Ouch! It happens and it even happens in-house from time to time. Recently we met a prospect at a trade show who attended on of my weekday seminars. He then began to work with one of my Team Leaders on the mortgage side to get qualified. He indeed was well qualified and was then introduced to the real estate side and the broker referred him to a specific agent who took him out looking at homes.
She was not a new agent but was new to our company and so may have misunderstood some basic principals. The first property she showed was a bingo and the client made an offer which was accepted – provided the client use the seller’s mortgage broker.
Normally, our more experienced agents would have said, “That’s not even a remote possibility – we’re using Novation Mortgage or no deal.” The seller would have countered with, “Okay, let’s close.”
Not this agent.
Too afraid? Maybe.
Too inexperienced? Perhaps.
Not trained well enough by the broker? Possibility.
On the hit list from the Loan Originator who referred the client? You bet!
Since I do have loyalty to our companies but also do branded, co-branded and unbranded seminars for real estate investors, many of whom have been referred by outside real estate agents, I am very careful to protect that relationship. When an agent from an outside company refers their clients to my seminars or workshops I make sure to mention that agent’s name directly to that individual if I address them during the seminar or workshop. One of the paragraphs I always address is remaining loyal to those who got you where you are … in other words don’t be jumping around from agent to agent, lender to lender, when they are willing to invest so much time and energy into you.
What happened to that agent? I think she flew away in that red, white and blue balloon she flew in on. That was her only deal in the 6 months she spent with us.
What happened to the Loan Originator? He lost his $1100 commission check and all the hours he put into preparing the client’s package for closing. Not to mention we lost the income that deal would have generated for our mortgage company. But he regained the client who now works with a stronger agent who knows how to protect relationships.
I suppose this blog is about protecting relationships more than anything else. Like my old buddy Butch used to say, “Don’t let the dogs off the porch until they know where the food comes from.”
Ken Cook – Nationwide Specialist – Information/Marketing – FHA Home Loans
678-439-8683
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