Realtor referrals are the lifeblood for so many mortgage loan originators. There’s no faster way to build a healthy pipeline of new clients than to have realtors send you business. But with so many mortgage providers competing for the attention of realtors, how does your credit union stand out in this crowded and noisy environment?
If you want to receive quality referrals from realtors, you must find ways to add value to their business. When they receive value from you, it increases they likelihood they will reciprocate delivering value to you. So what are some ways loan originators in your credit union can build strong referral sources from realtors?
Member referrals to realtors — Your credit union is sitting on a gold mine of loyal members. A subset of those members will be selling or looking for a new home at any given point throughout the year. Know who those members are and connect them with the highest quality realtors in the community. We’re so focused on receiving referrals that we often forget realtors value referrals too. Said more simply, “Give a deal, get a deal.”
Social media — 91% of realtors are active users of social media. That’s how they are connecting with home buyers and staying top of mind. Engage with their content so your followers will see the posts of realtors. This simple act expands the reach of realtors and helps to broaden their awareness in the community. Another idea to consider is providing realtors with content. Most social media contributors struggle with creating valuable content for their followers. You could ease that struggle by offering some sample posts and educational content for your select realtors.
Continuing realtor education — Realtors are always thinking about ways to further build their business, so hosting events with guest speakers or curating content that answers some of the most pressing issues facing realtors could help demonstrate value and that you’re a resource for them as they build their business. Topics you could cover include using social media to expand brand awareness, the role of community involvement in expanding your network or the basics of hosting an open house that produces results.
Borrower experience — This is often overlooked by mortgage loan originators, but it is probably the single best thing a credit union can do to ensure future referrals from realtors. Buying a home is exciting, but getting a mortgage is just a necessary evil. So anything a credit union can do to make getting a mortgage painless will be remembered by not only the borrower but the realtor too. Over communicate throughout the process in an effort to avoid surprises. Simplify the process and remove any obstacles that may cause stress to the borrower or realtor. Deliver a fast pre-qualification. The mortgage experience you deliver will be remembered, so make it a good one and not only will the borrower come back but the realtor will too.
Borrower education — Realtors get asked some of the same questions over and over again by home buyers, and anything a credit union can do to streamline and scale the education a realtor provides to their network would be appreciated. Consider co-hosting borrower education events with realtors on topics such as first time home buying, mortgage basics, applying for a loan, home improvements with greatest ROI, just to name a few. The realtor can invite their audience and you can invite your membership, and who knows perhaps both parties can make introductions to one another that will lead to business.
New realtor engagement — Most mortgage loan originators want the most active realtors in the community as their referral partner. The problem with this strategy is that every loan originator is attempting to partner with the same people. The realtors who need the most help are often the ones who just received their license, so consider how you can add value to those realtors early as they build their business. Any support you can provide to them will build instant loyalty that should translate into referrals for the credit union.
Member realtor connections — Less than 25 percent of home purchases are cash sales, so with nearly every home that is purchased a realtor and a loan originator will be involved. The most effective home buyer process occurs when the realtor and loan originator are working closely together. Today, you have members buying homes, coming to the credit union for a mortgage and working with realtors to finalize the transaction. Leverage this opportunity to get to know your members realtors and continue building that relationship even after the closing is done.
Generating mortgage leads is not an easy task especially in the crowded mortgage environment that many of us find ourselves competing. The more quality realtors you can deliver value to and nurture a quality relationship, the more referrals your credit union will receive. And over time this will compound and produce even more referrals. The key is the more value you deliver to realtors the more likely you are to receive value in return.