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Communication - How important it is? And are you above average?

By Jeff Belonger

Mortgage and Lending with Social Media - Infinity Home Mortgage Company, Inc

December 27, 2008 04:44 AM

communication skills How important is communication to your clients? To the consumer? Are you the type that says that you will get back to them in 5 minutes, but it turns out to be 3 hours? How do you set your clients expectations? If your borrower either heard something from your office or from another person, do you just agree with it, or do you find out what was discussed first, before you say okay.

I bring some of this up because just today, I had a borrower who wanted some answers on what took place yesterday. I had put my processor and this borrower' sister in touch with each other, since she has been the go-between since day one. We are closing on Monday and we ran into a snag on Friday, yesterday, because the proof on this specific document was not what was expressed over the phone by the borrower's sister.

The long and short of it, I had plans at 4 pm yesterday and did not know how the conversation finished. The borrower mentioned that her sister said that they needed to write a letter and that all should be fine. I told her that until I specifically spoke to my processor, that I would not know that answer.

So how do you communicate with your borrowers? What methods of communication do you use? Do you think communication should be number 1, above everything else?

One thing that I have learned over the years, is to set my clients expectations to a certain level. If I think I can get back to them in 1 hour, to tell them that it could be 2 to 3 hours, or at the end of the day. We live in a world of wanting to know answers now, not later. It's very easy for a borrower to back you into a corner, and the first thing as human beings, we want to give them the answer that they want to hear. In my opinion, you need to stick to your guns and just say, "give me some time to make sure what you heard was correct." Anything along those lines, just to make sure.

Overall, I have seen many people in different professions that just give the client the answer that they want to hear, just to go to the next person. Or, so they don't have to worry about the issue at hand now. All this does in most cases, just delays the issue and in many instances, just escalates the issues. In these cases, I find that a phone call is the best and most direct of any types of communications. And depending on the kind of issue that I am dealing with and depending on who is involved, I will send an e-mail to all parties. This way they not only see what is taking place, but just for the record also, that there is some kind of proof. So there is no way to say this, "Jeff" never told me this.

Poll : What do you consider most important?

What do you consider most important when helping your borrower.
( polls)

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Eileen Taggart

ReMax Fine Properties - Flagstaff, AZ

Flagstaff Top Producer Who Answers Her Phone

In a world where prospective clients are searching the web, sending multiple requests to just about anyone, responding immediately vital. Just yesterday I missed a message from someone "driving through town". With that "I already know how this will turn out" feeling, I called back hours later and received a gruff - Thanks for calling back CLICK.

I have a blackberry and am umbilically connected. It can be tiring to be so "on call" but in this market, I realize that immediate responses and, as you said, setting realistic expectations after that, keeps me on the A list rather than on the zero list. I don't think there is anything between.

Dec 27, 2008 04:52 AM

Joddie Roberts

Mountain Real Estate and Property Management - Spokane, WA

Your Spokane Realtor - Spokane, WA

As a Realtor, I'm in constant phone & e-mail contact during transactions and I definitely make sure that information going back and forth is accurate. If I don't have an answer I get one as quickly as I can. I'm also in constant contact with the lender...it seems like there is always a ton of confusion, lack of communication, etc to my buyers and I'm the one having to explain things.

Dec 27, 2008 04:54 AM

Michael A. Caruso

Surterre Properties - Laguna Niguel, CA

I think everyone is so different that setting expectations early in the business relationship is the key to success.

Dec 27, 2008 05:04 AM

Virginia Hepp - Mesquite NV REALTOR

Desert Gold Realty - Mesquite NV Homes For Sale - Mesquite, NV

Mesquite NV Homes and Neighborhoods - Search MLS

I have lost clients because I was slow to call or email back. If you give someone a specific time that you will call them back with the answer, they will usually wait - but only that long.

If I am at my computer when someone new calls, I ask for their email address and send them a quick thanks for calling email as we speak, asking them to reply to make sure I have their address correct - they almost always reply.

Dec 27, 2008 05:04 AM

Diane Daley

Caron's Gateway Real Estate - Northumberland, NH

Communication in a timely manner is key, in this area howerver things sometimes take longer without cell service and dial-up internet in most locartions response times can be 3-5 hours insteady of 5-10 minutes... Thanks for sharing

Dec 27, 2008 05:15 AM

Patricia Kennedy

RLAH@properties - Washington, DC

Home in the Capital

Jeff, I think you ask two questios here - how and what do you communicate?

The how part almost has to be dictated by them, be it texting, email or phone. And however you communicate, it has to be done whenever you said you would do it. Say 5 minutes, and call back in 5 minutes. If it'll be 3 hours, that's what you tell them you'll do.

And I try to use as few intermediaries as possible. I know a lot of agents who don't tell their clients about problems they think they can fix. This is a great approach, as long as you do in fact fix it.

And happy new year!

Dec 27, 2008 05:41 AM

Barb Szabo, CRS

RE/MAX Above & Beyond - Cleveland, OH

E-pro Realtor, Cleveland Ohio Homes

Jeff, If I have the buyer I want to let them know as often as possible how the deal is going whether it's a phone call, or e-mail. I also spend a lot of time with them when I write a contract explaing to them what they can expect. My sellers want feedback on their showings, first and foremost, so I am diligent in trying to get it and communicate that to the seller. Next they want to know about my marketing efforts. Sometimes they get a phone call and sometimes they get an e-mail but either way I let them know what I am doing.

Dec 27, 2008 06:13 AM

Paul McFadden

Responsive Pest Control - Seattle, WA

Pest Control, Seattle, WA.

Jeff: I believe a client or provider expect us to get back to them within a day or so. There are times where I don't have an answer right away and it often takes longer than I thought. The key is to communicate this and be proactive about calling people back. Sometimes we would prefer not to make that call because it might be less than desirable news. But those of us out there that do are always respected and talked about.

Dec 28, 2008 01:56 AM

Jeff Belonger

Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ

The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

EILEEN..... . a very good example. I think those that need instant service will sometimes get that bad service or bad deal after it's all said and done. I have a client right now, that is shopping, but she won't take my advice nor has called me back. With this market, you can't shop every other day for a mortgage, rates change. Which is why I liked what you mentioned. thanks

JODDIE.... . I always tell people, no matter who they are, that e-mail is the quickest for me. I usually answer my phone the first time, but I hate when they do leave a message, that it tends to be a book... lol thanks

MICHAEL.... . I agree with that 110%... if you fail to do this at first, all it becomes down the road are broken promises... at least that's my opinion.

VIRGINIA.... . I have lost a few to... some just need answers now or help NOW... just as I mentioned to Eileen above in my comment. Yes, some of us are very busy, but that shouldn't mean that you go onto someone else, not unless it takes days to talk. They must pick us at first for a reason. Are they telling me that they are looking for second best? rut row..

DIANE..... . well, I guess that would be an issue if you were in an area that cell reception is not reliable or quick. That would frustrate the hell out of me... thanks for sharing.

PAT.... . yes, I did... lol That is a good point, no matter how you do it, that it's done when you say you will do it. And I will admit, I am at fault with this at times, because I have so many people calling me on any given day. But I do say this to each and every person.... if I don't call you back by this time, please call me back. You know what's sad yet funny... only about 50% of the people call me back. They just don't get it.

In regards to your 2nd part... loan officers do this also. Why do you think so many closings don't happen when they are suppose to. Issues pop up and the loan officer doesn't tell anyone for 2 reasons... either they are trying to fix it on their own or they just don't want to deliver bad news until the last day, when people can only yell at them just that one day and not the whole week. I know of this, because I have seen loan officers in my previous offices do this exact thing. Ignore phone calls.... it's very sad...

Happy New Year

BARB..... . I think feedback is key. Feedback and communication, should be the most important things. I would also classify feedback as education... I think it's a 3 part thing, needing all 3. If not, it could very well be a failed transaction. thanks for your feedback and input.

PAUL..... . I just think some people expect things sooner or later, hence why I mentioned that we need to set their expectations in the beginning. So we both agree on this... and I agree, to come back and say, it took long than I thought it would... but many don't and just walk away from it. thanks for the input.

Dec 28, 2008 03:27 AM

Connie Harvey

Pilkerton Realtors - Brentwood, TN

Realtor - Nashville TN Real Estate

Jeff - I hope you had a wonderful Christmas!

Communication is so important to what we both do and so is setting expectations. Remember the under promise/over perform never goes out even with email and text messaging. I have found that so many people hear what they want to hear that I have been trying to follow up many calls with a short email so it's in writing too.

BTW you have recieved the Lemonade Award.

Dec 28, 2008 04:47 AM