By Carole Hawkins, [email protected]
Builders, bankers, brokers and Realtors, when they talk to each other, everyone understands their own business just a little bit better.
At the NEFBA Sales and Marketing Council’s March meeting, five panelists from different walks of the industry came together to answer some of their peers’ most pressing questions.
Give some advice to builders on building relationships with Realtors. When you’re bringing your buyer out, what are you as a Realtor expecting?
A lot of builders feel the best way to enhance the relationship is through Realtor incentives –– giving extra bonuses and commissions.
But what I’ve found is, what Realtors really want is good service.
Real estate agents are different than builders.
They have so much more they have to focus on — buyers, listings, home inspections and closings with lenders.
As a builder, I would say to the Realtors — I understand that you’re representing this buyer, but let me take on the workload. Let me give you updates without you having to ask for them. Then keep them in the loop, copying them on every email, phone call and text without them having to call and say, what’s going on with this.
By giving that service you’re saying, when you bring your clients here, we’re going to make sure they’re taken care of, so you can focus on everything else you have to do.
— Ross Fanti, LMH Realty
Talk about the mystery of networking. Where do you get your biggest bang for the buck?
My concentration for my referral business is SMC. It always has been and it always will be.
Also, I look to a select group of about 20 people who I get in front of every single month with something, either lunch or coffee or a conversation.
I’m not really interested in going to another networking event and putting my hand out and doing a 30-second elevator speech. I find the people who already know you — they are your best source.
There are a lot of great organizations out there. But I want to spend my time and my money with the people in the room who already know me and like me and trust me, who I’m already doing business with.
— Judy Hicks, Realtor associate, Re/Max Coastal Realty
Brokers are always recruiting other agents. What is the primary recruiting tool you use to recruit new agents?
Most of my recruits come through referrals from my own agents. A lot our new agents are customers who like doing business with our company.
I’ve never been a fan of recruiting agents from other companies, because I’m so close to so many of the other brokers and the managers. I don’t like taking their agent away, who’s doing well with their brokerage.
So, I hire mostly people who are new to the industry.
— Sherry Davidson, president, Davidson Realty
How do you measure your team’s production success beyond their sales?
I’m constantly looking every week at their calendars, at the events they’re doing – like taking Realtors out to lunch or going to Realtor luncheons.
Supporting the schools is a big thing of mine, also firemen and policemen, people who serve the community.
We’re out there doing lunches for them, visiting with them and letting them know the opportunities we have.
Those agents who are out there doing those kinds of activities week after week are the ones who are going to continually have success.
— Susan Livingston, sales manager, Adams Homes
How do you define terms like pre-approved, loan approved, conditionally approved to Realtors and builders?
There’s a huge difference between a pre-qualification and a pre-approval.
Prequalification is when we take an application, go over everything with the client on the phone, and pull credit.
We issue that prequalification immediately.
But pre-approval is what Realtors and builders really need.
The trouble comes after the tax return comes in, with all of the income documentation.
The mortgage industry has changed –– There are so many things we have to document nowadays that we didn’t have to five years ago, and there’s a lot of things that can throw off the approval.
Even if someone is a W-2 employee, they can be writing off 2016 expenses of $20,000 and that can screw up the whole deal.
— Jason Kindler, mortgage banker, Bank of England
What do you think the biggest effects will be due to changes in the HUD form that are coming in August?
The big one that sticks out to me is simultaneous closings.
In August, the HUD is going to have to be out to the homebuyer three days prior to the closing.
Personally I do a lot of business with people who are relocating. With a simultaneous close, if the buyer on the other end gets within that window of three days, it’s going to delay my buyer’s relocation.
I will say the good faith estimate from the new HUD is much more user-friendly. The current one doesn’t give the bottom line costs to the client.
— Jason Kindler, mortgage banker, Bank of England