There has been a somewhat recent shift from refi’s to selling and purchasing again but the market currently is quite different than it ever has been before. Epic bidding wars reminiscent of mythic Gods at war have taken their toll on home buyers and sellers alike. Add to that an unprecedented scenario where a pandemic has forced virtual showings and open houses, extra precautions if you’re going into a home and digital signatures whether you like it or not. I recently signed for an appraisal myself that was digitally signing an excel spreadsheet requisition. That was a new one.
The point is, stress levels, anxiety and the unknown for your home buying and selling clients are at an all time high. Their realtors and frankly, your realtor partners are busier than ever managing listings, bully offers, offer days and now even fill in the blank offers, that they don’t have a ton of time for consoling their clients or even answering many questions.
This is an opportunity for you, the mortgage professional. Not just a business opportunity but an opportunity to do some extra good. To step in and be a light for your stressed out clients. This is an opportunity to shine in ways a bank rep never could. An opportunity to deepen important relationships with your realtors and your clients and even their families.
They say the most fulfilled entrepreneur is not just the one that reaches their monetary goals, but an entrepreneur that feels fulfilled and empowered to help and do good.
So how can you be the light in this crazy time when you yourself are so busy?
Whether on Zoom, in person or even over the phone, your first appointment should never be one and done app taking. No matter how awesome you are told that is, it does not build a client for life, which you will need in the slower times. Simply replying to an inquiry or referral by sending out an app link, isn’t enough. A high school teenager can do that. Are you a mortgage professional or a mortgage order taker?
No, this time has to be different. You need to talk to them, converse in any way you can and perform the best damn mortgage KYC (Know Your Client for the order takers out there) you have ever done. Why? Because they want that, and in this market they need that. COVID-19 and the stress of the market are exposing some of the lonely island clients are now on due to tech and lockdown restrictions. Trust me, your shiny new tech is very fancy, efficient and convenient but we are seeing clearly now that it does not replace advice and the human touch. At least if you ever want to keep the client that is.
So here are some keys to this new style of appointment:
2. Check in Regularly
This is a step a mortgage pro can take that will take some of the heat off of your realtor partners and they will appreciate you for it. You are a mortgage pro so you are very, very familiar with this whole process and the steps and phases your clients will be going thorugh.
3. Treat the After Sale as a Pre-Sale and Don’t Stop Answering Questions
With any luck, you didn’t just send the app and perform the transaction and you are actually building a repeat client by providing epic, trustworthy service. If that is the case, keep it going. Never stop communicating with them. Some of that cool tech you are paying for can really help streamline this.
The home buying process is one of life’s most stressful undertakings and one of the biggest transactions of your clients lives. Treat it as such. It is easy to forget what it was like when you first went through it. Now imagine more stressed out realtors, bidding wars $100k over asking or more, bad advice from their families, frustrations anxieties and oh yeah….a pandemic.
Set yourself apart, be the change you want to see in the industry and most importantly, do some good right now. The world needs it.