Forging relationships with real estate agents is critical to originators’ success – and to do that, Carrington’s Ray Brousseau says you’ve got to bring something unique to the table
A critical key to being a successful originator is building good relationships with real estate agents. But how can originators show agents the value they bring to the table? MPA recently spoke to Ray Brousseau, president of Carrington Mortgage Services, about cementing lasting relationships with real estate agents.
MPA: So, when trying to forge a partnership with a real estate agent, how does an originator prove that he or she is bringing value to the table?
RAY BROUSSEAU: First and foremost, it’s all about trust and relationships. When the realtor has a client and a property they’re trying to close on, getting that transaction done on time and without unnecessary hiccups is critical. Getting that transaction done in a timely fashion doesn’t only affect one realtor. There are many parties who need that transaction to get done, and – right, wrong, or indifferent – there’s one party, the lender, who will get blamed if the transaction gets delayed.
MPA: What if you’re approaching a real estate agent who’s built a pre-existing relationship with another mortgage company?
RB: Realtors will usually not want to change their lending partner, because they’ve gotten used to that consistency. So you’re not going to just walk into a realtor’s office and have them change providers. You’ve got to add value.
For Carrington, it’s a little easier than for most because of our underserved strategy. When we meet with a realtor, it’s about telling them how to expand their customer base. There’s one-third of the population out there that they’re not working with, because they’re unaware that there are programs available in the market to serve them.
So the key to getting a realtor’s attention is providing them something of value to build their business. For us, it’s the underserved. Just introducing yourself as another lender isn’t going to get you far. You’ve got to show them what’s in it for them. And for every lender, that value proposition is different.
MPA: How important would you say it is for originators to build relationships with real estate agents?
RB: It’s critical. It’s important to understand the market we’re in. The originations market is expected to shrink by some 30% in 2018. The competition is going to be fierce. So you can’t just be content with your existing relationships because they’re going to be attacked by the competition – you’ve got to be out their cultivating new ones. The relationships you have today could be gone tomorrow. So just like recruiting for your employee base, recruiting for those referral relationships needs to be ongoing and every day.
See Tuesday’s Power Originator for a top real estate agent’s perspective
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