Open the pipeline for agent referrals

Real estate agents can have a strong influence on who the homebuyer chooses for a mortgage broker, especially first-time buyers who may have little knowledge of the home buying process and ask their agent for advice.

Many mortgage brokers develop relationships with the agents in their area with the anticipation of gaining that lucrative referral business. As Mortgage XSite owner David Nance, Branch Manager of Atlas Mortgage Funding Corp., puts it: "Marketing to agents is very important. Purchase business will always be there whether the refinances are there or not."

Nance says his XSite has been an excellent tool for marketing to agents, especially the online application. Nance leverages the robust, powerful online 1003 to get home shoppers quicker and more reliable pre-qualifications. "Allowing the agent to fill out an online application has made the process so much easier and more effective than a manual pre-qualification form that is faxed – and often times missed," he says. "Being alerted immediately that a new application has been placed allows us to streamline the process. The website really shows that we are tech savvy, ahead of the curve and just all around more professional."

Our XSellerate CRM and marketing solution for mortgage brokers and loan officers gives you the power to easily set up and efficiently manage print and e-mail "drip" campaigns to keep your company's name in front of customers, business partners and agents alike. Its powerful scheduling tools let you get more bang for your buck, and XSellerate is a great way to differentiate yourself in the eyes of neighborhood agents. In addition to XSellerate, we asked Nance and a few other Mortgage XSite owners for some other tips on gaining exposure and marketing to this group:

• Teach a first-time home buyers class for your local housing authority or for a real estate agency.
• Join the local Board of REALTORS® and participate on a committee.
• Each application you receive is an opportunity to build a relationship with that client's real estate agent. Ask your clients if they are working with an agent when they submit an application.
• Hand-deliver pre-approvals or commitment letters to agents whenever you can.
• Introduce yourself to the agencies in your area. Tell them about your company and the mortgage programs you offer. Be sure to provide them with rate sheets or direct them to your website.
• Send a monthly or quarterly newsletter with news on market trends and updates on your mortgage programs.
• When you do get a referral from an agent, be sure to call or send a personal note to the agent as well as the referral thanking them for the opportunity to work with them, and letting them know you look forward to working with them again soon.
• And of course, whenever possible, refer business back to the agent.

These tips may get you more referral business. Nothing, however, compares to the power of providing good service. Real estate agents are also looking for referral business, which is why they want their customer's transaction to go as smoothly as possible.

Provide the best service possible to your client and communicate with them throughout the transaction. Meet with your client at times that fit their busy schedules and always respond promptly to their telephone calls. A satisfied customer is likely to send more referrals to that agent and, in turn, that agent is likely to refer more clients to you.