why Realtors aren't loyal anymore

“Realtors are just not loyal anymore”

This is what a client said to me on a recent call.

I responded:

“Can you blame them?”

Traditionally, a Mortgage broker could make a good living with just 10 loyal Realtor partners.

Those days are gone.

This year alone, 14% or 72,000 agents have left the industry.

This means if you relied on 10 good Realtor partners, you’re down to 8.

Out of those 8, maybe only 4 are still generating business on a consistent basis.

Out of those 4, maybe only 2 remained loyal to you.

With the internet, it’s easier for another broker to get the attention of your “loyal” Realtor partner.

And at the end of the day, Realtors care about getting the best value for their client (especially after the NAR settlement).

Therefore they will work with the broker who:
a) is top of mind

b) has the best products

c) fastest closing times

Most good brokers can do B and C but suck at A

So how do mortgage brokers pivot during this “loyalty recession?”

Here’s the game plan:

Connect with Realtor partners at scale then be strategic to the ones you give value to.

Use Leverage (aka content, ads, automation, and AI) to cast a wide net and collect as many Realtors in your database.

For example, I wrote a post last month on how we’re using ads to add more than 90 local Realtors to my client’s email list per month.

Next, remind your database daily through social media and email about how you helped other Realtors, how you served clients similar to theirs, and why you’re the type of person they want to work with.

Every week, offer your list or followers some value.

This could be social media templates, scripts, checklists, or anything they would find valuable.

But don’t just send it to everyone, OFFER it.

Make them raise their hand and say “Yes, I want this!”

You need this little micro commitment to show you who’s been paying attention and actually wants your help.

These are the people you pour into.

These are the Realtors who you continue to add value to.

These are the ones that you ask to meet for a coffee or call.

This is how you bring in fresh Realtors into your world every month on a consistent basis while weeding out the ones who will never work with you in the first place.

Use Leverage to get as many Realtors wanting to work with you, not the other way around.

Cyrus