I remember when my lovely wife started working with me.... She would always tell me that I would forget to call her because I was forgetful not too busy to call like I was claiming.... She soon saw that I was telling the truth about being busy.... If I am not with a client I am calling back if I am not calling back I am calling to check on conditions if not checking on conditions I am prequaling if not prequaling then I am calling the title for Title Commitment, you get the point...
I remember when my wife saw my first Credit Report for $800 Dollars she was so mad at me for "not watching who I pulled credit on"!!!!!!!! She sure didn't complain when the next month when we had 8 closings...Lol!!!!!!!
I go on to tell her that in Sales Industry we all work in the "Law of Average applies" you see if you have 10 clients then 1 will Qualify... If 1 out your 10 doesn't qualify then 2 of your next 10 will but it is a average and the more you qualify the more declines you will have naturally and the more qualified buyers your going to have... So you see declines are not so bad looking at it that way.... So don't be discouraged if you have 9 declines in a row you shouldn't get worried be happy!!!!!!
That reminds me of one of my top agents when she first started sending me clients we must have had about 20 applications with not one approval... My wife was worried that the agent was cherry picking the clients and sending us the bad ones... Which can happen if your not careful, but I told her I was really happy with this agent; she thought I was crazy for thinking like that but I told her "Look she is sending me her clients exclusively"!!!!! What more can one ask for right???? Soon after that we had the next 4 clients approve so that was a tough one but it all works out in the end!!!!!!!
PS: I don't just pull everyones credit anymore a few more questions before I go that far with a prospect now a days!!!!!!!
I think that agents must know this too so as to not get too discouraged in a slow market. Don't get worried if you have a lot of declines!!! You need to get worried if you aren't getting any prospects at all; that is what you must be careful of!!!!!!!
Best of Luck!!!!!!!!!!
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Good Post Frank! Many times a bad credit borrower is only a few corrections away form being a good borrower and it takes an experienced professional to know when to recognize that. The right questions up front can let you know pretty quick what type of borrower you working with and how to council them properly.
BTW, about that title company issue, let me know when you are ready to work with someone that lets you know what is going on before you have to ever call....lol :)