I read a rather astonishing statistic the other day. It had to do with online inquires to real estate and mortgage loan websites. The statistic was that the average consumer expects an immediate response to a web inquiry. At best case, the consumer views thirty minutes as a reasonable expectation for a response, before said consumer moves on to another real estate company, agent, or mortgage loan company.
Wow! Has doing business ever changed in the past several years. Given the popularity of instant messaging, texting and emailing, it seems that instant answers have become the expectation of the American public. Whether this is a reasonable or unreasonable expectation, probably depends on the type of business one is engaged in.
Let's take cable television for example. My cable company advertises on line chatting as available 24/7. So if I log on with a question, I do anticipate being able to receive an answer even on a Sunday morning. But that is fair game- the website says there is chatting available at all times.
It might be that huge national companies such as Quicken, Bank of America, or Wells Fargo have live 1-800 numbers or websites that someone can dial up an answer instantly, but most of us in the housing industry are local operations manned by your friends and neighbors and folks who live in your community. We can't be on call 24/7-though I know some real estate agents and loan originators who do take calls at all hours. I don't. And here's why:
I once answered a call at 3:00 a.m. (thinking it was an emergency) only to discover it was a past client who hadn't been able to sleep because she was concerned about a relative using a lender that wasn't me and wondering if the lender was charging reasonable fees and interest rate. At three in the morning, having been awakened out of a sound sleep I wasn't in any position to give the woman a coherent answer of any kind. I might have been able to tell her my name-but that is debatable. I made the decision that call was evidence that too much availability and familiarity allowed her to think that I was available to ease her stress-even in the middle of the night. It was a very bad thing-for me at least.
There was no urgency about the question she asked, other than on her own list of priorities. At 3:00 a.m. my priority is to get enough sleep that I can field any questions that come my way during business hours. There are few mortgage emergencies that occur at 3:00 a.m., or after 5:00 p.m. or Sundays for that matter. Our lending sources while they may work weekends, holidays, and after 6:00p.m. from time to time don't answer their phones, the reason being that they are working these extra hours to catch up with demand. It is highly unlikely I can obtain information on Saturday afternoon that wasn't already available on Friday evening at close of business.
I have gone through this rather long winded explanation in order to convince you that even though we may not respond to your question instantly-we are very available. And I want to impress you with this point: Even though I may not be able to get with you within 30 minutes due to meetings with current clients, closings and loan application activity, I will get with you by the end of the business day.
So while it is true that operators aren't necessarily standing by, we are available within a reasonable amount of time.
And, if I know that a pre-approved client has hit the pavement looking for a home on a particular weekend I do try to be available so the client and their realtor so they can obtain the information they might need to write an offer.
I don't believe that mortgage lending is necessarily a business in which instant access and a pull it out of my grab bag answers are necessarily good for the prospective or current clients. There are general answers to general questions such as the income guidelines for USDA loans-but I would be hard pressed to say why that is a Saturday evening question as opposed to a Monday morning question. But whether or not YOU meet the USDA guidelines based upon credit, job history etc. is not an instant answer. That requires a half hour interview, mortgage loan origination software, and a secure access to credit information, all of which I may not have available to me as I eat a hotdog at the football game. It is very easy to give an incorrect answer based upon generalities.
What I am asking is give us some time to respond to you. Most of us aren't set up to answer calls around the clock seven days a week. Obtaining a mortgage and financing a home are very important events and it is important that you know the facts before you make these big decisions. For most of us buying a home is the biggest financial decision we will ever make-you want to make the right one and you want to allow the time to get the correct answers you need to make that decision. IF you read this blog on a regular basis you probably have the idea that mortgage lending is complex and the situations of individuals vary infinitely. One answer does not fit all.
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As for texting, I love texting-but I reserve it for quick bits of information that can be conveyed without lengthy explanation. If I am discussing the ins and outs of various types of mortgages I feel more comfortable with a more comprehensive medium-such as face to face. I know, how old school of me. But, I also think it is a good way to get to know each other and to create a good working relationship. We are going to be tied together on this home buying thing for 30 days or more.
However, I know you are busy and you may live out of town and you may not have the time for a personal meeting-that's fine. We can talk over the phone, exchange emails, forms and faxes. In fact, I just completed two loans for a client who lives in another state. I never met the man, but because of the phone calls and emails I developed a very comfortable working relationship with him. I am pretty sure he trusts me.
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The trust thing-yeah, that's kind of important. For you. This is your money we are talking about. We don't have to be as tight as the Flying Wallendas, but you do have to believe that we are working for the same ends and I am looking our for your best financial interest.
By all means email me or my company, fill out the online interest form, or give me a call. I will get back to you-just maybe not with an instant message.
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