Albert Einstein once offered the following advice: “Try not to become a person of success, but rather try to become a per- son of value.”
Here is a funny and true story: A scientist who
studied ants learned that when ants die, their fellow
ants carry them away and dump them because of the
smell. The scientist tried an experiment and put that
same smell on a live ant. The ant’s buddies didn’t hesitate. They carried that ant away and buried it — even
though it was alive and kicking.
The moral of this story is: “Pay attention!”
The question for mortgage originators is this: If
you’re not getting referrals from Realtors, why is that?
If you’re reading this, no doubt, you’re alive. But are
you alive to potential life-changing business — the
kind of business that lands in your lap because of good
relationships with Realtors?
If you’re not getting referrals, it is probably not because you have a certain smell. Most originators will
agree, however, that if they can get a few more referrals
in 2017, their business will grow and their lives will be
that much easier. How do you get more referrals from
Realtors? Well, sometimes the answers are so blatantly
obvious — like the smell that leads fellow ants to carry
a live ant to its grave — that, frankly, it is ridiculous.
Inman, the real estate news giant, recently surveyed
Realtors specifically about what they want from mortgage originators — what the survey called “lending
partners.” If you’re willing to pay attention to the survey results and do some work, you can essentially build
a rock-solid foundation for future business through a
flood of referrals from Realtors.
Inman’s findings came at a perfect time as well. Realtors and mortgage originators need each other more
than ever. Realtors are strapped with dwindling margins and originators need borrowers.
Consider the following survey results: Realtors prefer to work with mortgage originators ( 47 percent)
over banks ( 31 percent) and nonbank lenders ( 22 percent). Plus, Realtors want to work with partners who
are a good cultural fit, have a variety of products and a
proven track record (someone they can trust) and who
can get loans to closing on time.
More telling are the following two results: More than
three-fourths of Realtors ( 77 percent) said they only have
one lending partner they refer clients to. And, 79 percent
of Realtors don’t currently get leads from their lending
partners, but 74 percent want leads from originators
they know and trust.
Let these items percolate as you ponder the following tips that can add value to and increase your
relationships with Realtors.
1. Get buyers approved. It was one of the smartest
businesspeople ever who said these words: “Give cus-
tomers what they want.” To improve your relationships
with Realtors and add value to those relationships, you
must view Realtors as customers. And those customers
want qualified buyers — it’s as simple as that. Make it
your mission to stick with unqualified borrowers un-
til they become qualified and then hand them off to
your favorite Realtors. If that means creating your own
credit-repair operations, by all means do exactly that.
Realtors understand the work involved in getting buyers qualified and, more than that, they will appreciate
your work and often return the favor.
2. Think speed, product variety, reputation and
ease of communication. What you need to focus on
is no longer a secret. Inman found that Realtors want
lending partners who are fast, have a variety of products and a good reputation and, finally, who are easy
to reach. These are your talking points with all Realtors
laid out for you on a silver platter. In addition, make
sure when anyone calls your 800 number that a real
person answers the phone. This can increase your conversion rate by 50 percent. That is a huge difference
that is worth the cost. You can’t throw money at lead
generation and then make borrowers wade through a
frustrating robotic maze.
3. Give leads. Remember the final stat listed earlier
from Inman: A whopping 79 percent of Realtors aren’t
getting leads from their lending partners, but 74 percent would like them. There it is, straight from the
horse’s mouth. That means you need to get serious
about your own leads, and even think about investing
in lead-generation and lead-management services.
Both HIBU, a digital advertising company, and Tiger-Lead, a provider of lead-generation products, can help
you prioritize, nurture and cultivate leads, which could
increase your website clicks five-fold or more.
Now it’s up to you. You have to go out and market
yourself. Let Realtors know you’re alive, or face an ugly
demise by getting carried out of the mortgage industry kicking and screaming. n
Bubba Mills is CEO and owner of Corcoran Consulting and
Coaching Inc., an international real estate, mortgage and
small-business coaching company committed to helping
clients balance success in business, while building value
in life. Mills is a nationally recognized inspirational and
education speaker, coach and mentor to the top real estate
agents and mortgage companies. For more information
about Corcoran Consulting & Coaching, call (800) 957-8353
or visit CorcoranCoaching.com. Reach Mills at
You Must Give to Receive
Adding value for Realtor partners helps build relationships and referrals
By Bubba Mills
by Bubba Mills
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