Do you control your clients or allow them to control you........

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

arm wrestling

Does it feel like you are always wrestling with a client or two because they want it done their way or because that was how it was explained to them by their parents or neighbor?

We live in a world of, "do it my way or I will find someone else to do it".  This is a great topic for both the consumer and the business person. What made me think of this topic was because of a blog that Matthew Blum wrote the other day, Don't Like What Your Appraiser Says? Get Another One... Not Going to Help. Here Matt describes a basic issue that has always been a problem since I have been in the mortgage industry.

As I have gained knowledge and experience in an ever changing industry in the last 15 years, I have been able to handle this issue, usually. I say usually, because you will always come across someone that will think they know more than you do or want to control the transaction, even though they are the client.

The challenge at hand is that we have to be patient with the consumer, explain it in layman's terms, and to educate them and not just slam the door in their face out of frustration. On the other hand, the consumer needs to understand that we are the so-called expert in our related field and that they will need to trust our input and feedback. Now, the problem here is trust. There are several ways to find a trusted expert in the mortgage and real estate industry. The consumer needs to do some research either on the internet or just ask family, friends, and or co-workers for a referral to whom they have worked with previously. Just don't jump in with someone that makes tons of promises, especially if it seems to good to be true.

Just the other day, my sister's friend settled on a house, but the settlement was delayed because they went with someone that promised them a 'no fee' loan. It had to be delayed because they were told last minute that they needed a lot more money at settlement and that particular 'no cost' loan didn't exist anymore. I had been working with this couple for almost 2 years, answering all of their questions. They were told by this loan officer at the end that I was charging way too much. You get the rest of this story.



working togetherConclusion :  Working together is the key to a successful transaction. It takes the listening skills of the so-called expert in his or her field to understand what the consumer's needs and goals are in regards to the transaction. But it also takes the consumer's patience to allow us to do our job, no matter what questions that we ask. I say this because just the other day I had a client that read one of my blogs. They wanted to purchase a new home and wanted me to work up a few scenarios. But he didn't know what his credit score was or how much money they had to work with. He actually didn't give me much to work with and didn't want me to pull his credit. I said I can't give you any scenarios because I don't know what I am dealing with. He said that he would discuss it with his wife and get back to me. I put my foot down and it's been 3 days since I last spoke to him. I will be following up with an e-mail today. But as professionals in any industry, we just can't blindly give information based on unknowns. We can't be in fear of losing that client. This is just my opinion.

Overall, we need to educate the consumer and make them understand. I hope many consumers read this and understand it from another perspective.  You need to work with a trusted professional that is not afraid to be upfront with you and not give in just to get you into the door. Keep this in mind when shopping for anything. You can also read : Shoppers that shop themselves right out of the market……



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Copyright  © 2007   by Jeff Belonger


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Comments (10)

Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life
Good work Jeff!  Working together is key, all parties need to understand that.  I'm also glad you referenced the post 'Shopper that shop themselves right out of the market'......I've seen that happen several times.
Nov 07, 2007 01:41 AM
Abe Do
Olympia, WA
Great post....I think as agents and brokers get weeded out over these tough times the agents and brokers that stick around will be the ones that can guide their clients and won't be pushed around.
Nov 07, 2007 01:42 AM
Joe Adams
Major Mortgage USA/Branch Manager - Montrose, CO

Jeff, well said; we need to work with the clients and sometimes, just once in a while, they will know more than we do.  When that happens, I usually let them think they are the ones in control, by sayi9ng something like,,,,,,  "now I know you know all of this, but lets review..............."

Have an awesome day sir

Nov 07, 2007 01:43 AM
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Jason....  thanks for the kind words. I am sure we have seen some of these examples happen more than once. Unfortunately, it will always happen, because of greed. But we just need to educate the public and those in the industry.

Ryan....  thanks for the compliment.  Yes, it will correct itself and weed some of these people out over time, because of the declining market. But there will always be a few still hanging around.

Joe....  in regards to your statement, that's just called having 'patience'. You make a good point, going back at the end to review everything.

Nov 07, 2007 01:54 AM
Thomas Weiss
Thomas R. Weiss - West Palm Beach, FL


I like the idea of working together, it make some very smooth Transactions!!


Tom Weiss

Nov 07, 2007 02:07 AM
. .
US Property and Appraisal - Pittsburgh, PA
Excellent advice. As a former AE, the worst thing was when RATE was sold over everything and trying to explain to the borrower why their rate was higher because of a certain situation.
Nov 07, 2007 02:19 AM
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate
Glad you did that, Jeff. We are not vending machines that people can throw something at us and out pops the answer.
Nov 07, 2007 04:01 AM
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Tom W. ......  it can be a very smooth transaction indeed, from both sides of the transaction.

Nick......  that is one main point, rate. So many just look at rate and ignore the fees and actual program. Sometimes it's vise versa and others it's a combination.

Missy.....  that's a good one... vending machines.  We still need to treat people like human beings, but not allow ourselves to be walked all over.  It can be a fine line at times.

Nov 07, 2007 05:07 AM
Danny Thornton
R & D Art - Knoxville, TN
WordPress Guru
Jeff, I agree with your conclusion. It is imperative to work together for the common goal.
Nov 07, 2007 05:54 AM
Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI
I don't like the word "control".  "Partnership" is the way I want to work with my clients.  I educate them as much as possible, make sure they have good partners along the way (Mortgage reps, inspectors, etc) and keep on top of things throughout the process. 
Nov 07, 2007 09:17 PM

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