How Loan Officers Can Improve Their Relationships with Realtors

Sometimes it can feel like loan officers and real estate agents are on different pages, but it’s essential for LOs to cultivate—and maintain— strong relationships with Realtors in order to work efficiently and grow their business. Here are a few simple ideas to keep in mind to strengthen your relationships with real estate agents:

Remember You’re on the Same Team

Loan officers and real estate agents can lock horns occasionally, and it can be a challenge to always see eye-to-eye. Maybe you’ve felt like your individual business strategies just aren’t lining up. Even though you may have differences, it’s important to remember that you’re on the same team and you need to work with that in mind—in fact, it’s essential. If you stay in a teamwork mindset in all your interactions with agents, you’ll be able to work more efficiently, and your relationships will naturally strengthen. Take the opportunity to attend open houses, meet agents in person, and co-sponsor events to help grow both of your businesses.

Hold Yourself Accountable

Every experienced real estate agent knows that loan officers have limitations. And there are times that, no matter how much you want to help a client, it’s not possible to get them exactly what they want. However, if you remain honest and upfront through every stage of the process, it’s still possible to build strong relationships, even when things don’t go exactly as planned. Agents will always appreciate you being accountable and dependable. Be perfectly clear about what you can and cannot accomplish, and make sure you follow up whenever necessary. Consistently set realistic expectations and don’t make any promises you can’t keep.

Maintain Open Communication

Some loan officers don’t communicate very often because they feel like there is nothing to report. Both real estate agents and clients eagerly await news from loan officers, so even if you don’t have a final answer for your client, let them know how the process is going and keep them in the loop on the timeframe, especially in the case of any changes. The real estate agent is the direct contact for buyers when things are taking too long or not going as expected. When the loan officer doesn’t communicate what’s going on, the real estate agent doesn’t have the information they need, and they may have to track down the loan officer for an update. By keeping agents updated frequently, loan officers encourage a sense of partnership and teamwork that only serves to strengthen the relationship.

Be Knowledgeable

To cultivate strong relationships, really get to know your local agents. Take time to understand the property types they sell and the loan options their buyers typically need. In addition to knowing the agents, make sure you’re prepared to answer any questions from them or their clients. By making yourself a valuable resource for Realtors, you’ll actively build the relationships. Even if you don’t have an answer right away, doing the requisite research and getting back with a timely response is always appreciated.

Utilize Social Media

You and the agents you’re working with are most likely already on social media. You can use those platforms to help one another by creating online opportunities for both parties to be successful. By sharing one other's relevant content and promoting each other’s events, you can work together to grow your respective businesses and establish a recognized brand.

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Teamwork really is the key. If you treat these relationships as the valuable partnerships they are, everyone will benefit. If you’d like to talk more about any of these tips, or you need help developing a strategy to improve your Realtor relationships, please reach out. I’d be happy to block off some time to connect.