In today’s second part of our four-part series, “Building the Ultimate Buyer’s Team,” let’s talk about how to protect your time.
The first step to protecting your time is asking the right questions. This might sound elementary to many of you who have been in the business for a long time, but the initial questions you ask during a buyer consultation help determine who you should pass these buyers to. Ask them what type of property they’re interested in, what timeline they’re working on, and if they’ll be paying for the property in cash. Asking all these questions will tell you which loan officer will best serve your clients.
As we discussed in part one, we need to have many tools on our belts. Since loan officers aren’t one-size-fits-all, you’ll need to have multiple options to fit your clients’ varying needs. After all, you won’t refer a first-time homebuyer who needs down payment assistance to the same loan officer who needs to represent the $10-million buyer of a waterfront property on the coast! That’s not prudent or good for your business. You also need a range of loan officers to be able to mesh well with clients of differing personalities, ages, genders, and languages.
The third and final step is to get your clients pre-approved as fast as possible. We need to reward these buyers with feedback as quickly as we can because they did what we asked of them—they made themselves vulnerable, had their credit pulled, and provided the supporting documentation. The least you can do to reward them is to provide them with feedback. Whether it’s good or bad, people want answers, and giving them answers will help them maintain the excitement throughout the pre-approval process and the purchase itself. Speed is important to keep the wind in buyers’ sails.
Additionally, be sure that the loan officer communicates well, meaning they’re proactive about providing updates to your clients.
Here’s a bonus tip to help you protect your time: Make sure that your buyers are getting underwriter approval from an actual human being; this will better educate your clients and help them understand their pricing and payment, and the feedback will help them move faster.
Do you have any tips for us about protecting your time? What methods do you use? Don’t hesitate to reach out to us to share your tips or to ask any questions you have.