Revolutionizing Real Estate Referrals: nbkcBeacon Partnership Program Overview

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The nbkcBeacon Partnership Program, presented on March 5, 2020, aims to enhance the real estate referral process for buyers without agents. By collaborating with nbkc bank, the program empowers Loan Officers (LOs) to have more control and incentivizes buyers to close with nbkc bank through agent commission credits. Discover how this program benefits both buyers and LOs while revolutionizing agent referrals in the real estate industry.

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Presentation Transcript

nbkcBeacon Partnership Program Bank Presentation March 5, 2020

Who We Are The Beacon Group at Keller Williams Realty is a national real estate, relocation and referral group Based out of Charlotte, NC with Approved Realtor Partners (ARPs) across the county

Our Task Over the past year our company has been working with nbkc bank to develop a better way to service buyers who do not have a real estate agent. Our goal was to give nbkc bank and the LO an additional advantage over other lenders Give the LO more control in these transactions

LO Current Options Refer buyer to another company (no control for the LO and no additional incentive for buyer to close with nbkc bank) Seek an agent referral from another LO/agent or find one yourself (valuable time spent) Ask the buyer to advise you when they have an agent/home selected (risk of losing buyer to agent s preferred lender)

Why This Partnership Program is a Win-Win We select an ARP for a specific transaction We arrange a 20% agent commission credit* out of the agent referral fee. Goes to buyer on CD if they close loan with nbkc bank (ex: $300,000 x 3% = $9,000 x 20% =$1,800 to buyer). No nbkc bank=no credit LO keeps control. We do not receive buyer s contact information We will encourage ARPs to consider nbkc bank for ARP s other buyers

About Agent Referrals Most real estate agents seek referrals from other agents and relocation companies. It s actually a part of their lead generation time They will typically agree to a 25%-45% referral fee Our referral fee in this program is 30%. Disbursed 20% to buyer (if they close with nbkc bank) and 10% to Beacon 10 restricted states that allow 0% to buyer. In these states referral fee reduced to 15% (if they close with nbkc bank) As additional value the 20% credit is available on the selling side in all 50 states

Agent Selection We initially search through Zillow, Realtor.com and other online social media sites. Reading all reviews and ranking agents. We try to place some of our calls after hours and on weekends to see who answers and more importantly who returns calls in a reasonable timeframe We gather our information about them We conduct phone interviews

Agent Selection (Cont) We explain where the lead originated and our partnership with the bank. Sending to their preferred lender for their own personal gain (marketing dollars) would not work for us We explain we work as a team and they are a team member. Makes agent more accountable to the others in transaction. Make agent selection

Process LO completed Beacon referral form. Also on our website Buyer name, location (as specific as possible), purchase price, purchase date, LO information (note we do not ask for buyer contact information) Can take several days to interview and select agent but do as quickly as possible Send and receive agent referral agreement Send introductory email to team members with everyone s contact information. Includes referral agreement and a suggestion to use LO for other buyers LO reaches out to agent to advise they will send the buyer the agent s contact info We follow up with agent after a few days to ensure they have connected with buyer

Contract to Close Agent sends contract and buyer sheet to LO and Beacon as soon as possible. Buyer sheet has the numbers for the LO s loan estimate. Agent sends Realtor Credit Letter to lender and title company for credit on CD LO ensures credit is on CD Close Quick 2 minute LO survey

10 Restricted States These states do not allow buyer credit Alabama, Alaska, Iowa, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Oregon, Tennessee We reduced our referral fee in these 10 states from 30% to 15% (if buyer closes loan with nbkc bank)