It continues to amaze me how many real estate brokers and investors I talk to tell me about “my lender” in singular instead of plural terms. While they see it as convenience and reliability, I see it as restricting their ability to get deals done. This is likely an extension of the efforts of my team and myself to help my valued clients and students explore every nook and cranny when it comes to evaluating an opportunity, whether it is buying, expanding, or selling.
On the residential side, a broker typically performs a Listing Presentation in hopes of gaining an exclusive contract from a seller. The presentation includes everything from an opinion of the subject property and its value to reasons to work with him/her along with the company he/she represents. When representing a buyer, many brokers only offer one mortgage program.
When representing sellers, one of the many marketing gaps I see is the lack of financial options made available to the buyer. Some sellers are able to provide seller financing or offer some form of incentive, whether the buyer elects to use it or not.
Being able to offer more than one lending or funding scenario could make the difference in getting to the closing table. Even if it does not, you spread the word that you have even more capabilities than many other brokers doing what you do where you do it.
There are plenty of funding options, many of which are specialized, which could fit the situation to help your client. For example, if a house for sale is near a hospital, there may be a lender offering custom programs for medical professionals. If your preferred lender does not offer it, it should not stop you from being able to better serve an appropriate client, especially when it could make the difference toward earning a commission.
It’s the difference that having a research and marketing person or team on your side can make in helping you to close deals.
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