Lenders: Be a Trusted Advisor in Challenging Times
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With the economy slowing down as a result of COVID-19, many people are out of work, making it tough to meet the monthly bills. The mortgage is a big concern with this, which is why lawmakers in the United States and Canada have launched programs for folks worried about missing a payment because of the current situation.
For borrowers facing these circumstances, both financial experts and government officials encourage them to contact their lenders directly and be honest and transparent about their situation. But this isn’t always easy — it can be hard to reach out for help, especially when it comes to financial matters.
Lenders, by taking steps to become a trusted advisor to clients during this time, you can ensure they feel supported and comfortable reaching out to you directly if they need assistance.
Communicate
Communicate with clients openly and frequently. Be present and accessible — make sure clients know how and when to reach you should they need anything. If these times have you busier than usual, be transparent about that, and let clients know that you will help them as soon as you are able.
Educate
Stay up-to-date on the latest from the government, state and major banks. Do your research on borrower assistance programs, and keep the links to online resources handy at all times. Share information and tips on social media when appropriate or send email newsletters with resource links. Be equipped to answer any questions your clients have about their options!
Empower
Most importantly, be a voice of value to your clients. Give words of encouragement through calls, personal notes or social media messages. Let them know that you are there for them no matter what the situation. Prove through your actions that you are somebody they can trust to guide them in tough times.
No one knows for sure when the economy will turn back around. As you and your clients weather the storms of the coronavirus impacts, prioritize exceptional communication, education and empowerment, so people know they can trust you in this time of need.
For more tips, inspiration and advice on how to navigate the real estate industry during these unprecedented times, visit the Buffini Bonus Resources for ideas.
