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To leave list or change email address, scroll to bottom Improving Realtor Loyalty
How do some loan officers have it all? I read articles in popular mortgage magazines about high producing loan officers. Each story paints the same rosy picture. They live in far away distant lands, and make millions each year. Their secret is consistent - they have loyalty from a handful of realtors. They always make it sound so easy too. "All you got to do is meet some nice realtors and service the heck out of them." This is tough to do when realtors change lenders like they change their socks. What does it take to establish loyalty? - That's this week's focus. Practice Relationship AccountingHow often in 2006 did you purposely meet with each client (realtors) to evaluate your performance? I mean...actually conducted a performance appraisal. This is relationship accounting, the process of evaluating valued relationships. Loan officers assume that if a realtor is sending them business than they don't need to do anything beyond rendering their services. Although a relationship begins with rendering quality service, it takes relationship accounting to keep it moving forward. Believe me when I say it isn't always easy going to a client to get feedback. But it is the best thing you can do for your business. It's better to know where things stand and where things are heading, than being caught by surprise. .You Must Teach ThemLoyalty is frail among realtors until you teach them what it means to have a valued partnership with a mortgage professional. This means you must take the first step. For example, you have to be the one to call and request a meeting to discuss your performance. Sure, it makes a great impression, but more importantly you need to solicit their feedback. You use a S.W.O.T. analysis to carry out an appraisal. Afterward, you'll know how much loyalty exists and what you need to do to improve it. If this doesn't happen regularly, the relationship is being taken for granted. The acronym S.W.O.T. stands for; strengths, weaknesses, opportunities, threats. As you can see, you're covering the gambit in the relationship. Therefore the client's feedback isn't just about improving what you're doing, it examines everything.
Build a ShrineWhy do some realtors' cubicles look like shrines? Title companies get the credit for this one. They know when they give a realtor free items, it ends up on their walls or desk. (Posters, awards, plaques, magnets, desk pads, coffee cups, t-shirts, cartoons) You can intimidate your competitors using this strategy. I've questioned enough loan officers to learn that they'll ignore cubicles in a real estate office that are decorated by you. Besides, knick-knacks brand your name and make great anchors. Anchor the knick-knacks with personal mementos. For example, I know a salesman who gave a coffee cup to his client. He attached a tag to the handle with $100,000 written on it. Naturally, the client was curious to know its significance. The salesman told them that they had saved $100,000 from using his solution. That cup never left the client's desk, because the client said it was their $100,000 coffee cup. Make Them Look GoodYour #1 job is to make your client look good in front of others. If you've made a mistake, admit it quickly. If possible, let the realtor know before they find out from somebody else. Write a letter of recommendation praising their diligence and professionalism. And when the realtor has his or her next listing presentation scheduled, mail it to the sellers a day or two before his or her arrival. Realtors need every edge they can get over their competition. There's nothing wrong with the seller reading some exceptional comments prior to the realtor's presentation. Give a gift at closing that includes you, your realtor and escrow officer. If you spend something monetarily for your gift, check RESPA to make sure you're not violating any laws. On the other hand, a nice card or hand written thank you note signed by each professional demonstrates team spirit to the borrower. Successfully Yours, 
Jeffrey Nelson
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