Spring is here and by all accounts the home buying activity level is increasing nicely. Many of my loan originators are seeing a large number of pre-approvals finding properties and going into contract. As the numbers of homes that are selling increases, so does the awareness that now might just be the best time in the next few years to get out and purchase that new home, or find your Forever Home!
With increased activity we can also see a big increase in the level of frustration on all sides. People get frustrated when they are not in control of a situation or they don’t understand why what is happening is happening. This holds true for all of us. So how do we avoid many of these situations and how can we prevent ourselves, our customers, and our referral partners from becoming frustrated with the process? The answers are ours to provide and to control. The answers lie in the actions we take to overcome frustration.
The first thing we can all do is become better at communicating and setting proper expectations. As professionals, it is not our job to agree with people, it is our job to set forth a path that results in the smooth closing of a real estate transaction. Let’s be clear, if we don’t know how the transaction proceeds step by step perfectly, how do we ever make it happen, and how do we get everyone else to participate? You must know each and every step from first contact through post-closing. As I travel the country speaking and training, I can’t begin to tell you how many people do not have this written down, much less put themselves in a position to share the process.
Rule #1: Set the proper expectations up front, and a time line by which the work is completed so that you meet your target closing dates!
Second in our list of things we need to do to avoid frustration is to be sure we have a “big picture view” of our market. How many transactions are taking place? What price ranges are in demand? What kind of borrowers am I seeing? What is the time frame or gestation period for a client in my market from first contact to closed loan? If we are not dealing with the real numbers, how do we know how well we are doing?
Rule #2: Do your homework and know the math. If you aren’t clear about the reality of your specific market, how can you keep score?
Third on my list is to get past those people who are not committed to what you are doing and work with those who are. You can’t please everyone. Clients, referral partners, and even your co-workers may have a different idea of what is a successful outcome. You need to be clear what you are trying to accomplish and be sure those you are working with people that are on the same page.
Rule #3: You don’t need everyone to work with you, work with those people who connect with your system and process and see the value in your plan! As my good friend Darryl Davis says, “You don’t water weeds.” Truer words have never been spoken!
Last on my list is to be proactive. You can’t sit around and wait for a situation to solve itself. If there is an issue, find a solution and get it done. If you can’t find the solution, get help. If there is no solution, move on to the next deal. Wasting time trying to revive a dead deal prevents you from getting involved in two or three new opportunities that will close!
Rule #4: Sometimes deals are not meant to be. Sometimes deals die. It happens. Go on to what is NEXT!
Success stories from last week: A Realtor®, frustrated with the lack of inventory in their market got out of the office and hit the streets knocking on doors. As a result of a weeks worth of effort doing what other agents won’t do, our agent generated THREE LISTINGS!
A mortgage professional who was tired of losing deals to a builder’s “Preferred Lender” decided to come up with a strategy to discuss with that builder to improve opportunities for the two of them. When looking at the builder’s development and his own list of pre-approvals out looking for homes, my mortgage professional made the determination that he had 23 families pre-approved that were likely candidate to purchase that builders homes. He schedule an appointment with the builder, shared the information, and offered to have a “Wine & Cheese Night” at his office so the builder could make a case for these people to buy one of his homes. The builder was impressed with the idea and not only agreed to the event, but included my professional on his approved lender list!
Actions can and will overcome frustration!
Questions or comments: mike@IMTcoaching.com or visit us online at http://www.improvemytomorrowcoaching.com
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