The ultimate guide to turning off clients in 2021
Hey ladies! Can you relate to this one?
You’ve been crafting the vision for your start-up in your mind for years. Nurturing your dream.
Waiting for the perfect piece of real estate to make it all come true.
Luxury. Class. Style. You know your ideal client. It’s going to be high-end.
You’re going to make your mark.
And now, it’s finally happened. You’ve found your dream commercial real estate property.
The only problem is financing.
Not the cash flow, you’ve got that covered.
Your problem is finding the right mortgage lender to make it all come together.
You do your research. Read reviews. And schedule a few appointments.
The first one is with a top-performing mortgage lender in your local area.
You’ve agreed to meet at his office.
But from the moment you arrive, you have an entirely different problem.
You’re not being heard. Only “seen.”
It’s clear you are being viewed as a woman. Not as a business owner.
After 30 minutes of the mortgage originator flirting with you, while talking down to you, you leave his office. Vowing never to return again.
Or guys, maybe this is you?
You’re a mortgage broker.
You’ve received a call from a potential client. She tells you she’s found a commercial real estate property she wants to invest in for her start up.
She asks. Could you help her secure a loan? She wraps up the call by scheduling with you for next Wednesday.
You’re stoked to have a meeting with a potential borrower set up for the week. Inspired to close the deal.
So, from the moment she arrives, you go out of your way to make her feel comfortable. Pulling up a chair for her.
Sitting close. So she feels she can trust you.
Being careful not to talk over her head. Explaining everything about the mortgage lending process in great detail.
Out of the blue, she gets up and says she needs to leave. She’s forgotten about another appointment.
You ask if she wants to reschedule. Or have you send over the documents.
She responds with a terse, “No thanks.” And walks out.
What just happened?
You sexualized a professional encounter.
This isn't uncommon in the professional world. Not even in the mortgage lending world.
Whether you did it knowingly. Or unknowingly. It doesn’t matter.
Ask yourself. Did I treat her the same way I’d treat a male real estate client?
Women have to work harder to be seen in a professional light. It’s worse in an industry where men have traditionally led.
Mortgage lending is one of those industries. And not just in the U.S.
“The proportion of female brokers in Australia fell from 28.3 percent in September 2016 to 27.1 percent of brokers in March 2018”
Well-intentioned or not, treating a female mortgage lead any differently than you treat a male lead means you are sexualizing—or gendering— the exchange.
Why does this matter to you?
Men are no longer making all the real estate purchases. Whether it is a residential or commercial real estate transaction, female pocketbooks are equally as full.
Even if the dollar sign is your bottom line. There’s plenty of stats to support viewing women as equals in the mortgage consumption game.
Source: Bankrate
So, how do you make sure you’re not that guy?
Get to know the most common ways male mortgage lenders turn off female mortgage clients in 2021
1. They flirt. Shamelessly. Don’t call her honey. Don't ask her if she's single. don't comment on her outfit. Just don’t.
Better idea? Basically don't say anything you can't imagine yourself saying to your male client.
2. They help too much. Don’t mansplain. What’s mansplaining? It’s best summed up with a joke.
Where does a mansplainer get his water? From a well, actually.
You get the idea. Mansplaining comes into play anytime a you’re correcting a woman— often when your talking to her about something you think you know more about. You might find yourself going on and on about something in great detail. Likely in greater detail than you might with your buddy. Or a male client.
Better idea? Ask her to let you know if she needs anything explained in the mortgage lending process. Create an opportunity for her to ask, rather than talking down to her. Assuming she doesn’t know. While you’re at it, make sure you're doing this with your male clients as well.
3. They don't help enough. Yes, I know this may sound contradictory. Hang with me here. This may be her first time buying a real estate property. While you don’t want to talk down to her, also don’t assume she knows.
Better idea? Create a standard questionnaire to send out in advance before meeting with clients. Send it to all clients. This provides you with advance knowledge of your client's background in mortgage lending and finance. You'll know how you can best meet their needs in the meeting
4. They rush the appointment. Lenders may assume if a woman doesn't have a man in tow, she can’t afford the property. She shows up at her mortgage lending appointment without a man. The lender dismisses her mentally as not capable of affording the transaction. Without even running the numbers. He rushes through the meeting. He knows his next client has more money. After all, it's with a man.
Better idea? Set aside an hour for each mortgage lead. Plan to give them that entire hour. If they decide they’re finished early because they have all the information to make, that's their call. Male or female.
5. They’re in a hurry to talk numbers. Skilled, left brained lenders can be all about the financial statements. But sometimes women have an emotional connection to a property. There's a good chance she’s got more than numbers behind the vision. Creativity is simmering.
Better idea? Do you want to make a connection to this mortgage lead? Build relationships? If so, it’s worth taking five minutes to ask about their dream. This goes for men too. Everyone with a dream loves to talk about it. Ask.
The Ultimate Goal
Mortgage lending requires more than experience and mental acuity with numbers.
It also requires interpersonal skills and relationship-building. With female and male mortgage leads, following these simple tips will build your business. Guaranteed.
Not only will you be successful. You'll be known as the kindest pro in the mortgage lending gig.
Now that’s recognition.
P.S. If you’d like help creating content or blogging, I’m here.
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