Special offer

Mr. Lender, Here is Hawaii Randy’s Tip for the Day

By
Real Estate Agent with eXp Realty 2021016812

In the last month or so, I have seen usually reliable lenders getting stacked up and unable to handle the recent surge of business with the same level of customer service as in the past.

Last year things were slow and the banks were cutting back on staff.  Many brokers closed their doors and now things are picking up again.  There are fewer players to compete today for that business.  A couple of lenders in our area who have been steady as the rock of Gibraltar are now stumbling.  They have also tightened up with more than normal conditions on loans before funding.  That was expected with the environment that they are working under.

I am not sure they really want my advice, but here it is anyway.

  • Remember who brought you to the dance.  Real estate agents like me bring you steady business, without compensation.  My only vested interest is to get my clients good service.
  • Make me look good.
  • Communicate with me and my clients.
  • Give us realistic timelines that you can meet.
  • Take Care of my Clients!

I depend on repeat and referrals.  Clients that are dissatisfied or merely satisfied will not refer their friends to me.  They need to be wowed by the experience of buying their home that includes your part of the process.  When I recommend a vender to my client they grade me on your performance also.

I keep a list of venders that I and my clients have had good experiences with.  It takes a lot to get on that list.  I know many loan officers and lenders and only a small select group makes my list.  That is the same with the other types of venders.  You can however be knocked off my list in an instant.  That is true of the rest of the real estate agents in our area.

Banks may be busy today with refinancing, but that will not always be the case.  When the surge of refis flush through the system, will you still be getting the home buyers through us?  If you drop the ball today, you will be back on the street trying to replace that lost future business.

That is Hawaii Randy's tip for the day.

Posted by

 

--------------------------------------------------------------------------------------------------------

Randy L. Prothero, REALTOR®

Broker-in-Charge, ABR, AHWD, CRB, CRS, e-PRO, GRI, MRP, SFR

eXp Realty

Team Leader - "The Prothero Group"

Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers.  His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.  His luxury home listings sell faster and for more money.

Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) Performs mediations and ombudsman services for the Board of Realtors.  To improve overall professionalism in his area Randy also offers classes for real estate agents. 

www.HawaiiRandy.comOahu (Honolulu County) Property Search  Hawaii Military Relocations

Comments (47)

Paul W. Thompson
Homestreet Bank - Vancouver, WA
Going Above and Beyond...

Nice blog, Randy.

I (and the company I work for, Wells Fargo), always make sure that purchase transactions are a priority.  Up until recently, we had 90 day interest rate locks on our refinances for the simple fact that we want to satisfy our realtors and your clients because the refinance boom we are in will go away.  Not every homeowner needs to refinance every year like they were doing in the mid 2000s, but there are always going to be people that are moving and need to sell or buy homes.  If you are a Loan Officer living off just refinances, you will be looking for new work in 2010 once this refi boom ends.

 

Thanks Randy.

Apr 12, 2009 05:00 PM
Randy L. Prothero
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645

Lenn - Very sound advice

Dominic - As do I

Michael - That is a regular problem when you are representing sellers.  We have influence over the choice of lenders.

Apr 12, 2009 08:23 PM
Randy L. Prothero
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645

Kat - Those who are not listening will be feeling the pain soon.

Sally D - Excellent point

Joe P. - I have also had excellent luck with the local lenders.  I am now having problems with one of them.

Apr 12, 2009 08:32 PM
Randy L. Prothero
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645

Don & Judi - That lender is making a big mistake.

Leslie - There are many lenders who are no longer in business.  Those who do not clean up their act may join them.

Tom B. - I always believe in the rule.

Apr 12, 2009 08:38 PM
Randy L. Prothero
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645

Gail - Sent you some goats.  :)

Erica - I have similar stories from the same lender where I represented the sellers.  I also had a buyer who submitted an offer for an REO property owned by them.  They accepted our offer verbally.  12 weeks later they still had not opened escrow.  We finally withdrew our offer.

Gary W. - They is a big reason for loyalty to a vender.

Apr 12, 2009 09:50 PM
Randy L. Prothero
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645

Neal B. - They can be dropped off my list in a moments notice.  Just jam up my clients and see how fast it can happen.

Chuck - Follow-up is always key.  I do tell my clients what my experiences have been in the past with area lenders.  Clients do not want the grief either.

Dorie - I hate when I have to follow-up over and over, because someone else is not doing their job.

Apr 12, 2009 09:58 PM
Randy L. Prothero
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645

B.B. - I am in agreement.  I hate to change, but my clients will always come first.

Sally - When they stop caring, they should leave the business.

George - That is what will keep you around when the others have moved on to a new career.

Apr 12, 2009 10:12 PM
Randy L. Prothero
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645

Russ - I can work with longer timelines in many cases, if they communicate that with us.  I can't work with no communication and moving targets.

Dan - I hope your family also had a great Easter.

Marchel - I is so important to us to have trusted loan officers who can make it happen.

Apr 12, 2009 10:19 PM
Randy L. Prothero
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645

Paul - I always write mine for 45 days or less.  That is proving in this case to not be enough.  I am pushing them hard to finish during the extension period.  When this one is done, I am sure there will be another blog post about customer service coming.

Jeff - I hear all the talk about the rates, but quite honestly, I see no real difference from one lender to another.  The big difference I see is service.

Roland - They not only need open communication, they need accurate information.

Apr 12, 2009 10:26 PM
Randy L. Prothero
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645

Norma - Let me guess.  He will not be getting any referrals from you either.

David M. - I hope my lenders all take it to heart.  I hope you had a good Easter also.

Paul T. - That is a good business practice.

Apr 12, 2009 10:33 PM
Cynthia Tilghman, Realtor® Onslow County NC Home Specialist
Kingsbridge Realty, Inc - Hubert, NC

Randy,
Great tips for the lenders - now let's see if that choose to accept it.

Apr 12, 2009 10:48 PM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Randy...many of the banking contacts I had are not as reliable as they once were.   That is also true for other areas in our business

Apr 13, 2009 12:24 AM
Susie Blackmon
Ocala, FL
Ocala, Horses, Western Wear, Horse Farms, Marketing

Well, you have realtors, etc., chiming in. I look forward to finding out if any of the lenders respond. That's what you need!

Apr 13, 2009 12:28 AM
Jessica Jones
Sandestin Real Estate - Sandestin, FL
Destin Sandestin 30-A Real Estate

Great post and telling it like it is. It can be very frustrating now and everyone needs to be on the same page! Responding is key. If they can't get to the client, let us know UP FRONT so we can plan accordingly.

Apr 13, 2009 01:33 AM
Randy L. Prothero
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645

Cynthia - If they have long term thinking they will.

William - I am also finding that I have to change some of my vendors, not just loan officers.

Susie - Most of the lenders are not responding to their clients.  How will they find the time to respond to this?

Apr 20, 2009 04:25 PM
Randy L. Prothero
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645

Jessica - You are right.  They need to let you know what to expect up front and then honor it.

Erica - It sounds like they do not have a lender now.  No GFE, no application?  If I were the buyer I would not be walking I would be running to another lender.

Apr 20, 2009 04:29 PM
Brian Solinsky
Keller Williams Realty - Puyallup, WA
CDPE, CNE, ABR

It is good to be understanding too. There are many more people involved than just the lender. Appraisers, underwriters, junior underwriters , etc. and they are all over worked right now. I am having closings 45 days out right now because underwriting is taking 14 days or so. In one transaction I have going, we can't even get the appraiser to respond - it has been 21 days! All I can do is be my best for my clients and continue to make the phone calls daily and keep everyone informed.

Apr 22, 2009 09:05 PM
Steven Nickens
Hawaii Life Real Estate Brokers - Wailea, HI
R(S)GRI ABR, Maui Real Estate Hawaii

Aloha Randy,

They forget when they are busy, Lenders and agents need to keep the lines open and provide service, or they will end up losing business when they need it.

Steve

May 09, 2009 07:40 AM
Randy L. Prothero
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645

Brian - It can be more than just lenders, but currently it is the lenders that are causing the bottlenecks.

Steve - One lender already lost some business from me, due to their recent bad service.  I have one more escrow with them and it is so bad, I get angry thinking about it.

May 13, 2009 06:53 PM
Carol Culkin
Diamond Partners Inc - Overland Park, KS
Overland Park Residential Real Estate

Randy - Amen!  I have been having this problem too.  I have started telling buyers to expect that any mortgage rep I refer them too is having a problem keeping up with the business and it shouldn't be a surprise to have to wait for return phone calls.  It actually causes the buyers to perk up, as this is a positive sign that things are probably turning around and reassurs them that NOW is the time to buy - because everybody else is and the mortgage companies are just so busy to prove it.  

May 14, 2009 02:52 PM