As many as 80% of real estate agents fail or quit within their first year. Although the potential income is very attractive, the fact is that being a realtor is a challenging profession that requires long hours, plenty of sacrifices, hard work, and intelligent partnerships.
What sets the successful agents apart from those who are just staying above water? In most cases, it boils down to learning how to generate leads, marketing themselves and their business successfully, and developing ways to scale their growth rather than just become busier.
With MBANC’s range of mortgage services, realtors can scale the steady stream of highly competitive, modest profit clients into a more valuable list. Options for mortgages include 1099-only mortgages that cater to self-employed borrowers and independent contractors, rental income mortgages for investors, bank statement loans for those with uncommon income streams, and even mortgages for foreign nationals.
But why does it help to have a lender in your corner who offers these products? Here are four reasons.
Fewer rejected financing applications
When a potential shopper goes through all the stages of a real estate purchase – exploring listings, contacting the realtor, making appointments for viewing, writing an offer, and negotiating the terms – it accounts for hours of work for the realtor. The worst possible result at that point is to find out the borrower can’t get financed because of non-traditional income, or not in time for the agreed-upon close.
When you can connect your client with a lender that makes deals happen whether they have standard W-2s or only bank statements to prove their income, the odds of losing a deal because the buyer can’t get financing drop substantially.
Close more deals faster
The average time to close on a mortgage in the US is around 52 days. For real estate agents, it becomes a full-time job just to keep up with all the open deals they have on their desk and the capacity to take on new clients decreases. With MBANC’s record of sub-30-day closes, real estate agents can clear their desk faster, making it possible to take on new clients and close more deals per month and per year.
Unsurprisingly, that translates into scalable growth. More closed deals directly translates into more commissions, more referrals, and faster growth to top agent status.
Serving high-net-worth clients
The lending market is saturated with banks and brokers who cater to FHA loans, but few are available for the complex financing needs of a high-net-worth borrower. These property buyers are looking for fast closes and flexible products that fit with their accounting practices to reduce tax implications and business structure. Traditional lenders often aren’t the right fit and, particularly when your mortgage partner can close faster than their own bank, having someone like MBANC on your roster will help you capture more high-value borrowers.
More referrals from high-quality customers
As a result of successfully helping your clients close on properties quickly and easily, you can ask for their referral business. More than 30% of a great realtor’s clients come from referrals, lowering your costs of marketing and bolstering loyalty and repeat business. Referred clients tend to be easier sales since they already trust you and will continue the cycle by referring their friends, business associates, and family too.
Scaling a client list is just one of the benefits realtors can enjoy by partnering with MBANC. Find out more about how we can help you serve your customers best.