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You Wouldn't Call a Part-Time Doctor to Do Your Heart Surgery, Would You??

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Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI

 

 

You Wouldn't Call a Part-Time Doctor to Do Your
Heart Surgery, Would You??
 
 
 
 
    As we often do, my wife and I were having a discussion about work the other day.  I had just gotten home and it had been a very trying afternoon.

     A Closing that day had taken much longer than it should have.  Also, one of the deals I'm presently working on had developed "hiccups".  Nothing that can't be solved, just frustrating.

Make the BEST Choice.  Contact Gene Mundt, Mortgage Lender    The deals of two of my underling lenders had needs and issues to see to as well.   Glitches, and not all that uncommon anymore in the scheme of things.  But still, there had been a number of them ... and the time dealing with them had mounted up.
 
     Upon reflection of all these issues, both my wife and I were struck by a commonality that ran through each of the transactions like a thread.  Each of the current transactions suffering issues had at least one real estate person working within it that was not full-time.  One transaction had several "part-timers" working on it.  And unfortunately, in each instance that had made a difference ... a negative one.
 
    Earlier that day, I had in fact taken issue with one of my own lenders about missing an important meeting. The meeting ... one held the same time, same place each and every week, are considered mandatory.  Yet, they were a no-show.  (No valid reason as to why they were not in attendance).  And a topic had been covered that would have been of assistance to them on their troubled file. 
 
     One transaction I refer to had an attorney involved within it that rarely handles real estate any longer.  Another deal had agents that were at best ... part-time. 

     Still another transaction had had a title company involved, that seems to be only dabbling at doing business.  They literally had left clients sitting in their offices after a Closing waiting for follow-up documentation, no one from the title company represented within the building.   All had left.  Most lights out.  Still scratching my head about that one.
 
     And it all made me wonder how ...

     In this day and age of quickly-changing regulations, rules, information, needs, underwriting, etc. ...

    *  In this day and age of short-sales, REO's, foreclosures, this litigious society, etc. ...

    *  In this day and age when transactions are so detailed, nuanced, and possibly even time-restricted ...

    How can anyone presume to conduct business on a client's behalf devoting less than full-time to their profession or business?
 
    And WHY would any client ... especially in this day and age ... accept this or take the risk of relying on someone that did not devote full-attention and energy to them, the tasks at hand, or their profession? Because that IS what they are doing.  Taking a huge risk.
 
Contact Gene Mundt, Mortgage Lender     If this was a medical situation, you certainly wouldn't work with a part-time doctor, would you?? 
 
     Real estate transactions typically involve the largest debt any client will ever incur.  Certainly home buyers should demand that high standards of professionalism and knowledge be met within their home buying transactions too.
 
     Here is my opinion regarding this issue ...
 
     Today's transactions demand great attention to detail and follow-up.  Constant communication and vigilance.  If you utilize the services of real estate professionals devoting only part-time effort and attention to your transaction, you expose yourself to risk, error, and extra costs.  At minimum, you will most likely experience last-minute drama in your transaction ... unneeded, frustrating, and typically avoidable.
 
    I can't stress the importance of this matter enough ... 
 
    Do yourself a huge favor.  Protect yourself and your interests ...  by doing your preliminary homework well. 

     Seek referrals, check websites. Ask for testimonies, speak to prior clients, verify a professional's successes ... prior to making a final decision regarding who you will work with. 

     Don't be afraid to ask the question ... "are you full-time"??  It's important that you know just how much time they are committing to you.  It is well-worth it to you to ask these questions and do this preliminary homework.  It will save you time, energy, frustration, and possibly even money down the road.
 
 
 
 
     *  Work with a full-time experienced, knowledgeable  mortgage lender with 35 years of expertise to put to work on your behalf.  Contact me  today.  I'll be happy to hear from you and have the opportunity to earn your trust and your mortgage business.
     I can be found at any of the following:
Direct:  815.277.4036  Cell/Text:  708.921.6331
Skype:  630.219.1316
Click Here 4 a: NO Cost NO Obligation
 

   

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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

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Comments(73)

Rob Spinosa
US Bank - Larkspur, CA
Mortgage Loan Originator, Marin County

Gene, as you know, in our business we get "shopped" from time to time on rates.  No problem with this at all.  Every consumer deserves the choice and right to select what is best for him/her.  Even more rare, I will lose a deal to a company with a name like (forgive me if any of these are real...) "Fast Cash" or "Money Zone" or something along these lines.  When I do, I realize that maybe this customer is OK with the very real risk that tomorrow, or the next day, or the most critical day of their transaction, they're going to call that 800 number and their contact person isn't going to be there any longer.  You are right in that today's borrower should ask about our experience and our history.  It is fair and it may just make the difference between success and failure in their case.

Great post --- thank you.

Mar 26, 2012 10:53 PM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

I have seen instances where a part timer has caused unnecessary delays because their full time job required their presence elsewhere. I would assume those individuals can only effectively work with clients that can make themselves available for thier agents particular times, which would be very selective and selfish. I sometimes feel that I'm working 30 hours a day, 8 days a week, for all the needs that call.

Mar 26, 2012 11:12 PM
Darryl Salls
Darryl Salls, Century 21 Energy Shield Realty - Lebanon, NH

I have worked with part-time agents that were great and full time agent that didn't have a clue. Unfortunately the same can be said with all the professions we have to deal with including mortgage brokers.

I believe it all comes down to competence. Sometimes you just know you will need to do half the other persons job along with yours.

Mar 26, 2012 11:55 PM
Adrian Willanger
206 909-7536 AdrianWillanger-broker.com - Seattle, WA
Profit from my two decades of experience

Gene, I have total empathy with agents in this business that need to work part-time for one of many reasons. And I also know how tough it is doing business how even as a full time agent you need to work long hours do get deals closed no 9-5 I think this is just part of the dynamics of our industry. Thanks for writing this article. 

Mar 26, 2012 11:59 PM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Doctor Gene the mortgage machine will see you now....Gene can sew up all the loose ends...part or full time patients welcomed...When he is through, there will be a new you....

Mar 27, 2012 12:05 AM
Eric Kodner
Wayzata Lakes Realty: Eric Kodner Sells Twin Cities Homes - Minnetonka, MN
Wayzata Lakes Realty: Twin Cities, Madeline Island

Without getting into a fray about part-time vs. full-time, most would agree that the best way for anyone, in any profession, to stay competent and knowledgeable is to practice their craft on a regular basis.

I've encountered agents who tried to use out-of-date forms in a transaction and other agents who were not up to speed on changes in state law. I didn't inquire or research whether those agents were full-time or not, but overall, agents need to keep current. Practice makes perfect.

Availability is fine, but on the other hand, incompetent agents always seem to be available.  I'd rather hire an agent who is busy.  They're busy for a reason.

Mar 27, 2012 12:46 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Rich:  Appreciate the comment .. and the tonegue-in-cheek humor ...

Joan:  Agreed ... but I think perhaps one of my greatest concerns is with accessibility too.  That turns-out to be an issue and a big issue way too many times.  If that issue is addressed well, then that touches upon so many other concerns I have.  Accessibility goes a long long way ...

Brenda:  I like you too!  Thank you ...  but after reading so many of the comments left, I'm beginning to think that so many of us are pleading much the same cause.  But where the argument lies is in the differences in our own personal interpretations of the word "part-time".  What each of us perceives as part-time has entered into play in the discussion so many times.  I don't think we're actually that far off in our thoughts regarding the conduct of professionals, or our expectations regarding the abilities and standards of those professionals.  Not really.  And the post was not meant as a bashing of any sort.  More as an alert to buyers/borrowers to know upfront what their own expectations are for the professionals they seek ... and then find professionals that meet those needs and standards.  As long as they are aware of what they are truly going to receive in service and they are okay with that ... at least on the buyer's/borrower's side, I'm okay with that.  But as another professional in the transaction, I too have to live with their decisions.  And sometimes as of late, that has been an uphill struggle.   Thanks for taking the time to write, Brenda ...

Dale:  Exactly the same issue and concern I had with the attorney I mentioned within my post.  Out-of-touch in actuality and out-of-touch as far as current demands of his role in the transaction.

Melissa:  I think the issue surrounds perception.  They think all professionals in real estate are created equal??

Dawn:  I appreciate your comment.  And again I say, I think after reading the comments left me that the fine line is to be found in each of our own interpretations of what "part-time" is.  Many of us are really arguing much the same points .. and we definitely have the same needs and expectations of one another.

William:  Not sure why the need for a personal slam was felt or included.  And as far as many pointing out the obvious "flaws" in my argument ... no, they didn't.  They expressed their opinion, just as I did mine within my post.  Which I stated as my opinion and my suggestions regarding this topic.  And yes, I'm sticking with my opinions.  If you check within the comments, you will see that there were those that chose to agree with me.  The comments and observations I made within my post were not solely aimed at agents.  I took other professionals in other arms of the industry to task as well.  And I am not arguing that a part-time professional can't have a grasp and knowledge of their business.  Many can and do, just as there are those that are good in bad in full-time positions.  What has been pointed out to me within many comments has been the vast differences in our perceptions of what "part-time" means.  And as you yourself pointed out, how time management skill level enters into that.  Should what I consider a part-timer have their ducks in a row and back covered during those times that they are not officially "on duty" ... I'm all good.  If I still have the ability to interact and communicate with them in a timely fashion and during reasonable times ... all is good.  But in each of the specific cases I mentioned within my post, that was NOT what I experienced.  And it caused great problems within each transaction.  And yes, I've had closings/transactions with agents that were part-timers where the outcomes were successful.  I do not dispute that.  And in the past, I don't believe that the differences in part-time and full-time were as great.  But with all the many changes we experience within our industry and transactions currently?  In my experiences, it has become much more noticable and problematic.  Thank you for taking the time to comment.

Praful:  The headline I used just happened to use doctors within it ... I could have used other professions. The point was not to compare doctors with anyone in our real estate industry.  And I think what you describe is a perception of success ... not necessarily quality of service.  I'm not sure how well any professional can provide their services in this quickly-changing world if they are not at least mentally involved in it consistently, not intermittently.  I can't imagine stepping-back from my own profession for months and then jumping back in and doing a good job.  Too many changes happening way too quickly for that ... and I don't think that would be fair of me to ask clients to agree to that.

Tammie:  I've  mentioned it above in other comments, but I'll write here too ... I think the issue between many of us lies in our own interpretations of what "Part-time" means.  For some it means one thing and they visualize X.  For others it means another and they visualize something completely different.  Yet most of us all want the same things.  And I see that as availability and competency.  We've gone different routes to arrive at the same conclusions.  I really think we all want and need the same things for our clients ...

Amen Tim .. amen!  Never a dull moment in our real estate industry, is there??

Ahhhh Jane.  Maybe you're right .. the "qualifying" would have helped.  But it sure would have made for a much much longer post!  And I so agree with you about the broad definition of "part-time" being an issue.  I've come to that conclusion after reading my comments here.  And as I've said, I think although our perceptions of what part-time is may be a little different ... our pleas for good consequences of the differing perceptions have not.  We all want much the same things, as I see it.  I have no real issue with the hours that someone works, as long as they deliver good service in a timely fashion and it assists my clients needs and positive outcome.  As you say, much of that depends on availability ... and therein lies much of my complaint with the examples I provided within my post.

Jordan:  Yep ... this one went up like a torch!  And I'd love to learn how that lender worked his magic.  But seriously, I think much of this must rest upon the support and assistance provided them.  If that's in place, I have no issue ...

Chuck:  Your point is a very good one.  The speed in which most deals are transacted currently certainly raises concern with someone that is not working full-time or stereotypical normal business hours.  Our work days have lengthened, no doubt ... but there are times that still remain key business hours.  And many times business cannot be facilitated past a certain point until those offices/businesses are in operation during the day.  Time IS of the essence and important frequently ...

Carol:  Definitely!  It does boil down to the individual and how they manage and deliver their personal business services.  And that is why I suggest that buyers/borrowers ask questions ... and that the professionals asked those questions respond honestly.  That way the client can make an educated and informed decision about those they want to work with .. or not ...

You've noticed that too, huh Gabe??  Sometimes I wonder ...

Mike:  Sounds like you've had a run-of-it lately.  And I'm certainly not saying that what are considered "full-timers" cannot make mistakes or provide bad service.  Or the opposite either.

Michael:  Oh wow ... you just introduced even another term ... "spare-timers" into the mix.  And I think you may be onto something, as a few of the service providers I had issue with could definitely be perceived as that ...

Rob:  My suggestion to ask questions and inquire regarding all sorts of info on a professional stands.  That way moving forward, a buyer/borrower knows what to expect.  And that is the most important thing.  But as another professional taking part in the transaction?  The decision a client arrives at DOES impact me and possibly the outcome of the transaction itself.  I truly hope that my clients do their homework regarding ALL professionals utilized within their deal ... it makes life so much easier on everyone involved.

Ed:  I have those feelings as well.  And I guess that is where some of my concerns and questioning comes from.  I know how many hours and how hands-on I have to be to deliver what I think is quality service to my clients.  How can it be that for someone else it would be that drastically different?  That is where some of my doubts arrive ...

Darryl:  You're right.  Sometimes you do just pick-up those vibes immediately.  And you're also right that that is true in all real estate professionals, including mine.  I tried to make that clear in my blog ... it's ALL professionals I think this relates to.

Adrian:  No easy answers, that is so true.  And much of it is related to how our industry has chosen to present itself and set itself up.  Wide variances are allowed.  I guess where the great number of questions arise for me personally is when I take stock of the number of hours I must involve myself in my business in order to service my clients well and thoroughly ... and to remain successful.  Can it be vastly different for others??

Doctor Gene ... lol    Doctor Gene has a few wounds after this post, Richie!  Doctor heal thyself ...

Eric:  All good points.  And perhaps that is more the real discussion.  I want the potential clients to know honestly what they are going to get as service/services.  In impacts them greatly .. as it does the other professionals within the transaction.  I just hope they stop, think about it, do their homework .. and make quality choices.  If I can help them do that by suggesting here within a post ... I think everyone will be much better off during the transactions and after ...

Gene

 

Mar 27, 2012 02:20 AM
Tim Bradley
Contour Investment Properties - Jackson Hole, WY
Commercial Real Estate Expert in Jackson Hole, WY

I think it's more about competence than full time/part time. But I'll grant you that the full time agent is MUCH more likely to be current on the inventory, the forms, the laws, etc. than the part timer...

Mar 27, 2012 02:50 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Thanks Tim.  Appreciate your commenting.  And I agree the likelihood of that seems much higher ...

Gene

Mar 27, 2012 03:33 AM
Eric Salonga
The Salonga Brothers at Reed Realty - Ceres, CA
Your Key to the Central Valley

Thanks for the post Gene.  I've used this analogy a few time and it really gets the client thinking.  Usually I get an objection such as "my cousin does real estate on the side".  

Mar 27, 2012 06:46 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Erica:  And exactly what we are trying to get them to stop ... and think through thoroughly, right?  I've seen too many instances where this very scenario turned-out poorly ...

Thanks for commenting ...

Gene

Mar 27, 2012 09:53 AM
William James Walton Sr.
WEICHERT, REALTORS® - Briotti Group - Waterbury, CT
Greater Waterbury Real Estate

Gene,

Nothing personal was meant. It just annoys me to no end when someone (in this case, it was Brian Manigan) points out a fact and then someone else (in this case it was you) challenges it as untrue, i.e. the whole analogy/comparison dichotomy you were trying to make. It doesn't work, simply because an analogy is a comparison.

The bigger problem isn't that you didn't have supporters of your stance. Like I said in so many other words, your position cannot be taken as an absolute, but the way you framed your argument, through the use of the analogy you chose, sets it up as just that: an absolute. That was the flaw in your argument that others pointed out. A flaw, btw, that you yourself just acknowledged in your comment to me.

If you had made suggestions for the guilty parties in the transactions you were referenceing to be better at doing real estate without slamming all part-timers, then you may not have gotten half of the reactions that you did get.

This did make for some interesting discourse, I must say....

Mar 27, 2012 11:58 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

William:  I will disagree that I didn't have supporters.  And at this point I will agree to disagree with you and let it go at that.  I appreciate your writing back ... as you say, the discourse was interesting ...

Gene

Mar 27, 2012 12:56 PM
Liz and Bill Spear
Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

Gene, You found one of the many hornet's nests in the Rain.  For other fun encounters, try entering the realms of SEO expert orWhy REO AGENTS/LISTING AGENTS/BUYERS AGENTS (pick one) Suck, or a few other solid standbys sure to unleash the emotional reactions :)

Mar 27, 2012 02:24 PM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Sure seems like it Liz and Bill.  My intent was to spur buyers to do their preliminary homework and get them asking questions regarding their own needs for service and the expectations that surround them.  Get them to do that and I think alot of the problems I encountered would have been non-existent.  And it was not aimed at agents.  I was rather disgusted with my own arm of the profession when writing the post.  I think I've had enough fun for now ...

I appreciate your note ... thank you ...

Gene

Mar 27, 2012 11:56 PM
Amy Anthony-Coile
WR Starkey -Classic City Team - Athens, GA
I think full time professionals offer full time availability. However, is there a such thing as part time in either field? 8)
Mar 28, 2012 09:46 AM
Deborah "Dee Dee" Garvin
C2 Financial - San Diego, CA
C2 Financial

Gene , Wow, I am late to the party....but ya' all had a rip roarin' time, didn't you? I have maintained that part timers are a drain on transactions for many years.  However, I do agree with Karen...defining part time is probably the issue.  You and I both know that keeping up on mortgage regulations and changes in any market (you have me beat by a few years; however, I think I have earned my stripes) is nearly impossible...and that is if we are up to our ears in the industry on a day in, day out basis.  Nearly every day i am muttering "Hmmm, I am not sure...I will have to check on that".  I cannot imagine working at Home Depot (no offense meant to one of my favorite stores) and trying to stay abreast of the mortgage industry.  However, I could (and do) take care of my Grandchildren a few hours a day a couple times a week and they don't seem to mind me studying AllRegs or talking to my clients or agent partners.  I think it comes down to availability and the time to stay relevant in the field (real estate or mortgage).

I do think many missed your (very valid) point in that anyone who wants to moonlight in either real estate or mortgage professions often creates a dis-service to everyone involved.  I have closed loans when the agent (either listing or selling) were completely incognito after the signing of the contract.  They showed up to pick up the check; but the transaction would not have closed without the corresponding agent.  I have also closed one loan (thankfully, only one) where BOTH agents were MIA...that poor buyer!!!  I have closed loans (in wholesale) when the agent was also the MLO (greedy...not competent).  And, I have had the "come to Jesus" meeting with the mortgage broker who hired anyone who would fog a mirror to originate loans and expected my underwriters to figure out if it was a loan.

I "get" the intent of your post.  It is not about comparing Doctors to Agents, or hours in a day to excellence.  But it is a crystal clear message to educate borrowers to look beyond the hype or appearance to reallly evaluate is the person they are trusting their most important purchase to is really remotely aware of the process.

Knowing the "heat" this topic brings on AR, I think you are a very brave man!!! LOL!

Mar 29, 2012 12:02 PM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Brave doesn't always equate to a smart move.  Although the message to buyers was an important one .. that being that they need to do their homework in regards to finding and choosing their real estate professionals ... ALL of them ... and know that those they choose are going to fulfill their needs, whatever they are.  And yes, the point was NOT surrounding anything to do with physicians.  Glad you got that.  I came to realize though that there is a wide variance in perceptions as to what constitutes "part-time"  .. and that greatly contributed to the debate.  I appreciate you taking the time to write ... it's always great to hear from you.

Hope all is well, you're enjoying those grandkids ... and business is prosperous for you!

Gene

Mar 29, 2012 01:21 PM
Maureen Bray Portland OR Home Stager ~ Room Solutions Staging
Room Solutions Staging, Portland OR - Portland, OR
"Staging Consultations that Sell Portland Homes"

Hi Gene ~ Due to the late hour reading this, I haven't read the other comments .. but I did read your entire post.  I can't imagine part-timers being able to keep up with all of the many regulations in the complicated world of real estate.  Whether it be a Realtor or a lender, or an appraiser, or an inspector ... this demanding field is one for fulltime professionals.  Congrats on the Feature!

Mar 31, 2012 05:31 PM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Thank you, Maureen.  Because of the very reasons you state ... and the time demands of the business ... I wrote this post with my opinions.  Should you have strong support and an assistant of some sort ... you may be able to balance another career plus a real estate one.  I know I couldn't do it ... not even with all the assistance I get.  It remains the decision of the individual ... and their client ...

Gene

Apr 01, 2012 12:35 AM