Realtors are bogged down with referral requests. And in a sluggish market where deals are hard to come by, they’re drowning in dismal leads and are attempting to weed out promising loan officers.
Of course, in the fast-paced and competitive world of real estate, collaboration between real estate and mortgage professionals is key to success. Real estate agents and loan officers often work together closely to help clients navigate the complex process of buying a home. Inevitably, these professionals end up forming close relationships that symbiotically benefit the other’s business. And loan officers know this to be true. Real estate agents are their go-to referral base and confidants when it comes to finding borrowers. But many LOs have taken to bogging down agents with dry marketing pitches, incessant phone calls, and requests to talk things over at the local coffee shop. This excessive hounding has left many real estate agents feeling frustrated and overwhelmed — especially when it comes to determining who deserves their time.
Perry Pappas, a real estate salesperson for Coldwell Banker, says that he gets several messages per day from loan officers trying to pitch him. “I constantly am getting told that [LOs] could help me with postcards and marketing materials or with open houses, but I don’t need help with that,” Pappas explained. “What I’m really looking for [is loan officers] to pitch … the products they offer and the knowledge they have about those products.”