It is Not Just About Getting the Loan Closed!

It is Not Just About Getting the Loan Closed!


As a real estate agent I am hounded constantly to do business with this person or that company.  I have to say that I am at the point where I really do not want to recommend another person/company!  Especially for a loan!  I no longer want to recommend services that will result in my client being disappointed!


I received an email from a loan officer and the processor that I should not push for a date on when they think they can get the loan closed by on a loan that should have closed already, in order to have an extension signed by all parties.  With a follow up email that they have 50 other loans in the pipeline, so don't ask any questions, just let them do what they do best, which is to close loans. 


It is Not Just About Getting the Loan Closed!


In Fact, Here's a Few things to consider before you ask me for more business

  • Buyers and sellers enter into a contract in which closing dates are expressly written.  These dates are not hidden or kept a secret from the loan officer or mortgage company.  They are clearly written for all to see and meet! 
  • When a buyer hires a company to complete a certain portion of the transaction, that company is working as an extension of that buyer.  The buyer has signed a contract to meet a date and thus, you who have been hired by that buyer, is expected to meet that date.
  • As the real estate agent, one of the thousand hats I wear is Expectation Manager.  It is much better and much easier for me to manage expectations at the beginning than it is in the 11th hour when nerves, tension and stress are running at their all time high. Most likely, this is not your first loan, and letting me know from the beginning that there will be a problem meeting the dates goes a long way to not just closing a loan, but having a happy client too!  The last thing a client wants to hear is that they did not do something timely in the beginning that is now causing this delay.  Communicate here folks! 
  • The transaction is about the client! Do you honestly think the client wants to hear about the other 50 transactions you have in your pipeline when they have to cancel movers, their vacation time is now wasted, and the other bazillion little details are now moved or rearranged because the closing is now delayed? 
  • And let's not forget about the chain reaction a delayed loan causes for the people on the other side of the transaction.  They are often in the same boat; having to cancel movers, vacation time wasted and they in turn often need the proceeds form one sale to purchase another. Thus, the cycle trickles down to everyone involved.
  • These are real people, real faces, not just files and mounds of paperwork.
  • Remember, I recommended you! When a client hires you because of my recommendation, it's because they trust me and your non performance is a reflection on me. The last thing I want is a disappointed client. It's not good for my business.
  • And of course, I've vouched for your company to the other agent and assured them that you are a top notch company who can do their jobs as professionals and timely.  So, now that you cannot perform, how well do you think my word will be with my fellow REALTORS® in the next transaction we have?


So, No It is Not Just About Getting the Loan Closed!  

There's a lot more too it and if you want me to recommend you than you need to be able to perform to the client's satisfaction and if you can't perform at least communicate.  People can deal with changes as long as there is good communication.  People become quickly disappointed when what they are expecting to have happen, does not.

Sadly, non performance seems to be trending! This particular scenario is one of many with different companies.  When I give a recommendation to my clients, it's with good conscious that these companies and people can perform.  I cannot stand to disappoint people or to see people disappointed as a result of my recommendation.  

Moving forward, I will be thinking long and hard on recommending companies or people and I will be examining my current relationships and deleting.


 Christine Pappas Ohio RE/MAX Real Estate Agent

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Comment balloon 3 commentsChristine Pappas - REALTOR® • July 25 2013 11:00AM


Communication is key and can compensate, to a small degree, for temporary non performance;  i.e., as long as the client knows why something is not happening or is delayed, they can deal with it. It's the lack of communication that compounds the non performance issue and makes things so much worse.  I am with you!

Posted by Susan Haughton, Susan & Mindy Team...Honesty. Integrity. Results. (Long and Foster REALTORS (703) 470-4545) over 6 years ago

Hi Christine, They would be off my list of recommendations no questions asked. No or lack of communication is never a good thing. Like Susan said, if the client knows they can deal with it better.

Posted by Jackie Connelly-Fornuff, "Moving at The Speed of YOU!" (Douglas Elliman Real Estate in Babylon NY) over 6 years ago

Thanks Susan and Jackie.  Yep, off my list!

Posted by Christine Pappas - REALTOR®, eXp Realty - Because Experience Matters (eXp Realty) over 6 years ago

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