Here's a question for all the realtors out there: Have you had a deal lately that went to a loan officer, and the deal falls into a black hole, and 45-60 days later you're still trying to figure out what happened?It's all too common in this market. Three years ago, the industry had what I call "Pulse Loans"...in other words, if you had a pulse, you were approved. And this secondary-market environment led to a dumbing-down of the lending industry. You didn't have to know much to get someone into a house, so more and more people got into the business with no education, no training, and no financial knowledge whatsoever.What I am seeing now is that a lot of the inexperienced loan officers are trying to portray themselves FHA experts after only having attended a 3-day training...or worse, none at all. The same is largely true for short sales and REO transactions. There are subtleties and nuances to these deals that, if not known, can kill your deal as a realtor, and cost you your commission check!If I were a realtor, I would absolutely be seeing the value in this market of having a PARTNER to rely on for all my deals...someone proven with a reputation, knowledge-base, and experience to ge tmy deals through to the closing table.The next two years are going to continue to be a weeding-out process of part-time realtors, part-time loan officers, and part-time title companies. The key to not losing your commission to a mistake by a rookie or part-timer is to find someone you can trust your business to...to TRULY partner with...to grow your businesses together over the next 5 to 10 years, and have long-term accountability with each other.Personally, when I meet a new realtor and discuss a partnership, I have a system that I go through to line our business models up side by side, and see if it makes sense to work together. Too many people in our industries are so desperate that they will work with anyone anytime. But the fact of teh matter is this: the more selective you are, and the more control you have over each transaction, the greater the percentage of your deals that close, and the more you get cross-selled by those business partners. And the end result of being more selective? Your business GROWS.If you would like more information on how to select a business parter, or if you would like to talk with me specifically about looking into a partnership, please don't hesitate to contact me. My goal in this market is to help as many serious, solid realtors as possible to grow their business!
Thanks for the information and you are right, it is very important for Realtors to have strategic relationships with people who make things happen in a crunch. Thanks for the blog and I look forward to seeing more of what you have to say.
Don't forget, we do have a group dedciated to lenders called REOPro Lenders, I sent you an invite and hope you join. Either way however, the best way to network business is to network and, that is done by blogging and responding to blogs accordingly. Thanks for the contributions.
Hi Brooks. Good point! We all need to know Lenders who can help recover from a mess. I have one or two I can turn to if the Financing starts to hang out there too long -- and they have never let me down.
Comments
Thanks for the information and you are right, it is very important for Realtors to have strategic relationships with people who make things happen in a crunch. Thanks for the blog and I look forward to seeing more of what you have to say.
Don't forget, we do have a group dedciated to lenders called REOPro Lenders, I sent you an invite and hope you join. Either way however, the best way to network business is to network and, that is done by blogging and responding to blogs accordingly. Thanks for the contributions.