You are new to the business and know that many of the agents in your office use various lenders, title companies, closing agents, home inspectors, etc. You can go on their recommendations and choose whom you want to work with or do some homework and pick the service providers you feel would work best with you. It is important that you listen to your fellow agents because they do know the ones not to use, but keep in mind that they may have had one bad experience that tainted them. You make up your own mind by seeing how these service providers work and if they can work with you.

Ask Questions

Let’s start with lenders or mortgage brokers. You should make appointments to meet several lenders all the same day. That way it will be easier for you to compare what they say and how they work. Your goal is to find out how the loan process works for your buyers and how they make the process easier or less “painful.” Ask them questions. Do they pre-qualify buyers? Do they take the loan application in person? Will they “sell” you to the clients you refer to him/her? This is important because you may not have built up much rapport with the buyers yet and the lender can assure them that they are working with a good agent. Have they had any appraisal problems? Ask any question, no matter how insignificant you feel it is, of these loan representatives that comes to your mind. You will find out who will be good with people. If you are satisfied that you understand how the process works then your buyers will be. Ask them to explain to you qualifying ratios so that you are comfortable knowing this if your clients should ask you directly. Ask the same questions of each loan representative that you speak with for easy comparison. You will know at the end of the day which loan representatives you think will be best for your buyers.

You need to do the same kind of investigation with closing agents. Pick several and make appointments to find out what they do. You need to know the process from start to finish and which ones will be able to communicate well with your clients. Again, ask questions. What do they require from you to start the sale process? Who orders what? How do they communicate with you? By email or phone or mail? Compare at the end of the day. Again, you want a closing agent who will be an extension of you and the type of service you provide to your clients.

You want to go through this whole process with all the service providers for your area. You need to understand what a title company does. You need to know what a home inspector does. You need to know what a termite inspector does. And so on.

You need to know what each service provider’s fee structure is. Are they all the same? Does one provide more than others? Who will be your ally? Who is a problem solver? Who goes the extra mile to get something done? You’ll be able to tell all of this after talking with them.

Of course, there is no better teacher than experience. Once you work with them on an actual sale you will know how they work. Some will surprise you, but most will be as you thought because you did your homework.

Don’t forget Advertising Reps

Let’s talk specifically about the advertising representatives in your area. Don’t forget them. Even if your company does all or most of the advertising for your listings, you want to get to know them. They can get you free publicity, they will tell you about special rates coming up, and they will help you get an ad in past a deadline. Besides, as you start to produce more and more sales you will probably want to take out your own personalized ads. Most agents ignore this service provider until they are well established because they do not work directly with your buyers or clients. Finding out the cost of advertising in the beginning and knowing what is available will help you in possibly getting a listing. Ask questions about the placement policy and rates.

Doing this homework will help you gain invaluable knowledge. In fact, you might even learn more than many of the agents in your office because they have not bothered to do this. You will not only be learning, but you will be making a significant impression on these service providers. They will know that you are a winner and want to do more to help you succeed. You have let them know just by asking them questions that you feel that their job is important. This homework will pay you big dividends!

Published: June 19, 2000

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