Approaching Mortgage Broker & Realtors for Referrals
- Thread starter emmjer
- Start date
- 9,744
What do you bring to the table that would make them look outstanding in the eyes of their client(s)?
- Thread starter
- #3
I am helping them to be a complete services provider. As stated many time in this forum, insurance should be review annually, because people needs constantly changes. In many cases, when people are purchasing a home, they are buy up. If they are purchasing a larger house, most likely their expenses will increase. How much more value would that real estate agent have in the eyes of the purchaser, if they suggest to them, "I have someone that will make sure your home protect for generations to come, especially if something did happen a few years after they purchases? If something happen, and the living survival decided to sell that house, guest which Realtor or mortgage professional they would want to work with.
This example I brought up, because I had a cousin who her and her husband recently purchases a house and was married. Less then 3 month, they had a serious accident, by the grace of God she is a live, but what would have happen if she did not survive?
This example I brought up, because I had a cousin who her and her husband recently purchases a house and was married. Less then 3 month, they had a serious accident, by the grace of God she is a live, but what would have happen if she did not survive?
Last edited:
How do YOU do it, M&M?
- 11,271
THAT story is what you have to offer! Tell that story because it's personal, it's real, and it directly relates to the well-being of the (hopefully mutual) client.
BE the Red Crayon <Br>(NOT the “SALESMAN”!) « Reaching… « Sales Training for Financial Advisors and Attorneys, Coaching for Coaches
The problem with real estate agents and to a lesser degree mortgage brokers is that they are not thinking "relationships", they're thinking "transactions".
My experience with real estate agents has been a total waste of time and mortgage people I've worked with it's been me bringing my clients to them but not so much the other way around.
My experience with real estate agents has been a total waste of time and mortgage people I've worked with it's been me bringing my clients to them but not so much the other way around.
- 1,908
Please listen to Larry. While they are very nice, and when networking, they will introduce you to other centers of influence, as far as getting business from them, don't expect anything.
- 5,243
What had your experience been with financial advisors? I think I remember you mostly do Med Sup/Med Adv.
- 10,318
The problem for a green agent is that most experienced real estate agents are not going to risk their relationship with client on an agent that may or may not be in business in a year or two. So if they do it they will go with an experienced and established agency generally speaking.
They also do not see it as a major source of revenue or a major asset to add to their services. They get large commissions and a tiny portion of a term sale is not very enticing in general. Also, almost every mortgage broker has access to insurance as an added service (just like many securities agents have access to mortgage services through their B/D). And many banks offer insurance if they use the local bank. Real Estate agents know all of this so they realize that you are at a disadvantage to start. And why would they want to compete with the people that their large commission check is counting on? They would much rather that broker get the UW done quickly so it can get issued an on the table ready to sign.
Just my experience from trying in the early parts of my career. An established well known agency would have a better chance of leveraging some type of a relationship with a mortgage broker.
They also do not see it as a major source of revenue or a major asset to add to their services. They get large commissions and a tiny portion of a term sale is not very enticing in general. Also, almost every mortgage broker has access to insurance as an added service (just like many securities agents have access to mortgage services through their B/D). And many banks offer insurance if they use the local bank. Real Estate agents know all of this so they realize that you are at a disadvantage to start. And why would they want to compete with the people that their large commission check is counting on? They would much rather that broker get the UW done quickly so it can get issued an on the table ready to sign.
Just my experience from trying in the early parts of my career. An established well known agency would have a better chance of leveraging some type of a relationship with a mortgage broker.
- 1,908
There's where you are wrong. I mostly do Life, Disability, and Cancer/Critical Illness Coverage, with Disability coming in a distant 5th.
The reason I do well with Financial Planners is I am not Securities Licensed.
They don't like UW products, and I am not Securities Licensed. I am the "Life" guy, or the "LTC" guy. I am not in competition with them.
Similar threads
