A Flight to Quality

Mortgage and Lending with M & T Bank

Not the flight you think. The lending industry is full of this cliche. One that arises with each credit crunch yada yada.

The flight I am talking about is away from bad relationships to good relationships. Over the past few years there was so much business that we worked on a transactionaol basis and not a relational basis. Realtors and lenders became a commodity. When the bus crashed there was no one to call because we didn't build a solid foundation.

I recently began to qualify my clients and qualify my calls. I took old clients and began quarterly follow ups and updates with the top clients. I began rebuilding relationships. It works.

Take the time to do the same. All real estate and loan offices have a book of closed business. They also have loan officers and agents who have left the business. Take the time to call these people to thank them for past business and let them know of the changes that have occurred since they closed. THere is a tone of bad information. All provided by the news channels (ugh!!!). Overcome the angst by being proactive and letting people know what is happening locally. Real Estate is a local business. Don't let the national news keep them sitting on their hands.

When I started in the business I was told, "Work with the greedy, not with the needy". Busy people will use your time effectively. They will value your service and they will return to you for the next transaction. Needy people want it for free, won't value your expertise and if they do come back , they will base the relationship on price not value.

Lose those folks.

Happy Memorial Day. Rant is over.

Comments (3)

Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

Your post is well timed I am struggling with a client "greedy" that I am supposed to work with this weekend

May 23, 2008 12:01 AM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

John - Good to see you.  It is important to build good relationship with our past client, this can be acheived in part by keeping them information of the state of the local market.

May 23, 2008 02:29 PM
Paddy (Patricia) Pizappi
Better Homes and Gardens Rand Realty - Pine Bush, NY
Real Estate Associate Broker Hudson Valley NY

Great post John I just did a deal with Karen Fitzpatrick from the Middletown office.  She was great.

May 23, 2008 11:17 PM