What Realtors Should Expect From A Lender

Referrals and Trust

When a realtor refers their client to a lender, they are trusting that the lender will provide a high level of service. A good lender understands that they are a reflection of the realtor. When a professional refers to another they are entrusting their own reputation in the others care. The process should be smooth leave a client glad that hey were put in touch with the right professional.

What Should Be Expected

Availability:

Agents work 7 days a week and their partners should too. A lender should be within reach for an agent or client’s questions at all times. Long gone are the days of 9-5 business hours. A good lender can be texted or called on the weekend to answer questions or get a last minute pre-approval in before an offer.

Transparency:

Getting notifications through an escrow period can give an agent peace of mind. You shouldn’t have to wonder were your clients are at in the loan process. Getting email and text updates can give you the assurance you are on track and in the loop.

Speed:

21 days or less should be a standard option for a lender to be able to deliver a close of escrow. In competitive environments this can be the difference between an offer being accepted or not. Reducing or removing contingencies is also a competitive edge that a lender should unlock. A good lender can shorten or remove these contingencies while still keeping the client protected where they need it.

Competence:

There should be no surprises in escrow. Experience allows lenders to see potential roadblocks or hurtles before they happen. Lenders should be problem solving before problems even arise. Escrow can be busy and stressful enough without surprises.

Product Options:

More product options allow for more purchasing power for clients. Not every buyer is the same and there are loan products for all different situations. Having a lender with access to all loan options will produce more qualified buyers.

Low Rates:

Most people at the end of the day care about getting a good deal. When referring out a realtor should be confident that the lender is going to give the buyer the best rate they could have gotten. Brokers who do most of their business through referrals are way more competitive than other lenders. Being referred saves lots in advertising costs and those savings are passed onto buyers through lower rates and lower closing costs.

If you are a realtor, explore how a great lender can help you and your clients.