I recently interviewed a number of top loan originators across the country on the subject of working with a REALTOR"? partner to get more business, more easily."? In more cases than I care to admit, the LO's were less than flattering about their past experiences in working with a real estate agent in general.

But after seeking out strategic partnerships that are highly productive, I was able to get the scoop from several top producing "teams" that have structured a mutually beneficial reciprocity that makes all parties happy and profitable.

When interviewing both real estate agents and loan originators and asking then if they have ever considered a more purposeful and productive partnership to expand their respective services, I heard a ton of excuses."? The more"?important outcome for both professionals is to create a"? "unique selling proposition" or differentiation to their service model for today's demanding consumer. But in too many cases there were more myths than facts, and a couple of really lame excuses:"?

1)"? "I don't know how to find or approach an (agent)/(loan originator).

In almost every case if the LO and the REALTOR was not in a successful working relationship with each other, their first concern was how to get started."? For our coaching clients, we developed an actual questionnaire and letter to offer the "first step" to interviewing prospective partners. Like any relationship, targeting those professionals who see the value in an executable action plan are not that easy to find, but certainly are out there if you do a little sleuthing."? The key here is: find partners that are amenable to leveraging contacts and services. Identify movers and shakers, offer a systematic plan to work together and set up a meeting."? There are plenty of professionals to choose from. Choose wisely"

2) Realtors aren't loyal.

Interviews indicated that when there was little or no perceived value to the arrangement that loyalty is a problem. When interviewing successful partnerships the reciprocal flow of contacts set the stage for systematic referrals and not one of the teams interviewed were interested in working outside of their alliances."? This translated means they were all presently happy with the level of commitment and service of their team members."? When an LO or an agent weren't able to perform in a particular arena the communication was there and ultimately the customer served.' Develop brand insistence by working through problems with solutions that include an abundance of communication and a couple of customer miracles to build loyalty for life.

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3) Both parties failed to see the long term value of the relationship:

Almost all of the interviews with LO's and agents that were not in a profitable relationship with ancillary partners lacked a detailed action plan."? Agents were uninterested with LO's that appeared to want their business, but approached them without an action plan that was specific about what value each would be responsible for to support the services of the other."? The best interviews revealed that when the agent and the LO implement an action plan that includes specific actions, services, accountability, communications, guidelines and after the sale marketing"? proved to get the attention, initiate relationships and retain loyalty in every case

4) Agents shouldn't practice loan origination

The truth is, there are millions of loan products out there and today's consumer still think hey are looking for a the lowest mortgage rate."? Interviews revealed that the top producing REALTORS"? interviewed were only too happy to create a strong differentiation in their service model by offering the expertise of a loan specialist (and in some cases a certified financial planner) "?to help customers and clients secure the best "overall financial strategy" for their investment.' Both parties agreed that when they practice in their own fields of expertise, all parties win, especially the consumer.

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5) Realtors expect LO's to pay for everything.

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Bottom Line:

As in any service business, when you can offer a singular stream of expert services delivered by top professionals that clearly communicate value to the consumer, everybody wins."? Be open to working with strategic partnerships that when done well offer a better experience for your customers and for you, more profit with less work.

Had a good or bad experience either way? For more information about how LO's and REALTORS can work together, email: Terri@TerriMurphy.com for special reports.