Summary: We’ve found these simple tips to be some of the best ways to maximize the value that real estate agents can offer you.
- Establish a presence in your local community.
- Build your social media network.
- Build an email list and share your industry knowledge.
- Make yourself readily available for agents.
- Go above and beyond your competition.
Being an MLO is a competitive lifestyle that is constantly requiring you to find new leads. The best way to find new leads is by connecting with real estate agents who offer you quality referrals; in fact, when MLOs connect with real estate agents, it is one of the most mutually beneficial pairings in the industry. But if you’re not sure how to build the strong network you need to generate more business, you’re not alone. Let’s look at some of the ways you can develop a rapport with more real estate professionals.
Top Ways a Mortgage Loan Officer Can Get Referrals from Real Estate Agents
Establish a Presence in Your Local Community
Like real estate agents, it is crucial that mortgage loan officers know the communities they expect to serve. The easiest way to do this is by making yourself known in your local area. According to Loan Officer Hub, 42% of top loan officers attend events that help build relationships with other mortgage professionals and real estate agents. Training events in particular are a wonderful way to connect with real estate professionals. Loan officers may also consider joining professional organizations for more opportunities to mingle with real estate agents and other industry partners such as attorneys and title agents.
Although many professionals are still conducting much of their business virtually, it is wise to network in-person, as well. Face-to-face interaction is shown to have a more positive impact on relationship-building. Attending loan closings or open houses is an effective way to meet both real estate agents and prospective clients.
Build Your Social Media Network
Having a social media presence nowadays is a must for MLOs who want to generate referrals and leads. Social media platforms are a way for MLOs to network and garner referrals more quickly and more frequently than a monthly gathering. Facebook, LinkedIn, and Instagram are shown to be social media favorites among top MLOs. Building your own social media presence is a crucial first step to successful relationship-building with real estate agents. When they see that you’re engaging with prospective clients and other professionals in the virtual space, they’ll be more likely to gravitate to you and inquire about your services.
Not sure where to start? Try some of these helpful suggestions:
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Post regularly about your industry and what you do.
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Engage with your audience and offer insights that can help.
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Let your audiences know you’re ready to help however you can.
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Make yourself very accessible.
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Network with real estate agents and consumers.
Build Your Email List and Share Industry Knowledge
Email marketing is another tool loan officers use to connect with real estate agents. Real estate professionals are frequently bombarded with canned emails from countless MLOs and other industry professionals. However, using a strategic approach to email marketing can help you become more memorable when agents are seeking loan experts.
For example, try crafting personalized emails that show off your knowledge of the mortgage loan industry. You may decide to develop your own newsletter sharing current events within the mortgage industry, or, if you want to get even more creative, make a video explaining how the state of the housing market is affecting mortgage lending. You might even announce the launch of a new loan product.
Make sure that the content you send is engaging, informative, and relevant. Be consistent. Start with agents already on your email contacts list and, eventually, you’ll begin to see more agents and prospective clients take an interest in you.
Make Yourself Readily Available for Agents
Homebuying is a team effort. Successful MLOs make themselves readily available to help real estate agents and their clients navigate the homebuying process. And sometimes, agents don’t necessarily need loan assistance help for a specific client; from time to time, they just need to bend your ear for specialized information. Building authentic relationships will allow you to garner the trust of real estate professionals and become their subject matter expert of choice.
In addition to networking events and business-based gatherings, engage in other interactions such as coffee meetings, casual lunches, or community service opportunities. And don’t forget that professional courtesies go a long way. Return messages in a timely manner, respond to emails cordially, answer phone calls when you can, and be willing to have in-person meetings with agents and their clients.
Go Above and Beyond Your Competition
The mortgage industry is competitive. Homebuyers have many options when it comes to choosing an MLO, so having a large network of real estate agents you communicate with regularly is key to standing out. So is creating a brand. Your brand is your identity, so make sure to craft your brand around your willingness to go above and beyond what others in your field are doing.
For example, you may consider becoming an expert in a lending niche, and then make posts on LinkedIn or send emails to your real estate contacts where you educate your audience about that niche. Or you may offer a short biweekly course for real estate professionals and prospective homebuyers on mortgage-related topics. Whatever you do, always stay connected with your real estate agent colleagues to find out what your competitors are not doing, and then develop a way to fill that gap.
The MLO/real estate agent relationship should be mutually beneficial, and making connections is how you can get more referrals to grow your business and establish an abundance of career-enhancing associates for the future.
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