Real estate agents are
competitors, but affiliates can be team members. An affiliate is a service provider who
affiliates with your business to earn a piece of the transaction. They can be lenders, home warranty providers,
title representatives, inspectors, etc. For
our purposes here, we’re going to use lenders but really the same principles
apply to all.
First, your broker or
firm might warn you about suggesting affiliates for your clients to use. I understand this warning because if the
affiliate messes up, there might be liability attached to the referring party. Maybe. In
my affiliate relationships, I took care of that concern with a "removal of
liability" clause in my listing and buyer brokerage agreements.
Furthermore, I always
did what was right for my client. The
client’s best choice was always an affiliate who was afraid to lose my
business, if they did not meet expectations. It’s simple: if you are loyal to a great affiliate, they
will devote the resources to make your life easier as a real estate
professional.
I had a favorite one to
four unit lender. Look for a hard-working, smart individual who understands that
top producing agents are his/her preferred client. He/she always under-promises and
over-delivers. My lender would tell me
when I had a client in a low-closing proposition. My lender stayed out of my office and did not
tie up my assistant in gossip.
Rates are competitive. My lender knew how to get in touch with the
underwriter to “explain” things when needed. My goal was to go to the top of the list for
service, follow-up, and favors.
These are the steps I
followed in getting my top lender’s attention:
1. Asked for his
picture and résumé to put on my “meet the team” section of my website used to
promote my one-stop service for clients.
2. Sold his services to
my seller at the listing presentation by mentioning that the only way I could
guarantee my service completely is if I worked with the team members who best
know the process.
3. Sold his services to
my buyers by not wanting to work with lenders with whom I wasn’t familiar. It is hard to orchestrate a closing with
lenders who are servicing a new account where their prospects of future loans
are bleak.
4. All offers that come
in with a non-team member lender are automatically countered by a pre-counseled
seller who now believes that a non-team lender may be a hindrance to
close. Counter is written: “Buyer to be pre-approved by (lender) at
(company). After pre-approval, buyer is
free to use any lender of their choice.”
Loyalty can bring many
benefits:
1. I liked to
time-block my weekly follow-up on pendings for Wednesday at 1PM. My lender was
always ready with a report.
2. My lender looked for
referral business for me.
3. My lender
participated in lead generation systems where it benefitted him. For instance, I did all the FSBO research and
mention in my advertising to them that I had a lender who could help them. I would then have the lender call the FSBO to
offer value. My lender ended up with many loans on FSBO sold real estate.
4. My lender ceased
coming in with rate sheets. Who cares
about rates where the yields between lenders are almost the same? Fewer interruptions from all affiliates
allowed me to work on filling the pipeline.
5. I was on the top to
the list for challenges to be satisfied.
Try a little loyalty to
a hard-working affiliate and see how you can work together as a team for mutual
benefit.
For great affiliate
systems, check out Teaming Up or call
our office at 800.792.5837 for special pricing.
Walter
Sanford has been designing and implementing real estate systems for 30 years. One of the most successful REALTORS and now
wealthy from his systems, Sanford teaches his systems and strategies through
his products, seminars, and personal coaching producing the best results in the
industry. Do what works, do what is
proven. Hire Walter Sanford. Call our office at 800.792.5837, email
walter@waltersanford.com, or chat with us online at www.waltersanford.com.