Last night my wife Melinda and I were out shopping at Office Depot in Jantzen Beach for a laptop for her. We spent nearly 45 minutes with this salesperson. The salesperson was nice, answered our questions, and obviously knew his products. However, much to Melinda's dismay(and mine), we walked out of the store with nothing. As we were driving home, I started thinking to myself, "Why ,after all of this time we spent, did we walk away with no laptop? After all, Melinda and I act very quickly and decisively when it comes to purchasing big ticket items. We do a lot of research up front via online and by readking Consumer Reports. We don't mess around. Why didn't we come home with a laptop? "
Then, it dawned on me. Although we asked the salesperson quite a few questions, and his answers were more than satisfactory, I realized that the salesperson did not ask either one of us ONE SINGLE QUESTION. He did not ask:
"What would you be using the laptop for?"
"What kind of price range are you looking at?"
"What features are important to you?"
If he had probed us a little further and had engaged Melinda more, we probably would have walked away with a laptop that fits our needs, our budget, and not wasted 45 minutes store time and another 45 minutes drive time. (My #1 pet peeve in life is wasting time).
This brings me to my profession. This applies to all of you clients, realtors, escrow officers, etc. that I have done business with in the past. Asking questions to your prospects, clients, etc. is critical in our profession. Although I called that person in Office Depot a salesperson, I hate that term. My profession, along with realtors and escrow officers, are sales-oriented, if the truth is known.
Being that I hate the term "salesperson", I see our professions and even the Office Depot employee's profession more as a consultant. We are here to ask you questions, and address your needs. If we are simply talking about products, features, programs, etc, and not engaging our clients, we will not obtain any business.
You, as a client, realtor, prospect, etc. have a choice to use whomever you want to use in terms of financing to either purchase a home or refinance. Be careful, though because as much as I love my profession, there are still quite a few less than satisfactory ones out there.
So here is my spiel:
If you(or someone you know) is not being asked these following questions while working with them, you are working with the wrong professional.
"What monthly payment are you comfortable with?" (Applies to purchases)
" Are you working with a real estate agent? If not, can I recommend someone to you?" (Purchase)
" What kind of personal traits do you desire in a realtor?" (Remember, we are all human. As good as all of us are in our professions, not all personality types click. For example, a Type-A, high-energy realtor may not work well with an introverted, careful, analytical buyer.)
" What kind of monthly savings would you like to see to make it worth your while?" (Applies to refinances)
" How long do you plan to stay in your home?" (Very important. A refinance that saves a customer $300 per month is great unless they are planning on moving in less than a year. That is important because we have to make sure a client will recover his/her closing costs before they decide to move).
" What manner of applying works best for you? We can do this over the phone, in person, or apply on my website." (Critical question. Some clients of mine HAVE to meet me in person. Others, who have more time constraints, prefer to apply online).
AND LASTLY, WHAT I FEEL IS THE MOST IMPORTANT QUESTION BECAUSE IT DEALS WITH COMMON COURTESY
, When you are calling a client on the phone, ask this question:
" (Insert customer name), do you have a few minutes? (Or, you could say) "Is this a good time to talk?"
I see that as critical because, as professionals, we have to respect our client's time. There are many instances where I may need a client's full attention because I have important information to cover with them. If I hear a bunch of noise or kids in the background and it is 6:30 at night, it may not be the best time to talk to them. Just as my clients respect my time away from the office or when I cannot give my full attention, I do the same for them.
This is all common sense, but it is amazing how many professionals do not adhere to these basic questions and to basic common courtesy.
One last thought:
If you do not get acknowledged a "thank you for your business" at least twice from your mortgage professional during the process(it can be on the phone or e-mail), AND, if at any time you try to call your mortgage professional and their office phone or cell phone mailbox is full, RUN, DO NOT WALK AWAY FROM THAT PROFESSIONAL (Sorry, no excuses for not clearing your mailbox on your cell phone every day. And, certainly no excuses for thanking your client for the business. Clients are our livelihood).
Thank you again for your business.
Sincerely,
Paul W. Thompson
Mortgage Consultant
Wells Fargo Home Mortgage
