The unspoken code of sales. The idea that a person who earns their commission and the sale get paid seems to be hard for the ordinary person to understand. Since we all live the life of a sales rep who is paid based on their ability to close the deal and eat what we kill we understand that it’s absolutely wrong to continue to ‘shop’ other lenders once we have established a relationship. If you and the client have been in communication for months with pre-approval letters why should they be messing around on the side? After all, you have kept them up to date on the market, have been working with the realtor on what they can afford vs. what they feel comfortable paying, meeting the client to catch up over coffee, etc. But have you done all of the above? Did you count this client in too early? Do they know how important their business is to you?
If you shrugged your shoulders to the questions above, then you have no one to blame for losing the loan or for them to “keep their options open”. Just like a relationship, it takes work, time, and most of all communication. Here is a short list of items to keep yourself as their “one and only”
Ask – are they happy with all the information that you have provided them. How often would they like to have updates and how would they prefer to be contacted…email, text, phone. (Skype your client or make it as personal as you can – face to face is always the best even if it’s over the web)
Teamwork – how close are you with the REALTOR? This is your best way to lock in the relationship. Nurture this partner and make sure they have no reason to refer to someone else when the offer get accepted. Share your recent closings and how successful they were. Let them know why YOU are the best for the job, not only for this client but everyone you work with. Goon Caravan and discuss with them what’s on the market in the clients range so you can ‘keep your eye out’. The more the two of you can round robin and touch base with the client the better.
Put it out on the table – you have worked hard to get them pre-approved. Maybe you have a structure that other lenders wouldn’t think of for getting them the better purchase price or down payment. Let them know that you want to be the only lender and that shopping would only put the relationship on the rocks. You will commit to getting them the best possible deal but need to make sure that they appreciate you and all that you do! Practice this conversation with people in your office as you also don’t want to come off as being the “needy” and “controlling” lender.
Make sure to use the right tools to keep the client involved. With Local Loans you can share market updates on rates, borrower blogs, payment calculator screens, and the best part is you can track all the progress within your pipeline.
Remember, you are in this to provide the best relationship, and you deserve the job. Make the customer understand why you two are meant for each other so that you don’t find yourself losing out to another lender that they were moonlighting with.
Staying in Bed With the Realtor
We all have heard or experienced the ‘one night stand’. That opportunity that somehow landed in your lap to work with the top agent in town. How did it go? Did they run out of the transaction with their shoes in hand and shirt unbuttoned or did you have them making your breakfast in bed?
sometimes it’s not as simple as showing how amazing you are at your job, even though this should suffice. It’s about being not only memorable but unforgettable. Were they engaged throughout the process without having to make a call to you first? Did they reach out to YOU and say thanks for doing a great job? It’s not always fair how Realtors treat us lenders. They get the paycheck at closing, we wait for the monthly figures to all add up (at least 15 days later) and if we did the job perfectly they simply give a hand shake and maybe a kudos but they certainly don’t go out screaming from the mountain tops.
Written and Posted by:
CEO Local Loans