Richard Sands knows realtors. As the executive director of the Coldwell banker Real Estate Academy, Sands teaches realtors how to be realtors. He was a high school teacher, too, so he knows how to drill it down for maximum capacity in minimum time.
That economy of time lesson was on view before Sands' ACUMA audience, all of who want to know how to establish working relationships with realtors to boost CU mortgage lending. "Four out of five buyers use a realtor. That's why you need to work with them!" said Sands. And for their part, because realtors are now "trying not to go the way of travel agents (extinct) they want to work with good lenders."
It could be a match made in heaven, but caveats exist. The most important thing for buyers is working with an agent who keeps promises, above all a firm closing date, he said. Almost half of buyers take their agents' advice on lenders and what agents are looking for is a good relationship with a loan officer. Sands said they need reliable pre-approval letters, competitive rates and a lender who can match the homebuyer with the right loan. They also want a good chance of approval and a way to easily check the loan status, preferably online.
Because there is one realtor for every 113 people in the country, it's important to use the best available, as they will bring the business, and the better the business (the more efficient and reliable the lender) the more likely a CU will get on that 'preferred lender' list, he suggested.
Sands former athletic coaching side came out when asked what makes for success. "The key to peak performance is savoring the moment. It's about being in it! And the secret to that is focus. Ask the agent 'what do you want in a lender?' But when they give the usual bromide answer, follow up with, 'What do you mean by that?' You can't be the answer to their prayers if you don't know what they're praying for!"
