Establish 'Influencer' Relationships

19/06/08 21:54
We call this the 'Strange Bedfellow' strategy. Like Strategies Number Three and Thirteen, this, too, opens our mortgage lending cocoon to the broader world, into the primary transaction in which we hope to play a role for all members. Realtors, builders, estate planners, accountants, all influence where our members finance their homes. Precious few of them think credit union when they think mortgage.


The single biggest influencer is the Real Estate Community: Brokers, Agents, Realtors. Once they begin working with a buying member, the member is commonly in their thrall. Putting the Real Estate Community under a spell of our own should become a primary objective for every mortgage lending credit union. It's not as simple, though, or as immediate as magic, however, these relationships take time, months, in fact to take hold. Begin working with your local Agents now; it will take 18 months for the relationship to blossom, We know of a few credit unions who made the commitment. Their Real Estate channel now accounts for as much as 15% of their monthly business.


Unsure how to begin? Talk with Shiela Finley (shiela.finley@PrimeAllianceRES.com), EVP, Prime Alliance Real Estate Services. PARES can help you build your 'Strange Bedfellows' strategy very quickly. Don't forget builders, and other influencers. Look for more information on creating these relationships later this year.