Lets face the facts, no matter if you are a Realtor or a Mortgage person our jobs are mostly based on Sales and Sales ability. Before you start shaking your head NO, the fact is people like to do business with who they like. This would be sales.
I have been in and around sales longer than I care to admit. (20 years +) I have been everything from Sales Manager, Sales Trainer, Owner, Salesperson, etc......I have found a common misconception among people just getting into sales. They believe in order to be a good sales person you must lie to the customer. This is just out and out wrong. I have found the most professional Sales people will agree on is this
CONTROL ....Who has it
Recently I was contacted from someone who found me on the Internet. (Thank you Active Rain) This client enjoyed what I had to say and decided to contact me about refinancing the home that they live in. Like most files these days nothing is cut and dry. This file was no exception ranging from MLS, Low FICO, High LTV, etc....This borrower was very straight forward and knew what they wanted. (Control) They informed me from the very beginning that they had another mortgage person who already gave them an approval and a great low rate. However, they wanted to make sure everything was on the up and up before signing the papers with that person.
After doing my interview with my clients (hint hint) I realized that their is NO WAY that this other mortgage person can do what they are claiming. The DTI (Debt-To-Income) would be 98%.. Yes you read that right 98%. After I explained to the borrower what DTI was and the .98 was spoken for on every dollar and that this was before FPL, Bellsouth,Publix, Exxon, etc... Would you approve this loan?!? The client had to admit that they understood and that now all parties would need to be on this loan to provide the income needed to approve the loan.
The client only wanted to know was WHY? Why would the other mortgage person say that? My feeling is maybe fear, maybe they could not count or maybe they where just new and did not know. Either way my feeling is be upfront take control and Never, Never, Never Lie to your clients.
For more straight talk about Mortgages: Mortgage Advice In South Florida
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Matthew,
In the end, no matter what we are trying to sell, aren't we selling ourselves? No one wants to buy from one they cannot trust. Trust requires time and effort on both parties. Thanks, Fran
And never leave out things too! Lying by omission is still lying. I agree Matt. No matter what....be straighforward and sleep well at night.
Trust is crucial, part of earning your keep in this biz is sometimes having to deliver bad news. Let's hope things continue to progress so the true professionals sit tight while saying to the other mere hustlers, good night.
Fran, I agree that is true. People just don't want to be miss informed.
Sally, Thank you .. I agree always be straight forward and sleep well at night...
Jason, I agree they will keep dropping by the side
Matt,
Your honesty and integrity speaks for itself. We have to build trust first, if they like you they will do business with you! :)
BTW, I have never seen that video, now I feel like working out again! LOL! :)
Matt, This was right on target. I won't lie or misrepresent and often lose business but never sleep. The takers eat better; the givers sleep better. I need my 8+ hours. Thanks!
Great advice Matthew! It is so important to be honest and straight forward in business.
Suzanne, Glad I could help you out on your workout schedule..lol
Andrew, Ahh Nice 8 hours of sleep you can't beat that
Bonny, I agree thank you.
I wouldn't approve them and I'm not a mortgage broker.
Great post Matt....there are some shady people out there who will lie through their teeth to get a transaction and let the client this that they are in control...until the last minute before closing....darn them! Keep on doing a great job Matt!
There's still a lot of smoke being blown up skirts right now... Matt blows smoke but shoots straight
We've gone over some programs that let the backend go a little ways but not that far
literally they're not keeping but 2% of their money in their pocket which means they could sneeze and be bankrupt!
Matt.... I agree, we need to take control. Part of the problem with sales and what you and I do is that some people will sell broken promises. You and I and so many others won't do this. That is why we will get referrals. I can't get a referral from someone that I lied to or misled, right? Besides, the example that you listed? It could also be fear of losing that person... or a combination of everything that you mentioned. What you wrote is called awareness. We need to make others more aware and educate them.
Matt- Me, being one who wants control of knowing what is going on with a buyer's mortgage file and application and having learned about the mortgage business enough to know when my client is being scammed will tell the buyer from the get go that this is not on the up and up. Unfortunately they don't all listen to me and then we have problems just as I suspected.
And the same goes for agents that lie about the market just to get the listing! That just happened for the first time to us in over 5 years. Lie to get the listing and then plan to get them down in price to where we said they need to be from the get go! Like, did we not tell them this?
By the way, call me tomorrow 753-0135, after 10 a.m. Katerina
I get it more than you can imagine - just this week I told a client not to write an offer - on a home yeah the paycheck on a $700,000 sale would be nice..... but the home would never ever be worth the upgardes my client was planning on - he would loose money becuase the property would always be built by the builder who is not a reputable guy and the property would always be flooded in the spring - we are still looking
Matt, this is why you'll still be around while the others disappear. Your goal is not the paycheck at whatever costs, you look out for your clients.
Neal, I think anyone would have.
Leah, You are right I think normally this would have been a bait and switch but I have a funny feeling in this case the Mortgage person really had know idea what they where doing
David, You right one sneeze that is all it would take.
Jeff, I agree we need to educated the consumer. That is what I did when I went through the debts.
Katerina, I will call you this morning. Sometimes you can lead a horse to water.......
Thesa, Good for you! That is the best way always be honest and you never have to look back
Sarah, I really do look out for my clients. It is never about the amount of commission but my reputation and that you could never buy.
People come to me from the internet and they already KNOW what they want. They may have even gotten a 'Yes' from another lender.
I try to bring them down to earth. I wonder how it worked out for them.
Matt,
This all goes back to the old saying "Promise Less and Deliver More". I think once the herd thins a bit, if it hasn't already, the Mortgage Pro's will take over the land again. Borrowers will start finding us and all we be right in the universe again. The year 2003 is in the past, now it's our turn to show what Mortgage Professionals are all about. Not every kid coming out of college with no direction will jump into an LO's seat for a quick buck...
Thanks for the post
Tom, I always try and leave the door open with my clients letting them know if anything changes please let me know.
Jim, I agree with you. I did hear the Burger King was hiring
John, My pleasure
Matt- Another fantastic post about integrity! Since we work mostly on referrals, lying or under delivering would leave you no one to work with! This is why you are busy! Nice post!
Kim, Thank you very much. So true, I know you and I don't buy leads.
matthew-- i agree and also have had some weird ones come my way lately..Fico scores of 520
with high ltv's and the customer wants me to beat some other guys rate that doesn't exist!! I'm
just upfront about what I can do and that's it. In many cases I have clients come back confirming
what I said about the rates and have gained a trusted friend or even a client at the higher rate---
thanks--mike
Michael, If you really want a good laugh you should try speaking to some of your Account Executives. I was speaking with my A/E from WAMU today and they are still getting pre-quals from loan officers asking if they can go 580 stated at 100%....Oh well we did get a good laugh.
I am like you always upfront with my clients.
Thank you for your comment
Do people really buy leads and have success from them? I have really never heard of anyone having any kind of success from them... And for the yahoo's that are sending in pre-quals for 580 stated at 100%, are their heads in the sand? Holy Cow! I have a guy right now with a 617 full doc 90ltv but has 2 30's on the 1st and 1 60 2 30's on the 2nd...full doc... I wont even take an app unless I know I can get it done. Why give them false hope. This poor guy has been through 3 other lenders, app, appraisal and all...
Kim, I see why we get a long.. we think a like. I told a client the other day that I did not need the practice of taking an application unless I know I can close it. Yes I know we loose deals but it won't be because I can't get it done. Just always be upfront