Most Real Estate Agents Become Loan Officers
When most people become real estate agents, they do it to help people find the homes of their dreams. But actually finding the home is only half of the battle. After the realtor has shown the home and the buyers want to purchase, those buyers have to find a loan officer and apply for a loan in order to obtain that house. What most real estate agents do not realize is that they could be just as effective if not better at the second step of this process—helping potential home buyers obtain their home loan. Here are just a few of the reasons that real estate professionals make great loan officers, too:
Great at sales
In order to be a successful real estate agent, you have to be great at sales. Many people shy away from the term “salesman,” as it conjures up visions of a greasy used car salesman, trying to trick people into purchasing a lemon. But the truth is that realtors are salespeople. As a realtor, your goal is to sell a home to someone who is looking to buy a home. You listen to their needs and desires, and look for available homes in the area that offer the requisite features. In some situations, you might also have to sell a buyer on a property that might not necessarily have everything they expect, but is realistically ideal for that buyer. A loan officer often has to do those same things. It is their job to listen to what a buyer is looking for and provide them with a loan that meets those needs.
Experienced with networking
Networking is a major part of both a real estate professional’s job and a loan officer’s job. Both use networking in order to connect with individuals that might need their services, to the point that without networking, a person in either role will probably not have enough clients to stay afloat. Getting your name out there, into the industry is an art and once you have learned this skill, it can be easily transferred and used as a loan officer. Because there is just as much competition being a loan officer as there is being a real estate professional, being able to reach out to people and market yourself is integral to success in either. Mastering networking as a real estate agent makes you much more likely to be successful as a loan officer.
Good with people
The very essence of both jobs is working with people, often people who have very little knowledge about the industry itself. As a real estate agent, you likely work with buyers that know very little about the housing market and very little about the house buying process. Realtors spend as much time hunting down housing leads for their buyers as they do keeping those buyers informed. A loan officer will be doing largely the same thing. Knowing how to work with people, how to keep them happy, and how to communicate complicated information so that a layman understands it and can utilize it, will be very important as a loan officer. Coming from the world of real estate, you will already know how to do that and this is a huge strength.
Fast paced environments
In real estate, your work day can take a rapid turn for the worse or for the better. The industry keeps you on your toes and you learn how to stay ahead of housing trends and how to be the first person to learn about new property listings. These make you an asset to your clients, but can also make you an asset as a loan officer. You are already trained to handle a fast-paced, detail-oriented environment and you already know how to thrive in it! Loan officers need to stay up to date on current market rates and loan products just like real estate agents do on MLS listings.
One of the biggest draws of working in real estate or as a loan officer is the ability to help people achieve their dream of owning a home. It is part of the American dream, and while real estate agents help individuals find properties they want to purchase (or sell properties they have already purchased), it is the loan officer that actually helps those people buy the house or other property that they want to call their own. You already know how rewarding it can be to help people find a house to buy. Becoming a loan officer means that you can actually help those people buy the house using the loan products you provide.
Real estate professionals and loan officers have a lot in common, which is part of what makes real estate professionals such great loan officers! If you’re interested, check out the link on how to become a loan officer.