Meeting new (to you) Realtors and converting them into believers in you and your superpowers is no easy task.

There’re a few key things to keep in mind when sitting down with the Realtor and asking them to place their clients in your care.

The stats that follow are from my top three Realtor partners, in a 200+ file year.

Rank                        Realtor Ends Closed       Mortgages Closed

#1 Realtor                             48                                   9

#2 Realtor                             52                                   5

#3 Realtor                             51                                   3

Each of these three Realtors were #1 in their offices, with an average 50 ends each. Why so little mortgage business?

#1 pushed their clients hard to work with me, and I do mean ultra-aggressively. #2 & #3 had client bases about 15-20 years older (40’s & 50’s) As such their clients often have well-established relationships with bankers or Brokers already.

Based on anecdotal evidence (my quizzing a dozen or so other Brokers) the above ratio is a reasonable representation.

Basically you should expect to close 1 mortgage for every 10 ends your Realtor partners close.

10:1

It might be closer to 5:1 if you are truly tight.

Keep in mind that you’re asking a Realtor put their faith, their own client relationship, and also a significant portion of their income, in your hands. The average Realtor will process fewer than 6 transactions per year, so in many cases you’ve the equivalent of 2 months’ of their pay in your hands. This is also partly why Realtors can feel ‘high maintenance’ – because they do in fact have a lot riding on this transaction closing smoothly.

And in exchange for their trusting you with 2 months of their pay, you offer what exactly?

Rather than offering kickbacks to start a new relationship, offer well defined and guaranteed service. Offer to be their back-up plan if things go sideways with their primary Broker. Be willing to take the late night calls, deal with the one-day subject removal, the two day completion – these high-pressure situations in which clients are about to lose deposits, file lawsuits, and generally lose their…minds. Be the one to get the file complete, close that file that nobody else is able to get approved. After all, was it a bank rep with one suite of solutions? Or was it a Broker too busy to truly work the file with nine or ten lenders (one after the other) if required?

To answer the question ‘what you are offering’, perhaps it is emergency rush completion. Emergency assistance delivered in an expert, professional, and instant fashion. You guarantee the Realtor delivery of happy (referring) clients, which is the single most important thing.

Protecting the client relationship is of the highest value to the true professionals. The Realtors I’ve worked with over the years all agree it’s the only thing that matters. Commission is secondary, if even that high on the list.

Realtors will refer once your build a track record, often one forged in ‘trial by fire’. And once they know you’re an expert who gets things done you are in.

Paying a referral fee creates a weak connection. Whereas saving the day via a challenging file is priceless, and it leads to clients (and Realtors) who steadily refer.

The strongest connection.

The gift that keeps on giving.

Be ready when they call, it’s an audition you must ace.

Crush it!

Dustan Woodhouse