Loretta Salzano, founder and president at Franzén and Salzano, and Michael Ridgway, president/CEO at Community Title Network and managing member of the Ridgway Law Group, answered a few questions about what they plan to cover in their October Research, LLC webinar on March 18 titled “Evolving Realtor Relationships.”
The webinar, sponsored by Qualia, will be moderated by Chris Ruvo, Qualia content marketing manager.
Q How can an agent’s workflow become more efficient in order to see a steady diet of repeat clients?
Michael Ridgway: A key element of efficiency is proactive communication. When agents consistently provide timely updates and anticipate questions, it creates efficiency for both the team and the client — building trust and comfort that naturally drives repeat business.
Q Discuss proactive communication and how this is critical to achieve business success.
Ridgway: Proactive communication builds trust by eliminating uncertainty. By anticipating questions, sharing updates early and addressing issues before they escalate, settlement agents create confidence — turning smooth transactions into lasting relationships, repeat business and a solid reputation among your local community.
Q What are some of the more common compliance mistakes individuals make when it comes to building these relationships?
Loretta Salzano: I think the most common mistake is that a mutual referral arrangement complies with the law. RESPA generally prohibits this quid pro quo. It’s natural for people to do business with people they know and trust, and that develops from working together. When Realtors and title partners forge relationships that result in referrals organically, neither probably need worry – especially when customers are best served.
Another mistake is believing that RESPA expressly permits payment to a real estate agent for a lead. There is regulatory guidance that supports certain strategies relative to leads, but those usually are impractical for Realtor relationships due to the manner in which real estate agents engage with their clients.
While perhaps not a mistake, I think people confuse the RESPA principles regarding co-marketing, sponsorships and traditional MSAs when formulating compliant ways to work together.
Q What specific approaches should be taken when it comes to building relationships to drive more business and remain compliant?
Salzano: Providing excellent service is a great way to forge relationships- communicating clearly, keeping parties informed, closing on time, etc. RESPA's exception for normal promotional and educational opportunities gives title providers lots of avenues to engage with real estate professionals, tout their services, and shine – all of which drive business.
Click here to register for the webinar.