/companies to prosper and offer better solutions for clients and agents.
Agents now are partnering with Digital Mortgage Lenders that they trust and, most importantly, are reciprocal partners instead of a one-way street. So how are some of the top agents selecting Mortgage Partners to work with? Here’s a list of characteristics & abilities Agents look for when picking a Digital Mortgage Lender to work with:
Helping With Building Their Brand & Business:
As an Agent, marketing is incredibly important when advertising your services (and yourself). Because buying a home is such a large and personal investment to the consumer, it’s important to establish yourself as someone who’s empathic to their situation and passionate about helping them through the home buying process. That’s why it’s important to further build your career by joining forces with a reputable and dependable mortgage company that shares the same sentiments and can further help your client.
Above all else, trust and ability to do the job correctly and clients getting to the finish line is a big part of landing a reciprocal relationship with an Agent. But is this enough?
For a few decades, the real estate industry has just accepted that partnerships are a one-way street with a dead end. Agents are used to having to refer business out because mortgage companies were never in control to refer leads to the Agents. But with technology and consumer behavior changing, it’s becoming more common for clients to start the preapproval process before shopping for homes; So if a mortgage company is currently working with a client who’s in need of a realtor, they can make referrals based on their current working relationships with agents. In turn, this will enable thriving Agents to focus on building reciprocal relationships which will result in growing their businesses year after year.
Technology:
Nick Marenowski, Executive Vice President of Get A Rate, stressed the necessity of technology in real estate: “For realtors, it’s very important to have access to the newest and best real estate technology for their marketing and branding. But there’s so much out there, so partnering with realtors to provide expertise on the best technology for their marketing strategies is paramount to their success. The latest CRMs, advertising platforms, etc. The best mortgage lenders reach clients directly just as the best real estate agents do, so our process and technology are similar. This allows us to share what works, and what doesn’t in reaching new clients and maintaining relationships with past clients to grow our business.”
Bill Boswell, Realtor at Keller Williams Prosperity Realty, noted how technology influenced him in making a decision to partner with a mortgage company: "Get-a-rate's tech allows for lightning-fast and accurate approvals which are priceless in our industry. Clients love their streamlined process and when my clients are happy, I'm happy. Also, Get A Rate has always been at the forefront of technology and forward-thinking. They share their knowledge and strategies for delivering exceptional service, gaining more business, and simplifying the business to real estate agents like no other Company that I have encountered.”
Performance:
Brian Kim, Realtor at Proper Estates, shared the significance of recommending mortgage companies based on their performances: “Providing value to a client as a Realtor means being involved in the entire experience of purchasing. Nothing is more important than having a reputable mortgage company to recommend. To many, the feeling of uncertainty one has when buying a home has been described as one of the most stressful in a person’s life. Why not make it easier knowing that the buyer is in good hands?”
Bill Boswell also went on to discuss how reciprocal the relationship between the realtor and mortgage company is: “The agent and the mortgage lender are two sides of the same coin. We need to be able to work together, trust each other, and know that the information that we're getting is accurate so that we can ensure the transaction makes it to closing. Just as important, a stellar customer experience is vital in today's world. An agent and a mortgage company working seamlessly together to create, reinforce, and deliver this stellar experience create incredible value to the customer that could never be replicated by an agent alone."
Availability:
Nick Marenoski also stressed the importance of mortgage companies being available to Realtors, “In this hot real estate market and new digital age of mortgage lending, real estate agents (and their buyers) expect to be able to move quickly to get pre-approved and make offers on homes. Real Estate agents know they need to hustle if the buyer is interested because buyers expect a level of service matched to Amazon’s 1-click. A realtor may meet a new client on a Saturday afternoon to show homes and if interested the buyer needs to get pre-approved fast to make that offer. A realtor needs a mortgage pro to be available to discuss that pre-approval asap with a buyer or they’ll find someone else who will. The best mortgage lenders will also leverage digital mortgage technology that works with clients to get pre-approved 24/7 around the clock. Get A Rate provides both accessibility of a live person and the technology platform for self-service pre-approval outside of business hours.”
Interest Rates:
Offering competitive interest rates on mortgages will obviously help Realtors in keeping their clients happy and more fiscally healthy; In turn, this will make it more likely that Agents will refer their clients to a specific Lender (sealing the deal regarding a partnership between Agent and Mortgage Lender).
Transparency:
Being honest and keeping the Agent in the know will establish a trustworthy bond with them. Openness is crucial in any relationship and it is dire when establishing and building budding business relations. When a mortgage company is forthcoming about the home buying process with the agent, this will help them better tend to their client’s needs. If an agent trusts a mortgage company it is more likely they’ll desire to work with them.
At Get A Rate we’ve understood the importance of being a consumer-direct mortgage company that originates business all online. By doing so we’ve been able to understand the importance of real estate tech in our industry; Not only does this offer simplicity, but it offers solutions that today’s clientele are looking for.
We love providing superior online services to gain our clients’ trust, which leads to us referring clients to Agents; here’s where you come in...
Get A Rate, is constantly looking for experienced Real Estate Agents that offer top-notch service we can refer our clients to. If interested in learning more about Get A Rate, and our reciprocal partnership agreement, feel free to give us a call at (866) 223-4962.
