Has the real estate market been your wheel of misfortune? Have you been made promises after promises? Have you bought into the hype of what one company or person might promise you, but at the very end, it's not even close to what they promised?
- Does a realtor promise you a high listing price, higher than anyone else did in recent months?
- Did a loan officer from a mortgage company promise you a great rate with low to no fees?
Currently we are in a credit crunch, no matter how you look at it. Credit card companies are losing hundred's of thousands of dollars. Mortgage companies and investors are losing the same. Are some of these individuals that you speak to, are they in the same boat personally, that they need to cling onto each and every client so they can make a living?
Trust...... ouch, such a powerful word, but one that is abused often. How can we trust? How can we take that risk and believe someone that we have never met before. Do we take one person's word over another?
In mortgages and real estate, it can be easy to put your trust in the hands of a realtor or a loan officer. But what I don't understand is if you get a gut feeling that something might not be right, then why do you proceed with that person?
I spoke to a client recently that was going to go with another lender. I asked her to give me some details about her rate and costs. She really didn't know. When I asked about her rate, she said that the loan officer said, "about/around 7%". And she said that she wasn't 100% comfortable in some of his answers. My question to the general public, why would you even go through with this then? Even if your back is up against the wall, that you are in desperation, why? Do you know that this will usually backfire and put you in a worse situation?
The same goes for in real estate. Why listen to a realtor that says they can guarantee a higher price than most? We all like to think that we have a crystal ball. But what about truth and honesty? Realtors have access to what homes have sold in recent months. This is how they determine a possible price for your home. A very good realtor is going to point out to you the market conditions in your area. They will show you homes just as yours and what they sold for. You can't always use a current home on the market, because it might be over-priced. Sure, condition of the property makes a word of difference also.
My whole point in regards to both examples? Pay attention to such words and phrases as "I guarantee", "I promise", "no problem", "110% satisfaction guaranteed", etc, etc. I have been doing mortgages for over 15 years and I can't make everyone happy. I even had one gentleman report me to the BBB because he was unhappy. He was unhappy because he thought I was getting over on him, when in reality, I was being 110% honest. And luckily I saved my proof of what I went over with him, with his signatures on it. I fought the complaint and one.
You want my honest opinion? Those in real estate and mortgages that give you a lot of information upfront, before you even ask for it, are the ones that you should be paying close attention to first.
I just had a client last week tell me that I was the 6th lender that she had spoken to. After 15 minutes of speaking to her, she said that I moved into the number 1 spot. I said, may I ask why? She said, "because I answered most of her questions before she even had a chance to ask them." Meaning I basically gave her all of the information upfront for her to make an educated decision. I didn't hold anything back nor did I have anything to hide. Or was I afraid to compete with other lender's fees and rates. A solid real estate professional or mortgage professional understands this. Just keep in mind what I have talked about, because you might come across this, thinking that you will be fine.
The average sales person doesn't like a client that is educated and fully armed with answers. The true professional actually loves it, because it makes his or her job much easier. And because they know that you know all that you need to know, to not only make a solid decision, but because this is how they operate and can sleep at night.
Author of this blog : Jeff Belonger
e-mail : email@example.com