Building relationships with peers and borrowers is essential for lending success. 

This is important in any industry, but for those in housing it is doubly essential, with the Consumer Financial Protection Bureau’s complaint database housing a wealth of stories of relationships gone sour due to ignorance or a lack of clarity. Knowledge of how to build and maintain strong relationships is something that nearly all successful business owners have in common. For lenders to increase their loan volume, for realtors to get more homes off the market – for anyone to find prosperity in housing – it is essential to consistently nurture relationships. It is these people whom you have supported and shared with over time that will help you when your business seems to by drying up. For more on how to maintain strong relationships with peers and customers, read the three tips below:

1. Be truthful and encourage honesty
A strong relationship requires two parties that are willing to be open about how they feel. Allow clients to suggest how you can improve your lending service, and don’t take offense if any of them point out something wrong with your business. Additionally, it is important that you remain honest with borrowers who decide to invest in your services. This aspect is especially important because this is where the CFPB can get involved. The bureau works hard to promote transparency in a number of different industries, and unclear dealings with consumers can easily end up within the CFPB’s database. Lenders who are egregiously ignorant when it comes to transparency in dealings with customers can end up paying for their lack of concern with their relationships. 

2. Follow up quickly
Another foundational aspect of building a strong relationship is not delaying the follow-up. People will feel as if they’re wasting their time dealing with you and your business if they aren’t getting answers quickly. It is important to work with consumers to determine how you can help them sooner rather than later. You could even try being proactive, and making contact first in order to show that you care. This is important because it’s another area that the CFPB tends to look at. Consumers who are being ignored are being treated improperly due to a lack of attention like that can get you in trouble with the bureau. 

3. Identify what can you contribute to the relationship
Whether it’s helping a fellow lender navigate a rough stretch, working with a title insurance vendor to ensure good service or throwing in an extra gift for a consumer, always look for ways to contribute to the relationship. Most people tend to think about themselves - it’s just human nature - and you explaining to them how you can help, rather than how great your business is, can endear you and your services to customers. Even if the person you’re speaking with isn’t likely to end up investing your services, offer some advice, anything to display that you’re willing to help and build relationships will go a long way. 

“The reality is that business relationships are just like any other relationship,” Michael Denisoff, founder and CEO of Denisoff Consulting Group, told Inc. “They require some effort to maintain and they must be mutually beneficial. As in any relationship, you must be willing to give, share and support, not just take or receive.”

He added that the relationships you build – through things such as a giving attitude, transparency and quick follow-ups – will help carry you through challenging times. The customers and peers who appreciate your presence will be the edge you need to maintain success.