Real estate agents are a top source of referrals for mortgage lenders but how do they pick and choose which brands to partner with? This article from HousingWire provides insights from agents, lenders, and real estate groups to discuss what the criteria are for an agent-lender relationship.
At the top of the list is establishing an effective communication line with lenders. Agents are looking for reliable and trustworthy lenders with expertise in their community and market who can provide consistent customer service. A good partnership requires trust and agents need timely answers to their questions in order to provide great client service. As one agent mentioned, agents need to be able to believe in the lifestyle the lender is offering to their clients.
Reputation and history also play a significant role in an agent-lender relationship. Agents have to feel comfortable and confident with the lender they are recommending to their clients. They want to be sure their clients are getting the best quality service from lenders they can trust. Therefore, the lenders must have a known brand and a track record in their localized area. Agents may even reach out to other real estate agents and brokers for advice in relation to lender reputations.
Social media platforms and reviews are also used as strong indicators of a lender’s quality of service. Agents may check out reviews from past clients as a starting point for researching a partner lender. Furthermore, lenders should also be present on social media and participate in industry conversations. When agents see lenders engage in industry related conversations, it builds trust and transparency. Social media also helps maintain up-to-date knowledge on industry trends and topics.
Overall, there are several different criteria agents take into consideration when choosing their preferred lending partners. The combination of trust, reputation, effective communication, and social media presence are key elements agents emphasize when making the decision. Agents need to feel confident that the lenders they are recommending can provide their clients with quality service before entering into a partnership.
You can read this full article at: https://www.housingwire.com/articles/how-real-estate-agents-pick-and-choose-their-preferred-lending-partners/(subscription required)
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