Residential real estate and mortgage lending are service-oriented businesses. Real estate agents and mortgage lenders work together to ensure the best possible outcome for their clients during the transaction. This is where a lender and real estate agent team becomes most valuable to the customer. Although in different professions, the agent and lender can assure the buyer a transaction with the same objective in mind; a transaction that will close and close on time. When both lender and agent seek to satisfy the needs of a shared customer, most problems can be avoided.
The key to a successful, professional team is understanding each other’s profession and each person’s strong points. Successful teams are comprised of individuals with specialized skills in particular areas. No team could survive with all parties specializing in the same area. Professional sports teams are comprised of many players, all specializing in a particular position or skill set. This is no different than a realtor and lender team. It’s no secret the great teams take time to develop. Great teams, over time, understand why the other does what they do when, where and how. Aside from practice, how does this team become so successful?
There are several characteristics that enable a team to work well together:
Communication– In a time-sensitive environment, there can be no greater asset than good communication. Neither member wants to bear bad news, however, failing to do so puts your transaction in jeopardy. Quality communication, good news or bad, is imperative to a successful transaction. Transactions that do not close can generally be attributed to poor communication.
Expectations– This will, in most cases, be the largest purchase of a buyer’s life. Both parties setting expectations early will minimize stress and pave the way for future expectations, time lines and help calm fears.
Integrity– Sharing the same work ethics and value is very important. Treating each other and each customer with the same level of respect is imperative. Customer satisfaction is priority.
As with anything in life, having a set goal keeps people focused and accountable. Every transaction in this industry has one goal in common: closing. Good teams never forget this. When looking towards your next purchase, make sure you keep these ideas and characteristics in mind. Always be sure to consult your local mortgage lender and real estate professional prior to any transaction.