According to a survey commissioned by Freddie Mac, 84 percent of real estate professionals have a select group of lenders to which they generally refer their clients; of these professionals, 73 percent have 1-3 lenders in their network and 24 percent work with 4-6 lenders.
Survey respondents stated that they chose those companies based on the ease of doing business with them, their reputations and the strength of those relationships.
More than three-quarters (76 percent) stated that their clients always or often use their recommended lender referrals. This figure climbs to 87 percent among those who sell more than 20 properties per year.
The survey also addresses the challenges faced by real estate professional when it comes to growing their business as well as their views on the role they play in the homebuying process.
More than 80 percent of respondents said that their clients trusted their knowledge of the area, their ability to help them find a home and their ability to show them the right homes for their needs. Seventy-eight percent of respondents saw themselves as an advisor capable of assisting clients with their navigation of the homebuying process.
At the same time, 35 percent said they feel challenged by clients’ lack of understanding of the homebuying process. Only 38 percent of real estate professionals said their clients would find them to be a trusted advisor who could help refer them for housing counseling if they needed or wanted more education on the process.
Real estate professionals were less confident when it comes to educating buyers on the mortgage process (50 percent) and downpayment assistance program options (30 percent).
The top five challenges identified by the respondents included:
When asked to identify the top challenges with potential homebuyers, the respondents gave the following:
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