What Kind of Expectations Should Mortgage Reps Set?

Setting and meeting client expectations - that's how you win at sales. We've all heard the phrase: Under promise and over deliver. It's so obvious. It baffles me why so many sales reps don't go out of their way to set expectations and meet them. 

Here's what they need to know about appraisals

Here's something to tell your customers: The appraisal process is significantly different today compared to a few weeks ago, with the appraisal industry innovating with Modified Full-Inspection (ModFI) reports in order to provide timely appraisals. Most appraisers no longer go into properties to conduct interior inspections because of social-distancing practices. 

Mortgage reps need to tell borrowers and real estate contacts that appraisers will often rely on pictures, video and conversations from/with them. In some cases appraisers may ask for additional data, like room dimensions. Tell clients and realtors they should expect to spend about 60 minutes of time talking with appraisers and sending them information.  

Frequently asked questions

We regularly talk with mortgage sales reps and brokers across the country. Some frequently asked questions we've been getting are:

• FAQ1: Can I still get a Full appraisal report where the appraiser goes into the house? Answer: Yes, but it's a rare occurrence. You're best off requesting it and explaining what the special circumstance is that warrants someone going into the property. There are very few appraisers going into properties these days. 
• FAQ2: What's the typical turnaround time for a ModFI report? Answer: 3-5 days, depending on the region and how quickly appraisers receive information from borrowers / listing agents. 
• FAQ3: What's happening with home values? Answer: Supply has shrunk at the same pace as demand leaving prices in the same ranges as they were 4 weeks ago. It is too early to tell what the full impacts of COVID-19 are on the market. Appraisers are making a note of this in appraisal reports.
• FAQ4: What can I do to generate leads / more business? Answer: There's a lot of good material available on-line. Some tips include: Proactively add value. Reach out to your past clients without trying to make a sale. Give them useful information about skipping a mortgage payment, etc. I recently watched an interesting video hosted by Gary Mauris and Darren Hardy. In 60 minutes you'll have a dozen ideas. WATCH IT HERE 

Please contact us if you'd like to add Value Connect as an approved supplier for your team or if you have information you'd like us to pass along to industry stakeholders. ORDER APPRAISAL REPORTS HERE Our team is happy to help with all your appraisal needs across Canada!  

Best regards, Chris -- Christopher Bisson CEO, Value Connect Inc.