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Mortgage Brokers have many options today in acquiring new business. Internet leads, web sites, referral programs and networking functions are all paths to success. However, the 600 pound gorilla in the mortgage game is still the age old process of forging a relationship with Realtors. No other source can hand deliver business like a Realtor, yet no other is more difficult to establish. Here are some strategies to assist you in your efforts.

1. The Open House
Most Realtors web sites list the open houses they will be sponsoring the following weekend. Target at least ten of them for a Saturday. Prioritize them, as you won’t make all ten if you are lucky. You really only have one goal for this call, to set an appointment for a later date. Keep it short, as you’re cutting into his time showing the home. You want to go into this call with a rehearsed General Benefit Statement that tells the agent that; you work his hours and his territory, you respect his time, and you want to forge a relationship that is mutually beneficial. If he’s busy, try some of the other opens and then come back. If he’s alone he may want to pick your brain right then and their. Be prepared, but again, only go into the call with the goal of setting up a time where you can meet one to one.

2. Drive By At The Realtor’s Office
Brokers getting started with Realtors often make two mistakes. The first is to never call on even a closed office in person. The second is to go into a complete cold call with the expectation that the Realtor has or wants to make time for you at the very minute your calling on him. As in the open house scenario, the goal is just to schedule an appointment for a later date. You’ll need a reason to be there. A good one is to make up a stack of flyers that you just want to drop by the office. Another, is to call on a Realtor in an office that your already visiting for another reason. For instance, when you visit your title company, your appraiser, your insurance agent, your borrower, check the office directory for any Real Estate office. Drop into the office and say something like, “Hi, I was just down the hall for a closing at Acme Title and saw your office, I’d like to find out more about your company to see if I have something to offer, when would be a good time to meet with you ?” Many times you’ll never get past the receptionist, try at least to get a card for someone you can follow up with. At worst, you’ve only spent 60 seconds in a building you had already traveled to on other business.

3. The Open House Appointment
If you can’t get a sit down with an agent, try offering to work an open house with him. You can talk mortgages when it’s slow. If it’s busy, just help him with his end. Eventually a prospective buyer will ask a mortgage question, you’ll be there to cover.

4. Bring Your Own Leads To The Realtor.
Nothing beets delivering a fully prequaled borrower to an agent you want to work with. How do get them? Well I mentioned several options at the beginning of this story. A web site with a modest advertising plan is a great option. If you would like to learn more about web sites for mortgage brokers, please visit my friends at Myers Internet Web Solutions and fill out the linked information request before proceeding. If you decide to work with this company, the referral fee I earn, when you fill out the form, will help to fund the hosting of this web site. Thanks

If you don’t have any Purchase deals yet, you need to go back to step one and repeat, repeat, repeat.

5. Developing Listing Agent Relationships
Listing agents are the key to expanding into new offices. Every service you provide to the purchase agent needs to be repeated for the lister. As soon as you have an application started, you need to update the listing agent. find out how often he wants to be updated, then whenever possible, deliver future updates in person. This gives you a brief reason to be in his office. Attend the closing and take this time to ask the listing agent for additional business or a referral to other purchase agents in his office. If nothing else, set up a time to come into his office to meet with the agents. Realtors are the most open to working with you on the day they just got paid!

6. Cold Calling By Phone
Avoid it. The phone is for follow up, for status calls, and at most to confirm a preset appointment. It’s very easy to say “no” by phone. Don’t give a complacent Realtor that luxury.

Todd Carpenter - lenderama