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NEW YORK – Most buyers finance their homes, which is why real estate professionals should have collaborative relationships with a variety of lenders.
Receiving any sort of compensation or direct benefits for referrals is not allowed, but there are significant benefits to having trusted lending partners, including getting firsthand information about promotions and new products, market insights and prioritized support. Some lenders also may be more willing to work out solutions for clients who have financial struggles or need pre-approvals.
Lender relationships also should include firms that work well with clients who need larger loans or have lower incomes or are self-employed, which is why having relationships with multiple lenders is essential.
Clear and consistent channels of communication with lenders ensure that details of client needs are never lost or miscommunicated. It is also best to work with a local branch or person at the lender directly and to demonstrate integrity with the lender and potential clients.
In some cases, attending joint training seminars with lenders and clients can fortify these relationships. Using technology also is helpful in streamlining data sharing and process management, which can lead to faster approvals. Always be open to feedback and solicit it periodically to ensure the working relationship remains healthy.
The key to successful lending relationships includes ensuring everything is legally compliant, customized solutions are available and the lender boosts the real estate firm’s brand.
Source: Inman (06/26/24) Babich, Luke
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