realtor home for sale national association of realtors Credit unions that want to draw Realtor business need primarily to introduce themselves, agreed real estate firm executives and Realtors.

The era when most people thought that only certain consumers can join credit unions or that you already have to be a credit union member in order to get a credit union loan is passing, Steve Brown, immediate past president of the National Association of Realtors (NAR) and Broker/Owner of Irongate Inc., a realty firm in Dayton, Ohio, observed.

Nevertheless, that doesn't mean many Realtors know that or know about credit unions and the natural links they have to their lines of work, Brown emphasized.

“Credit unions cannot take for granted that Realtors know who they are,” he said. “Even if they know about credit unions, area Realtors will not know about your credit union unless you introduce yourself.”

Brown knows of the benefits of partnering with credit unions. His firm has had a strong working relationship with the $3 billion Wright-Patt Credit Union in Beavercreek, Ohio since April 2012. In addition, he made a point of highlighting the opportunities credit unions present to Realtors when he served as president of the NAR from November 2013 to November 2014.

When making the introductions, Brown recommended credit unions emphasize the quality of their mortgage products and that they aim to have mortgage products that are open to a wide variety of borrowers.

“Credit unions have terrific mortgage products, with very competitive rates,” Brown said. “Make sure the Realtors in your area know that, as well as the superior service you provide.”

Brown pointed out that credit unions' focus on members and strong member service resonates with Realtors who aim to focus their attention on clients in the same way and who want to provide the best client service.

“It's not just about the rate on a mortgage,” Brown said. “It's providing the warm, friendly, professional atmosphere and service that helps clients feel comfortable.”

Realtors want that for their clients as much as credit unions want that for their members, he added.

He also urged credit unions, once they take the mortgage application, to recognize the Realtor is a partner in what might be a long and challenging process for the borrower and not to look upon Realtors as extraneous or, worse, as the enemy.

“It wasn't so long ago that credit unions used to almost resent it if a Realtor called to ask how a mortgage might be processing,” Brown said. “Of course, we understand the privacy concerns, but credit unions should recognize that everyone − Realtor, credit union, borrower – are all on the same side and want the same thing: For the credit union member and Realtor client be able to get into their new home as easily and efficiently as possible.”

Instead of seeing Realtors as the enemy, Brown recommended credit unions see the mortgage origination process as a journey that members, Realtors and credit unions take together and build their relationships to reach that goal.

Other Realtors agreed that the relationship is key and suggested that some credit unions could do a better job building long-term relationships.

Catherine Calabria, a new Realtor with Coldwell Banker Premier Properties in St. Johns County in Northeast Florida, said as a new Realtor and overall credit union supporter, she was surprised credit unions were not as prominent in the local real estate scene as she thought they might be.

“I, like credit unions, would be open to recommending one of my clients use one for their mortgage, but I just don't know of many around in my market,” Calabria said.

Calabria added that one of her early clients financed their purchase with the $63 billion Navy Federal Credit Union in Vienna, Va., but that was because the young couple already had a relationship with the credit union and were attracted to the credit union's loan, which featured no down payment. She also said she knew Navy Federal sponsored some continuing education classes that she would have to take and was on a list of preferred mortgage providers that her local real estate association maintained.

However, other than through those contacts, she said she had not really heard from any credit unions other than Navy Federal, which she acknowledged was a little odd since the $5.3 billion Vystar Credit Union has headquarters in nearby Jacksonville, Florida.

Calabria knew Vystar is in Jacksonville and even knew of where a couple of Vystar branches are in the county, but she said she did not know what they offered in the way of mortgages.

Lack of knowledge is critical, because a good Realtor will not just want to send someone to a branch, Brown explained. They will want to direct their clients to a person if possible, ideally someone they have worked with before, whom they know will treat their clients well and is trustworthy, he added.

Steve Cupolo, CEO of Coldwell Banker Premier Properties, speculated that Vystar might not be as well known in other parts of Florida because, until relatively recently, the credit union had its own realty firm, and some Realtors thought that if they sent clients to Vystar, they would also be sending them to other Realtors.

Terry West, president and CEO of Vystar, acknowledged that the cooperative had its own realty firm, but said Vystar had disbanded it in 2014 in favor of dealing with Coldwell Banker, one of the largest Florida realty firms.

“Coldwell Banker approached us and said, 'You're one of the largest mortgage originators in the state and we would love to do business with you,'” West said. As a result, Vystar members who use Coldwell Banker in Jacksonville to sell their home or buy a home will get a rebate on the commission – $5,000 for home buyers, West explained. “And of course, our members really like that,” he added.

He also made a point that the relationship with Coldwell Banker is not exclusive. However, Cupolo explained that Vystar's relationship with the Coldwell Banker office in Jacksonville did not necessarily make the credit union known to other Realtors, even other Coldwell Banker Realtors.

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