No Broke Months For Salespeople - Relying On Lenders For A Referral: Is It Worth It?

Starting point is 00:00:00 First of all, I understand the reality of it. Secondly, it's sitting there saying, well, if that's the case, do I still want a reciprocal relationship with a lender? And the answer to that is yes. How besides giving me referrals can that lender help me? Welcome to the No Broke Months for Real Estate Agents podcast.

Starting point is 00:00:19 Working as a real estate agent can be incredibly rewarding and fulfilling, but it can also be frustrating if you aren't making the money you deserve. So if you're ready to end the stressful cycle of working hard for no results, then get started with a proven step-by-step system so that every month is No Broke Months. My name is Dan Roshan. I'm the host of the No Broke Months podcast, which is a show for real estate agents to help you have no broke months. Thanks for joining me. Enjoy the show. Relying on lenders for a referral. Is it worth it?

Starting point is 00:00:58 Real estate coach Dan Rochon of No Broke Months for Estate Agents talks about expecting referrals from your lender. In this episode, Dan talks about whether you should rely on lenders for referrals and what your lender can help you with aside from that. Learn more about what you should expect from your lenders in this new No Broke Months for Real Estate Agents episode. Who here has that you'd like to develop further in your real estate sales business? I don't know if this really is what you're looking for, but you mentioned lender makes me think. I've been at this 20 years. I've never once gotten a referral from a lender, ever. It seems like people come to me and I send them to the lender.

Starting point is 00:01:36 It never comes back to the direction. And I was talking to a guy in an office I used to work at, and he said, oh, he goes, I get a lot of referrals from lenders. I'm like, that's never happened. I've worked in three different markets and I've never gotten lender for you so i don't know if that's something that a conversation you want to get into or that's a topic for another day but so here's the reality of this so the referrals from the lenders are going to go to whoever's feeding them right and so if you work if you're working with a lender who is getting fed more so from another agent

Starting point is 00:02:01 then you're not going to get the referrals from them. Long ago, I have understood that I don't really even expect referrals from lenders. Okay, me personally, though I do. I do get them because sometimes I am the one that's feeding them the most. But that being said, I've never actually, like, I've never relied on it. And rightfully so, I understand that they have a business and that they're one person and that they're part of their business is to be able to engage with, you know, many, many people that do what I do. You know, I had a insurance guy who ended up using me as the agent, but the lender, so my insurance guy was in my BNII group and the lender was in my B&I group.

Starting point is 00:02:46 And the guy, he didn't want to use the lender, but he wanted to use me. And he's like, Dan, you cannot tell anybody that I'm doing this transaction. Okay. Because he didn't want to ruin all of his relationships with other agents, et cetera. All right. So first of all, understand the reality of it. Secondly, it's sitting there saying, well, if that's the case, do I still want a reciprocal relationship with a lender? And the answer to that is yes. So now, how besides giving

Starting point is 00:03:11 me referrals can that lender help me? And what I came up with is that lender can help me in other ways, such as making introductions for me, such as brainstorming with me, masterminding with me. I bought my brokerage because of a conversation with a lender. Well, the broker brainstorming with me, masterminding with me. I bought my brokerage because of a conversation with a lender. Well, the brokerage I used to, and I bought it because of a conversation I had with a lender. That conversation that I had was in 2008, 2009. And he said to me, hey, Dan, have you ever heard about a short sale? And I had it. And then I started doing short sales in those years and did 109 transactions a year and was able to buy the brokers I worked for. Right. And so then I made well more than a million dollars because of one conversation.

Starting point is 00:03:52 And that guy's never referred a client to me. He's never once has referred a client to me. But we did do lunches that we would go out and because I was a waiter at the Capitol Grill before that. And we had like all these million, you know, millionaires that would come into the Capitol grill. And so I said to Mike, I say, Hey, like, we got these wealthy people. Why don't we, why don't we host a lunch for them? Right. And he would, you know, help me with that. So there's really just other ways, in my opinion, that you can be able to benefit in a relationship. Now that brings us into, so why would you want to control who you're, who you're introducing the lender to? It's because I don't want to be at Sunday night at 8 p.m. with a deal falling apart and not have leverage over that

Starting point is 00:04:32 lender. So even if that lender is not going to refer back to me, I still want to have leverage over them, meaning that I'm able to, you know, that they're going to receive my phone call when things are going haywire. That to me is the more pressing issue is keeping, and that's in our client's best interest, plus yours as well. Thanks so much for listening to the No Broke Months podcast today. Until the next show, I invite for you to be grateful, make good choices, help someone, have the best day of your life, and you'll find a listing.

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No Broke Months For Salespeople - Relying On Lenders For A Referral: Is It Worth It?

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