Dear Editor,
David Morrison's April 1 Credit Union Times article, "Realtors: CUs Should Reach Out More," eloquently reinforces the benefits of relationships between credit unions and Realtors – for the credit union, the Realtor and, most importantly, the members.
David mentions that it wasn't long ago that credit unions used to resent Realtors. We conducted a survey of credit unions in 2013 about Realtor relationships and found similar emotions. Some credit unions reported reluctance to connect with Realtors due to concerns about losing control of the member relationship. Others worried that a real estate agent's poor performance could reflect on them.
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Overcoming these perceived obstacles and fostering ties with Realtors is well worth the effort. We've actually found that when credit unions build successful, collaborative relationships with Realtors, they can increase mortgage penetration rates, pull-through rates and their overall purchase mortgage volume. And, importantly, it can help smooth the home-buying process for members. Plus, as the agreement between Coldwell-Banker and Vystar mentioned in the article, it can lead to hard-dollar savings for members.
Recent statistics from ACUMA show that only 7% of credit union members go to their credit union for a home loan. That shows a lot of room for growth, and Realtor relationships can help make that happen.
A hallmark of credit union philosophy is focusing on member service, just as Realtors strive to serve their clients well. At CU Realty Services, our clients tell us that developing strong working relationships with Realtors offers benefit all around the table.
Sincerely,
Tina Powers
Chief Operating Officer
CU Realty Services, Inc.
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