In the mortgage industry, loan officers have several “customers.” Internally, we need to motivate our team to focus on providing borrowers with a great experience, fast closing and lots of communication. Of course, we also must keep the borrower happy. They are the center of our business. Without buyers, there are no mortgages. So, their opinion and feedback is crucial.
Our other “customers”, and our best source for new future business, are the Realtors on the transaction. Sometimes the client was referred to you by the Buyer’s Agent. Other times you might be working with a Realtor for the first time. In any case, giving them a great experience is often the key to getting more business from them in the future.
How do you know their perspective on the experience if you don’t ask? Precisely why we have developed a Realtor Survey component to SocialSurvey. This new feature was developed quietly and tested with several of our partners and now we are excited to roll it out to everyone.
Best part…no extra cost…and easy to implement.
Here is a high-level overview:
- Realtor surveys work regardless of how you are delivering your transaction data to us: FTP, API, or via Encompass SDK. We have you covered.
- The survey is the same one that is sent to the client. So, we may need to tweak the words in your survey, so it makes sense for a partner.
- You do not need another account. We simply turn your account on with the “check of a box” and the product is live.
- Each loan officer may OPT-OUT of Realtor Surveys. However, they can’t pick and choose which agents get a survey and which ones don’t. All-in or All-out.
To see a demo of this feature or to have it turned on, please contact your Customer Success Manager.
You will start to see instant results. Above, check out a snipping from one of our customers’ Survey Results Report.
About 40% of the responses were from Realtors. This means your reviews are growing at a faster pace than before. Nearly twice as fast!
Over a sampling of 1,269 reviews, here is the breakdown:
- 53% were borrowers
- 10% were co-borrowers
- 23% were Seller’s Agents (possible future referral partners for you)
- 14% were Buyer’s Agents
What about response rates? Realtor Partners are completing surveys at a 60% clip compared to 54% for our all-lender average.
What about scores? Average score for lenders in the pilot program from all participants is 4.84 stars. But, the Realtors are scoring the loan officers at 4.88 stars.
“Whoa. I get multiple referrals from my best Realtor Partners each month. I don’t want to drive them crazy with surveys!” We have you covered there. We can set a throttle. We won’t survey your Realtor for XX days after they were previously surveyed. Your company gets to decide how many days. Try 15 days to start and if you get push-back we can stretch it to 20, 30 or more.
Testimonials are powerful. We know that. Right? So, here is a testimonial from Julie Millare, Digital Marketing & CRM Manager with Summit Funding.
“Adding the Realtor Survey to our SocialSurvey account has been phenomenal! We were already ecstatic about the results we had received from surveying our clients, but this has allowed us to capture another point of view in the transaction, as well as boost the total number of reviews that we receive monthly. Our Loan Officer’s love getting this feedback from the Realtors they work with. It allows them to easily feature these reviews on their web pages and share them to their connected Social Media profiles.”
What is next for this feature? We are working on an icon for the public facing pages that will identify when a review is from a Realtor. There will be more news about this in upcoming issues of our newsletter.
To see a demo of this feature or to have it turned on, please contact your Customer Success Manager or email us.