It would be close to impossible to find anyone who did not agree that things have changed when in comes to real estate over the last five years. The days of your average person viewing real estate as the finest investment in their portfolio are behind us, for the time being. The days of your average consumer owning more than one property and being a part-time landlord by choice are disappearing. No longer can the average real estate buyer obtain an unlimited number of mortgages. These are the changes of the current real estate market that we all know very well. But there have been other changes, some a bit more subtle and getting much less attention.

While the real estate market was booming nationwide many realtors approached the issue of a pre-approved buyer with a sense of informality, and why not, most people were capable of getting a mortgage. When asked by a potential buyer for a recommendation on where to go for a mortgage, the answer was usually based on what type of client they thought they had before them. If they appeared to be an “A” paper loan, realtors often suggested that they start at the bank they currently did business with. Any less than perfect and the realtor usually had a contact at the major bank. Last but not least was the mortgage broker, who usually worked very hard to maintain their relationship with the realtor. The perception was that the mortgage broker could be more creative but was going to cost the client more.

Now, the real estate market shifts and quietly to many realtors the banks they once did so much business with have become a place where communication is difficult. For many realtors it is the last place they want to send a client. As market activity recovers even though the same major lenders will be making the loans, they will be originated through mortgage brokers that have built and maintained their real estate relationships.

The reasons for the shift are numerous but let’s mention a few.

a. Many banks have withdrawn their local branch mortgage originators and now rely on central application processing. Realtors often have no relationship with these people and find them very hard to get communicate with.
b. When the business shifted to foreclosures, banks often decided to keep this business so independent that the same realtors who supported them with buyers were ignored as a business partner for these listings.
c. Short Sales became a huge part of many realtors business and who was the toughest, must frustrating part of the equation, the same banks that realtors once sent their clients to.
d. Last but not least, the real estate business has gotten harder for everyone. Realtors are judged by the professional team they but together and their ability to close a deal. Today a great mortgage broker is an important part of the success of any real estate team.

It is no great secret that Realtors and Mortgage Brokers have always had to develop strong working relationships to help their clients bring deals to the closing table. In this new environment of a real estate market where less and less goes exactly as planned excellent communication is the skill that will keep these relationships strong.
Mortgage brokers may want to take a moment now to initiate a phone call to the realtor from every deal they have in process, and just update them that everything is fine. These update calls go much further with most realtors than the ones, that calling looking for business.

This article was written by Eric Miller. Eric Miller is an award winning Fort Lauderdale Realtor, salesperson and broker. His website Fort Lauderdale Real Estate provides the most complete information available for buyers and sellers of Fort Lauderdale Real Estate. Want to learn more about Fort Lauderdale, visit, Fort Lauderdale Homes for Sale

Related Resources:

Online mortgage rates – MortgageApplication.net is your online source for FREE home mortgage rates & quote comparisons.