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 can only answer for myself as far as why our agents love working with us as we strive to always communicate and keep them updated on the process. Time management is huge and we help them manage for them. We make sure when we issue a verified preapproval, we have all the income documents and there is going to be no surprises for all parties involved. We usually have a commitment within a few days after the contracts are signed. Makes everyone feel great that all we are waiting for is the appraisal, title and the closing date. Any questions feel free to reach me. xxx-xxx-xxxx
A lender should cut through the chase and provide exactly what is needed to file an application for a loan. the lenders that keep asking for more information from you and cannot move the loan request along is not one to consider. Ask questions, time kills deals, make sure your lender is through in their preparation of your loan as well as efficient.
Someone they know personally that has done a great job in the past, someone who can be reached in a timely manner, someone who offers the best rates and can get the job done, also someone who has a long and also good history in the business. Our guy is johnny on the spot, always there to answer questions, up to date on what is going on, quick to get the pre-approvals and keeps us updated all the time.
It is all about service and communication. When I refer a buyer to a lender I expect them to get excellent service, immediate call backs and to hear from the lender when they are approved. It is also nice to get reciprocal referrals.
When I work with a lender as a listing representative I pay attention to how they perform. If it is a good experience I will remember I will also remember the poor performance. Communication on all sides is important.
HONESTY about the preapproval. Excellent communication and customer service skills. Available to communicate after normal business hours is a requirement for me. I need payments for purchasers before I write an offer. I want the buyers to know what their payment is before they sign the purchase contract. Attention to detail and closing on time. I give up to 45 days to close. My buyers want to close on time and what is specified in the contract if possible.
How well they can effectively and quickly Close a deal.
After 32 years in this Great Business I do NOT need or want to hear excuses, can you or can you Not do the deal, Period!
One would like to be personable with the borrower and keep both the buyer and their RE Broker in the loop.
The ability to communicate and connect with my clients. To be able to educate my clients while keeping them headed them in the right direction and keep them on a path that will lead to their success in obtaining their mortgage and new home.
Creativity and positive outlook.
I think you hit it right on the head.