Partnering with real estate agents can be more than just a referral source

by Julia Corderoy02 Dec 2014
Brokers and real estate agents may be at different ends of the property transaction, but both parties have plenty to benefit from joining forces.

Paul Nees, real estate agent and selling principal for Ray White Lane Cove, told Australian Broker that agents can be a great source of marketing for brokers.

“Not all of our buyers would be aware of the types of services mortgage brokers can offer, so we can explain how they work to buyers coming through houses for inspection. We also often have marketing material that we will hand out about our broker in our open for inspections, so partnering with a real estate agent can increase exposure for a very low cost for mortgage brokers.”

Nees said that partnering with brokers can also help give an extra edge to the service that real estate agents provide.

“Our partnership with Loan Market has benefited our business because it gives us the opportunity to give a value-added service to our buyers. A lot of our clients get better deals through our broker connections than dealing straight with the banks.”

Leteisha Pileggi, director and loan advisor for Mortgage Choice Cannington, works closely with two real estate groups. She told Australian Broker that partnering with real estate agents has provided more than just another referral source.

“As well as providing a steady flow of leads, we also get a better knowledge of the other side of the transaction and get to bounce ideas off one another.

“Liaising with third parties also removes much of the common stresses in the process. This in itself generates more leads from those clients through their satisfaction with the process.”

Despite real estate agents not being her number one source of leads, Pileggi says the leads they do provide are high quality and reliable.

“The majority of leads do still come from existing clients; however these leads are often people who are in the very early stages of the process and take a while to proceed. Having a referral relationship with a real estate agent provides another source of business with applications that are generally being submitted for Formal Approval (as opposed to Pre-Approval).”

But Pileggi says brokers shouldn’t assume that the partnership is all about the money. Like referral and lead generation relationships with clients, real estate agents want good service.

“It shouldn't be assumed that they [real estate agents] all want payment. The ones I work with simply want good service, whether it be pre-qualifying potential purchases before they present offers to their vendors or just a broker that keeps them in the loop so they don't have to worry or chase updates.”

 

COMMENTS

  • by Freddy 2/12/2014 8:59:25 AM

    No mention of the only thing that real estate agents are actually interested in - property listings. Brokers are in la la land if they think a few hundred bucks back to the agent or the classic "good service" is enough to get their interest.

    What a surprise that a Ray White agent is talking up the association with Loan market brokers.

  • by Kym 2/12/2014 10:35:37 AM

    My experience in broker/agent relationships is that me as a broker can provide more opportunities for them than they can provide for me. I have never paid a referral fee to an agent or accepted a referral fee from them - they are happy to accept listings but they do get a bit slack on the loan referrals. Raywhite/Loan Market relationship is unhealthy - if you don't think the agent is being told information that they shouldn't be regarding the clients financial position by the Ray White broker your dreaming.

  • by Missing Rhonda 13/02/2016 12:24:43 PM

    "If you don't think the agent is being told information that they shouldn't be regarding the clients financial position by the Ray White broker your dreaming."

    My experience as a buyer: I had a Loan Market broker. I was purchasing a property from a Ray White selling agent. The Ray White agent gave the Loan Market broker my number and told her to call me. I found out after the sale that the purchase was unlawful. So my question is... Did the Ray White vendor's agent tell my broker from Loan Market (a branch of Ray White) that the property was unlawful. In whose interest was the agent acting by recruiting the broker on behalf of the buyer, and whose interest was the broker acting if she knew the property was unlawful and put the loan through anyways :(