The Right Lender Will Help Increase Your Investor Business November 17, 2006Posted by Jay Medina in Informative Articles and Free Reports.
I wrote this article for the Austin Board of Realtors, and it was published in early 2006:
The Right Lender Will Help Increase Your Investor Business
By: Jay Medina, Personal Mortgage Consultant
As the real estate investment market continues to heat up, local investors as well as those from all over the country are starting to buy up new and existing properties in Texas. Their levels of experience may vary; however, one thing holds true: real estate investors are an excellent source of repeat business.
The needs of an investor differ greatly from those of a retail buyer, so the right team will really help you gain a loyal client base of investors. It is crucial to connect yourself with a team of professionals who share a high level of experience and ethics, enabling you to create a cadre of success. Making yourself a full network of professional resources will result in a dramatic jump in your overall business!
Ideally, the members of your core network would include a pest and home inspector, a handyman, a mortgage lender, and title company. In particular, the mortgage lender is integral to a smooth investment process. Not all lenders are created equal, and while some serve very specific niches, others may serve a broader base. It comes down to effectiveness. Regardless of what lenders say they can do, interview several and select the one who will truly be of service to your investor clients and meet their needs. If you find a lender who delivers on their promises, add them to your cadre and watch your business take off!
A good mortgage lender is one with experience in working with investors and their unique needs. A great lender is one with an already existing base of real estate investors. An even better lender is one with experienced real estate investors on staff with real-world experience!
Be sure to check each lender’s business philosophies and practices. Do they offer lip service or real closings? Do they disclose everything to their clients up-front? Or do they partially disclose fees and rates, leaving all the pertinent details for the day of closing when it is too late to turn around? There is more to finding a good lender than just good rates. The level of service should exceed what your client is paying in rates and fees. If one lender seems more expensive than another, yet is more efficient, consistently timely, and fully discloses all the details, that could save immeasurable amounts of time and money. Whereas, a seemingly “cheaper” lender may appear cost efficient, only to encounter delays, partial disclosure of fees and last minute inflated rates.
There is a lot to keep in mind when selecting a lender to help you grow your investor business; however the choice is quite simple. The lender who is investor-savvy, forthright with and explains all fees up-front, delivers on time, and understands the needs of an investor is the one to add to your cadre of success. Happy selling!