Terri Murphy 
 

FOR REALTORS

How to Interview a Lender Partner
To Create Strategic Alliances

Get more listings by partnering with your lender!

 This questionnaire is to help you as a real estate agent to interview a prospective loan partner(s) to determine if there is an interest/match in creating a mutually beneficial strategic partnership to promote cross marketing and referrals between the agent and the loan originator…..and ramp up the servicing for your clients and customers. 

 In order to comply with RESPA/HUD regulations, it is imperative that both the agent and the loan originator be aware of what is appropriate and allowable to avoid violations of these regulations.  However with recent due diligence, the ideas stated here are designed to create a harmony for both parties to create an exceptional service offering for the consumer, while creating a long term client for life after the original transaction.

 Use this as a template to interview other ancillary services to the transaction that would mutually benefit the cross leveraging of services for other services: Target professionals like financial planners, accountants, tax specialists, insurance agents, attorneys, etc.

 As a Real Estate Agent

 It is imperative that if you refer your customers and clients to a loan originator that there be some structure to support you and your client during the sale process, and more importantly, AFTER the closing. Your choice of lender would be predicated on their commitment and support of your referral and you as their agent to promote a true client for life resulting in repeat business and endless referrals.  Listed below are questions and suggestions to determine if the loan originator you are working with is interested in a reciprocal (and legal) cross service/marketing effort.

 Script:
“I am interested in interviewing specific loan originators to determine if they would have interest and commitment in developing a “strategic partnership” to work together in offering more mutually beneficial services to my customers and clients.  I know that by y creating this expanded service platform, I can offer my clients and customers a higher level of service and begin building a solid relationship that builds trust and creates true repeat business.

  I want to align myself with high level experts in loan origination that are willing to deliver the same high level service commitment and expertise before, during and after the transaction to build a true client for life”

 This questionnaire was developed to give you an idea of the types of questions to ask a prospective partner to determine if they are the right “fit” for your partnership activities.  Use them, edit/change/and make them your own to fit your marketplace, your service model and your vision for top level marketing.

 Questionnaire: 

1. Are you interested in working with my referrals?

2. The loan industry has available an exceptional Client Relationship Management system that is available to loan originators. This program, “Mach3”, offers web based client relationship management for our customers. One of the many options of the program is  that is designed to include me the real estate agent in the communication and marketing with a program referred to as the  “preferred REALTOR® program”.    Would this be agreeable program for you to use with all of my customers who get their financing through you?   (http://www.TurningPoint.com)

3. What tools are you presently using to communicate with an agent and their customers when there is an application in process?  Do you use email? Status sheets? Electronic updates? Email? Fax?

4. Should we begin working together, I would expect that as a team, I would refer you prospects that need loans, and you would make me one of your primary choices for customers or clients needing the services of a professional REALTOR.  Do you presently have a system in place that provides consistent buyer or seller leads?

5. I presently implement marketing where it is appropriate to include a link or destination for additional mortgage information.  This link would drive prospects directly to you and trigger a high level, service oriented drip campaign to this referral until such time they are ready to buy or sell. Would this interest you?  What program or system would you create to handle these leads after you received them?  If I implement as system that captures leads from my site and directs them to yours, what can we do to systematically increase the number of leads to sales?       (http://www.RealProSystems.com)

6. Do you have an automated system you are presently using to update your agent (s) and the customer as to the status of a loan?

7. As part of my marketing, I am considering doing a regularly scheduled series of special events, like  seminars for first time buyers, real estate investment, credit repair and consolidation, lunch and learns, etc. Would you have interest in participating to co-produce these events?

8. I am considering (or currently using) an automated voice response system that offers several alternative options to the caller for mortgage information, credit information, etc.  I am seeking to put my partnership lender contact information on the system, to help qualify prospects and convert them to buyers.  What is your level of interest and what information would you provide to support these leads?

9. One of my prospecting activities is to prospect around the area of properties available for sale; including my own listings, my office listings and other properties, including For Sale By Owners.  This activity, called the “10/10/20” program would require that my loan originator and I would prepare a simple flyer with information about the property offering.  Where appropriate, we would “walk” and knock doors (or mail) the

10 houses/properties on either side of the property offered for sale and the 20 across the street, asking for help in securing a “New Neighbor”  with information on the flyer– Would you have interest in this activity and how often?

11. I am currently offering “STEALTH” marketing classified ads offering service first opportunities for reports, information and resources for real estate and loan information services.  Would you be interested in any reciprocal advertising strategies where we alternately place these ads and mutually service the responses either using the Call Capture service or the web links?

12. Do you have any marketing programs in place to secure prospects for buying or selling that would require the services of an agent? As an example, directed to For Sale By Owner’s? Expired Listings?

13. What type of mortgage programs are you currently familiar with outside of conventional programs? As an example: Rural Development Assistance (RDA) Funds? FHA? VA?  Commercial? 

14. How familiar are you with Short Sales or Foreclosure procedures? Is your lending institution approved to handle short sales?
    
15. I implement the use of a pre-appointment package that is delivered to my prospective listings PRIOR to my appointment.  I include an endorsement letter from my loan partner offering extended services to the prospect and a summary of benefits they offer as a member of my full “team” of services. Would you have interest in participating in the creation, delivery or contact of these prospective sellers? (available at www.TerriMurphy.com

16. I currently use a Buyer’s Guide for buyer prospects that I am working with, and my goal is to help them see a full spectrum of financing solutions so they can make an informed decision.  What programs or assistance can you offer to help create an exceptional service experience both in person and in contributions to this offering?

17. I am interested in including information about my lender partner(s) as a value added component to my traditional and electronic marketing. Do you currently have any marketing tools in place that are  RESPA compliant that appropriately cross markets our services to generate more prospects?
(www.TurningPoint.com)

18.  In an effort to continue nurturing past clients and customers, I will be hosting an annual event. I would want my loan originator to participate in these events. Would you be amenable to help co-host these annual events?

19. Do you have interest in working with me on tandem e-marketing activities that could include podcasts, video, neighborhood/area community blogs or the use of social mediums used to offer more information and services to clients and customers?

20. What type of accountability programs do you have in place to monitor our referral exchanges?

21. What would you expect of me to keep us focused and working together more seamlessly so we could provide integrated service and communication to the clients and customers we have under contract?

22. What tools, systems, programs or activities do you expect from me as your REALTOR partner to help promote your business to my prospects?

23. What kind of Social Media marketing strategy are you currently using to
promote interaction and participation with clients, customers and prospects?   
(i.e. Linkedin/FaceBook/Twitter, blog sites, etc.)

Copyright-2009 Terri Murphy Communications, Inc. – All rights reserved

Terri Murphy, President Terri Murphy Communications
CIO, USLearning.com-Featured author with Donald Trump-”The BEST Real Estate Advice I Ever Received”
901-767-0000
www.TerriMurphy.com  -  www.MurphyOnRealEstate.com
www.WomensWisdomNetwork.com

Social Media Network:
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Listen In!

 Create A Powerful Social Media Presence
Join The Conversation!
Monitor Your Online Reputation.

Click the link below- 
Then Click The Music Note To Listen In!

Scott Hutson Interviews Social Media Expert, Terri Murphy

Terri Murphy – Social Media and Your Online Reputation

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You may want to rethink that scenario for a moment.  In a speech by author and entrepreneur, Nando Parrado, he addressed an audience of over 1200 professionals last week.  He said that we might not really have problems, but may be dealing with “issues”.

You may recognize his story of survival in his New York Times bestselling book, Miracle in the Andes”.  His story recounts how he and his 15 teammates survived for 72 brutal days after their plane crashed into the frozen Andes mountains some 30 years ago, and if you’ve heard him speak, you surely understand that he encountered some serious problems.  

Can you even imagine the numbing fear of being one of a few survivors in a tragic plane crash and trying to survive the dead of winter for over 2 months?   Envision the feeling in the pit of your stomach when you heard the faint transmission of a news story coming from a dying transistor radio reporting that the search parties for you and your party have been called off.  Think about what you would do to make a dinner out of a  single peanut and make it last 8 hours– knowing going forward there would be no  food, water, or sufficient clothes to protect you from temperatures that plunged to 35 degrees below zero at night….Now those are problems!

As I sat there in awe of his moving story about his experience in that vicious mountain environment and how he and a handful of friends survived the ordeal and are here today because they were empowered with a staunch determination, had unbelievable courage, and exercised remarkable team work. But it was his reference to the difference between problems and issues that got my attention.

He asked, “Do you think you have problems?  I think you might find that you have issues”.

When paralleled against this incredible story of tragedy and triumph, if we study the state of our market, you might say we are experiencing “issues” not problems.  We have solutions, and can for the most part, find answers to questions.

Many of us have had to deal with serious “issues” that threaten our income, our productivity, our credit, our lifestyle and more.   

Our market is in transition, but we still have resources on almost every level.  Solutions are available to help to diminish the deep pain many suffer due to the consequences of our markets. But in many cases, we’ll keep moving forward. There are resources available in our great country.

When we mark up the positive side of our market we find that shows some healthy resurgence in some areas.

• We presently have  very affordable interest rates
• FHA has offered higher limits, and have made some innovative changes in their platforms
• New initiatives like the  First Time Buyer $8,000 buyer credit with elimination of repayment requirement gets more qualified individuals into housing
• The market  offers more affordability
• Expertise is required to become trusted advisors to serve clients and customers at a higher level

 There are serious hardships out there.  Our lifestyles, comfort and choices have been impacted for the first time in many years.  Families are challenged to cope with a new normal.  Change isn’t easy, but if we weren’t open to change, we wouldn’t have the amazing innovations that come with the opportunity afforded by those changes that force us to look at things differently.

And the good news is that according to NAR’s latest reports, there are encouraging signs on the horizon. As Nando said, we don’t have problems… but we do have issues….and better yet… we have solutions!

Terri

Terri Murphy, Pres, Terri Murphy.com
CIO, USLearning.com-Featured author with Donald Trump-”The BEST Real Estate Advice I Ever Received”
901-767-0000
www.TerriMurphy.com   -   www.WomensWisdomNetwork.com
www.Linkedin.com/in/TerriMurphyCommunications
www.Twitter.com/TerriMurphy
www.Facebook.com/TerriMurphy

It’s Customer Service Week…Really?

I have to ask ….What’s wrong with this statement?  Customer service week?  Does that mean we focus on service specifically during seven short days in October?

I must admit, I have never heard of Customer Service week, so I simply had to check out what I could find. Sure enough, I did a search and found out that in 1992 the U.S. Congress proclaimed Customer Service Week a nationally recognized event, celebrated annually during the first full week in October.

According to their website* this is a national event specifically devoted to recognizing the importance of customer service and to honoring the people who serve and support customers with the highest degree of care and professionalism. Excuse me? Where I come from, we strive to do this at every opportunity.

And I thought that customer service was, in fact, a principal driven activity based on the absolute privilege to serve and gratitude for the opportunity to service those customers and clients who I am fortunate to have work with me.

There are millions of providers for your services out there!  What are we thinking? 

I called my friend and colleague, Scott McKain, author of “Collapse of Distinction” for some insight.  Scott is an expert on customer service and the value proposition.  I had to ask him about his thoughts on what he thought about this one week phenomenon.  He said that having a customer service week is part of the problem. In the old days we had a complaint division, which morphed into the customer service division to handle customer dissatisfaction, leading us to believe customer satisfaction is an ongoing situation that calls for eternal vigilance.

He continued, “As long as there is a special “week” dedicated to the service of a customer, it is clear, we “fail to get it”.  Customer service is the cornerstone of how we go to market and how we have the opportunity to integrate our differentiating value instead of “adding” value to create that creates an exceptional experience

McKain pointed out we would never dedicate a specific week to “Good Product Week”…it’s ridiculous to think that our product or service would be a focus to be “good” for a designated number of days.  

It isn’t enough to be good or even great at service today in order to capture, serve and retain a valued customer….we have to provide an extraordinary experience in the process every time!

As long as we think that our service should be highlighted for a week, there is no doubt the customer will look elsewhere to a service provider who “gets it”.

For more information visit: *www.csweek.com/customer_service_week_background.php,
and www.ScottMcKain.com

To Your Success,
Terri

Terri Murphy, Pres, Terri Murphy.com

CIO, USLearning.com-Featured author with Donald Trump-”The BEST Real Estate Advice I Ever Received”

901-767-0000

www.TerriMurphy.com  – www.WomensWisdomNetwork.com

www.Linkedin.com/in/TerriMurphyCommunications

www.twitter.com/TerriMurphy

www.facebook.com/TerriMurphy

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By: Terri Murphy

My long time friend Mary posted on her Facebook that she was holding her home open and was “hoping” for some traffic.

I know that my friend Mary is a HAIRDRESSER, not a real estate agent!! I just had to call her and find out why she was holding an open house knowing that her home was listed with a licensed agent.

Mary told me that she was excited to find out that in her small town the houses on either side of her property were scheduled to be auctioned off on the upcoming Saturday from 10-12:00, and she had called her real estate agent to cash in on the free traffic by proposing the agent hold an open house on that designated Saturday.

The auction companies had blasted the media with the date, time and place and she really wanted to “take advantage” of the free traffic in hopes of snagging a prospect to look at her property while in the area.

So Mary scrubbed, staged and manicured her home to be ready for this onslaught of buying prospects in time for the 10-12:00 appointed time for both auctions to occur.   She patiently waited for her agent to drop off the open house signs…..The clock hit 10:00, 10:30, 11:00 and 12:00 – and FINALLY the agent arrived…AFTER the auctions had occurred and any interested buyers were long gone!  She had no timeline in her daily or listing schedule of activities to be appropriately on time to maximize this rare opportunity in a rural marketplace, nor did she seem to share Mary’s desire to be visible during this rare event in their small town!  The agent had completely missed the opportunity!

This lack of service is frustrating and downright rude and creates the question: Why should a seller pay you a fee when you aren’t pro-active about marketing their property?

As a Realtor® professional and as a friend of the seller, it frankly disappointed me that Mary has employed an agent that doesn’t understand the principles of SERVICE! …Nor does this agent have a clue about what it takes in to orchestrate today’s marketing strategy that gets a property sold.

If you are interested in pumping up your service model to exceed the expectations of your seller and create true differentiation in your service model when compared to your competition, you might want to ask yourself these questions:

1. Have you developed a timeline of activities you follow when you take a property listing? 
2. Do you share this timeline of marketing activities with your Seller?
3. Have you discussed with your seller the average marketing time and number of showings a properly priced property historically can expect in your area before going under contract?
4. Do you ask your Sellers what communication medium they prefer for their updates and showing feedback information?  Do they prefer phone? Fax? Email? Traditional printed mail?  Too many agents simply use email and assume this will suffice when your seller may prefer to connect by phone at least once a week or prefer both.  How will you know if you don’t ask?
5. Do you follow that timeline and communicate with your sellers what will happen on a daily basis from the first week thru the fourth week of the month so they are ENGAGED in the marketing process and can SEE how you are working to effectively market their property?
6. Do you provide a communication to that seller on a consistent weekly basis of what has been orchestrated in the plan you discussed at your listing meeting that shows accountability for your marketing actions?
7. Do you have a proposed revised marketing strategy after the first 30-45 days that might include a price revision, changing or adding photos, revising MLS copy to reflect any changes on the premises?
8. Do you counsel your sellers in advance about overpricing a property and how it can damage the initial marketing debut in their marketplace?
9. What plan do you have in place to adjust the marketing price if the property shows more than “x” amount of times but gets no offers?  Do you explain that having a ton of showings can simply mean the agents are using their overpriced property to sell others that have more to offer at a better price?
10. Do you also counsel your seller about offers that might occur in the first few days on the market so they don’t feel they have “underpriced” the property?

Many of these questions and concerns can be addressed when you first take the listing when expectations are high and communication with your seller may not be totally clear. Having a timeline of activities not only provides a framework for the seller to follow, but provides a structure for your services that they can monitor and you can show accountability for your efforts. When you can show your marketing efforts have been executed, it may be their pricing in the marketplace.

No one wants to pay for service they don’t get!   My friend Mary is already angry and disappointed at her agent’s lack of service that she EXPECTED and the listing has just begun.  Like any successful relationship, clear communication and expectations for services that we pay for makes for higher satisfaction from our consumer. 

Consider using a timeline of marketing activities, get the sellers approval, suggestions and concerns and then deliver what you promise on time every time.  Bad reviews travel faster than ever before, so focus on making every transaction end by creating another raving fan!

Terri Murphy is an author, speaker, communication consultant, and author of 5 books, including her latest with Donald Trump. She is the founder and Pres. of WomensWisdomNetwork.com and serves as CIO of U. S. Learning in Memphis.  email: Terri@TerriMurphy.com   or visit www.MurphyOnRealEstate.com  (on the way)

Napoleon Hill really knew what he was talking about when he said:

“Every adversity, every failure, every heartache carries with it the seed of an equal or greater benefit”, and when you think about it, real change only seems to happen when a new normal forces us to find new ways to do what we’ve always done.

 So let’s review for a minute. People have been needing shelter and housing since the beginning of time, and every day people need housing…and the financing to buy it!

And the one thing that never changes: People still prefer to do business with those they know like and trust.

 In today’s market, this golden rule still exists, but what has changed is how we have had to create new ways to serve those same customers in a “different” marketplace.

 So although the market and the marketplace have changed drastically, there are those professionals who understand that service survives any market fluctuations and ultimately thrives in what others refer to as a “bad market”. Here are a couple of great leaders that have turned their production from drab to dazzling by filling a need:

 Meet Denise Buser:

Realtor Denise Buser, a 13 year veteran real estate agent knows the challenges of immigrant families trying to start a new life in our country. Her own family relocated from Italy to this country and struggled with the many nuances of trying to have the great American dream…home ownership.

Denise saw a need to help other ethnic families in her Long Island area and opened a specialized real estate division catering to minority buyers and sellers. She is the first in her area to offer these special services through Casa Latina Royal Real Estate Company, catering to the Spanish speaking and multi-cultural borrowers in her marketplace.

 This franchise specifically targets multicultural communities and includes any and all ethnicities. They have agents that speak Polish, Spanish and the list goes on.

 Denise says, “Often there is a misconception that these families can’t afford homes, and that is so wrong! They need guidance and help to get themselves prepared to buy, and when you invest in them, the rewards are staggering! We help them establish better credit, help them budget to save money each week, and even help them organize their business books so we can get them to qualify for loans in the future. I could never do this without my lender partners who are willing to invest in this niche for future production.”

Denise added; “I work with my lender partners to set them up for buying by strategizing the appropriate ways for them to responsibly buy a home. FHA has proven to be the best thing in the world for many of these people, who often can save the 3.5% down and if this tax credit comes through the flood gates are going to open up! That’s why they are here in America…to own the dream and their referral network is endless. If you help one family, you get the whole neighborhood!”

 She went on to say, “But without my lenders, I can’t do anything for them…it’s a true partnership! If we didn’t have a powerful partnership with the same objectives, my deals wouldn’t go anyplace!

 Denise says they now have families in their pipeline that she and her partners have in process to repair their credit, or as they recover from short sales they are working together to get them in affordable housing as next year’s buyers. They want to spend the rest of their life in their home, and my lender partners help me do that…we all win!”

 Cleary, Denise and her lending team have penetrated a niche that is paying off now and into the future.

 Eric Zantonelli, loan originator from Stillwater, Oklahoma works with his agent partners to help them bridge the buying gap if the agent’s prospects don’t have the FHA down payment. Eric studied and became well versed in utilizing the USDA Rural housing program which, in his opinion, is one of the very best loan programs around. He found that most consumers, as well as most real estate agents, knew very little about this special financing program.

Eric counsels his agents to consider this RURAL program when buyers who qualify simply not have the 3.5% to put down that FHA requires and the property meets the USDA location guidelines.

He says, “An important time sensitive benefit for using this program is that USDA has not updated its maps since the year 2000 and there are now brand new neighborhoods in some larger towns that still qualify, that will not once the maps are redone.”

To secure prospects for this special financing, Eric says, “I have been using call capture and financing signs to help Realtors show people how they can buy their (agent’s) listings, that may be located just outside of the larger population areas, and still are within meet USDA location guidelines, with no money down. My agents are happy, their buyers and sellers are happy and everybody wins!”

By being a resource for financing opportunities that are less well known, Eric’s realtor partners are comfortable in knowing he is working on their behalf to secure the best financing for their customers and clients. Eric says, “Realtor loyalty is hardly an issue when you can truly be a resource to your team that helps make transactions happen”.

There are hundreds of ways to be of service in today’s market, as customers are buying and selling every day. I’ve been writing and studying   agent and LO success stories for several years and one thing is clear: Realtors that establish strong alliances with expert loan originators save money, and make more sales!

For more articles on Realtor-Loan Originator Relationships, visit www.TerriMurphy.com

Terri Murphy    , author, speaker and consultant to the Mortgage Industry can be reached at: Terri@TerriMurphy.com or www.WomensWisdomNetwork.com

This is the featured video from the “Doing Business In Tough Times, Strategies That Work!” Seminar held Friday February 3, 2009 at the Hotel Vancouver. Prestigious member of the Speakers Round Table, was BCBusinessmagazine publisher Peter Legge, and on this film is interspersed business wisdom from such luminaries as Premier Gordon Campbell, Claire Newell, and Bob Rennie – Great Motivation! Great Insight! Great Leadership!

Be Bold!
Best Regards,
Terri

Terri Murphy, Pres. WomensWisdomNetwork.com
CIO, USLearning.com-Featured author with Donald Trump- “The BEST Real Estate Advice I Ever Received”

901.767.0000 Fax: 901.767.5959

Terri@TerriMurphy.com

www.TerriMurphy.com
www.WomensWisdomNetwork.com