Every relationship needs trust in order to grow and thrive. As a mortgage broker, the relationship you have with every client will help or hurt your business. Trust is a complicated thing to build. While there’s no foolproof method of building trust, we have some tips to help you on the road to creating stronger relationships with your clients.
Listen to Their Needs
It’s simple; listening builds trust. It shows that you care about your client’s concerns. Too many people consider listening to be a passive role. They use their ears, but not much else. Have you ever tried talking to someone who was looking at their cell phone? Sure, the person heard what you were saying, but did you feel that they were listening? Probably not. We have a few tips to help you engage in listening to your client in order to build a deeper relationship with them: make eye contact if talking to them in person, and nod your head and use phrases like “I understand” and “OK” to indicate you’re actively listening what they’re saying. Paraphrase parts of your client’s conversation to get clarity on their wants and needs, and avoid confusion. If your client is interested in rehabbing their third property this year, and you begin talking about a 203K loan, you may have misunderstood something they were trying to say.
Share Case Studies and Testimonials
A great way to establish trust and credibility in your industry is through case studies and testimonials. Clients want to know that you have successfully “been there, done that” for other clients. Case studies and testimonials demonstrate your credibility in a practical way. A case study is an analysis of a project. It can be created in the form of a webpage, blog post, one-pager, or other content format. The purpose of the case study is to identify a situation that your client encountered, the solutions that you offered them, actions that were taken, and the factors that led to the client’s success. Case studies work great to explain how you helped your clients with an unconventional problem with out-of-the-box thinking. A new client is more likely to trust you if they can see how you’ve gone above and beyond to help people accomplish their real estate and investing goals.
Be Knowledgeable About Your Industry
Today’s consumers are savvy shoppers. They take time to educate themselves by researching products and services that they’re interested in. For complex purchases, such as a mortgage, consumers can only do so much research on their own. At some point, they will need a knowledgeable and trustworthy broker to guide them through the process. New mortgage products are always popping up and underwriting guidelines seem to frequently change. Even an experienced real estate investor will need help from someone who has taken the time to thoroughly educate themselves about industry changes. For clients seeking financing for a construction or rehab project, it can be tough for brokers to know how to best help them. At LYNK Capital, we have specific loan programs to help your clients get the financing they need, while keeping you at the center of the relationship. You can learn more here on our brokers page.
Operate with Transparency
I recently had the displeasure of allowing a door-to-door vacuum salesperson into my home for a demonstration. After seeing this marvelous machine pull an embarrassing amount of dirt out of what I thought was clean carpet, I inquired about the price of the vacuum. The salesperson would not tell me the price unless I confirmed I was interested in purchasing the vacuum that day. Whatever interest I had in the vacuum disappeared on the spot. Without transparency about the price, I assumed that the salesperson was trying to hide something from me. If you can imagine the distrust that comes from a lack of transparency over a vacuum, imagine the magnitude of distrust your clients would feel when dealing with a mortgage broker who lacks transparency. So forget all the slick sales techniques you’ve learned over the years to help you close a deal. Be as open and transparent as possible. Doing so will show that you are trustworthy, and relationships will naturally follow.
Own Up to Your Mistakes
Mistakes happen. How you address those mistakes and reconcile the situation can make or break your client’s trust. When a mistake happens, the first thing you should do is apologize. Even if the mistake wasn’t directly your fault, the situation may inconvenience your client and they deserve an apology for that. Secondly, with honesty and transparency (see above), explain how the mistake happened. Doing so gives you two opportunities to regain trust and show your client that: 1) the mistake was not caused due to negligence, and 2) you understand how to avoid making the mistake in the future. Owning up to mistakes is never easy. But with mistakes comes valuable lessons that help teach you how to build stronger relationships going forward.
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