The issues that come up with qualifying new home buyers are the same that we face every day with refinances as we tackle issues of credit and income in order to get some of our clients over the hill and down into the valley of home ownership.
The difference can sometimes be no more than how we approach the situation. Qazzoo understands as real estate professionals that when we have a string of underqualified people who show up on our desk we sometimes bring this unfortunate situation to the next situation and this colors our vision and taints the way we approach the newest person in our office or on our desk.
The other thing that we do as loan officers or real estate agents is to discount the potential client because of something that appears to be an issue that may be overcome in time. The overcoming in time is sometimes discouraging because we know from experience that when we put someone on a plan to correct their credit or income to debt ratios they don’t always perform in the way we would if we were in their situation. But alas we are not them and they are not us. They have children and pets and jobs and all the trappings of life and getting their financial situation cleared up is not always on the top of their priority list.
The good news as far as Qazzoo believes is that a real estate professional can help these buyers by showing the benefits of having their financial house in order beyond the purchase of a house. We just need to find out what is important to them and communicate that having a better looking financial picture will help them in numerous other ways. We may think that buying a house should be enough but everyone is different and some people need more motivation than one obstacle. Financing a car or the savings of money when buying anything on credit is sometimes enough but we will always run into the person that says “If I can’t buy it in cash I don’t buy it” and this person may need to have a clearer picture drawn for them. A picture that provides the negative impact that their way of thinking has on their children and loved ones; how much money would they save and therefore be able to spend on vacations or school supplies or whatever they feel is important.
It isn’t hard it just requires knowing what makes that person tick and what is important to them. It will not always work and Qazzoo is aware of this, but the goal is to find something that works better than giving up and the system of identifying pain points does exactly that.
“I feel your pain” actually extends beyond political venues. Sometimes the toughest challenges prove to be the most rewarding.
People really appreciate getting good, honest advice and the time it takes is minimal compared to the reward. Nothing is 100% but the 20% that return to us, proud to have done was was needed builds lasting relationships.
Thank you for sharing. Back in the day when I worked for an FSB I had a buyer in KS that with just a little bit of work could of qualified for more than a trailer, which was his goal. I asked him, “wouldn’t you like your own storm cellar for next time the tornado siren goes off”. With that little prompt we cleared up a couple minor issues that were holding him back. Sometimes buyers need to be reminded of their own dreams.
Walter, great share! That type of question reminds people why they need to control their own future and how we can help them. That sounds very rewarding.Next time you hear a siren you will think of him and what you were able to help him accomplish. Congratulations on a job well done!