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  • Reasons Why a Real Estate Agent Needs a Mortgage Broker

    February 18, 2016 | Blog
  • mortgage broker and real estate agent

    A real estate agent is a person who acts as the intermediary between a buyer and seller of a house. The real estate agents’ job is to find the sellers of the house a good buyer, and it is also their job to ensure buyers get the kind of house they are looking for from the ones that are available. A mortgage broker, on the other hand, is a person who acts as the intermediary between a lender and a homeowner or borrower. Mortgage brokers will find their customers the best available loan offers in the market, provide assistance in the application process and ensure they get the best deals in the market. Most people believe that real estate agents and mortgage brokers cannot work together. This, however, is not the case. There are some reasons why real estate agents need mortgage brokers.

    Beneficial For Boosting Sales

    One of the main reasons why a real estate agent needs a mortgage broker is the fact that this can be a great way to have access to potential buyers. People who are looking for mortgage deals usually have an intention to buy a house. If a real estate agent is in good terms or works closely with a mortgage breaker, he or she can simply ask the broker to refer some of their clients to their agency. This is very advantageous because it saves the real estate agent a lot of time looking or waiting for potential buyers who might have an interest in buying the property.

    The other way a real estate agent can benefit from a mortgage broker is by using the mortgage broker as a way of ensuring the customer buys the property. In most cases, realtors lose potential clients because these clients are unable to find good sources of loans to purchase the properties in time. With good broker on their side, realtors can ensure that their potential buyers have a way to finance the purchase of the property. This not only saves on time that would otherwise be spent looking for other clients but also boosts the realtors’ sales.

    When a client decides to purchase a house, they at times require their realtor to give them as much information as they can about the property in terms of insurance and how best they can protect their property in case of critical illness, redundancy or death. This information is not in line with a realtor’s expertise, but that does not change the fact that a buyer wants all the information they need. If a real estate agent has a mortgage broker on their side, it is very easy to provide clients with this information since most mortgage brokers are qualified to do this. The brokers will provide the client with all the information they need and give them ideas of some of the best insurance they can take to ensure their property is protected. This, therefore, saves the realtor a lot of time that would otherwise be used for research.

    Mortgage Brokers are on Real Estate Agents’ Side

    The other reason why a real estate agent needs a mortgage broker is the fact that the broker is always on their side. One of the broker’s duties is to ensure that borrowers get good deals in order for them to purchase property. For someone to get a good house and consider buying it, they need a realtor to show them some of the best houses in the market that are within the budget they are on. Therefore, in a sense, a mortgage broker indirectly benefits from the services of a real estate agent. They are therefore always ready to help real estate agents close deals.

    In some cases, brokers tend to have clients who have lost deals on homes and therefore need the services of a realtor who can show their client some of the properties that have amazing offers. If a realtor has a mortgage broker in their corner in such a situation, they will have an opportunity to show a client a property they intend to sell. For this reason, it is very important for a realtor to be in contact with a number of mortgage brokers.

    In conclusion, although most people do not believe that realtors and mortgage brokers can work together, it is very important for realtors to try and work with brokers since there are numerous business benefits that come from it.