{"id":8261,"date":"2009-05-06T22:52:33","date_gmt":"2009-05-07T05:52:33","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=8261"},"modified":"2009-05-06T22:55:05","modified_gmt":"2009-05-07T05:55:05","slug":"why-dont-realtors-solicit-lenders-for-buyers","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/8261\/why-dont-realtors-solicit-lenders-for-buyers\/","title":{"rendered":"Why Don&#8217;t REALTORS Solicit Lenders For Buyers?"},"content":{"rendered":"<p>REALTORS constantly solicit banks and mortgage lenders for REO business.\u00a0 Why isn&#8217;t the producing REALTOR, as a matter of course, soliciting business from loan originators?<\/p>\n<p>I posed this question at Unchained Phoenix &#8217;09 and you would have thought I asked the REALTORs to walk on coals&#8230;at first.\u00a0 A few bright agents listened to my reasoning:<\/p>\n<ul>\n<li>I talk to lots of people and do a FAIR job at managing my database.<\/li>\n<li>I subscribe to a service that notifies me when a past client&#8217;s home is listed (so I can jump on the new loan).<\/li>\n<li>I lend nationally although that doesn&#8217;t matter.<\/li>\n<li>I don&#8217;t charge a referral fee for relocating buyers; I just want their new loan.<\/li>\n<\/ul>\n<p>Agents often consider themselves to be the center of the relationship but <a title=\"relationship\" href=\"http:\/\/www.realtor.org\/press_room\/news_releases\/2006\/01\/hmbuyersellersurvey06\">most don&#8217;t manage that relationship, post-closing, very well<\/a>:<\/p>\n<blockquote><p><em>In finding a real estate professional, 44 percent of buyers were referred by a friend, neighbor or relative, 11 percent used an agent from a previous transaction, 7 percent found an agent on the Internet, 7 percent met at an open house and 6 percent saw contact information on a &#8220;for sale&#8221; sign. Six other categories accounted for smaller shares each.<\/em><\/p><\/blockquote>\n<p>The light bulb went off for Cindy DiCianni when I suggested that she look at last year&#8217;s business to discover the source city; she helped nine San Diegans settle in Kansas City in 2008.\u00a0 She promptly added me as a &#8220;referral contact&#8221; to her database.\u00a0 Alice Held did the same, promising me an invitation to her Holiday Party.<\/p>\n<p>Teri Lussier asked me about this in an e-mail today:<\/p>\n<p><strong>Lenders court Realtors. Do Realtors court lenders? Often? <\/strong><\/p>\n<p><em>Of course we court REALTORs and REALTORs never court us&#8230;NEVER.\u00a0 I think that&#8217;s really dumb.\u00a0 Forget that I&#8217;m &#8220;just the lender&#8221;.\u00a0 I&#8217;m a &#8220;person&#8221; who has influence.\u00a0 I&#8217;ll most likely encounter a relocation to Dayton (or Kansas City) once every three years.\u00a0 if you&#8217;re tryng to close 24 transactions a year, that means you should market to 75-100 loan originators, around the country.<\/em><\/p>\n<p><strong>What would a lender like\/need\/want in order for me to be their go-to Realtor of choice? <\/strong><\/p>\n<blockquote><p><em>If you&#8217;re in San Diego, a monthly phone call wouldn&#8217;t hurt.\u00a0 <a href=\"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/8261\/why-dont-realtors-solicit-lenders-for-buyers\/#more-8261\" class=\"more-link\">Read more<\/a><\/em><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>REALTORS constantly solicit banks and mortgage lenders for REO business.\u00a0 Why isn&#8217;t the producing REALTOR, as a matter of course, soliciting business from loan originators? I posed this question at Unchained Phoenix &#8217;09 and you would have thought I asked the REALTORs to walk on coals&#8230;at first.\u00a0 A few bright agents listened to my reasoning: [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-8261","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-marketing","8":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":18696,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/18696\/lenders-can-help-realtors-get-offers-accepted-in-a-competitive-market\/","url_meta":{"origin":8261,"position":0},"title":"Lenders can help Realtors get offers accepted in a competitive market","author":"Brian Brady","date":"April 14, 2022","format":false,"excerpt":"Most buyers find themselves in a multiple offer situation in today's market.\u00a0 While the highest price often wins the home, other factors come into play--some buyers are waiving appraisal, loan, and even inspection contingencies.\u00a0 Selling agents who want to protect their buyers, while affording them an \"edge\" against competing offers,\u2026","rel":"","context":"In &quot;Lending&quot;","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7867,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7867\/california-proposes-to-regulate-realtors-alongside-pawn-shops-and-lenders-and-banksoh-my\/","url_meta":{"origin":8261,"position":1},"title":"California Proposes to Regulate REALTORS Alongside Pawn Shops, and Lenders, and Banks&#8230;Oh MY!","author":"Brian Brady","date":"April 14, 2009","format":false,"excerpt":"Assemblyman Pedro Nava sponsored a bill (CA-AB33) to reorganize our state's financial services' regulators to be under one umbrella, the newly created Department of Financial Services.\u00a0 The idea is to save a bunch of money for the State. Of course, CAR is going nuts.\u00a0 Amy Steele reports via ActiveRain.com: AB\u2026","rel":"","context":"In &quot;Big Mother&quot;","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3015,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3015\/realtors-are-important-to-an-originators-successsort-of\/","url_meta":{"origin":8261,"position":2},"title":"REALTORS are Important To An Originator&#8217;s Success&#8230;Sort Of.","author":"Brian Brady","date":"April 25, 2008","format":false,"excerpt":"Loan originators are taught to develop REALTOR relationships. While development of those referral relationships is important, I've seen originators waste time and money on unprofitable \"partnerships\". This initial article, in my new series about REALTOR marketing, will explore how to quantify the referral relationship to more efficiently understand how to\u2026","rel":"","context":"In &quot;Lending&quot;","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1964,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1964\/can-the-nar-improve-a-buyers-financing-experience\/","url_meta":{"origin":8261,"position":3},"title":"Can the NAR Improve a Buyer&#8217;s Financing Experience?","author":"Brian Brady","date":"September 23, 2007","format":false,"excerpt":"Realtors have to stop complaining about the sorry status of the lending industry. Why? They have the power to make a difference but refuse to take action. I have often heard the Realtors' cry for licensing of loan originators and a plea for lending advisers to adopt a fiduciary capacity\u2026","rel":"","context":"In &quot;Lending&quot;","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":810,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/810\/a-realtors-guide-to-alien-lenders-2\/","url_meta":{"origin":8261,"position":4},"title":"A Realtor&#8217;s Guide to Alien Lenders","author":"Brian Brady","date":"December 26, 2006","format":false,"excerpt":"\"First you get the money, then you get the power, then you get the ....\" -Tony Montana in the movie, Scarface The professional Realtor has always helped a would be homebuyer by referring her to a credible financing source. That paradigm has shifted much in the past few years as\u2026","rel":"","context":"In &quot;Enduring Interest&quot;","block_context":{"text":"Enduring Interest","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/enduring-interest\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11762,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11762\/fha-va-tip-the-amendatory-clause\/","url_meta":{"origin":8261,"position":5},"title":"FHA\/ VA Tip:  The Amendatory Clause","author":"Brian Brady","date":"April 13, 2010","format":false,"excerpt":"Here's a tip for real estate agents, when presenting an offer with FHA\u00a0 or VA financing; include the FHA\/VA Amendatory Clause to the Purchase Contract as part of the offer.\u00a0\u00a0 You'll save you, the seller's agent, the escrow company, the lender, and most importantly your buyer, a lot of last\u2026","rel":"","context":"In &quot;Lending&quot;","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/8261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=8261"}],"version-history":[{"count":5,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/8261\/revisions"}],"predecessor-version":[{"id":8267,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/8261\/revisions\/8267"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=8261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=8261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=8261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}