“I said, ‘Okay, let’s open up that envelope a little bit more. I would not have given you a pre-approval if you couldn’t afford this home. And on your current liabilities, your assets and your monthly income, you have more than enough residual income to still live your life, to still take vacations and do things.’”
He said that all of those conversations were integral not only in reassuring the buyer but also in building trust in him throughout the process. He said some of the things they were anxious about, he didn’t even realize at the time, until he asked them about it. He said it is critical to have that ongoing dialogue.
“Just connecting with them, letting them know it’s going to be okay, and letting them know it’s okay to feel that way, so I understand what they’re going through,” Sykes said. “Having somebody they can trust and is going to be there for them, and not just be there for them for the transaction. When the loan closes, they’re still going to hear from me.”
Unwrapping fear
When working with first-time buyers, sometimes they don’t qualify for the mortgage they want. Sykes said it’s essential not just to tell those buyers no, but to guide them and provide a path for them to eventually get the house they want. It just might take a little longer than the buyers had hoped.
“I say no quick,” he said. “Part of saying no quickly is when you’re working with clients, some people need to hear no. Some people have never heard no in their lifetime, but it’s important for them to hear no. What you say behind that makes a difference. It’s not, ‘No. I can’t help you.’ It is, ‘No, but it doesn’t mean no forever.’
