Many mortgage brokers are self-employed, and work out of their homes. As refinancings and sales slow down, many mortgage brokers that you know may be looking for more work. They rely on Realtors to bring them business, just as you rely on referrals. The right mortgage brokers - ones that you trust will stick to a bargain - can be useful in helping you do a better job in marketing your listings and getting them closed.

Make a pact

Tell the mortgage broker that you are going to recommend him or her on all leads that you get from your listing, but you want the same courtesy in return. If your listing is instrumental in getting the mortgage broker leads, you want those leads turned back over to you to help them either buy your listing or another home.

Let the broker know that you expect a good working relationship. Hold out the carrot that you would like the relationship to continue on other listings. He/she will get your meaning loud and clear that trust is of paramount importance to you.

Help with fliers

It's surprising how poorly done most real estate fliers are. Some agents view them as a necessary evil in promoting the home, and many agents don't do fliers at all. But for smart sellers, a key decision point might be to hire the agent with the most creative and aggressive flier.

As a smart Realtor, you can use your fliers to your advantage in your listing presentations to show how much more you put into a flier than your colleagues and competitors. Emphasize to the seller how you work with a mortgage broker to help get buyers qualified quickly so you have a greater pool that are ready to buy the seller's home.

Fliers are important. They provide a wealth of information for buyers. Information makes buyers stick around. If they can't get it, they'll go somewhere else. It's as simple as that.

Put yourself in the buyers' shoes: If you got two fliers from two comparable homes in the same neighborhood, which would you spend more time reviewing - the one with the front-door picture on the front, some showing remarks (usually identical to what's in the MLS and on the Internet) and the Realtor's contact information? Or the flier with that same information, plus multiple photos, an Internet address with a virtual tour of the inside of the home, a few comparables, and mortgage information from 30-year fixed rates to 5-year ARMS on the back? The mortgage broker or you can also tease the buyer - 'Not sure if this home can be yours? Call me to get prequalified.'

It's easy to get all this information onto a flier, because every flier has two sides. Yes, your printing costs will be higher, but the information to the buyer is more valuable. The more interested the buyer is in the flier, the more interested they are likely to be in the home.

Help with open houses

Not only can mortgage broker partners help you qualify buyers so you have more business, they can also help you sit open houses. Open houses can either be lonely and boring, or more people come than you can safely monitor. It's a service issue and a safety issue, too. There's simply more security in numbers.

Having a mortgage broker present for your open house makes it more of an event. They can prequalify buyers on the spot, or at least get the process started, and they can answer questions to help keep prospects interested.

Help with marketing costs

A mortgage officer can also help cut your ad costs. Ask the officer to go in with you on your open house classified ad. It will make your ad more interesting to give some information about the house and then to announce that a mortgage broker will be on hand to answer questions and prequalify borrowers. The broker can also pay part of the cost of your fliers. After all, they are marketing their services, too. For that matter, you can even sell the broker advertising space on your Website or newsletter.

Published: July 29, 2003

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