Are you tired of dealing with the unrealistic expectations that borrowers have?
Today, borrowers are brain washed to think they are perfect and deserve a 5.5 percent rate on a 30 year fixed when the average rate is 6 percent...
Yesterday, I had a conversation with one of my Mega Mortgage Success Members and he had this happen to him. He had the borrower ready to close and the guy just did not show up. He seemed relatively frustrated with this, because he spent so much time on "Advising" this borrower that he could not believe some one would walk away like that.
The borrower wanted something that just was not possible - Does this sound famaliar to you?
If you have been in this business for a little while there is a chance that this happened to you at some point or another. The challenge we face is that the borrower is conditioned to ask what is my rate and what are your fees are...
If you get into this battle with the borrower you are bound to lose, as the cards are stacked against you when you commoditize yourself.
So how do you respond to these questions? You have a few options...
1. You can commoditize yourself and hope that you don't lose the borrower to your competitor for an 1/8th of a point or even worse 50 duckets
2. You can position yourself as an "Expert Advisor" by educating them in laymans terms so they feel comfortable speaking with you. Do not talk to them as they are your buddy working in the same office as you. The don't care about all the DTI and LTV talk.
3. You can use the simple response that I use - "I do not know what your rate and fees would be without knowing more about what goals you are trying to accomplish. Plus, I am constatly negotiating on your behalf to get you the best opportunity all the way until you close." At this point return the focus on them...
4. My personal favorite - You can be generating so many leads that you have the ability to pick and choose who you want to work with without ever having to answer those questions ever again.
I ask you this...
What are you going to do the next time you get asked about rates and fees?
Your Friend in the Mortgage Business!
Nate Kennedy
P.S. If you want to learn how to generate enough leads, so you don't have to answer questions about rates and fees go to www.MegaMortgageSuccess.com
Comments