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Annoying Lenders at Open Houses

By 1SG (Ret.) David Kucic

Real Estate Agent with Hawaii Military Realty, Inc.

December 12, 2006 05:32 AM

As the market continues to slow, I see that lenders are trying to get a little clever with the way that they are attracting business. Nothing wrong with that as we all try to be creative but there is a certain point of crossing that fine white line.

While holding an open house this past Sunday, I had 3 different lenders come through the property. The last two were a husband and wife team and were actually very nice people that seemed to be truly interested in the property. However, they did manage to pass on their business cards to me. I have no problem with them as we exchanged pleasantries and they departed.

I had to tell the other lender to leave because he just kept hanging around. The worst part about it was that when he came into the open house, I had my laptop open and was showing a potential buyer some comparative properties in the neighborhood. While in the process of doing this, the lender started talking to the potential buyer and telling him about his financing options! I finished up with buyer and told the lender to leave and not come back again. If I want a lender at my open house, I will ask one to be there. If not, please dont bother me.

Is this becoming a standard practice in other parts of the country as well?

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Scott Gormley

Oak Valley Mortgage-California Home Loans and Refinancing - Chico, CA

I will stop by an open house from time to time if I didn't see it on tour and I wanted to...Or, if I simply know who is showing it and want to say, "hi". If I'm working an open house, I set it up with the agent that week...And...I NEVER interrupt the conversation between clients and agents...

Scott

Dec 12, 2006 05:48 AM

Cynthia Sloop

Community Association Manager - Indianapolis, IN

Seems to be in Indianapolis Area. My lender visits have been short and I don't mind them stopping by. For the ones that I have, it show initiative to me. I would get angry though if one interfered with my Open House!

Dec 12, 2006 06:12 AM

1SG (Ret.) David Kucic

Hawaii Military Realty, Inc. - Ewa Beach, HI

President and Owner

Scott-You seem to be just like the pleasant husband and wife lenders that stopped by. I did not mind them at all.

Cynthia-I believe in the initiative also but just like you stated, they should not interfere with the open house.

Dec 12, 2006 07:25 AM

Elaine Reese, REALTOR® in central Ohio

Real Living HER, Powell Ohio - Powell, OH

I have had the same experience when lenders make the rounds to open houses - uninvited. They shouldn't stop if buyers are there. They should leave immediately if buyers arrive. They should not intrude on my conversation with buyers. They shouldn't hang around for more than a few minutes hoping a buyer will walk in. Even if no one is there, they are taking up my time that I could be making calls or doing something productive.

Since I don't know the lender or know whether I would recommend them or not, I don't want the buyer thinking I'm associated with them. The buyers don't know that the lender just stopped by. If they talk to the buyer, their card goes in my wastebasket at home. The open house is for my sellers - to try to sell their home - not for the purpose of a lender to try to pick up buyers at someone else's expense. Can you tell I've had some bad experiences with this type of lender???

Dec 12, 2006 07:53 AM

Blanca Cholewczynski

U - Oak Brook, IL

XCO

Hi David,

I always make it a point to stop at open houses. However, I immediatly identify myself and as Scott mentioned, I never butt in a conversation with a client as well. And if I have been able to talk to the real estate agent and there is a client that comes in the middle of our conversation, I will always encourage the agent to attend to the potential homebuyer. Thanks for voicing your concerns in this area.

Dec 12, 2006 07:56 AM

1SG (Ret.) David Kucic

Hawaii Military Realty, Inc. - Ewa Beach, HI

President and Owner

Elaine-I like your thoughts and agree with you. You are also right about what type of character they have if they dont want to leave. Do they really think we would hold onto their card? I trash them just like you do.

Blanca-You are another one of the lenders that I dont mind seeing at open houses. On another note, I looked at your profile and saw that you "se habla espanol". I would have never guessed that looking at your last name! (I am Polish and Slovenian). Aloha!

Dec 12, 2006 08:14 AM

Blanca Cholewczynski

U - Oak Brook, IL

XCO

David, I know, I am actually from Mexico. I have been in this country for about 17 yrs. I just got the last name because I lost a bet LOL. I do have a lot of fun with it, when I talk to people on the phone and I finally meet them, I get a double take, they are always expecting to meet this beautiful blonde polish looking girl. Instead they get me, oh well!

Dec 12, 2006 08:46 AM

Elaine Reese, REALTOR® in central Ohio

Real Living HER, Powell Ohio - Powell, OH

I really shouldn't have been so negative, but this hit a nerve. The lenders who've stopped by have all been newbies, and perhaps don't understand the etiquette. Perhaps, someone told them this was good to do.

I had one guy who interrupted my conversation with a buyer, then proceeded to monopolize the buyer. I could tell that even the buyer was uncomfortable because they couldn't get away. Nobody could get a word in edgewise. When the buyer would try to ask me a question about the home, he'd butt in again. It was unreal!

I had another gal bring several of her folders ... lay them down with my things on the center island, then proceed to stand there as if she had just set up shop along with me! So IMO, unless a lender is specifically invited, the open house is not for them.

Dec 12, 2006 03:36 PM

Brian Brady

Matthews Capital Markets - Tampa, FL

858-699-4590

Elaine is absolutely correct. I will stop by an open house, exchane business cards, stay...IF INVITED..and never, NEVER, NEVER intrude upon a client conversation.

Why don't you head on down to that lender's office tomorrow, sit at his desk, and pick up the phone when he is pre-qualifying a potential buyer?

Dec 12, 2006 04:08 PM

Randy L. Prothero

eXp Realty - Hollister, MO

Missouri REALTOR, (808) 384-5645

Boy did you hit a pet peeve of mine. I have had to chase several lenders out of my open houses in the past.

I even had to personally escort a fairly well known Realtor out of my very first open house when I started in the business. I will never forget him or the event.

It was a very busy open house and he just kept hanging around. Then he started to greet people as they were arriving. I was a new agent but not new to naive. I walked up to him and thanked him for stopping by. I had my hand on his back and started to push him out the door. I walked him all the way to his car. Aloha!

Sorry for venting. I would never do it to someone else and I have zero tolerance for rude venders or competitors trying to muscle their way in to your event.

Dec 12, 2006 06:27 PM

1SG (Ret.) David Kucic

Hawaii Military Realty, Inc. - Ewa Beach, HI

President and Owner

Blanca-So you lost a bet and had to marry a Polish guy? That sounds like winnng a bet to me!

Elaine-Oh my gosh. That is way worse than my situation. What nerve to try something like that.

Brian-By reading your blogs and your profile, there is no doubt in my mind that you are not one of those univited lenders. Matter of fact, you would be the kind of lender that I would ask to sit the open with me.

Randy-Man, some of these people are unbelieveable! How hard did you push him? Ha ha! Tonya and I went to look at some new models a few months back (there were 6 models in a row). When we got into the 2nd or 3rd house, I cant remember which one, there was an agent hanging around and tried to pick us up as buyers! They didnt even work for the company that was selling the homes! We did not have our nametags on. Of course she wasnt trying to sell us any of the models since she knew that the agent must accompany the buyer on the very first visit but she sure did try to sell us something else! You should have seen the look on her face after we let her go on for a few minutes then we told her that we were both agents! She said she was just waiting on her buyer to show up. She was full of crap.

Dec 13, 2006 04:54 AM

Blanca Cholewczynski

U - Oak Brook, IL

XCO

David, ....I totally know I got a keeper, literally when deciding wich last name I was going to use we decided to do paper, sissors, rock, I lost! I had never played the game so I didn't know what to expect. Now he looses all the time hah! LOL

Dec 13, 2006 05:03 AM

Randy L. Prothero

eXp Realty - Hollister, MO

Missouri REALTOR, (808) 384-5645

I placed my hand in the middle of his back and applied enough pressure to get him moving forward and stayed with him all the way to the car. I was very nice and thanked him for stopping by, but there was not doubt I meant for him to leave.

Dec 13, 2006 06:22 PM