Question by Nathan: Mortgage Broker Prospecting to Real Estate Agents?
I am fairly new to the Mortgage industry and was looking for tips and tricks on how to prospect to real estate professional. Is there a good process? Any contact strategies that will work well?
Thanks!
Thanks ‘godged’ & ‘dog ma’!!
Can I choose TWO best answers?? 🙂
I gotta put it to a vote.
Best answer:
Answer by godged
The unfortunate aspect for you is that many agents will have established relationships with strong, order healing experienced mortgage brokers. You could offer to make payment/rate flyers for open houses, tadalafil search or offer to co-host open houses. Some mortgage brokers visit agents at open houses and chat with them for a few minutes if it is really slow.
Put some information together about your services and ask to speak at the office sales meeting. Many offices allow a short presentation in their sales meeting, perhaps a power point, but make sure you have some takeaway info. Keep it brief, 5 – 10 minutes, try to touch on things that set you apart from the plethora of other lenders out there. Bringing something to eat won’t hurt either.
What do you think? Answer below!
Godged is right- also take Pizza or donuts or some other food.. they will listen to you if you feed them! LOL!
welcome to the house of cards.
I suggest you also try something unique and challenging;
ask your boss if he-she has contacts who can do
“pure hard money” loans–these are not sold to Fannie
Mae or her sisters, ginnie may or freddie mac.
PURE hard money takes no 1031, no credit checks etc
and offers 60% max ltv on properties; they are made
my private investors.
Step #1 – Do an excellent job for every client you get. Their agent and the listing agent on the deal will both notice.
Stop in to real estate offices and visit with whoever is around. Go to agent’s open houses, go on agent tour after the MLS meetings if that’s possible in your area. Ask if it’s OK with the agent if you put them on an automated e-mail for rate notifications. Send out flyers detailing new loan programs and offer to meet with agents one-on-one to go over programs if they seem interested. Realize that some of them will know the programs better than you do, so make damn sure you know what you are talking about. Stay in constant contact with the agents on both sides of a transaction and let them know what is happening (appraisal is in, package is at the underwriter, etc.)
Get out of the office and meet with agents in person. They want to know who they will be sending business to. Realize that it will take a couple of years to get established and well known enough to rely on real estate agent referrals only. Stay in touch, be consistent and informed and enthusiastic, and it will happen. Good luck!