I know there is a love/hate relationship between the mortgage/real estate sales professionals? I've been in the mortgage business for 6 years without ever calling on agents, but enjoy purchase loans. Does buying donuts and lunch really help getting referrals or is that a myth? I recently sat at the closing table with two seasoned realestate brokers that were a pleasure to work with (did not call everyday looking for an update). This changed my mind about agents, but wondered if there was any real estate agents out there that could offer advice before I start attending open houses/passing out fliers.

I know a number of mortgage people who I happen to get along very well with. As far as getting referrals goes, it goes without saying that you have to get your face and name out there. Pens, calendars, notepads,... are all nice to give away and of course you have to be competent and treat my customers right. However, bottom line is if I send you referrals, I expect back referrals from you.

I love my wonderful loan officer that I have. Unless I have a buyer that he can't help out (which means that I should work with a different buyer in most cases, although I do work with a company that holds all of their loans in-house) there is no reason for me to look for another mortgage broker. He calls or e-mails me with progress reports before I ever have to call him. I have never had to talk to a loan processor. He calls my potential clients ASAP & also keeps them informed. He's friendly and although he gives agents closing gifts for each deal, I'd use him even if he didn't. In 21 years in the business I've yet to find anyone like him.

However, I met him about 13 yrs. ago when he was first starting out. He came in our office with some kind of postcard mailing program he was offering. At the time we were being courted daily by different loan officers (market musn't have been so good), and although I might have used him once or twice I was also using others. Then I just forgot about him.

He must have made it because of his excellent service very quickly without having to keep begging for our business. Our top agent mentioned his name a couple of years ago and I remembered it. She was telling me how happy she was with him and I gave him another try. I couldn't believe how effiecient he & his company were.

We have another new loan officer that came in our office offering beautiful listing brochures for us to use. Since I was so impressed by these brochures (even though we don't really use them in our hot market right now) that I might hand him some business. I still like to give clients a choice of 3 loan officers just in case/ they are unhappy about something, so they don't blame me. However, I put my favorite on top of the list & give him glowing praise so they usually go with him.

So efficiency, friendliness and quick contact/follow-up (plus knowledge, of course) are the things I want the most out of a loan officer and I've found them in one person/company.

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Southwest Chicago Suburbs Real Estate is an affordable area with close access to downtown Chicago. Money Magazine says that Orland Park real estate is one of the best places to live in the U.S. Next door you can find Tinley Park homes for sale and get Orland Park amenities at a more affordable price.

judyo, Hmiller I appriciate the reponses! I really do like doing purchase loans, but most of the time steer my clients towards FSBO properties to avoid working with agents. I can control the purchsase agreement etc. with FSBO properties. I know there has to be some agent somewere that would be a pleasure to work with, but how do you find them. I have heard that what will happen is you will be thrown some unworkable deals! It's double edged sword because if they have been turned down elsewhere we are likely to turn them down as well. If however I work it and find a nitch lender that says they can do it and get it approved only to find out latter it's a TD (Nitch lender can't find a buyer), I look incompetent. What is the best route to take turn down the questionable deals or try to get them done with the risk of not closing and wasting everyones time?

If you can't close the deal you better not give an pre-approval. The worst thing you can do for your reputation is not close a deal everyone thought was going to close. Both agents and their brokers will make note of your name and will not be to excited to see your name on another deal.

I have on more than once told a buyer that they had to get approved with a different lender or we would have to find a different buyer. Some lenders never close a deal on time and the active agents know who they are.

As for your first question, I would say the easiest way to get business is to first give. I can make my own brochures and postcards, but a referral is the easiest way to get my business. I have also worked with LO's because they wanted to do some co-op advertising and they paid for 50% of the ad and all business from the add went to them. From there they end up getting other deals as we are always talking about the ads, leads, and current deals.

Once an agent gives you a shot you need to treat them right. That agent can introduce you to a lot of other agents and this is your easiest way to get more business.

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The Suburban House Hunters Team would like to thank REW members for past referrals! We are never to busy to handle your Chicago area referrals.

Always looking for quality unique content for our real estate agent blog, PM me if interested in writing a post.

My thoughts on the Sarasota Association of REALTORS actions.

kensmithkw, thank you for the information. I have been working on a few different things to generate purchase business with the intention of offering referals to agents. I have learned the hard way not to take a deal that is questionable. We get program fliers all the time from lenders that say they can do this or that when they really cannot. I will take your advice to heart and appriciate your time. How sould I pick an agent to offer referals too?

Ken has a great point! I recently had to babysit a deal into closing because we had to switch lenders at the last minute to get it done. My mortgage broker couldn't do what others could somehow and he pre-approved my client in a flash....

From just that ONE mortgage broker, I "feel" like I need to call and check up on the "loan part" often in each different deal. In a current deal, I have a mortgage broker from WF that said "I'll call you evdery Friday with an update" & two weeks into it... haven't heard from her since. Everything else on my side is done for escrow except the final walk through.

If she did make that call and follow-ups we're needed, it'd be great!
Offer that idea (and DO IT) to your new RE agent prospects. They should love it!

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Search Homes for Sale in SAN DIEGO and other San Diego Real Estate via the San Diego MLS.

Your office should be able to get their hands on the production #'s for local agents. If they can look for an agent that will do 3-4 million as they will have a good amount of business to give back to you and the eperience to handle your clients. Don't use a new agent as they won't be able to give anything back to you and worse they may mess up the deal. Let them learn with their own clients.

You need to find an agent that is willing to sit down with you and is someone that you can get along with. You may be a great LO and they may be a great RE agent, but you may not be able to stand each other. Look into chamber meetings as these agents are seeking referral business and understand that they need to give back to those that give to them.

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The Suburban House Hunters Team would like to thank REW members for past referrals! We are never to busy to handle your Chicago area referrals.

Always looking for quality unique content for our real estate agent blog, PM me if interested in writing a post.

My thoughts on the Sarasota Association of REALTORS actions.

kensmithkw, I really do appreciate your advice. What about a approval being subject to the property being purchased? Sould that be a issue that is dicused with each approval letter. When the deal is a A paper loan it's not a issue. In the sub prime market however it is. Sub prime lenders have different guidelines for rural properties. What is the best approch for dealing with this issue. I can get a subprime borrower 100% purchase all day long with a 580, but they need a 620 for a rural property.

Thank you in advance

Thank you everyone who posted on this tread.. The information you gave is great. I am a LO in NJ and have been trying to meet realitors to work with.... Thank you again everyone and god bless !!! - Michael