Earlier this year I completed the required continuing education for my broker’s license, and during the course, the instructor spoke about the different types of home buyers: cash, loan pre-qualified and underwritten approved. Most of my fellow students assumed a cash buyer would be the strongest of the three, as perceived by the seller. However, this is surprisingly not the case, as cash buyers are mostly investors focused purely on the numbers, not the emotional connection to the home.
The truth is underwritten approved buyers are the most valuable in the eyes of a seller because they are emotionally bonded to the house, whereas investors are only looking at their bottom line. When a buyer becomes emotionally connected, they view the prospective house as a home, taking personal ownership and leading to the ability to close the transaction in as little as a couple of weeks. Investors, on the other hand, could find a better deal or reason to back out much more easily.
It is vital for real estate brokers to have relationships with the loan originators who will underwrite their clients. During the class my instructor asked how many of the brokers in the room actively called upon loan originators to
secure relationships, and a paltry number of hands went up.
In the following weeks I attended a loan originator conference with keynote speaker Darren Hardy. During the conference, most of the general speakers consistently stressed to the audience the vital importance for loan originators to form relationships with the brokers within their communities. When asked how many were actively calling to forge these relationships, once again a sparse number of hands rose.
It’s kind of ironic when you think about it. Both groups are extremely symbiotic to each other and desperately reliant on the other for their success; however, each group is extremely reluctant to pick up the phone and prospect call the other. What struck me is how afraid people today have become to reach out and communicate with others due to preconceived ideas and assumptions.
In this four part series, I will cover the mental how-to steps anyone can develop to achieve an essential part of their selling success: prospecting. Prospecting has become the number one issue facing most sales organizations today, and continues to be listed as the main issue facing revenue growth and hitting individual targets. If you are looking to take your career to the next level, you won’t want to miss this invaluable series.
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