Realtors getting referral fees from Mortgage Brokers
I recently read a post where a Realtor inquired that, after working with my Mortgage Broker, they were feeling that the lenders were not keeping up with them in the “Referral Trade”. Realtors have expressed the same of me, and this is exactly why I created Referrals Matters…
There are an estimated 27 related transactions that surround a Real Estate Closing. Many vendors that realtors ‘feed and water’, and few of these related industries can return the same level of referrals or business that a Realtor can.
In fact, many Realtors are trained to deter vendors soliciting the Realtor for referrals with this dialog.
PERSON SOLICITING REALTOR FOR REFERRALS: “Mr. Realtor, I’d like you to refer my business as part of the Real Estate transaction, would you consider using my services with your client?”
REALTOR: “Sure thing, sounds great – tell you what. How about we do a one-for-one trade? Since you came to me… you start the trade”
Many realtors consider that common etiquette would be, if a realtor refers a client to a mortgage broker then the mortgage broker should refer clients back to the realtor.
I’ve tried several mortgage brokers around here and found that they are always the ones that ended up with the candy cane, and I end up with a good ol’ boy slap on the back. I’m sorry, but an “At-a-boy” doesn’t put groceries on the table.
Today I had yet another referral for a mortgage broker. I called him up and told him I wanted 25% of the loan origination fee or $250, whichever is greater. The mortgage broker was really defensive about it, but after a lengthy confrontation agreed to fax me a written agreement detailing as such.
How do you guys feel about it? Is there anyone else that is tired of putting groceries on the mortgage broker’s table and only getting a slap on the back in return?
Contact Referrals Matters today to arrange a 15 minute discussion to discover a system that effectively generates Real Estate Referrals. Ninety-eight percent (98%) of Realtor® and Lenders that see this program agree that this system will generate at least 1 Referral per year (more by completing the action steps), per client per year, and sign up…
We cannot get your clients set up on Your Referral Program until you call us.. Call Now (817)723-7223.