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.
Conclusion : 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……
More information when shopping for a mortgage :
The First Time Homebuyer Series :
- First Time Homebuyer Tips : FHA, is the best mortgage program? -- Best Programs & Why -- Part 3 of 4
For more information on how you can obtain your dream home, please click here : Mortgage Financing Options
Copyright © 2007 by Jeff Belonger