Common courtesy is expected in every relationship. However, an additional layer of professionalism is needed in a business relationship versus a typical friendship. Sure, you may refer to some of your closest real estate agents, title agents and loan officers as friends, but communication is extremely important for a long-lasting relationship.

Why Prioritize Communication?

In the home selling and financing businesses, consumers entrust that professionals are working on their behalf to complete the experience as seamlessly as possible.

Professional real estate agents and mortgage loan officers who prioritize communication will typically work on many deals together.

Why?

Because, it makes sense that people want to work with folks who have similar habits, commitments and goals.

When the goal is to remain extremely transparent about any issues that might arise, there should never be a reason to keep anyone out of the loop.

Answer the Phone

Loan officers are notorious for taking a long time to respond to an agent’s phone call. 

Full Disclosure: I was a mortgage lender for more than 12 years and a mortgage broker for more than 8 years.

While, lending professionals are eager to network with referral sources, such as real estate agents, financial planners and home improvement contractors, complacency can reduce a loan officer’s time frame to respond to general inquiries.

It’s important to respond to any phone calls as fast as possible. Not only will a fast response time open up opportunities for future deals, information may be shared to keep everyone involved, at ease.

Set Clear Expectations

Some real estate agents may expect a loan officer to be available 24 hours per day. The expectation might seem reasonable for an agent that is sending a loan officer thousands of dollars for a few weeks of work. However, some of the best loan officers only work 50 to 60 hours per week, while some LOs might work 80 to 100 hours per week. 

Communication is better, when real estate agents and loan officers know the best time to check for updates, and the typical response time for sensitive issues.

Discuss Your Concerns

Avoid allowing things to linger. Whether the referral source is a hotshot real estate agent or the fastest loan officer in the region, schedule a time to discuss any unsettling concerns.

Remember that someone’s time, reputation and earnings are at risk on every transaction.

Talking about processes that are favorable and actions that are not flowing as well can lead to a prosperous relationship that lasts for many years.