Blog Information

• Posted By : Archer Wealth
• Posted On : May 27, 2024
• Views : 32
• Category : General
• Description : As a broker, few things are more frustrating than putting in hours of work for a client, only to have them suddenly stop responding to your messages and calls. This is known as stonewalling, and it’s a common problem for brokers in the lending industry. But why does it happen? And more importantly, how can you overcome it?

Overview

• As a broker, few things are more frustrating than putting in hours of work for a client, only to have them suddenly stop responding to your messages and calls. This is known as stonewalling, and it’s a common problem for brokers in the lending industry. But why does it happen? And more importantly, how can you overcome it?

  One of the most common reasons clients stonewall brokers is that they are overwhelmed by too many options. It’s easy for clients to suffer from “analysis paralysis” when presented with too many lender options. To combat this, brokers should keep it simple and offer only two lender options for clients to choose from. By reducing the choices, clients are more likely to make a decision and move forward with the process.

  Another reason clients may stonewall brokers is that they don’t trust them. This can be due to a lack of knowledge or confidence on the broker’s part, especially when it comes to private lending deals. Brokers should make sure they fully understand all aspects of private lender, including pricing, interest rates, and turnaround time, to present the options to their clients with confidence.

  

  Finally, clients may wait until the last minute to give the green light on a loan application because they are waiting for their current bank application to fail. Brokers should let their clients know that waiting can cost them more money in the long run, as rates can jump significantly in a short period of time. Encourage clients to act quickly to secure the best rates and terms possible.

  In summary, the key to overcoming client stonewalling is to simplify their options, build their trust, and encourage them to act quickly. By implementing these tips, brokers can improve their chances of success and build stronger relationships with their clients. Remember, the lending industry is all about relationships, and clients are more likely to work with brokers they trust and feel confident in.