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Increase Sales by Expanding Financing Resources
By C. J. Coury
Today, more than ever, it is critical to encourage your buyers to research their options for financing. As the credit markets have continued to tighten, many lenders have eliminated or suspended programs that may well still be available elsewhere. Some examples of this are condominium and second home financing with 10% down, no-income documentation loans for self-employed buyers, 95% loans on primary owner-occupied properties, even in so called “declining markets” and construction to permanent loans to name a few. This clearly illustrates the need for those in a position to direct buyers toward reliable lenders to expand their resources.
While the value of resource development is undeniably clear, it can be, at best, a risky endeavor. When considering a new business partnership there are many actions that you can take to ensure that your clients will be cared for in a professional manner that will complement your efforts and present a true sense of team.
Following is a list of best practices used by top real estate professionals when considering working with a new lending source:
1) Strong, recognizable brand
2) Referral from another local professional familiar with lender
3) Review testimonials from their past customers
4) Interview lender to determine personality fit
5) Review lender strengths that will impact your client base
6) Consult with closing agents for their experience with lender
Once you have completed your due diligence it is time to refer them a test case. The most effective manner in which to do this is to give them the opportunity to speak with your buyer along with one of your tested lending partners. Their ability to effectively negotiate with the borrower is an important aspect of their level of skill and commitment to a relationship with you. Don’t make the common mistake of sending them a transaction that no one else can do in hopes that they will be able to save it for you. This will not help you to accomplish your goal of determining how they will handle your typical buyers financing needs assessment.
Follow these steps and begin closing more transactions today!
BIO
C. J. Coury is a Senior Vice President with Bank of America and oversees their residential mortgage division serving Sarasota, Manatee and Charlotte Counties. Prior to joining Bank of America in 1995, C. J. was President of Mortgage Brokers of America in Birmingham, MI for 7 years. He has been an active mortgage finance professional since 1983. C. J. may be reached at (941) 952-2888 or by email at charles.j.coury@bankofamerica.com [2].
www.mortgage.bankofamerica.com [3]
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