Teaming Up for Business

by Walter Sanford, Speaker, Trainer, Coach

Lenders Can Be A Great Part of Your Prospecting Strategy.

When prospecting for new business, why not seek the help of people who depend on you for a large part of their income?

I’m thinking primarily of lenders.

Back in the days when I was listing and selling full-time, I always tried to involve John, my favorite lender, in every transaction.

Prospective sellers would call, and I’d pull out a precounseling questionnaire and strive to learn as much as possible about them.

At the conclusion of the call, I’d fax John a copy of the questionnaire. His job was to send within 24 hours a letter on his own stationery to the potential seller telling about all the services he was responsible for as a member of the Sanford team.

They included providing numerous financing plans to aid buyers in their decisions, prequalifying and preapproving buyers early in the showing process, and preapproving the sellers for their new home.

Finally, he congratulated them on their choice of real estate salesperson. That letter was a great marketing tool for me. Not only did it let clients know I had a team in place that could handle every aspect of the deal, but it also served as an endorsement from a professional in another field that was nonetheless closely related to real estate. (For a copy of John’s letter, go to www.realtormag.com and click on Online Contents.)

With John’s help, I also increased my FSBO business. Every Monday, I’d give him a list of the latest FSBOs I’d found. He’d then send a letter asking them to let him prequalify—at no cost to them—any buyers who were interested in the property. In that way, he met every buyer “sniffing” the FSBO, and if a sale failed to materialize, he gave the buyers to me. And if the house failed to sell, he used his new relationship with the sellers to refer me for a listing presentation.

John got some FSBO loans and met a lot of buyers. I was handed prequalified buyers and was adding approximately one new FSBO listing to my inventory every month.

John also helped me network with other potential client groups, such as divorcing couples. Sound morbid? Maybe, but there’s no denying that real estate tends to change hands during a divorce.

By going down to the local courthouse, we obtained the addresses of divorcing couples. Then we sent both parties a letter warning of the potential problems of using quitclaim or grant deeds to transfer spousal property. (The problem is that the vacating spouse’s name usually remains on the underlying loan documents, making the vacating spouse’s credit dependent on the paying habits of the remaining spouse.)

Generally, the best solution is to refinance in the remaining spouse’s name and then transfer the property. (Before using this tip, be sure your state doesn’t consider such advice practicing law without a license.)

Where did I come in? When refinancing was difficult or impossible because of credit or loan-to-value ratios, the subject of listing and selling would inevitably come up. John would then arrange a meeting between me and the divorcing parties.

John and I devised dozens of ways to work together. I offer you this thought: What can you and your affiliates do to improve both your and your clients real estate experience? Raise the bar on service!

Copyright Walter Sanford. All right reserved. Walter Sanford was one of the top real estate agents in North America for 23 years. He now is one of the most requested seminar speakers in the U.S. He is passionate, positive, right on target and provides strategies that can be easily implemented. His programs and products support his teachings and are available on his website. For more information, please visit WalterSanford.com.