Real Estate in a Virtual World.

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Refinance Market Fizzling Out? The Secret to New Purchase Business

 How Mortgage Loan Officers Can Obtain Home Loan Referrals From

Boston Real Estate Agents

 

pictureA mortgage loan officer’s primary source of new purchase business is referrals from Boston real estate agents.  Industry research indicates that over 80% of home loan referrals originated by a loan officer will come from an agent referral.  Developing strong marketing relationships with real estate agents is the best method to achieve success in obtaining a constant flow of home loan referrals.

 The Lender-Agent Relationship

Real estate agents typically refer their buyer clients to two or three lenders.  Their referrals are based on a business relationship established through trust and confidence that their client will receive the best loan products and service.  Your goal as a loan officer is to be one of the three the agent recommends to the home buyer.  Developing new agent relationships is difficult as there is stiff competition and you must offer something unique to the real estate agent to “open the door”.

 How to Gain Respect from Real Estate Agents

Real estate agents are courted by loan officers that offer to cater open houses, sponsor meetings and “dropping by” with donuts and small gifts.  RESPA compliance is of primary concern so “incentives” must meet those standards.  In reality, real estate agents don’t want donuts but do appreciate marketing assistance in promoting their listings and obtaining buyers.  Real estate agents need new methods to compete with Zillow, Trulia, Homes.com and obtain home buyers.  What if you had a marketing system that generated home buyer leads and provided an online marketing platform for real estate agents?

Integrated Marketing System

Implementing an integrated marketing system provides lenders with a process to develop relationships with real estate agents and customers.  Home buyers search online so your marketing must include web based strategies. By including traditional marketing methods such as networking and advertising will facilitate the success of your system.  However, since most consumers utilize the Internet in the home buying process, a loan officer should focus on assisting an agent in achieving a dominant online presence that provides value to the consumer without commitment.

Achieving Dominant Online Presence

To be successful in online marketing you must generate traffic to your website.  Once the consumer visits your site, the content (website) must provide value in order to generate an interaction or a registration.  The best website tool for this process is a WordPress powered content management system.  In addition to being a website, it also provides a blog publishing system that has great features and is very easy to use.  You can post unlimited articles, links and pictures that are published in real time.  The WordPress platform is very “search engine friendly” and content can easily achieve front page placement with proper formatting.  By having high placement in the search engine rankings with multiple articles you can receive substantial amounts of traffic on a daily basis for free. 

Collaborative Marketing

Once you have your Internet marketing system in place, with articles on the front page of Google and generating leads, you can offer agents the ability to share your marketing platform by posting their listings and articles on your WordPress powered site.  This interaction will assist you in developing a marketing relationship and encourage weekly meetings to discuss marketing strategies.  As the provider of the system to the agent, you control the process which includes the tools, training and support.  Agents will respect the value you bring to them as it generates business, reduces their marketing costs and learning curve in the use of technology.  The collaboration has a higher probability of success as you are sharing your spheres of influence, working together and holding each other accountable to a prospecting process.

 About the Author

Fred Doleac is the Founder and President of Virtual Homes, Inc., a leading Internet marketing company for the real estate and lending industries.  The company operates Praxius Technology in addition to its real estate brokerage company Virtual Homes Real Estate.  The companies provide Internet marketing systems which include lead generation, website content management systems, training and coaching.  View the company websites at http://www.virtualhomes.com and http://www.praxiustechnology.com.

 

Contact Fred Doleac at 603-732-1800 or email: fred.doleac@virtualhomes.com

 

 

 

Comment balloon 2 commentsFred Doleac • September 08 2011 07:39AM

Comments

Great post, I certainly understand Realtor referrals to loan officers, however, I refer as many clients to my Realtor partners. I like meeting with my Realtors partners on a monthly basis, that time is precious.

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) almost 7 years ago

Thanks for the tips. I think it's all about building relationships and helping each other. Thanks again for the post. I wish you well!

Posted by Paul McFadden, Pest Control, Seattle, WA. (Paratex) almost 7 years ago

Participate