Category Archives: Marketing / Communication

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How to find your “T Spot”—Building Your Business By Building Trust

My 20 year old daughter has already told me she will be mortified if I use a vaguely suggestive title to draw people to this post. The bottom line is that we are all in the marketing business, and I write to reach the broadest section of AR Nation that I can, so, perhaps,  prudes need not read further.

Of course the “T Spot” refers to engendering trust from those you work for, and with. Once trust is established, everything gets easier. In Massachusetts, where I practice real estate law, attorneys are responsible for the mortgage loan closing. The typical Borrower comes into my office ready to distrust, and dislike, me and my firm. There is no question that we are only involved to take advantage of them in some way or other.

To combat this generalized notion, I try to prepare for the closing. I look at the Form 1003 to see if there is some common ground between me and the Borrower. “Oh, you are a nurse; you know, my sister-in-law is a nurse”. “Oh, you have kids in college; so do I. Can you believe how much college costs?” I need some door opener to convince the Borrower that I have the same kinds of hopes, dreams and concerns that they have. I need to make myself into a human, not a robot who is going to make it difficult for them to own their new home.

It is hard to say when the moment of trust will occur. Sometimes, I can go deep into the closing before I feel the pendulum swing, and the Borrower starts to loosen up and enjoy the process. Sometimes, it never happens, and I can chalk one up to experience.

The point of this post is to articulate how important it is for all of us to gain our client’s or customer’s trust. We do this by being friendly and congenial. We do this by working at our trade, so we really do have most of the answers. We also do this by having enough humility to tell the customer that we don’t know the answer but we will try to find it and get back.

Post-Closing Checklists–The work is not done until it is done

As a Massachusetts real estate attorney, my role in the closing is different from attorneys in almost every other state. Not only do I conduct the closing, and attempt to explain matters to the parties involved while I am doing same, my firm also researches the title, writes the title commitment, coordinates closing documents from the Lender, and, general, runs the “show”.

There is a lot for Massachusetts conveyancing attorneys to do, but, if I must be honest, I love every minute of it, even the messy closings where things just continue to wobble off the track. When the transaction is completed, and I send the documents off to the local registry of deeds, and give the keys (and garage door openers) to the Buyers, my work is far from done. I wanted to share with you some of the things that need to be done, post-closing, which are integral parts of my firm’s marketing efforts.

     1. Be in immediate touch with the mortgage originator.  In Massachusetts, the mortgage originator decides who gets the closing business. It took me a while to embrace this concept, but I now have it completely under control. So, I need to have a”relationship of trust” with my mortgage originators or they will seek other closing agents. I urge the mortgage originator to attend the closing. I give him or her scores of good reasons why it would be helpful for them to attend. They rarely follow my advice. Since they are so important to the contuance of my closing agent business, i have instituted a “no-exceptions” rule with regard to mortgage originators. After each closing, the attorney in my office MUST contact the mortgage person and tell him or her “how the closing went”

 Loan closings, like many other thngs in life, generally fall into three categories, good, great or bad. There follows my rationale for appropirate information disclosures to the mortgage originator:

         a. A good closing. Well, things went fine. Nothing much to report. All parties seemed reasonably satisfied. You are in “no danger” if you contact the Borrower, the Realtor or other referral cource. The deal got done, and the parties moved on.

           b. A great closing. The chemistry was there. The parties all got along. The Buyer complimented the Lender for efficiency and honesty. If my voice was no so dreaful, I would join everyone in singing “KUMBAYA”. This is good information for the mortgage originator. He or she knows that if a call is made to the Borrower, or the Realtor, that there will be much positive reinforcement. Many accolades will be exchanged. The seeds for the next deal will be sown. All parties are happy.

           c. A bad closing. These happen, and there is sometimes no way to prevent them. The Lender is late in getting closing figures to my firm. My paralegal makes a costly mistake on the HUD-1 Settlement Statement. The walk-through goes badly and infects the entire closing process. You do the best you can, sometimes even write the Borrower a check to ease some of the pain of the event, and move on. The first person you call is the mortgage originator. You tell him or her what happened, you try to explain why. Most importantly, you inform the mortgage person what you, or your firm, has done to make things a little better. At least, when the mortgage person gets the irate call, he or she is forewarned. Many times, just having the information improves his or her position. The originator can say “I understand that Topkins & Bevans wrote you a check for $250 as an attempt to make thngs better. Was that helpful?” Sometimes, this type of approach can turn a disaster into a marketing triumph. Sometimes not. The important thing is that your referral source is not “blind-sided”. He or she knows the facts.

     2. Make sure you follow through on promises made to closing participants at the Closing. if you said you were going to send them an Estate Planning Questionnaire, send it. If you promised to look into a special taxing provisions for owner-occupants in Somerville, look into it and get back. It is amazing how grateful people will be when they realize that you are a follow through person, who keeps his or her word.

As I said above, I am extremely fortunate that I live in a state where the attorney still runs the closing. I relish each and every chance to complete a closing. After all, it is a very important event in the lives of each participant, and I have done my part to make it happen.

Confidence and Humility–Get the blend right and the world will beat a path to your door

In Massachusetts, where I practice, we have been very fortunate in having excellent professional sports teams, with enlightened management. Only the Bruins, our representative in the National Hockey League, has not won a championship in the 21st century. The Patriots have won three times, and the Red Sox twice.

Still, there are times of frustration for New Englanders as fans, and last night’s Patriot’s 34-35 loss to Indianapolis surely ranks as one of the most difficult pills for me to swallow as a sports fan. What made it worse for me was the rather blase manner in which Bill Belichick tossed off a bad decision late in the game, and never just said “I made a mistake”.

That smug attitude in defeat got me to thinking about what I would have done in a similar situation. I have been practicing real estate law in Mssachuseets for more than forty years, and I have made many mistakes along the way. There was a time when I would make excuses for my mistakes, or, worse yet, blame others for problems I created myself.

Just about the time I started getting things done on time rather than making excuses why I had not, I realized that most clients would accept an honest apology, especially when it is coupled with an action plan to fix the problem. In fact, i have had some of my best triumphs after I started out in the worst of positions.

Americans are great “forgivers”. They are ready to give people a second chance almost all the time. Keep that in mind when you are practicing your profession. Lying, or making lame excuses, is not the course of action for a person of integrity. Admit what you did wrong, and try to fix it. If you demonstrate humility now and again, you will endear yourself to those people who sought you out because of your confidence and talent.

There is a balance there, and we should seek it every day. Coach Belichick should have just said he made a mistake. We all do, and with his track record, he is entitled to a few. So are all of us.

The Hazards of Voice Mail–Don’t let the “Easy Way Out” Turn off Current or Potential Customers

Voice Mail is not new, and with the advent of increasing email and website usage, phone traffic is on the decline. The telephone still remains, however, a viable means for our customers to connect with us, and , now, when customers call, they have something important to state, or an important question to ask.

If you, or a reliable person in your office, is not available to respond, the customer may become frustrated, or worse yet, angry and disappointed. I have found in the three offices which I operate as a Massachusetts title attorney that putting the customer through an endless series of prompts and instructions will,  in the long run, lose business for me and my firm.

Think of it this way. You are the professional. You know your business better than the customer. The customer is often looking for reassurance or the answer to a simple question. When the customer hears your voice, the customer almost always calms down. The customer has asked for service, and you are providing service.

What if the customer is calling to ask you a question that you don’t know the answer to, although you have been researching the matter?  What if the customer is asking to see his or her HUD-1 Settlement Statement although you have not received “final numbers” from the Lender? My experience has told me that there is no harm in telling the customer that you do not have the answer or the HUD-1, but you are “working on it”. Isn’t that better than having the customer call 4 or 5 times and then decide that you really don’t care enough to even speak with him or her?

I try to stress upon every person in my firm the necessity of actually speaking with the customer, not putting the customer off. There is nothing any of us does that is so unique that another person cannot replace us. Letting the customer know how important we think he or she is, by trying as hard as we can to speak with them when they call, can make the difference between our success, or failure, as real estate professionals.

Eliminating the Emotion–No job that we do as Real Estate Professionals is more important

I recently wrote a Featured Post about negotiating. I stressed how important it was for people to “walk” at some point in negotiations, either before the property was placed under agreement or at the closing table.

The consistent sentiment from those of you who responded was that you worked hard in the beginning of the engagement to develop a set of expectations from your client , and then tried as heard as you could to keep  that “wish list”, if you will, in front of the client, at all stages, with the objective that  the client would not change course and start to ask for new concessions, normally late in the game.

This approach appears commendable. Almost everything in our business improves with preparation and diligence. I would suggest another important element when you are speaking with your client early in the game. Tell the client that emotions should be “left at home” while they are negotiating for their home. As much as they want the home, or want to sell the home, they need to maintain a “poker face” throughout the process.

In my experience, any  significant show of emotion by Buyer or Seller opens up the doors to the other side. A client needs to  be comfortable with his or her goals for the transaction. They may change somewhat after the home inspection. Perhaps, they need even to be put down in writing. But, I have found that we do out best for our clients if we remind them, gently but firmly, that they should not lose sight of what their goals were in the transaction and what they really expected.

Sometimes the best way to remove emotion is to remove the client. Urge your Seller not to attend the cllosing. Nothing is added by the Seller’s presence, and the chance for an emotional flare-up is increased by the Seller’s presence. The  parties do not need to like the people on the other side; they just need to accomplish what they originally set out to do, purchase, or sell, the property, on terms which they have assessed as fair. If we can keep them focused on that course, we are doing our job,

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