Mortgage Lenders and Agents: An Intriguing Tug of War!
Key Revelations from Inman’s Intel Index:
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Agents’ Preferences Reigns Supreme:
Agents prioritize the mortgage lender’s ability to secure funding consistently over brand recognition or lower rates promise. To put it funnily, a mascot on a billboard might make them chuckle, but only hard cash makes them high-five!
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Score One for Reliability:
No matter how sparkly the PR or tempting the rates, agents aren’t swayed. They’re more interested in whether their lenders can put the ‘fun’ in ‘funds’ securely and dependably.
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Brand Awareness? Not exactly…
Contrary to popular belief, agents don’t care much about the size of a mortgage company’s logo. They seem to adhere to the wisdom that size does not matter, at least not when it’s the capability of getting the green stuff that’s at stake.
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Low Rates Promise, but do they deliver?
In spite of mortgage lenders tempting agents with low rates, our critical agents refuse to be wooed by mere cheap chatter. In their words, “Show me the money!” seems to be the order of the day.
Now, what’s the takeaway from all these cryptic relationship dynamics between mortgage lenders and hard-to-please agents?
Let’s Break it Down!
My Hot Take
In the mysterious world of real estate, it seems that brand recognition and low interest rates promises have become like the exotic peacock that performs elaborate dances, only to be ignored by the unimpressed peahen (our agents here, if you didn’t catch that analogy!).
Sure, a well-known brand or low mortgage rate promise might offer initial interest akin to a first date’s lighthearted courtship. But towards the long-term commitment (read: successful loan deals), it appears reliability plays the loyal partner.
Ladies and gentlemen, let’s be honest. Who would prefer a glossy magazine ad over a good-night message ensuring there’s breakfast ready when you wake up (in our case, funding)? No one, right? And that’s exactly what the agents express through this survey.
So, mortgage lenders, if you’re reading this, take a note. Instead of investing in glitzy advertising or underbidding your competition, maybe consider showing off your consistent ability to secure the dough. They might not write romantic ballads about it, but hey, at least you’d be the champion in the real estate agents’ hearts.
Remember, it’s time to pull up your socks and let your stability do the flirting, because in this world, it’s reliability over charm that wins the game! Who knew an unassuming quality like reliability could be the stud in the property market, eh?
And agents, here’s a huge salute to your practicality. You’ve given new meaning to the phrase ‘Cash is King.’ You don’t fall for false pretenses but seek real potential and consistency. Keep your high-fives ready! 💪
And so ends the tale of mortgage lenders and agents, vis-a-vis funding. We started with a straightforward mortgage report and ended up with a soap opera. Ah, the exciting world of real estate!
Original article: https://www.inman.com/2023/11/22/majority-of-agents-want-experience-and-reliability-in-a-lender-triple-i/
