Guido is Killing Me Softly With His Song - Importance of Words

By
Real Estate Agent with RVA HomePRO Realtor with Keller Williams serving Hanover, Henrico, Chesterfiled and Richmond, Virginia 0225205023
https://activerain.com/droplet/4ydR

ConfusionKilling Me Softly With His Song
By Charles Fox with lyrics by Norman Gimbel

Strumming my pain with his fingers,

Singing my life with his words,

Killing me softly with his song,

Killing me softly with his song,

Telling my whole life with his words,

Killing me softly with his song.

 

What's That You Say?
Professionals who work in any field for any amount of time often come up with acronyms and words for things that mean little to the general public. Think about real estate for a moment. Nearly every day I go into the MLS to do a CMA on a property and check on the POA/COA docs. Then I might write up a contract and get an EMD so we can get it into escrow so we don't get a complaint filed at DPOR. If I were to say this to a random person on the street they might look at me like I was speaking gibberish. 

We can avoid this confusion by explaining the acronyms or using common language. However sometimes even this can get us into trouble. Sometimes we need to use alternative words to avoid confusion or fear in our clients. Part of this is sales, but part of it is psychology to help our clients better understand what is going on, avoding charged works that lead to fear, uncertainty, and doubt.

Vinny, I Got Somethin' For Ya
A while back I had a buyer who was applying for a loan on a purchase of a property. Due to several circumstances the loan this buyer was going to need was going to have to be a non-conforming conventional loan, also known as a portfolio loan, or a private investor loan. To a real estate agent or lender those phrases don't cause concern for us, but to a generic buyer they might bring up strange images that are no where near what is going on.

mob loanWhen the loan officer called my client to tell them the news the loan officer said something like this, "Mr. Buyer, I've been working on your loan and due to this, that, and the other thing I'm going to have to look at changing your loan to a different product. We were originally going for this typical conforming loan program but now we are going to have to look at a private investor loan to get this deal done. Closing costs will be the same but the interest rate may be a little higher, I need to check on this." I almost fell over; not because I didn't understand what was going on, but because of the words this loan officer was using with my first time home buyer who was stretching to get into a home of their own.  

I could see the wheels in my client's head turning and envisioning the private investor's "representative," Guido, visiting my client every month with baseball bat in hand to collect his monthly "donation" so they could keep the house, and wanting the payment in cash for, "convenience." A private investor might have to loan me the money to buy this property? Thanks but no thanks started to coarse through their head.

RVA HomePRO to the rescue

After the Mob Hit

A few minutes later I got a call from my client. They didn't want to go through with the deal, they didn't want to work with me any more, they wanted to put their entire search on hold. I asked what was happening, they explained that the loan was not going to work out and they needed to take a breather. Having heard the previous conversation from the loan officer's side I was able to calm their fears explaining that the lender was really saying the loan they were looking at was likely going to need to be a portfolio loan that stayed with a bank and how that worked. Also, since it would likely be a portfolio loan that their loan would likely not be sold either (back at the beginning of working together they had told me they didn't want their loan sold and were afraid of that). 

With the words the loan officer used not only did they nearly kill the deal with his words (which eventually died for other reasons) but they nearly cost me a client. Since I understood the loan process, the issues at hand, and was privy to the other side of the conversation I was able to address the challenges and change the words used to still communicate what was going on in a softer and more easily understood and less charged manner. After I explained this to my buyer they were willing to continue to work with me but wanted to change loan officers at a different company. I gave them another referral and they started working with that new loan officer.

 


As a RVA HomePRO I work to be one step ahead of my clients and help them understand what to expect while explaining complex terms and processes in easier to understand concepts. If you are looking for homes in Richmond Virginia, homes in Glen Allen Virginia, or homes in Mechanicsville Virginia and all points in between I can help. Check out RVA HomePRO.com

 

Posted by
RVA Home Pro
Michael Hottman As a Licensed Real Estate Agent in Virginia and a Licensed Professional Counselor in Virginia I strive to help others achieve their goals in life, whether it's selling or buying a property or becoming the person they were meant to be.


My background includes a Bachelor of Architecture from Virginia Tech and a Master of Science in Rehabilitation Counseling from Virginia Commonwealth University (VCU), managing residential properties, graphic design, corporate information technology, and being a third generation Realtor®. My experience in real estate started when I was old enough to help my dad clean out rental properties and I have started taking my son on showing appointments already.

My goal is to always provide my clients with 5 STAR service from the time I meet them to far beyond the close of their initial transaction, making them clients for all the real estate transactions they may ever have.

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Keller Williams
6600 W. Broad Street
Richmond, VA 23230

804-767-5710

www.RVAHomePro.com

www.MichaelHottman.com

Michael@Hottman.com

While the information in this blog post is thought to be accurate and reliable on the date it is posted, it is provided on an “as is” basis and without warranty of any kind, either express or implied and is given for educational and informational purposes only. The contents of this article should not be considered as theraputic, legal, accounting, or other advice. For a comprehensive consultation regaring your personal situation please consult a competent professional in the appropriate field.

 

Found in Real Estate Blogs Directory - a directory of real estate blogs and
blogs of industries affiliated with and serving the real estate industry.

 

 

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Show All Comments
Rainmaker
2,346,102
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

I had no idea.....thanks.

Jan 17, 2015 07:49 PM #10
Rainer
80,043
RVA HomePRO Michael Hottman
RVA HomePRO Realtor with Keller Williams serving Hanover, Henrico, Chesterfiled and Richmond, Virginia - Glen Allen, VA
Helping you achieve goals in life & real estate

Noah Seidenberg - The harder part is I've tried to help out this loan officer with how to present things better, but he keeps falling into bad habits.

Jan 18, 2015 12:59 AM #11
Rainer
80,043
RVA HomePRO Michael Hottman
RVA HomePRO Realtor with Keller Williams serving Hanover, Henrico, Chesterfiled and Richmond, Virginia - Glen Allen, VA
Helping you achieve goals in life & real estate

Roger D. Mucci how we present things can be the difference in getting something done and someone pulling the ejection handles. It's hard enough to get something to closing, we don't need others eroding our chances.

Jan 18, 2015 01:00 AM #12
Rainmaker
1,352,443
Nick T Pappas
Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Hun... - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Michael, I totally agree with you...it's all about the presentation. As a side note, the only client I can remember not wanting their loan to be sold was for fear it would be sold to BoA, or CitiBank who they had bad experiences with.

Jan 18, 2015 04:07 AM #13
Rainer
80,043
RVA HomePRO Michael Hottman
RVA HomePRO Realtor with Keller Williams serving Hanover, Henrico, Chesterfiled and Richmond, Virginia - Glen Allen, VA
Helping you achieve goals in life & real estate

Nick T Pappas I think the fear of it being sold comed from fear that the terms of the note might change, but of course that can't happen. My wife had the same fear about her first home loan. After we got married I discussed this issue with her about this when we purchased a house together and she calmed down.

Jan 18, 2015 05:16 AM #14
Rainmaker
2,706,901
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Hello Michael,

That loan officer will need to learn that consumers do not speak his language!

Jan 18, 2015 09:56 AM #15
Rainer
80,043
RVA HomePRO Michael Hottman
RVA HomePRO Realtor with Keller Williams serving Hanover, Henrico, Chesterfiled and Richmond, Virginia - Glen Allen, VA
Helping you achieve goals in life & real estate

Lisa Von Domek I agree. We all need to adjust our language to help clients better understand what we are saying.

Jan 18, 2015 10:41 AM #16
Ambassador
2,368,014
Robert Vegas Bob Swetz
Las Vegas, NV

Hello Michael ... another interesting post like you "Top Gun" post, I wish my words were more interesting in writing like yours 

Jan 19, 2015 04:16 AM #17
Rainer
80,043
RVA HomePRO Michael Hottman
RVA HomePRO Realtor with Keller Williams serving Hanover, Henrico, Chesterfiled and Richmond, Virginia - Glen Allen, VA
Helping you achieve goals in life & real estate

Thanks for the kind words Robert (Vegas Bob) Swetz. I wish I could write them faster sometimes. I'm not at a loss for words or ideas when it comes to blog posts, but I am at a loss for time and speed.

Jan 19, 2015 04:31 AM #18
Rainmaker
986,178
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

Words are important, RVA HomePRO Michael Hottman at  804-767-5710 with RE/MAX Commonwealth, to Hanover, Virginia.

Jan 20, 2015 06:14 AM #19
Rainer
80,043
RVA HomePRO Michael Hottman
RVA HomePRO Realtor with Keller Williams serving Hanover, Henrico, Chesterfiled and Richmond, Virginia - Glen Allen, VA
Helping you achieve goals in life & real estate

Yes they are Will Nesbitt - they can create peace or insight riots

Jan 20, 2015 06:24 AM #20
Rainmaker
2,229,428
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Oh how I love the way you write Michael!!!

You're an inspiration to me!!!

Jan 20, 2015 12:45 PM #21
Rainer
80,043
RVA HomePRO Michael Hottman
RVA HomePRO Realtor with Keller Williams serving Hanover, Henrico, Chesterfiled and Richmond, Virginia - Glen Allen, VA
Helping you achieve goals in life & real estate

Patricia Feager, MBA, GRI, Cert Negotiations Expert, Military Relo Prof thank you for the kind words. I try to put out things that are meaningful, knowledgable, and fun. Not necessarily in that order.

Jan 20, 2015 08:40 PM #22
Rainmaker
2,432,999
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

I have had clients ready to walk because of a careless loan processor but not from a lender.  I only saved it by gathering the docs needed from the buyer myself by going thru his files with his girlfriend.  Closed in 4 days.

Jan 21, 2015 11:11 AM #23
Rainer
80,043
RVA HomePRO Michael Hottman
RVA HomePRO Realtor with Keller Williams serving Hanover, Henrico, Chesterfiled and Richmond, Virginia - Glen Allen, VA
Helping you achieve goals in life & real estate

Evelyn Johnston way to help out your clients!

Jan 21, 2015 02:05 PM #24
Rainmaker
1,680,789
Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

Good evening Michael,  You make a good point.  Many people don't consider the mental age of the client.  I was always told to pretend we were trying to explain the situations to a 10 year old, using their age understanding, so they could make some good decisions based on the conversation.

Feb 02, 2015 08:31 AM #25
Rainmaker
1,571,396
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

You put together a really great post here, with good images and everything! Too bad the deal was lost.

Feb 03, 2015 04:22 PM #26
Rainmaker
1,507,472
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

lol, you just killed one of my most favorite songs.

But you are right, some people are very good in 'killing us softly', and not just clients, but vendors and co-workers.

Feb 08, 2015 04:09 PM #27
Rainer
80,043
RVA HomePRO Michael Hottman
RVA HomePRO Realtor with Keller Williams serving Hanover, Henrico, Chesterfiled and Richmond, Virginia - Glen Allen, VA
Helping you achieve goals in life & real estate

Georgie Hunter the deal isn't dead yet, but it is on hold for now. 

Feb 09, 2015 12:57 PM #28
Rainer
80,043
RVA HomePRO Michael Hottman
RVA HomePRO Realtor with Keller Williams serving Hanover, Henrico, Chesterfiled and Richmond, Virginia - Glen Allen, VA
Helping you achieve goals in life & real estate

 Inna Ivchenko sorry about that... I think you'll recover. Just take the song as a reminder that words matter and we can always strive to be better.

Feb 09, 2015 12:57 PM #29
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