Handling Objections from Real Estate Agents - "I Already Have Someone"

One of the most common challenges credit union loan officers face is the frustration of calling on top-producing real estate agents, only to hear:

"I already have my main referral partner."

Of course, they do! Top agents are usually connected with loan officers who actively invest in maintaining those relationships through paid marketing, fine dining, or other perks—which don’t typically fit the credit union referral model.

This brings us to an important mindset shift: understanding the difference between handling objections and overcoming objections.

Overcoming an objection implies you can change someone’s mind or behavior on the spot. That’s the dream, but it’s rarely realistic when competing against well-established relationships.

However, handling objections means having a thoughtful response that shows understanding, adds value, and keeps the door open for future opportunities.

For example, if an agent tells you their primary loan officer is a close friend or long-term partner, you’re not likely to "steal" that business. But you can handle the objection by positioning yourself as a complementary resource rather than a competitor.

Example:

Loan Officer: "Thanks for the feedback, [Agent]. We often work with agents who already have a main loan officer. At the credit union, we offer specialized products like [niche product] or financing solutions that others may not have access to. I’d love to be your go-to resource for those situations without interfering with your current relationship."

If it fits your model, you might even mention that there are times you can share internal leads. (Caution: Don’t over-promise and always check with your compliance department before using this strategy.)

This approach respects their loyalty while emphasizing your unique value. You position yourself as a helpful resource they can turn to when specific needs arise, creating future referral opportunities.

Credit unions have a unique advantage with specialized products and services tailored to their communities, such as:

By highlighting these offerings, you give agents a reason to view you as a secondary partner for cases when their primary loan officer doesn’t have the right product.

Many loan officers focus solely on real estate agents, but there’s another powerful strategy: developing partnerships with other loan officers. IMB, bank, and broker loan officers often encounter deals they can’t close due to product limitations. That’s where you come in.

Ian Bennett, one of our certified credit union loan officers, has mastered the art of handling objections by strategically collaborating with both real estate agents and other loan officers.

When he reaches out to a real estate agent, his goal is often to get a warm introduction to the other loan officer. He disarms the situation by building up the loan officer in conversation: “I’ve heard great things about your loan officer partner. They clearly do a great job.”

By doing this, Ian positions himself as non-threatening and instead focuses on niche products like ARMs or jumbo loans—areas where the primary loan officer may not have the right solutions. When their current lender can’t offer a product, Ian becomes the go-to solution—most importantly for the other loan officer.

Handling objections is not a one-time fix. It requires patience, persistence, and consistency.

The goal isn’t to replace the primary referral partner but to complement their network and create sustainable referral opportunities. Over time, you’ll establish yourself as a trusted resource for both real estate agents and fellow loan officers.

So, the next time you hear, "I already have a loan officer," don’t be discouraged. Instead, handle the objection with professionalism and leave the door open for future collaboration. With the right approach, objections can turn into valuable business opportunities.