Recently I lost a potential client to the competition. Thankfully I hadn't done a great deal of work for it to frustrate me. I lost this potential client to a person who was working as both the Realtor and loan officer (that is a subject all to itself). The bigger reason why I am not upset was because the individual was making decisions against my advice, and inside I didn't feel that this person was acting safely on their own behalf. I stopped and thought ...
Do clients really want the professionals' honest opinion, or do they just "Want what they want?"
As a financial/real estate professional, I believe our advice is ultimately as important to the public's health as the advice of a doctor, attorney, accountant, or estate planner. Great advice could save a family stress and ill health. Certainly we can see that in the current market we are in.
If a professional gives great advice, and a client listens to that advice, that client and their family can benefit for years to come. If the advice given creates a safe environment for a family, then that environment nurtures good health, less stress, and many more family opportunities such as options for college, vacations, the ability to afford medical needs, and plan for retirement.
So to jump back to the original question; Does the public really want a professionals' opinion, especially if it is contrary to their current dream?
If the professional giving them advice was a DOCTOR, then the advice would rarely be questioned. EVEN if the doctor was giving financial advice. Because deep down, we all trust doctors because they have put in the time to educate themselves.
So the real question may then be; Why doesn't the public trust other professionals to such a degree?
There are several reasons that come to mind:
Education. Other professions spend 4, 8, or 12+ years in training for their profession. Many Realtors and financial "professionals" spend NO time getting educated, save the bare minimum.
Pay Checks. Real estate and financial fields are slammed with salespeople, not trusted advisers. I never recall my family doctor trying to sell me on his diagnosis. The doctor educates and prescribes. Many real estate salespeople only see their next paycheck and "sell" towards that goal.
Malpractice. There is more malpractice in the real estate and financial fields than the medical fields. The reason we don't hear about it more is because less people are brought to light for their bad advice. In the medical field, if something goes wrong, it can go seriously and visibly wrong. Not too many people are physically dying from bad mortgage advice. It is nonetheless malpractice.
The real estate person I lost the transaction to was both the client's Realtor and mortgage professional. When was the last time you went to your dentist for a heart murmur? When was the last time your chiropractor filled your cavity? Much of the public's negative viewpoint towards real estate professionals is because of real estate professionals themselves.
I later checked in with this potential client to see how things were going. They didn't move forward with their purchase with the super agent. They were having "financial troubles". That was obvious when I spoke to them, but the advice wasn't what they wanted. So they sought for the advice from the person that would say what they wanted to hear.
It is sad that the biggest hindrance to real estate is often real estate salespeople themselves. Those who give good advice are constantly picking up the pieces that others created through their malpractice. The one good thing that this system creates though, is that;
Your advice is more important than ever.
Giving good advice is good. But GIVING GREAT ADVICE IS PRICELESS. If you find yourself giving mediocre advice, stop the train and spend just 1-2 hours every day educating yourself. Align yourself with great professionals within your sphere, and glean everything you can from them. Don't be a jack-of-all-trades and master of none. Create a niche and spread out from there. Certainly we can spare 30 to 60 minutes a day to be that much better. Start with baby steps now to create the discipline. Get some laser focus. Let someone hold you accountable! Make your weakness your strength. You will reap the dividends for years to come.
Steve Kappre is a Certified Mortgage Planner with Treasury Mortgage, a subsidiary of Aurora Financial Group, serving all 50 states, focusing on Gloucester, Camden, and Salem County, NJ. Steve specializes in;
• All areas concerning First-Time buyers; First-Time Buyer mortgages, grants, down payment assistance, tax credits, police and fire loans, rehab loans for first time buyers, and more.
• Reverse Mortgages for seniors age 62 or older.
• Equity Management strategies for high-end homes and high net worth individuals.
Contact Steve Kappre directly at 856-419-3561 or at www.stevekappre.com