2019 will be a defining year. Expect attrition and exiting by undisciplined, low producers. REFI heavy Loan Originators must transition to the purchase side Now! Realtors need to avoid the temptation of chasing buyers with markets cooling and bring listings to market that are priced to sell first. As the trend moves toward fewer, higher producers doing more business; key relationships must be established between Realtors and Originators.
Why Loan Originators and Realtors must help each other grow in 2019:
The market is adjusting. In most cases, inventory is starting to increase and pending/ price points decreasing. REFI business is all but dried up and not expected to return anytime soon. Listings are needed to give buyers more options, but not any listing. The seller’s motivation to sell needs to exceed a price they want to get. Realtors who bring listings where all other listings are used to sell theirs, will sell first. Staying on the listing side, no matter the market, is essential for success. Loan Originators must transition to become an 80-90% purchase producer immediately.
You need each other to grow. The relationship between Realtor and Originator is perhaps the most important strategic partnership in business. If positioned correctly, the Realtor should need the Originator more than the reverse. The Realtor needs 3-4 Originators and the Originator should have 4 times as many Realtor partners. Too often the Originator subjugates themselves to the Realtor as an inferior partner in the relationship; when in fact everyone is equal. The focus should be serving the purchase client and bringing listing (not buyer) leads to the Realtor. What Realtors really want are listing leads. The LO can get the purchase loan once the listing sells and the seller becomes a buyer. Loan Originators have more listing lead potentials than Realtors do!
Time is of the essence. Loan Originators need to secure to Realtor relationships now before the door closes from Realtors refusing to meet with new LO’s. Agents need to work on bringing motivated sellers to market now and need to leverage listing leads LO’s can hand off from their Past Clients and FSBOs.
4 Simple Steps to make 2019 your Best Year:
- Plan 2019 for growth and success. Deal in specifics and apply all necessary disciplines.
- Structure your prospect plan to put you in the path of success. Then prospect daily for listings and new key relationships.
- Surround yourself with successful strategic partners who are positioned to succeed and grow. Do it now!
- Attend our Winter Webex Series: for just $119 (individual) or $149 for your office.
We will help you to set and achieve larger goals than you thought possible and learn the key strategies to prospect for listings and deepen your strategic business relationships.
Christmas and New Year blessings to you and your family. It is our pleasure serving you!