“A handful of very quality relationships are worth a lot more than throwing a big net to see what you can catch,” says Omer Quenneville, a mortgage broker and real estate agent who often sees both ends of the transaction.
But, like good agents, good brokers aren’t always easy to find, and it’s for that reason that agents need to be especially selective in order to maintain the level of service their clients expect.
Quenneville says office meetings are a good place to start your search for partners. He says you don’t necessarily need to begin prospecting right away, but instead try to meet people and expand your circle of influence and to your network.
“People do business with people they know,” he says. “If they don’t know who you are, they won’t do business with you.”
For her part, mortgage broker Kim Gibbons says she prefers to work with the agents she knows on a more personal level.
“It’s better to deal with those agents who you know very well,” she says. “You need to limit yourself to those who give reciprocal business and those real estate agents who are going to service your clients well.”
Jim Broad, an agent with Coldwell Banker in Windsor, Ont., says he’s very picky when choosing brokers to work with. He looks at a broker’s track record and any referrals they come with, before deciding to work with them.
“I don’t my clients to leave their office thinking their preapproved if they’re not,” he says. “I’ll send someone to them and depending how they do, I’ll send more clients to them.”
But agents, like their clients, should be selective when it comes to adding brokers to their referral pool. With your reputation at stake, the last thing you want to do is recommend a sub-par broker.
Keep your friends close, your enemies closer, and your mortgage broker partners even closer than that, say agents arguing quality control is of the greatest importance in referral relationships.