Monday, February 15, 2010

Top 10 mistakes in communication with Lenders

One of the main reasons many real estate agents find it difficult to negotiate with a lender is because they do not involve 3Cs approach to effective communication. Be clear, be concise, be polite. Through feedback from the Real Estate Agents, Loan Modification and Short Sale listings The following list has been identified as the Top 10 mistakes when communicating with a lender.

1) To forget your question - Be prepared when you call the lender. Write your questions down on a notepad to make sure you do not waste your time or the lender time and avoid having to call them back. Hold times can be long and have a dealer on the phone is not always easy.

2) Not being ready with your questions - Lenders do not have time to figure out what it is you ask. Be ready with your questions, and not try to beat around the bush for information that you know they can not give you. Also, do not ask obvious questions, you should already know.

3) Not to be precise with your question - There is no need to decorate or give a long winded explanation to the lender. Be straight to the point and you will find the lender will respond similarly. The more efficient you are, the more effective communication be with the lender.

4) Is unable to answer a question from a lender - Make sure you know the details of your transaction in and out. Getting a lender is not the easiest thing, so when you do not get through, so make sure you are well prepared with the information they may need.

5) As a result of wrong information - gathering evidence of the short sale submission, double check to make sure that you verify all information. Any errors will only delay the approval process.

6) Being Rude - In these stressful times, it is very important to keep your cool. Being rude and demanding things to happen will not make things go faster. Lenders will be more responsive to your needs if you are polite to them.

7) Showing frustration of impatience - Your buyer pushing you to hurry up and get an approval. Do not let them push you to show your impatience when you call for status updates from the lender. If you set the right expectations up front, so you need to buy knowing that the process is in play, and it will take some time to get an approval. Give your customers with frequent updates to keep them calm.

8) Being hard to reach via phone or e-mail - Lenders do not have much time to try to reach you. Be responsive to every call or e-mail they send to you. If they see you're on top of the file, they will respond similarly.

9) To tell them how they can do their work - never, ever tell the lender what they do or why they should accept your offer. This only violate them, and will make negotiations more difficult. If you think something should be done in a certain way, explaining it as a proposal and that it would improve the entire transaction, contribution to a successful solution.

10) Arguing to win a point - Do not argue with the lender and therefore must take an agreement or that the information on their systems are wrong. Sometimes you can call and get a second status updates or information may not have been correct. Keep your cool and help them understand the problem.

No comments:

Post a Comment

Followers