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How Refinances Can Drive Business for Realtors and Builders

February 3, 2011

Relationship building with customers is, of course, vital to the survival of a real estate professional. But other relationships are essential, too, for the long-term success of your business. Connecting with others in the industry that are knowledgeable and reliable strengthens your credibility when your customers interact with them through a home purchase.

That’s why periods of refinance activity are important to realtors and builders, too. Although they don’t directly result in a home listing and commission, they can still enhance your business:

  • Builds your credibility and reputation. When you refer a client to a lender, even though you receive nothing personally from the refinance, it boosts your reputation as an expert who puts clients first. It conveys a sincere interest in their needs, not tied to a commission or sale.  It says: “I’m not only interested in you just when you are buying or selling a home. I want to help you with any of your real estate needs now and in the future.”
  • We work with those we like and trust. It’s just human nature. We don’t mind going out of our way for those we have a positive relationship with. The same is true in real estate. So much of your clients’ home buying transactions are reliant on other colleagues in your industry, so doesn’t it make sense to invest in those relationships that engender goodwill?  They need you, but at some point in the future, you will need them, too, and so will your customers!
  • A good partnership can simplify your life and your business. When you find a lender that does their job well, it frees you to do what you do best – find buyers and homes for them! If you can refer a past client to a loan officer who delivers excellent service and management of the mortgage process, it can save you a lot of time and headaches, and that is something you can’t put a price on.

Sources: Forbes.com, Realtor.com, realtytimes.com

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