What do Realtors look for in a preferred lender partner?
Working as a Real Estate Broker for so many years, I know that basically a Realtor wants reliability and communication. What else makes them choose one lender over another to refer all their buyers?
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I am in the Premium Property Website business aka virtual tours.
You are correct, communication and reliability are critical. The other primary consideration is willingness to give my clients the best possible closing costs and rates. These are the components of great service!
I look for someone that know all products and can look at the whole picture for the buyer and see what best suits their needs.
Personal connection with my clients is of utmost importance to me.
I suppose it’s in how well the particular lender has done in the past with other real estate transactions. We’re they timely in getting information to all parties involved? Have their transactions gone smoothly for past clients and agents? And then there is that personal/professional relationship; do they just “click” with the agent?
My favorite loan officer asks for all of the needed documentation upfront, not two days before closing! A loan officer should put their clients at ease and hold their hands throughout the entire approval. Patience, kindness and one that has empathy for the buyers because of the endless amount of paperwork needed to complete their file. Educate them of this process. Never delay a closing due to paperwork!
Honest timely communication and keeping ALL parties up to date on how thing are progressing and whether there are any problems or not. Another key is the loan officer actually gathering needed information and processing it WHEN it should be done and not waiting until nearly the end to submit information or forms that should have been taken care of early in the process.
I look for my buyers to be in trusted hands with a mortgage loan officer that is experienced, caring and communicates effectively. Creating "teams" with qualified and trusted affiliates is critical to my buyers' financial success and peace of mind. I love it when my clients are happy and enjoying their buying process! And, at the closing table, being able to celebrate is the reward. Having a team of highly recommended affiliates to support and offer professional guidance to my buyers before, during and after the transaction is greatly valued!
In addition to all the responses I have read, honesty, unparalleled communication, exceptional service, on-time closing, competitive rates, I find willingness to work with my clients to educate them how they can improve their current financial situation to better prepare them to become a first time home buyer. This would be a longer term relationship and it includes guidance and offers hope to those who may not be just quite ready or able to purchase immediately.
Availability and communication are number one and two in my book but third is a willingness to help all my clients from those that are buying their first home to those purchasing the mansion in the upscale neighborhood. Most lenders have all the same loans and rates available. I want the lender who is willing to work as hard on my $400k buyers as they are my $4million dollar buyers and treat them with the same urgency and respect.