Bonus – How Your Agent and Loan Officer is Paid
It’s important to understand how your Loan Officer and your Real Estate Agent are paid and why they do their jobs they way they do.
Both of these professionals are paid only after the escrow closes. There is a mutual benefit and motivation by both parties to meet all deadlines and juggle the many moving parts of any Real Estate transaction.
The Real Estate Agent
Is paid by the seller of the property only after the home is sold.
The Loan Officer
Is paid by the Lender of the mortgage loan only after the home is sold.
Rebates & Broker Credits
Real Estate agents have the ability to offer rebates to new home buyers to help with closing cost emergencies or as incentives.
Your mortgage lender has the ability to credit a broker credit to help with closing cost emergencies or as incentives.
Rebates & Broker Credits can come at a cost. Be sure to discuss the complete terms with your loan officer so that you understand where help is coming from and how it is applied to the transaction.
The Best Ways to Say Thank You
The best professionals are able to navigate and communicate throughout the ups and downs of a difficult escrow. At the end of the day, if you’re happy the effort and professionalism of your Loan Officer or Real Estate Agent, say thank you by referring them to others.
If you Real Estate Agent or Loan Officer did an amazing job for you, the best way to thank them for how they handled their role in the home buying process is to review them.
In today’s world of technology and having information at your fingertips, reviewing your Realtor or Lender online is a great way to help others determine if these service providers are trustworthy and professional.
Some of the most popular places to review are:
- Angie’s List
A kind word about the Real Estate Professional on one of these forums means a lot to the folks that work hard behind the scenes. It’s a wonderful gesture and a very well received compliment.
The best Thank You that you can possibly give is a Personal Referral.
If you are not the online type or if you really want to say thank you to the next level is to Refer the Loan Officer or Real Estate Agent to your friends, family, co-workers or acquaintances that are interested, or in the process and want a second opinion.
It can get cliche’ hearing that our business is run on referrals, and it is still very much the truth. A good reputation goes a long way in this business where trust has not always been there. A personal referral is the greatest compliment you can give and is greatly appreciated by the Loan Officer and Real Estate Agent.