Mortgage Broker

goodbusiness 40 | summer 2017 cmba-achc.ca CmB magazine product, and current lender, may well be a perfect fit. Taking them through the process of a complete mortgage application for the sake of generating a commission and placing them with a new lender with an identical rate and near-identical product is not of any real benefit to the most important person in the equation, the client. Win the client long-term. Do not win a single, short-term transaction, simply for the sake of generating a transaction. The Other Broker e second and less frequent opportunity to take the high road is the request for a second opinion on a file. is can be like quicksand if not handled properly. And without qualifying the conversation via a complete application, including a credit report, income documents and the full property details, a broker really is not in a position to comment. In these situations I like to keep a 40,000- foot perspective as much as possible to start. I always operate under the assumption that the other broker is both professional and in possession of more data than I am getting. Any reference to the other broker – or to any third party with whom you have not spoken – should be made in a courteous, polite manner. You should be the consummate professional yourself, always looking for the things that the broker may be doing correctly and the things that the client may have simply misunderstood. Much like the first example above, it is all about finding reasons that the client may be well served with their current broker. Approach the client's problem from a "Let me help you with your challenge" perspective as opposed to an "I am the only solution for you" perspective. is goes miles toward both building respect in the eyes of the client, and maintaining the respect of your peers. Both will pay long-term dividends. The Argument e third opportunity to take the high road is perhaps most difficult to navigate, and to truly master. An argument with a client is to be avoided at all costs. Being argumentative is a fruitless path unless maybe you are a trial lawyer. Winning an argument with a client may satisfy your ego, but it will invariably hit you in the pocketbook – if not immediately, over the long-term for sure. When conflict arises – and it will – take a step back and ask yourself calmly and rationally if you have in fact made a mistake. If you have, then own it, and own it fast. You should reach out over the phone, or if possible, in person. Do not send bad news via email, or worst of all, text message. If you cannot reach the client by phone, then send an email stating little more than "We need to speak by phone at your earliest convenience." Write down your talking points and stay focused on owning the error and do not deflect. Have a remedy sorted out in advance, perhaps two or three proposed remedies. Your beliefs will guide your behaviour, and stubbornly believing you are right is not helpful in this scenario. Keep in mind that you are the expert, the well-trained professional representing a national brand, a local franchise and your own good name. You are in the power position, the position of knowledge. e client may well be somewhat responsible for the state of affairs, but they are the novice in this equation. Before contacting the client, work through all the ways in which this could boil down to your not having communicated a part of the process clearly, effectively and in a timely fashion to the client. Did you follow up and confirm that they understood the purpose of each document in the detailed paper trails required for down payment? Oen the client may think you're blaming them for something they feel they couldn't have been expected to know without your guidance. I have owned mistakes that were in no way my own. I know full well that certain things were in fact discussed with a client, yet they were not written down for me to confirm. Also, we must acknowledge that for the client, the entire process can be overwhelming, with multiple data points coming at them from their broker, realtor, lawyer, home inspector, family, friends, colleagues, etc. Simply mentioning something to a client is not necessarily good enough. Remember: If it is not written down, then it did not happen. And so a good mortgage broker must learn to love the taste of crow, even when it is undeserved. e key point here is that "Everything is your fault." I routinely battle my internal desire to win arguments for the sake of winning arguments, or simply to prove how knowledgeable (and obviously wonderful) I must be. Perhaps I am knowledgeable. Perhaps I am a master debater. Perhaps, though, I ought to focus on demonstrating some compassion and understanding of human nature and the myriad misunderstandings that spring from our mutual miscommunications. I operate in an industry where 99 per cent of the mistakes made can be corrected with the writing of a cheque. As difficult as some of these cheques have been to write, they oen prove to be the best "marketing" money we spend. Clients appreciate you owning an error, and paying for it from your own pocket, but the cheque alone is not enough; you have to give the client the win, and an apology. If you're struggling with this, ask yourself one question: Is your primary goal in business to win arguments, or to win clients? is high road is oen an expensive one, but it should never cost you integrity, trust or clients. It may cost you a transaction or two, but your professional standing will rise by virtue of doing the right thing. It is no coincidence that top performers routinely bump into each other along the high road. win the truSt, win the Client. win the Client, not the DeAl. win the Client, not the Argument.

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