How MLOs Can Help First Time Homebuyers – And Gain Referrals
June 5, 2019 |
Buying a home for the first time can be very stressful. Most potential homeowners don’t know anything about the logistics of buying a home. As a mortgage loan officer, it’s your responsibility to make the experience as stress-free as it can be. The following guide walks you through a few tips to use to ensure that your clients have a positive experience and you build referrals at the same time.
New homebuyers can be a bit taxing because they usually have so many questions. You will get a lot of phone calls, texts, and emails asking questions about the process. Be patient with them because they simply want to make sure that they are doing the right thing. Buying a home is a huge investment and most people are nervous when going through the home buying process. By being patient with them, you will build a rapport which will make them more likely to recommend you to others who are looking for a home in the future.
Do Research Beforehand
When your clients come to discuss getting a mortgage loan, do your research before they come into the office. With first time homeowners, it’s best to have concrete information to give to them rather than scenarios that could be applicable to them. Being denied for a mortgage can be heart-wrenching and could cause a potential buyer to decide that buying a home at this point in their life isn’t right for them, which could be negative for you. Your goal should be to get as many mortgages as possible. If someone becomes discouraged and backs out of the home buying process, you’ll lose money out of your pocket.
Help Buyers Know What They Need to Do
It’s a good idea to have a detailed list of things that first-time homebuyers can do to better their chances of getting approved for the mortgage. This could be raising their credit scores, gathering all financial information before coming to your office, and having houses in mind that they would like to buy. This gives you an estimate of the amount they want to spend on a home. You can then email this list to them so that they can bring everything with them that they need to your first meeting. Great communication can help you to show the home buyers that you are a professional and are willing to work hard to get them the mortgage that they want and need.
Use References When Possible
Some buyers are very straightforward and know that they are looking for when it comes to a loan officer. Make sure that you stay in contact with your previous clients so that you can use them as references later on down the road when needed. Hearing from previous clients how easy the process was for them and how helpful you were could help you to get more clients in the future.
Building lasting relationships with clients requires you to go the extra mile. Consider bringing donuts to meetings, sending out birthday cards, or simply checking in on previous clients through email every few months so that you can keep the lines of communication open. Being able to build solid relationships with clients will help them to feel comfortable with you and betters your chances of them referring people to you in the future.