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What seperates a Good LO from a Great LO

By
Mortgage and Lending with Brand Mortgage

The Real Estate market is currently experiencing a rough patch, that many thought would have expired by now, however it is still lingering. Many homebuyers, though the rates are low and home prices are great, they are still uneasy about purchasing a home. Realtors are frustrated because it seems mortgage guidelines continue to change with the wind, and the quality of home buyers is getting worse, prevents home buyers from taking advantage of the low rates and good home prices.  Low consumer confidence, the lack of qualified home buyers, and constant changes in mortgage requirements, generates lost revenue and very unhappy real estate and mortgage professionals. 

However, there is hope for us all. Without Real Estate agents, mortgage professionals would not have much business.  A big thank you to all my current and future Real Estate partners, your hard work and dedication does not go unnoticed.  Becoming a productive Real Estate agent does not mean that you have thousands of listings, but it does help, don't get me wrong.  Having a trusted mortgage professional in your corner to bounce ideas off, brainstorm with and grow together with as the market changes is extremely important.  Just last night, I had an agent text me at 9:00 pm to ask a question about an investor client. Yes, that's right everyone, I was available at 9 pm to help my Realtor partners.  Some may say that is dedication, which is correct to say, but it's more of a business model that I follow, that separates me from the million other loan officers going after the same agents.  My agent and I brained stormed for half an hour and come up with a solution to help her investor purchase a duplex.  The solution you ask?  Well, based on the property, the client and the purchase price, we concluded together, that it was best for her client to obtain a short-term construction loan from a small local bank to rehab the property and then refinance the property at a later date to recoup the money he invested into the property.  This particular deal will not put food on my plate this month, however, the time I took to help my referral partner will pay much higher dividends in the months to come. 

Today, I met with a Real Estate agent and we discussed how to price a home she was going to list based on the available mortgage products. I also suggested we pre-qualify her clients to make sure they can purchase another home before selling their current home.  You never know what skeltons are lurking in the closet that a future homebuyer my not be aware of.  I would hate for this couple who purchased a home 6 years ago, not be able to qualify for a home under the new mortgage regulations and be homeless or have to rent until they could purchase a new home! Now that is what I call a power team.  I am in the process of making flyers for her open house to hand out to prospective buyers and pre-qualifying her clients.  I don't expect to get the mortgage loan for the client that purchases her listing, however, helping her market the property and going above and beyond the call of duty, will almost guarantee, I receive her next client who needs a mortgage.  

So, as you see, it is very important that you pair yourself with a loan officer that not only helps provide your clients with financing options, but be there for you when you need advise or to help figure out what the best direction a client should take.  In this current market, we need all the help we can get. Some ideas may not always earn you money, but it will strengthen the relationship you have with your loan officer, the client and your referral partner. 

Sales, no matter what you sell, will always be a relationship based business.  The days of cold calling and unplanned visits with real estate professionals to earn a "one and done deal," as I like to call them are over.  Strategically placing calls to friends, co-workers, friends of friends, aka your circle of influence, will always be the best way to earn business and clients for life. 

If you have a question, scenarios or just want to talk, please give me a call (770-778-7497) or e-mail (sshockley@brandmortgage.com) at anytime.  Chances are, I will be up and ready with ideas. You can also visit my website for up to date information on programs and the real estate market: www.LoansMadeBySteve.com.  

Since social media is a huge hit, you can follow me on twitter: www.Twitter.com/ShockleyStephen or be my friend at www.FaceBook.com/shockleyst.  

Happy Real Estate Hunting! Hope this is a very productive year for you all!

Steve Shockley

Senior Mortgage Banker

 

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