How to maintain realtor realtionships

Cleveland, Ohio
Real Estate Agent
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How to maintain realtor realtionships

Kate Glassman
Lender · Cleveland, OH · Member since 2022 · 30 posts · 16 votes

Hey everyone - so I have taken your advice in growing my realtor partner base, but now I want to ask how do I sustain these relationships? What are realtors looking for from me? Because I do not want to scare them off but I also want to remind them that I can originate better and faster than any of their preferred lenders. Any and all advice is welcomed and much appreciated :)

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Steven Foster Wilson
Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
4y
Quote from @Kate Glassman:

Hey everyone - so I have taken your advice in growing my realtor partner base, but now I want to ask how do I sustain these relationships? What are realtors looking for from me? Because I do not want to scare them off but I also want to remind them that I can originate better and faster than any of their preferred lenders. Any and all advice is welcomed and much appreciated :)


> You have to be competitive with your products. 

>I always enjoy a quick response and a sure one. 

>Can you follow through and actually close. 

I agree with the meet ups or hosting an event, it shows you want the business and are willing to put yourself out there. 

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  • Michael K GallagherBusiness Member
    Real Estate Agent · Columbus OH · Member since 2018 · 1k+ posts · 1k+ votes
    4y

    Interesting questions @Kate Glassman For me its probably just the basics and fundamentals of staying in front of me with info and value, perhaps ask about hosting a meetup in your local area, but to actually get in with me a new lender usually has to come in and save a deal to kinda "prove they can get it done" type of thing and then after that little trial by fire they we can do some normal paced stuff.  But until that deal that needs saving comes up its just the basics of staying top of mind.  

    Out of curiosity do you do any commercial products?  I'm specifically looking at a sale lease back deal.

    [email protected]614-362-2231
    2Reply
  • Jaron WallingPro Member
    Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
    4y

    @Kate Glassman I think the best advice I have is just be an outgoing person. Try to see a real estate transaction through other people's eyes. Walk in there shoes for a day and try to add value. Everyone involved (agents, wholesalers, sellers, buyers, lenders) have specific goals and each have problems to address. If you can solve one problem you'll create a stronger relationship. You'll be noticed, be trusted, and create a positive track record. That's what it takes to grow in this business. The experts that frequent these forums (not me) have insane track records, strong relationships, and "see" opportunities when others don't. They filter out people that don't add some value. 

    Grab a drink with people and get them chatting. REI is all about helping/finding/creating value for people. Doesn't matter if it's property, lending, contractor recommendations, etc.

    I've connected with people just by reading and checking these boring forums. If I can do it you can too.

    2Reply
  • Kate Glassman
    OP
    Lender · Cleveland, OH · Member since 2022 · 30 posts · 16 votes
    4y

    @Michael K Gallagher - thank you so much for your response! How do I get to that one deal? Because that is what I've been telling my potential realtor partners, I say, "Just give me one loan and I can back up everything I am telling you. Give me the chance to prove  myself to you." 

    We only do residential products right now, unfortunately. But my dear friend, Amy Steinbrenner, does great work with commercial products. You can find her LinkedIn profile here: https://www.linkedin.com/in/amy-steinbrenner-2984b547/.

    0Reply
  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    4y

    Cater to their specific business. If you are working with investor focused realtors than offer DSCR loans that offer 80%+ LTV refis. You get the idea. Word of mouth is everything

    2Reply
  • Kate Glassman
    OP
    Lender · Cleveland, OH · Member since 2022 · 30 posts · 16 votes
    4y

    @Jaron Walling - amazing advice. I have been noticing more and more that realtors will ask me if we have specific products which means they've encountered issues in the past with connecting borrowers with the right lender, so I could have an arsenal ready of what our top  products/niche products are. And U love what you said about adding value. We've been discussing that more and more in our leadership meetings and it made me realize I need to better define what my specific value is. How much time did you spend on BP in the beginning? Should I bite the bullet and pay for a monthly subscription? What do you think?

    1Reply
  • Kate Glassman
    OP
    Lender · Cleveland, OH · Member since 2022 · 30 posts · 16 votes
    4y

    @Eliott Elias - yaaaaas! Great advice! And we do have DSCR loans, they're some of our most popular products! But what your advice is also telling me is that I need to do research on my realtors and find out more about their particular business goals and the specific clientele they work with. I have a follow up question for you, @Eliott Elias: if it was between going with a lender you have an established relationship with and taking a chance on a new LO, what tips the scales for you personally?

    2Reply
  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    4y
    Quote from @Kate Glassman:

    Hey everyone - so I have taken your advice in growing my realtor partner base, but now I want to ask how do I sustain these relationships? What are realtors looking for from me? Because I do not want to scare them off but I also want to remind them that I can originate better and faster than any of their preferred lenders. Any and all advice is welcomed and much appreciated :)


    > You have to be competitive with your products. 

    >I always enjoy a quick response and a sure one. 

    >Can you follow through and actually close. 

    I agree with the meet ups or hosting an event, it shows you want the business and are willing to put yourself out there. 

    3Reply
  • Kate Glassman
    OP
    Lender · Cleveland, OH · Member since 2022 · 30 posts · 16 votes
    4y

    @Steven Foster Wilson - I can always rely on you for an answer to all my questions, you're the best! So I've been scheduling meet-ups that have been going really well, but what should the follow-up look like? Because I am still trying to convince these realtors to give me just one chance.

    0Reply
  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    4y
    Quote from @Kate Glassman:

    @Steven Foster Wilson - I can always rely on you for an answer to all my questions, you're the best! So I've been scheduling meet-ups that have been going really well, but what should the follow-up look like? Because I am still trying to convince these realtors to give me just one chance.


     I would follow up with them individually and keep making yourself present. We have people that come into our office all the time to talk or just drop off lunch. It just takes one person to go with you and see that you did a good job then the word will get out. On the other hand if just one person goes with you and it does not go well then the word will also get out. I know for myself I will often try a lender first and then if it goes well refer to my clients. 

    2Reply
  • Jaron WallingPro Member
    Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
    4y

    @Kate Glassman That's great! Yes I when started getting into real estate I knew the path I wanted to take. I found a path because I read the forum, blogs, and chatted about REAL LIFE hurdles. The value I added was for OOS investors honestly. Detailed knowledge of neighborhoods and new development was the value. I starting doing repairs, maintenance, showings, and inspections. Rental properties are not passive income. Just understanding the lingo to carry conversations with clients is huge. For us it's just other investors doing similar things. I don't have a pro membership. So many experts give advice and it's all free.

    1Reply
  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    4y

    @Kate Glassman

    Here are Tips to Strengthen Relationships with Real Estate Agents

    1.) Be Proactive.
    2.) Hold Yourself Accountable. 
    3.) Establish a System for Communicating. 
    4.) Connect and Communicate on Social Media.
    5.) Realize You're on the Same Team.
    6.) Create Value. 
    7.) Take the Initiative to Get to Know Them.

      All the best!

      [email protected]832-776-9582Podcast Guest on Show #469
      NETWORTH BUILDERS5236 Reviews
      WebsiteView Page
      2Reply
    1. Kate Glassman
      OP
      Lender · Cleveland, OH · Member since 2022 · 30 posts · 16 votes
      4y

      @Wale Lawal - thank you so much! #2 and #7 are resonating with me the most. I think I actually do a great job at holding myself accountable and always keeping a resolutions focused mindset. And I have just recently learned the value that comes with trying to get to know people and listening to them rather than trying to control all avenues of conversation. The best realtor partnerships I have formed actually started out from friendly conversations about life that really connected us.

      1Reply
    2. Rick Albert
      Real Estate Agent · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
      4y

      For me, I need someone who is a clear communicator and a creative problem solver.

      If you want to stay in front of Realtors, provide case studies. All lenders say they can originate better and faster. Prove it. 

      If you are trying to get in front of investors, show value but understanding their needs and how to grow their portfolio. 

      Also, provide value in these forums. Answer questions, provide solutions, but don't sell yourself. The expertise will do that for you.

      1Reply
    3. Kate Glassman
      OP
      Lender · Cleveland, OH · Member since 2022 · 30 posts · 16 votes
      4y

      @Rick Albert - case studies! That's brilliant! I am actually currently working on our next flyer, and these statistics would be the perfect ad! And your tip about me adding more value to these forums like the value I always receive, I just cannot believe I did not already think of it lol. That is the best way I can pay it forward here, and paying it forward always leads to solid connection building. I am going to reply to some forums right now and will make a daily habit of it from now on :)

      0Reply
    4. Eliott Elias
      Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
      4y
      Quote from @Kate Glassman:

      @Eliott Elias - yaaaaas! Great advice! And we do have DSCR loans, they're some of our most popular products! But what your advice is also telling me is that I need to do research on my realtors and find out more about their particular business goals and the specific clientele they work with. I have a follow up question for you, @Eliott Elias: if it was between going with a lender you have an established relationship with and taking a chance on a new LO, what tips the scales for you personally?


       I always keep my options open. If the lender I have a relationship with is falling behind the curb on loan products i'm not using them, nothing personal! If I was only doing business with people i liked personally i'd be broke 

      1Reply
    5. Scott Mac
      Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
      4y

      Hi Kate,

      I'm not a lender, but have you tried standard networking things?

      Things like having a BBQ  every 3 months for the target group and their significant other.

      Here in Texas the Grocery Store Deli's have pre-made burger patties, pre-marinated chicken, pre-made bean salad, potato salad and cole slaw.

      All you need to do is get enough outdoor seating, a volunteer grill cook, and host an interesting speaker the group would like to hear talk.

      Good Luck!

      1Reply
    6. Kate Glassman
      OP
      Lender · Cleveland, OH · Member since 2022 · 30 posts · 16 votes
      4y

      @Scott Mac - yes! we are actually having food trucks come out to our building soon for that very idea!

      1Reply
    7. Scott Mac
      Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
      4y
      Quote from @Kate Glassman:

      @Scott Mac - yes! we are actually having food trucks come out to our building soon for that very idea!


      Oh, I was actually thinking going a step further and doing it your home--perhaps more effective (???).

      Shake a hand make a friend kind of thing.

      And a good excuse to put in that beautiful in ground pool you've (maybe) always wanted (tents and chairs are rentable).

      1Reply
    8. Julien J.
      Investor · CO · Member since 2016 · 757 posts · 1k+ votes
      4y

      Its all. about add value as well as performing the expected role of a lender. Couple of thoughts:

      - Go door knocking with brokers,

      - Assist with marketing and lead gen (check local laws for limitations),

      -Host educational seminars with local agents,

      - Call local RE offices and be their preferred lender. Typically cost $,

      - Essentially be attached at the hip and help them generate more business, then do whatever it takes to make the deal happen.

      1Reply
    9. Kate Glassman
      OP
      Lender · Cleveland, OH · Member since 2022 · 30 posts · 16 votes
      4y

      @Scott Mac - I can't believe you said that because I have been thinking about doing that! The only problem is, my house is still very much in its "starter stage" lol. It's tidy but nothing really matches and there are baby toys in every room lol. I'd love to do something in my backyard, but its really uneven. Maybe something in my front yard??

      1Reply
    10. Kate Glassman
      OP
      Lender · Cleveland, OH · Member since 2022 · 30 posts · 16 votes
      4y

      @Julien J. - thank you so much for the advice! Can you elaborate on the door knocking with brokers? Would this just be literally going to a neighborhood and going door-to-door asking people if they're interested in selling/buying?

      0Reply
    11. Jackie Mesa
      Real Estate Agent · Orlando, FL · Member since 2017 · 38 posts · 11 votes
      4y

      I have a lender that Will send me Weekly Market updates every Friday afternoon. It just states the latest interest rates and anything else important they should know like any new programs. You could also do a monthly newsletter sharing similar value content. 

      1Reply
    12. Julien J.
      Investor · CO · Member since 2016 · 757 posts · 1k+ votes
      4y
      Quote from @Kate Glassman:

      @Julien J. - thank you so much for the advice! Can you elaborate on the door knocking with brokers? Would this just be literally going to a neighborhood and going door-to-door asking people if they're interested in selling/buying?


       Pretty much, you can also host open houses with brokers. It's a way for you to drum up business and build a relationship at the same time.

      I also found it insightful to see a future business partner in action. Are they a go getter? How's the customer service? How do they represent the broker? Are they a team player? Can I refer leads to them and trust my client will be handled to my standards? 

      1Reply
    13. Kate Glassman
      OP
      Lender · Cleveland, OH · Member since 2022 · 30 posts · 16 votes
      4y

      @Jackie Mesa - that is wonderful advice. My CEO has been telling me to do that for months lol and I still haven't started doing it yet! But I will this week :) do you recommend waiting until Friday or sending out the email on Monday? And is it market updates that are most helpful? What other info would you like to see in an email blast from your lender?

      0Reply
    14. Eric PuffenbergerBusiness Member
      Toledo, OH · Member since 2022 · 46 posts · 26 votes
      4y

      Our preferred lender does a mortgage rate update twice a week on youtube and sends it to agents via text.  Twice a week might seem like a lot, but lately the rates have been moving a lot in a single week!  Today's update allowed me as an agent to make my own video about how rates affect buyers and sellers using the latest rates from our preferred lender.  Not only does that educate the public and my sphere, it gives them a local lender option.  

      0Reply
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