Cross-Promotion Ideas for Lenders and Real Estate Agents
Strengthening and building partnerships is a crucial component of any business, especially when it comes to real estate relationships. When lenders and real estate agents effectively partner together, they not only ensure their respective clients get the best possible service (which increases the likelihood of past client referrals), they open the door to new lead opportunities.
One of the best ways to bolster an existing partnership or forge a new one is through cross-marketing. Here are a few ideas for lenders and agents to effectively promote one another’s services.
*Before embarking on any cross marketing strategies, check RESPA to make sure you are compliant and always consult your managing broker. Here are some resources I have found helpful: RESPA Frequently Asked Questions and RESPA Do’s and Dont’s from NAR.
Events: Events are a great way to stay top of mind with new, existing, clients and partners while co-advertising your brands online, on social media, and via email. Co-host an educational event or a fundraiser that resonates with your local community. For example, if you are trying to appeal to first time home buyers, co-offer a class explaining the steps to take towards homeownership. Have both parties be on hand to answer any questions and hand out flyers. If considering a fundraiser, the holiday season is the perfect time to run a donation drive. Have participants drop their donations off at any of the participating co-sponsors offices as a chance to make a warm connection and introduce their business. Keep in mind, any costs attributed to co-branded lender/agent event advertisements need to be split 50/50.
Openhouse: If you are an agent, let your lender partners know of any upcoming open houses you’re hosting. This provides the lender the opportunity to let any clients they think might be a good fit attend and gives them time to prepare financing scenario flyers or other collateral materials they can drop-off for prospective buyers to take at the open house. If you are a lender, offer to attend open houses with your new mortgage clients. If you do not already have a relationship with the agent hosting, be sure to reach out beforehand to introduce yourself and share a bit about your experience in the industry. As a best practice, ask permission before leaving any marketing materials behind.
Be proactive with your communications: If you are a lender working on a closing with a new agent, do not wait for them to ask how the loan approval process is going. Be the first one to reach out with any updates. Become a valuable resource to your existing agent partners by sending out a weekly or monthly newsletter with rate changes and mortgage tips.
Website: A free way to build your content library and to cross-market, is to guest blog on each other’s website. Stick to the topics you know best. On agents blog, lenders can write tips on what mistakes to avoid when securing a loan, qualities to look for in a loan officer, the best loan options for first time vs. seasoned buyers, ways to improve your credit score, etc. On the lenders blog, agents can write tips on what qualities to look for in an agent, local market trends, fix and flip advice, what makes a good listing agent, first time home buyer basics, selling strategies, etc.
If you are not keen on blogging, you can contribute to each other’s websites and social media pages by leaving thoughtful, detailed testimonials highlighting what strengths your lender or agent partner brings to the table and how those strengths benefited your client(s).
Keep it positive and remember all relationships take time and work. Always put in what you hope to get out!