Loan Officer Sales Training 04/10/2024: How to Partner With Realtors on Advertising

In this episode, we delve into the art of building successful partnerships with realtors to enhance your advertising efforts as a loan officer. Hosted by Kyle Hiersche, this insightful discussion explores effective strategies for leveraging the expertise of real estate professionals to amplify your marketing campaigns.

Join us as we uncover the benefits of collaborating with realtors, from expanding your reach to tapping into new markets. Learn how to align your advertising goals with the objectives of your realtor partners, creating synergy that drives mutual success.

Our expert guests share their experiences and best practices for navigating advertising partnerships with realtors. Discover innovative ways to co-create compelling content, leverage each other's networks, and maximize your advertising ROI.

Tune in to gain valuable insights and actionable tips that will empower you to forge stronger partnerships with realtors and elevate your advertising game to new heights!

For more episodes visit:
https://themortgagecalculator.com/Page/Loan-Officer-Sales-Training-Podcast

About The Mortgage Calculator:

The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as over 5,000 Non-QM mortgage loan programs using alternative income documentation! 

Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes!

Our team of over 350 licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access thousands of mortgage programs using Alternative Income Documentation such as Bank Statement Mortgages, P&L Mortgages, Asset Based Mortgage Programs, No Ratio CDFI Loan Programs, DSCR Investor Mortgages, Commercial Mortgages, Fix and Flip Mortgages and thousands more!

Our Mortgage Loan Originators are trained to be loan consultants to guide borrowers throughout the entire loan process. A licensed Loan Officer is only a phone call or zoom mee

The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as thousands of Non-QM mortgage loan program variations using alternative income documentation!

Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes!

Our team of licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access thousands of mortgage programs using Alternative Income Documentation such as Bank Statement Mortgag

Episode Transcript

(00:00):
So welcome everyone.

(00:01):
My name is Kyle Hiersche.
I'm the COO of the mortgagecalculator, and this is our loan
officer sales training that wedo every weekday at 12 p.
m.
Eastern time, where we gothrough the front end and the
sales end of the mortgagebusiness.
Today, we're going to be talkingabout how to partner with
realtors on advertising.
So we have plenty of trainingson how to partner with realtors,
right?
How to get referrals from them.
I mean, we've done Dozens oftrainings on that, but today

(00:23):
we're focusing specifically onadvertising.
So it is a subset of partneringwith realtors.
So we'll make it quick heretoday.
It won't be too long, but it'sdefinitely something we need to
be aware of and something thatwe can take advantage of.
Now, this is not for everyonenecessarily, right?
Some of us are you know, alittle more digital than others

(00:44):
working a bunch of differentstates, but especially for the
people that are, you know,focused on in their market.
This is definitely something youshould be considering.
So let me go ahead and get intothis here.
Okay.
So first of all, we need to makesure that we're following all

(01:07):
the applicable laws.
Okay.
That's a big thing, right?
There's laws on both sides.
Well, typically each state'sreal estate law is different,
but there's laws on our side inall states.
And you want to make sure thatyou run everything by
compliance, of course.
But essentially, you know, andI'm not a legal expert, but
essentially, you know, It reallyboils down to making sure that

(01:31):
realtors and loan officersaren't compensating each other
in roundabout ways, right?
Which would be like, you send meclients, I'll pay for all of
your ads.
I mean, that's essentiallypaying money, right?
Which is illegal.
So most of the laws, both on themortgage side and the real
estate side, Typically in moststates, it's about what's equal,

(01:55):
right?
It's about you.
If you both pay for half the ad,you should both be represented
on half the app, right?
You should be, you and yourcontact info should be just as
big as the realtor and theircontact info.
And the reason why it's likethat is like I said, they're
trying to make sure that, youknow, it's like, Hey, if you're
doing ads together, okay.
But remember, you know, there'snot going to be one way or the

(02:18):
other where somebody'sbenefiting more than the other.
And because that could lead tothem saying, Hey, send me deals
and all, you know, let youbenefit more than me on this
other stuff that we're doing.
Cause I can't straight up giveyou cash, but I can do these
other ways.
Right?
So they, they don't want thathappening.
So we got to follow all theapplicable laws.
If you do set up a campaign witha realtor, make sure to run

(02:40):
everything by compliance asYou're required to do
regardless, right?
If you're doing any ads,creating any ads yourself.
Remember, we give you all thoseads and flyers that you can post
that are compliant already.
But when you start making yourown flyers and stuff, they need
to be ran by.
When you're partnering with arealtor here, partner with a

(03:00):
purpose.
Right?
Because you don't just want topartner with any realtor, you
want to partner with the realtorthat it makes sense to deal
with.
Now, most of us at the mortgagecalculator in particular deal
with a lot of investors.
So it usually makes sense towork with a realtor who's Kind
of in that world as well, sothat they can give you those

(03:20):
type of referrals or mayberealtors that tend to work with
self employed borrowers more, ormaybe whether you're at the
mortgage calculator or not,maybe you, you know, just do
conventional loans and you wantto find a realtor that qualifies
a whole lot of, or needs a wholelot of borrowers qualified.
Right?
So just make sure, you know,don't yeah.

(03:42):
You know, maybe you go out thereand start talking to some
realtors about this.
Don't just jump on the first onethat comes along necessarily,
right?
You want to try to findsomething that's a good fit.
And then we talk about this onthe other trainings as well to
start targeting these people.
The best way to actually reachout to them is to target them on
the NAR website.
Again we have trainings on thisas well.

(04:03):
You can go to the NationalAssociation of Realtors website.
You can search members and youcan select by designation and
you can select by state.
So you'd want to select thestate designation meaning,
meaning do they have extracertifications like there's a
SIP certification, which iscertified international property
specialist.
That's what Jose is, right?
Nick has that too as wellbecause Nick and Jose are both

(04:26):
Realtors and they both have abunch of certificates on top of
just being a Realtor.
So the SIPs one, there's like acommercial specialist one.
So there's all kinds ofcertifications that Realtors can
get to go above and beyond andtake other classes because they
specialize in certain things,whether it's commercial or
international stuff.
So NAR website and search peopleand has their contact info right

(04:49):
there.
Right.
Their actual contact info.
So, you know, if you're in amarket and you want to do
specialize in foreign nationals,you would look up a realtor in
that market, do the SIPs as thedesignation that they have, look
at them and start contactingthem.
Their phone number is rightthere.
Right.
So, you know, it's public info.
All realtors have to have theircontact information public.

(05:10):
It's the law.
Right.
So yeah, just, just, you know,find them wherever.
And also on LinkedIn, that'sanother good way to contact
them.
So keep in mind, you can findthem on the NAR website and then
you can message them throughLinkedIn.
Right.
You can go find them on LinkedInand friend them and message
them.
So you can, you can find out whothey are and their name on the
NAR website.

(05:30):
Right.
For the person you're lookingfor, and then you can also go
target them on LinkedIn, or youcould also look on LinkedIn.
And like we've talked about inthe past, you can do things like
set up Alfred, which is theautomated LinkedIn tool.
And you could message, you couldjust be messaging Realtors,
hundreds of Realtors in a daywith the automated LinkedIn.
Well, it's not hundreds, it'slike 50 or something, but you

(05:51):
could have the automated machinegetting up, you know, 50
Realtors a day on your behalf inLinkedIn.
So.
You know, those are the goodways to target these people and
make sure you track the results.
So try to do something where youcan really see if it's working,
right?
Because it's very important,especially when you're splitting
an ad with someone, you don'tknow if it's really working for

(06:12):
you or working for them more,right?
Or, or what's happening.
So it's not easy when you'redoing just like general
advertising, like.
You know, putting out, givingout physical flyers or whatever,
right?
It's harder to attract anddigital, but try to come up with
something that you can, youknow, track it.
If you're doing a big adcampaign with a realtor, I would

(06:34):
talk to the club customers thatyou do get and ask them where
they found you and try to getthat feedback of if it was from
that.
Right.
So just try to do something thatyou can track.
Whoops.
Okay.
So how can we co brand withRealtors?
Well, we are going to follow thelaws first off, but of course we

(06:55):
can do flyers, right?
Online you know, and physical,right?
But online, typically, what dowe mean by that?
A post, right?
On social media.
And so, you know, both of thosethings, physical flyers too,
because again, the only reason Isay physical flyers, that's
pretty old, but at the end ofthe day, we're talking about A
situation here where we'reprobably being very local

(07:15):
because we're working with alocal you can partner on
billboards.
That's very common, right?
I see that down here.
Remember we have a training onbranding yourself.
You can go check that one out.
And that talks about billboardsand how there is now great
programs.
There's companies that dodigital billboards in each
market.
And you can literally put selectyour budget, just like doing

(07:37):
Facebook ads.
You can say, I want to spend 20bucks a day.
And these are the locations Iwant it to pop up on.
Right.
And it's going to just spendyour money as it goes.
It's literally nowadays, likejust like Facebook, where you
can pick your stuff, set yourbudget and just let it run.
They have digital billboards nowthat you can do that with.
Right.
So there's multiple companiesthat do that.

(07:57):
So if you want to partner withthe realtor in a specific
market, then that's a good thingto do.
And again, remember, like we'vetalked about on that training,
It's just as much about taking apicture of you on the billboard
than it is of being on thebillboard, right?
Because it's a digitalbillboard.
It's rotating all the time.
It's not easy for somebody tolook at the billboard, see you

(08:20):
look at the phone number andcall you.
That's not very realistic,right?
It's more so for branding forgetting your face out there.
So the way we want to use it andget our money's worth is by
taking the picture of it, tryingto find a location where you can
find it when it comes up, takinga picture and showing people.
That you're doing it big, right?
That you're on billboards andstuff.

(08:41):
And, and so you know, the, thedigital billboards are much
cheaper than you would think.
They're kind of pay as you gotype situations now.
So if you're doing a bigcampaign with a realtor, that's,
that makes way more sense thandoing it by yourself.
It, in my opinion, if you weregoing to do a billboard.
It would make sense to dosomething like that where you're
both splitting the cost.
And it's, there's a reason forit.

(09:03):
Cause you're branding.
Each one of you is brandingyourself.
Cause you're not just going toget a bunch of conversions from
it, right?
Nobody's going to be drivingdown the freeway, look at down
at their phone, type in thenumber that's on the, right.
It's, it's more about you can doemail campaigns together at the
mortgage calculator.
Obviously we don't really dolike a mass email.
Email blast, right?
We have like our action plansand all that kind of stuff.

(09:25):
That way our delivery rate isway better than if we were just
email blasting people with emailcampaigns.
But a lot of realtors have emailcampaigns, so we can partner
with them on those.
Also remember open houses,events, banners.
I've talked about this on quitea few trainings.
I recommend everybody buys acustom tablecloth in a, in a pop

(09:49):
up banner to go to differentevents and stuff like that and
look professional.
And if you think that's a, youknow, kind of a lot of money,
then split it with a realtor,right?
And tell the realtor, Hey, Iwant to buy a pop up banner and
a tablecloth.
To go to events, would you wantto split this cost down the
middle and we can put both ofour names and logos on

(10:10):
everything, have both of ourfaces on the pop up banner.
And that way, when I go toevents, I can take it.
And when you go to events, youcan take it.
And then hopefully we can alsogo to events together.
And that's a great way to kindof have a.
An event buddy, a networkingbuddy, right?
Where the events that they getlooped into or get the
opportunity to go to and set uptheir table you, you know, get

(10:32):
to go there too and, and viceversa, right?
So you know, the, the cobranding part of what we're
talking about here at openhouses and events is basically
the tablecloth, the banners andjust anything like that.
Cause again, I, I believe thatanybody who can afford it should
absolutely do that.
It's a very minimal cost, but ifyou can't afford to do that

(10:53):
whole thing, then split it withthe realtor and that'll make it,
you know, more, more doable foryou.
Right.
So that's what we're talkingabout there and then sharing
office space.
So again, you have to refer tothe laws.
This is a state by state casesituation here.
It is.

(11:15):
It is legal in most States toshare office space, meaning to,
you know, have a real estateoffice.
Inside of a mortgage office orvice versa.
I wouldn't say inside and saysharing the same space, but
again, they usually require itto be proportionate, right?
If it's a giant office and themortgage part only has one

(11:40):
little tiny office, but they'repaying.
Half or 90 percent of the rentor something, that's obviously
some type of kickback situation,right?
We'll give you dang near freeoffice space if you kick us the
deals or whatever.
So same thing as advertising,right?
The general kind of rule in mostplaces is just it needs to be

(12:00):
proportionate.
You could share offices.
You could split, you know, if anoffice building has 10, Half the
rent and each one of your, youknow, you get five office rooms
each.
Right.
And so, you know, that's that'skind of how they're going to
treat it kind of the same thing.
And for the same exact reason,they just don't want it to be a
roundabout way to do kickback.

(12:21):
So in general, when you'reworking for realtors, just
remember that everything shouldbe equal.
There should be no like, Hey,I'm going to pay for more so
that you send me deals or, youknow, because I want to partner
with you so bad, you know, youneed to partner with people that
are willing to partner with youfor, you know, to follow the
law.

(12:43):
And that's it here for today.
Like I said, I, you know, we'llkeep it short here, but just
make sure to understand what youcan do here with Realtors.
And obviously there's like somemore stuff too, right?
I can't think of everythinghere, but whatever you do, just
make sure that you're doing iton the up and up and that you
look at the laws of your state.
Make sure if you're puttinganything out there to the public

(13:04):
that it's approved by thecompliance department first.
And you know, just, just dowhatever works for you.
The, the, what we talked abouthere with a purpose, you know,
don't go into this, justemailing every single realtor
you could ever find.
Or whatever, right?
Have a purpose in mind, bespecific and you know, and, and

(13:27):
build partnerships that makesense.
All right.
Well, I don't see any otherquestions, so I think we'll
we'll wrap it up here then.
I appreciate everybody tuningin.
Remember we do this at 12 p.
m.
Eastern time every weekday wherewe go through the front end and
the sales end of mortgages.
So we'll be back tomorrow with anew topic.
I appreciate everybody tuningin.

(13:47):
We'll see you tomorrow, 12 p.
m.
Eastern for the next episode ofthe loan officer sales training
with the mortgage calculator.
Have a great.