Your network of peers across the industry is never more important than during a tight market. Brokers, agents and real estate leaders must all lean on their colleagues on the mortgage and title side to win business. One such mortgage colleague is David Lykken. Lykken is the president, founder and chief transformational officer at Transformational Mortgage Solutions (TMS).
Lykken is bringing mortgage expertise to Gathering of Eagles during his session, “Best Practices for Affiliated Service Partnerships.” Below, Lykken shares his excitement for Gathering of Eagles and gives us a sneak peek into what his session at Gathering of Eagles will cover.
RealTrends: How can real estate brokerages tell what a good mortgage lender looks like in this environment?
David Lykken: That’s a great question, and I think the focus should be on four, primary things: leadership, vision, competence and experience. How do they lead in the community that you are both serving. Do they even show up as leaders? Also, what is their vision for the community? Do they participate in the vision of the consumer? And then, do they relate it to the vision of the community? When it comes to competence, what is their level of competence?
There’s nothing worse than working with someone who doesn’t exude competence. If you’re entrusting the most important transaction with someone, you want to know that they operate with competence. That leads us to the fourth point, which is experience. That does not mean that they have to have the longest number of years in the industry. Experiences come down to, what have they successfully done? What has that experience looked like?
RT: What feedback are you getting from mortgage lenders no what they want from real estate brokerages?
David Lykken: There has to be a shared vision. When a Realtor refers a transaction to the mortgage lender, is there a shared vision? Are you clearly communicating what that is? Or, what are you hoping for out of that experience? Let me give a good example: there should be a commitment to ownership of the relationship. Is it a joint relationship? Should the Realtor support it? The lender? The next thing would be partnership and achieving the end result. How are we going to partner as we get this consumer their home? What that really comes down to, the most fundamental, underlying characteristic, is communication. What is the buyer wanting? And, how are we communication with them? I think the best relationship is when there is consistent communication.
RT: What do you think the big themes of 2023 have been and will be?
David Lykken: It’s summarized in surviving. A lot of people are in survival mode. That’s not a good mode for most lenders or Realtors to exist in. I strongly encourage people to get into a thriving mentality. Thriving is you believing that there are great opportunities regardless of the current market conditions. You form a partnership with your favorite Realtor or lender, and you are working together to help each other thrive in this market. It should all be about growing your business. It doesn’t matter if we are talking about 2023 and the headwinds that wea re facing, it’s always about looking for ways to prosper.
Gathering of Eagles
To register for Gathering of Eagles 2023, click here. HW+ members receive special deals on conference registrations. And, don’t forget to lock in the exclusive Gathering of Eagles room rate by May 18. This conference is the must-attend event of 2023 for real estate presidents, senior leaders, and broker-owners. Lykken will be taking the stage along with other housing industry leaders like Steve Murray and Mike Staver.