LAS VEGAS-Credit unions still have a long way to go with real estate agents, according to two at least two Realtors.
The American Credit Union Mortgage Association asked two Realtors from the still relatively high-priced West Los Angeles market for their point of view on working with credit unions. The tale was not a pretty one. Making it worse: Credit Union Journal was told similar circumstances prevail across the country-and are costing CUs potential income from mortgage loans.
Deb Berman and Pam Kandel have been selling real estate since 1978 and have been partners since 1985. They hold membership in Coldwell Banker's International President's Premier Club, indicative of consistently ranking in the top 1% in sales nationwide for the company.
But when it came to credit unions, their experiences were negative. Two large CUs that serve their market told the Realtors they could not speak with Berman and Kandel on the telephone because they were not their members.
"We don't deal with credit unions in our area unless we are forced to," said Berman as the CU representatives in the audience squirmed.
Offered Kandel: "We value our time and we need to know when the appraiser is going to be at the property. In California the contract gives only 17 days to approve the loan. We need to trust the lender. We are scared to death to lose a deal in this market, because we have shown our clients 900 homes. When they are finally in contract we need to know there will be a check at the end. I need a rate today, not tomorrow."
Mending Fences
Asked how credit unions could earn their business, Kandel and Berman said more than a simple breakfast or lunch meeting is needed. They suggested CUs help Realtors streamline their online marketing, offer educational seminars on topics such as short sales, or host a panel of real estate experts.
"We need a return on our time," said Kandel.
"I didn't even know credit unions do car loans," said Berman. "If I can get excited about what my local credit union can do, I would become one of its biggest cheerleaders.
Terri Murphy, a Realtor for 28 years, a consultant to the National Association of Realtors and frequent speaker at ACUMA events, said credit unions are "a great secret for Realtors who 'get it.'"
"A recent study found the No. 1 thing Realtors want from credit unions is to be reliable in meeting the scheduled closing date followed by reliable pre-approval letters," she said.
