This post was submitted by Jeff Parry, a senior account executive with NexTitle Title & Escrow. Jeff has worked as a loan originator, wholesale mortgage account executive and title account executive. Through consultation, he helps real estate brokers and loan originators with business development.
What does it take to be successful in the real estate industry? Here’s the short answer: partnerships!
Real estate partnerships image via Shutterstock.
The most successful people in the real estate industry reach their professional goals by establishing essential partnerships and maintaining a reliable team, focused on a common objective.
When each member of the team — the agent, loan officer, title and escrow agent — shares the same vision and emphasis on superior customer service, it helps make the process more efficient. But you must be confident in your partners.
Here are some quick tips to create an action plan and get started finding your power team:
1. Ask your lender:
- What programs do you have available?
- Are you able to broker if need be?
- Do you have an online application?
- How long have you been in respective fields and with your current company?
- What types of guarantees do you provide? (For example: 21-day closings or they contribute to closing costs.)
- Do you pre-underwrite or just run automated approval?
- How accessible are you? Are you open to being contacted after-hours?
2. Interview the title and escrow closer. Here are some questions to ask:
- What is your footprint?
- How long has your closer been in the business?
- Do you have several locations?
- Do you have more than one underwriter?
- Do you have any online applications that support your business after-hours and on weekends?
- What is your team structure?
3. After the interview stage, and once a partnership is established, take these important steps to ensure that your team functions effectively:
- Create a weekly or monthly schedule to discuss opportunities and growth.
- Establish a referral system.
- Explore co-marketing strategies.
The signs of a great team
Trust is the incontrovertible chief element of any team. No matter your role, you want to be confident that when you hand off a new client to one of your partners, they will be treated with respect and managed with expertise.
Communication is paramount. That said, the most viable partnerships require only minimal check-in, because everyone is in sync with one another and needs to communicate only to provide status updates or address an issue. Micromanaging should never be necessary.
Referrals, as mentioned, are the lifeblood of a partnership because they facilitate its sustainability. Good service travels via word of mouth. If you provide the client with an enjoyable and stress-free experience, they’ll probably tell their friend, who will tell their friends … and so it goes.
Common goals are essential in the development of a solid team. The top producers in every market throughout the country are part of a cooperative team focused on growing together and proceeding in an expedient yet cohesive fashion that allows everyone to get what they need done and focus on the next prospective client.
Why buyers and sellers love working with a preset team
For the homebuyer or seller, the advantage of working with a team is that you’ve got access to pre-established partnerships between professionals who work well together and trust each other to provide the best experience for each client. When a cohesive unit is at the helm, the transaction process should be seamless because communication strategies between team members have been perfected. Properties will close, and champagne glasses will be raised, which then translates into more satisfied clients and more referrals for your team!