RISMedia's Real Estate Magazine

JUL 2018

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

Issue link: http://remag.rismedia.com/i/996974

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Page 74 of 126

70 July 2018 RISMedia's REAL ESTATE {Power Teams} Easy Access to Free Leads by Tamera Phallan A s real estate professionals, we should be aware that retail lend- ers (your local banking lo- cations) are the trusted financial advisors to many of our clients. Further, when those clients consider buying a home, they may begin the process by reaching out to their banker. What does that mean for you? Retail lend- ers have an expansive base of buy- ers that could take your real estate business to the next level. Simply communicating and building relation- ships with loan officers in your neigh- borhood—or in the areas you want to work in on a consistent basis—and asking to be included among the real estate professionals they recommend to their clients, has shown to produce deals each year. What if you met with two new retail lenders every month? That's 24 new lender relationships a year. If you received only one referral from each lender a year, that's 24 new deals a year. Would that make a differ- ence in your business? If it was only half of that, would it be worth it? For many agents, I think it might. The conversation with these retail lenders is simple. First, begin by inquiring about how many loan ap- plications the loan officer receives in any given month. Then, ask how many loans they closed last year. For almost all lenders, there's a big gap between those two num- bers. Often, more than half of their loans don't progress beyond the application stage because as real estate professionals, we're trained to direct clients to use our specific lenders. What if you could promise the lender that if they bring you a client that they've pre-approved, that you'll make all reasonable ef- forts to keep the loan with them? Of course, nobody would ever rec- ommend that you do anything but live up to your fiduciary responsi- bility. However, if it was a good fit with the lender that brought you the lead, you wouldn't intentionally work to move the client to some- one else. You might even say that if they aren't the right lender for that client because of some spe- cific need, you'll try to bring them another client. Beyond the basic idea of re- tail lenders being a trusted advi- sor with a database of potential clients—who might benefit from partnering with a real estate pro- fessional for their next real es- tate transaction—you might con- sider finding loan officers that are in a similar place in their career path. That means that new agents should look to partner with loan of- ficers that are on the newer side, while more experienced agents should look to loan officers who match their level of experience. Instead of spending money every month with a lead provider, why not try building a relationship with someone who keeps you on the list of real estate professionals they recommend when they need some help? While it seems like a simple concept, what if it works? With almost 25 years in corporate training and support, Tamera Phallan—a real estate profes- sional with Team Parodi at Realty Associates—has been helping agents grow their business in the financial services and real estate markets locally and nationally. Her passion for sharing informa- tion, techniques and the success of her clients keeps her motivated to do more and continue to grow. Phallan recently joined Workman Success Systems as a team coach. Contact her at tamera@teamparodi.com.

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