If you’re in the lending industry, you’ll know that maintaining a strong relationship with agents and borrowers is crucial for success. Today, we’re exploring how to be the lender every agent wants to work with.
1. Over-Communication is Key
In the world of lending, communication is an art form. It is the bridge that connects you, the agent, and the borrower, building trust and reliability. So, how do you ensure your message is heard loud and clear? Multi-channel communication is the way to go – whether through email, phone, social media, or even face-to-face.
Don’t have any updates? No problem! Tell the agent that. Remember, no communication is bad communication. Communication is not just about good news; it’s about being transparent when things don’t go as planned. Be honest about potential problems rather than letting the agent and buyer feel ambushed at the last minute. At the end of the day, communication is your most potent tool to develop trust, facilitate smooth conflict resolution, and keep the borrower and agent happy.
2. Set Realistic Expectations
From your first interaction with the agent, be clear about what’s feasible. Real estate professionals only want to work with lending partners with a proven track record whom they can trust to help clients get what they need to close on time.
By setting realistic expectations about what you can accomplish, you can manage any deviation from the original plan gracefully. Transparency is key here, as maintaining open lines of communication allows for adjustments to be made without surprising the agent or borrower.
3. Keep it Local and Find Your Niche
Interestingly, many agents prefer to work with local lenders who have an intimate knowledge of their particular market. It’s in the buyers’ best interest to work with a local lender… buyers feel more confident that the transaction will close on time.
Also, carving out a specific niche in your local market can naturally attract agent business. This can be achieved by joining local real estate networking groups, contributing valuable advice in LinkedIn groups, or simply becoming a thought leader in your community. The more recognizable you are, the more likely agents will be inclined to work with you.
4. Be an Industry Expert
It’s no secret that the mortgage process can be complex. But by proving that you’re not only an industry expert, but also willing to go above and beyond to help the borrower understand the process, you can gain a significant advantage over other lenders.
A great way to achieve this is through content marketing. Create guides that anticipate borrower questions or help demystify the process. Having such resources readily available will certainly grab the agent’s attention and set you apart from your competitors.
5. Go Above and Beyond
Take that extra step to differentiate yourself. This could mean being available outside work hours, “guaranteeing” closing dates, or even offering assistance in situations without immediate compensation.
In the lending industry, the value of a relationship often surpasses the value of the dollar. By focusing on your common goal—delighting the borrower—you can foster stronger relationships, keep loan volume up, and deepen your competitive advantage.
Remember, all of the tips mentioned above are just part of being an exceptional lender. By incorporating them into your process and leveraging technology, you can be the lender that every agent wants to work with. Now go out there and be exceptional!