Are You a Three Legged Stool?
So you want to have a stable full of great real estate agents referring you a steady flow of new business? Before you go out and start herding all those horses into your barn you have to ask this question: Why?
The question isn’t what you think it may be, the question really is; why would a real estate agent want to do business with you?
Are you just a three legged stool?
This is a question I ask a lot of mortgage professionals when they ask me for help in developing or expanding their real estate agent base. What about you will impress me? Even better: what do you have that will WOW that real estate agent. Great interest rates? Super customer service? All the mortgage programs needed? If that is all you got then you are bringing to the table what is already being served. You are nothing more than a common three legged stool. What you want to be is a four legged stool, providing more than what is considered the basics.
Granted you can get dumb lucky and find that real estate agent who just lost their average loan officer and needs a replacement. But that is a frog kissing contest and there are just too many frogs in the pond and your lips will be chapped, sore and bleeding well before you get that lucky.
Ask yourself this: If a real estate agent wants me when I am just like every other loan officer, do I want that real estate agent? More than likely they are just your average real estate agent. You want the upper crust, what I call the “upper ten percenters”, and these agents need to be impressed and awed before you can break them.
I recommend that you aspire to become the partner of these heavy hitters, and become their “reciprocal success partner”. Learn and have true knowledge of the real estate agent business. What does a top performing agent go through every day? How do they excel? What do they need? And most importantly, how can you provide to their business?
Those who learn more will earn more.
There are a lot of books out there that I would recommend, the first two that I consider must reads are both by Gary Keller; ‘The Millionaire Real Estate Agent’ and ‘Shift’. Become a provider, coach, resource for information, mentor, and hold them accountable.
Once you have the knowledge then build something that is unique, yours, and indispensable to most real estate agents. I have dozens of real estate agents who refer me business but I only have about 20 agents that are more afraid of losing me than I am of losing them. These 20 are all working a system/program that I developed for myself that combines several different systems/programs and I package and provide to my reciprocal success partners. This unique program provides the agents with a resource they can only get, as a whole, through me. When they use the system as designed they are securing on average 2 to 4 listings per month, and they are generating about 1 to 2 buyer leads per listing per month for themselves and me.
Yes, real estate agents can be a great resource for new and continuing new business, unless you’re in a market that is heavily REO (Las Vegas comes to mind).
Remember: givers gain and those who only take will eventually lose. If you are just that three legged stool, your relationship with your referral agents will constantly be unstable, firm up your stance by adding that fourth leg and you will never have to worry about another mortgage professional like me being in front of your partner.