Setting Expectations in the High-Volume COVID Real Estate Market w/Dale Vermillion (Part 2)

In the wake of the pandemic, almost every aspect of our world has changed, and mortgage is no different. 
With high transaction volumes and delays, every part of our industry is overwhelmed and overloaded. But the issue is, mortgage officers are not communicating this with their customers, and proper expectations are not being set.

We’re operating in a world that has radically changed, and not being honest about this causes massive issues, both on the relationship side and the operational side. Honesty will take the pressure off the transaction, reduce stress, and create a better customer experience. 

What can go wrong if we don’t set expectations in this market? How do we communicate what’s happening in this market without driving our customers away? Why is it so important to never lose track of the relationship even if we use technology in our operations? 

In this episode, well-renowned mortgage trainer, speaker, and consultant, Dale Vermillion shares the biggest mistake LOs are making and how to avoid it. 

If you have better closings with less people being upset, you’ll have a better experience for both the consumer and the Realtor. You will also get more repeat and referral business. -Dale Vermillion

 

Get the Full Episode on YouTube:

Three Things You’ll Learn:

  • Why Friday afternoon is the most powerful time of your week 
    Most LOs waste their Friday afternoon, but this is a great time to time block in our weekly relationship-building activities. Spend your Friday afternoons calling and touching base with everyone in your pipeline, and nurturing clients and customers. 

  • How setting the wrong expectations affects the transaction 

    Everyone who is associated with the mortgage industry is overburdened and overworked right now, but LOs are still telling their clients that it’s business as usual. We do our clients and our operations teams a great disservice if we keep setting the expectation of 30-day closings. We won’t lose our leverage if we’re honest with people and explain to them why the process is taking longer than usual. 

  • How to merge relationships with technology 
    Tech makes it easier for us to get access to documentation in a faster format, but if we lean only on tech, the relationship will fall away. Don’t send the customer the link and let them fill it out on their own. Send them the link and then walk them through the process so you don’t void out the relationship because you replaced it with technology.

Want to be part of a boutique mortgage team where everyone matters?

Learn more about joining the team at Partners Mortgage: http://partnersmortgage.com/join-our-team/

To schedule a confidential consultation with Dan, email dant@partnersmortgage.com.

Guest Bio:

Dale Vermillion one of the most well-renowned mortgage trainers, speakers, and consultants in the country. He is also the author of Navigating the Mortgage Maze, an in-depth guide for consumers on how to obtain the best mortgage financing possible. He has trained over 1,000,000 loan originators representing over 500 lenders. His award-winning Mortgage Champions sales training is the industry standard and is the official training program of LendingTree University.

Visit https://www.dalevermillion.com/ for more information

Dan Trinidad