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Real Estate Fight Club

20
Apr 2020

Episode 30: As the Listing Agent, Should You Call the Buyer’s Lender?

April 20, 2020

In Episode 30 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether you should call the buyer’s lender as the listing agent. Hear why this is a short and sweet duel because Monica and Jenn agree that if you’re the listing agent, reaching out the buyer’s lender is a part of your job. Listen to hear the major epiphany our hosts have during this conversation. 

Episode Highlights: 

  • As the listing agent, should you call the buyer’s lender?
  • Jenn and Monica agree that yes, you should.
  • An agent might disagree with them on this issue if they lack confidence or are worried about ruffling feathers.
  • It’s your duty to make sure these people get qualified.
  • Lenders can update you on where they are in the process without giving up personal information.
  • Jenn calls because she wants to know that the lender is capable.
  • As the listing agent, you should be steering the transaction. 
  • Setting expectations with the lender is important.
  • Coordinating an initial strategy call for the deal with both agents and the lenders could be a smart strategy for the listing agent.
  • It’s most efficient to get everyone on the phone.
  • Use this call to increase accountability.
  • Jenn suggests bringing the transaction coordinator into the call as well. Her transaction coordinator often ends up answering questions.
  • Monica tells the story of clients who wanted to use a big box bank that she had strong reservations about. When she spoke with that lender, she gave them feedback about her past experiences and the loan officer exceeded her expectations.
  • There are big benefits to having the accountability associated with regular multi-person meetings.
  • Most people surveyed agreed with Jenn and Monica on this topic.

3 Key Points:

  1. If you are the listing agent, you should call the buyer’s lender. 
  2. Calling the lender early can help you establish expectations early.  
  3. Consider having an initial strategy call with both agents, the lender, and perhaps a title rep and a transaction coordinator to keep everyone accountable and on the same page.

Resources Mentioned: