People that over shop, looking for the best deal; can certainly even bring down the best of a sales person’s moral. This can be tiresome for the good realtor or loan officer that has to deal with these types of clients on a weekly basis. Most of us are here to help in one way or another. Sure, we all need to get paid for what we do. And some of us have our own ways of doing things. But when it comes down to deceiving the general public to make a quick buck, this is where it needs to stop. And not only does the realtor or loan officer lose out on their commissions, but the client will sometimes end up paying more in the long run because of their decision. And this decision was based on a promise or guarantee that they are getting the lowest rate or little costs. And in regards to real estate, this happens to realtors because another realtor will over-price your house just to get the listing. And now you could be stuck with that agent for 3 to 6 months. There are so many different types of examples out there and this blog is just to educate the average consumer.
The general public needs to fully understand that nothing is free. Matter of fact, it’s sometimes said that it’s better to pay more for true quality, than just receiving the cheapest price for something. In the real estate and mortgage industry, what you are paying for is called "knowledge". Not a product or service that everyone has. Anyone can give you that. What you want is someone who is willing to give you the real and true facts and not just something that sounds the best. Many of us, may they be a realtor or a loan officer, will spend more time learning about you, what you want, and your goals. And at the same time, to be able to give you our best and most professional advice, opinion, and the proper guidance. We want make sure that what we are doing for you is in your best interest. This is easier said than done. And if you aren’t careful, you could end up losing more than what you bargained for.
What happens in most cases is that the average client tells us what they want, even if it might not be good for them. They might not realize this because they might have received their information from a friend or family member, advising them what they should look for. Or even bad advice from someone in that particular industry that they are shopping with. And the problem here is that the person that you are shopping with is more interested in making money and moving onto the next client. But you don't get the full service that you deserve. Sure, you might get that best rate at that time. But is it your best move? Many of us in the real estate and mortgage industry believe that we need to use more elbow grease to help others fully understand the differences between certain products, those that they are shopping against, and to realize that there could be a better alternative. This is basically educating the client.
Overall, the general public needs to keep an open mind and not just jump to the first person that is giving them the best rate or someone telling them that they can get them more money for their house. If this were the case, that individual would be so busy; they wouldn’t have time for you. Think about it. Those that spend more time with you at first are those usually looking for your best interest. As many of us would say, "a client for life is a friend for life".
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This brought back memories. I helped a family refinance their old town home and get a tenant so they could buy a detached home. They had about $35,000 cash to use for the new home. The husband had the townhome when they were married and by the time I met them, they had 3 children and need a detached home with room for the family.
I found a wonderful home in a community they loved and called them to see it right away. It was Saturday a.m. and they couldn't look at the home because "It's Saturday". This was a special home that I knew wouldn't stay on the market long and I wanted them to see it that day. I asked what they had on their schedule. "Oh, we go to the mall on Saturdays" was the response. So, we made an appointment to see the house Sunday.
They loved the house and we wrote a contract. Next day the lender called me to let me know that they couldn't qualify because they had spent all but about $2,500 of their money. Closing costs are very high in MD and they couldn't qualify for anything without some cash, which they had three months ago before about 12 Saturday trips to the mall.
They had a lot of new furniture for the old town home.
Lenn