Clients need to understand their employment history is a piece of the mortgage application puzzle.
For mortgage professionals, these relationships are power.
When it comes to generating referral business, networking with real estate agents can be a strategic move for savvy mortgage brokers. As you know, real estate agents can provide a consistent pipeline of borrowers and those borrowers usually have total trust in their agent’s judgment, including their choice of mortgage broker.
So, many mortgage professionals spend their days cold calling, hitting the pavement, or otherwise chasing after real estate agents from all over town — and beyond. Instead of putting so much effort into the chase, though, why not nurture relationships with local agents to make the home purchasing process mutually beneficial?
Whether you’re just starting out or are looking to level up your ability to rub elbows, follow these six tips for the best chance to network your way to success.
1. Connect on Social Media
Real estate is an inherently social industry, and agents are always looking for ways to bolster their online brands.
Whether you opt for a Twitter profile or a Facebook account, begin connecting with local agents. Reach out with an introductory message. Include an elevator pitch and highlight your shared goal: getting buyers into homes. Then, like and comment on their content regularly to establish a rapport, share articles you think they might like, and otherwise provide value wherever possible.
Eventually, you can begin suggesting collaborations and co-branded content. Guest blog, anyone?
2. Attend Local Events
Keep an eye out for networking opportunities in your local area. Many agents will give preference to mortgage brokers with in-depth knowledge of their neighborhood or market of choice. So, if there’s one event down the street and another all the way across town, prioritize close proximity.
Then, when you’ve started meeting and greeting, clarify where, geographically, your skills lie. Perhaps you attended the area’s local high school, as did the agent you just met. Or maybe you helped their sister-in-law refinance her home just down the street! Play up your attachment to the area to illustrate that you know this market like the back of your hand.
Before you know it, you’ll be strengthening local bonds like a pro.
3. Join Associations
To broaden your reach, consider joining real estate associations in your city or state. This will give you an inside look at the industry while demonstrating just how much you support and respect your local agents.
Be careful not to disturb meetings or association events with business pitches, though. Instead, just focus on getting to know other members on a more personal level. From there, a business relationship could easily blossom.
4. Foster Connectivity
One of the biggest aspects of successful networking is connectivity. For example, some mortgage professionals offer in-person office hours while others promise they’re just a text away.
Whatever your preference, ensure connections can reach you quickly and easily. One missed call can mean a lost client, transaction, and revenue, so nurture your network with frequent, high-quality communication.
5. Broadcast Your Expertise
Home loan financing is a notoriously complex industry. Between the many rules and regulations, the high degree of personalization needed, and the many different lenders and loan programs, agents will always be after the mortgage professionals who know the most. A strong grasp of the many available products and an ability to seamlessly guide their clients through the home buying process will always be at the top of their wish lists.
While years of experience will certainly help here, you don’t have to be an industry veteran to tout your expertise. Consider sharing about a recent course you took or an article you read to highlight your high degree of knowledge. Real-world success stories their clients could relate to can help, too.
However you choose to market your skills, just don’t sell yourself short.
6. Be Genuine
Of course, you’ll want all interactions to be genuine. People can sense even a hint of artificiality and will quickly be put off.
So, don’t bombard agents with sales calls or texts right off the bat. Remember: the key is relationship building. Establish a foundation first, then let the conversation naturally turn to business.
After all, effective networking is all about the long game!
Final Thoughts
Whether you opt for in-person events or online connections, networking with local real estate agents can seriously bolster your business. Whatever your preference, just be sure to share your experience, prioritize relationship-building, and always keep in close contact. Before long, those days of cold calling could be far behind you!
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