Building Strong Broker Relationships: Start Before Submission
In the competitive world of home lending, establishing strong broker relationships is essential before submission. Authority and trust are crucial elements that must be communicated within the first 30 seconds of any client interaction. According to industry expert Vartanian, clients respond better to clarity and confidence than simply low rates. This immediate assurance transforms initial client inquiries into committed partnerships.
The Importance of Rapid Response Times
Fast turnaround times are vital in the home lending process. Key turnaround benchmarks include:
- Determining a client’s borrowing capacity in 10 to 15 minutes, even with complex financial situations.
- Lodging a verified application within 24 hours of receiving all required documentation.
- Providing initial assessments within 24 to 48 hours, leveraging strong relationships with lenders.
Building Relationships with Key Stakeholders
Vartanian emphasizes the importance of collaboration with various professionals involved in the lending process. This includes BDMs, credit assessors, solicitors, accountants, and referral partners. Collectively, he refers to them as “bank friends.” This term highlights the human aspect of a process that increasingly relies on technology.
Fostering Trust and Respect
According to Vartanian, cultivating trust and showing respect towards BDMs and credit officers is crucial in the home lending industry. Earning mutual respect can significantly influence the success of a client’s application. Once established, these relationships can lead to valuable advocacy that can be crucial during nuanced application processes.
The Role of Emotional Intelligence
Emotional intelligence and professional courtesy are core tenets for Vartanian’s team. These qualities become particularly important during challenging situations, such as when timelines are tight or transactions face delays. By acknowledging the pressures faced by lending partners, the team positions itself as a dependable ally.
Conclusion
Ultimately, building strong broker relationships before submission is essential for success in home lending. By prioritizing trust, rapid responses, and emotional intelligence, brokers can turn initial client inquiries into long-lasting relationships, fostering growth and success in the industry.
