January 2020

5 steps to create a winning relationship with a lending specialist

A collaboration between you and a suitable lending specialist can yield lasting financial results. By building a mutually beneficial relationship to service shared clients, you'll improve your odds for increasing referrals and growth. Here are five steps for getting started.

  1. Evaluate potential partners.

    If you're not already buddied up with the perfect lending specialist, it's time to shop for one. Ask around. Talk to other agents, to loan specialists you've worked with and ones you'll meet at closings. After gathering a few leads, check out their profiles online.

  2. Connect with the right lending specialist.

    After creating a short list, it's time to test the waters. Send each lending specialist an email and introduce yourself, telling her or him you're looking for a reliable loan specialist to partner with. Ask a few relevant questions, like how to help a client who's looking for down payment assistance. Next, evaluate their responsiveness and the quality of their response. How quickly did they get back to you? How helpful was their answer?

    The goal is to find a like-minded mortgage specialist you'll enjoy working with, and vice versa. One who's customer-focused and can get the deal done.

  3. Establish solid ground rules.

    Take the time up front to discuss what matters most to each of you. This might include a discussion about trust and the importance of open communication. It's critical that you lay out a detailed plan for individual responsibilities. But, without fail, your relationship will be tested when all doesn't go according to the plan. Remember then that calm problem-solving beats the blame game every time.

  4. Build a network of support.

    Another partnership benefit is that it can double your networking potential. By sharing contacts, the two of you can put together a dream team of experts — attorneys, title agents, home inspectors, contractors, etc.

  5. Stay focused on your clients.

    Above all else, being there for your mutual clients should be your primary concern. This is where your complementary skill sets really pay off. Educating your clients on the home buying process will now be twice as easy. And regular communication, even when there's nothing new to pass on, is essential. Your clients, especially first-time homebuyers, will appreciate your reassurance and hand holding.

When the process culminates in the closing, it's nice to know the lending specialist will be there to share in the celebration. The good will this creates will go a long way toward word-of-mouth referrals and your future success.

A note from your neighborhood lending specialist. I hope you found the above reading material interesting and of value, as I did. Going forward, we hope to bring you additional articles each month that can help you better understand the real estate marketplace and grow your business. Please remember, I am always here for you and your clients.

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