With the recent news that the Fed slashed interest rates amid coronavirus fears, four of Chicago’s top lenders kicked off their panel at our Accelerate Summit this past Tuesday, talking about the opportunity that can offer agents.
“Every client you may have talked to in the fall, their purchasing power has just increased,” said Tom Rydberg, vice president of residential financing for Draper & Kramer Mortgage Corp.
“Rates are over 1 percent less than they were a year ago,” added Chase Senior Home Lending Advisor Andy Tisler. “And I think they’re going to continue to drop.”
Joel Schaub, vice president of mortgage lending at Guaranteed Rate, agreed and encouraged attendees to reach out to their prospects. “This is an opportunity for you as an agent to reengage with buyers,” he said.
But these mortgage professionals weren’t just reacting to the latest news. They had some meaningful advice about how to make the agent-lender relationship work.
- Find a lender who has your back. “A lot of clients come to me first, before they go to [an agent],” said Tisler. “So, as agents you should think, ‘Wow, my lender probably has access to a lot of people who are pre-approved.’” A good lender will not only help you find the right clients, he or she will also be there to help you throughout the process, so you never have to worry about the loan. “What I would want as an agent is a rock star lender who always has my back,” Rydberg said. “Communication is the biggest compliment I get.”
- Use your lender to help with prospecting. Rydberg often attends open houses with agent partners and knocks on neighbors’ doors to invite them over. “I tell agents, ‘You have the open house and I’ll do the door knocking.’ I kind of like knocking on doors. I am in the trenches with my Realtor partners,” he said, noting that many agents are losing an opportunity to pick up listings from the neighbors of their sellers. “You will get listings if you get out of your comfort zone and do things like cold calling.”
- Host events with your lender. While one of the best ways to generate new business is to host an event, it doesn’t have to be over-the-top, said Schaub. “Host events that are authentic and matter to you. For me, it’s Chicago Cubs games,” he said, noting that it’s important to look beyond just getting a check from your lender. “Have them put in some sweat equity and help you get people through the door.”
- Consider cobranded closing gifts. Whether it’s a set of knives, a nice bottle of wine or a set of glasses, tap your lender to chip in. “If you have a solid relationship with your lender, gifts are one less thing you have to worry about,” said Rydberg, noting the co-branding touch is a great way for clients to remember you both.