by Pat Zaby
June 1, 2010 13:17 PM
There was a time when a buyer just had to show up to be qualified for a loan but it's not that way anymore. Required credit scores have risen, qualifying ratios are enforced, underwriting is challenging and interest rates are certain to rise. The smart money is now on learning financing skills.
The 2010 NAR "Member Profile makes it clear that consumers' difficulty in securing mortgage financing was the root problem in getting transactions to the closing table." Agents haven't studied financing in the last 15 years because obtaining a loan was so easy. The recently released Member Profile state that REALTORS with more than 16 years in the business were least likely to have some of the financing problems that agents with less experience were.
2010 NAR President Vicki L. Cox Golder suggest "It's time to showcase your market knowledge and educate clients about why it's still smart to buy a house or condominium - not only because of attractive interest rates and homeowner's tax deductions but because home is where we make memories, build our future, and feel secure."
People buy homes for emotional reasons like pride of ownership, a place to raise a family and share with friends. Owning a home is part of the American Dream. They justify the purchase with logical reasons like the tax benefits, investment aspects and current low interest rates.
Agents are turning their weaknesses into strengths with information and tools that help buyers and sellers understand the tax advantages, financing alternatives and investment aspects of homeownership. Buyers value agents who can skillfully guide them through this process of uncertainty and Sellers need professionals who understand how to package their home to sell.
Finding the "right" home is at the top of the list for buyers but if they can't get financing, it will never have their address on it. Acquiring this specialized knowledge provides the solutions to the issues that are challenging buyers and keeping homes from selling.
This knowledge, accompanied with the proper tools, give professionals a distinct point of difference from other agents. Discovering the Finance Difference is a program that includes a one-day class, online finance apps accessible from computers and Smartphones, monthly follow-up webinars, marketing materials and the Residential Finance Consultant certification. See demo.