By Daniel Sater, CCE, CFP
As a Realtor you work hard to find potential buyers. Here are some of the statistics:
· In 2012, the typical agent had 12 residential transaction sides.
· Today, 1 of every 3 consumers has credit scores so low they won’t qualify for a mortgage.
· According to NAR, for the third year in a row, the difficulty in obtaining mortgage financing was the most cited reason for potential clients being limited.
· In a recent survey, the percentage of Realtors that follow up and referred their potential credit challenged clients for credit repair was 0%!!
· Throughout the US, 3 of every 10 credit repair referrals came back to buy a home within 6 months.
The math is simple. All you need do is follow up with your potential buyers that don’t credit qualify for a mortgage and instead of dropping them, give them hope and help them find a way fix their problems. Be pro-active and let them know you’re on their side. You most likely will get a second chance to sell them a new home and add $15,000 to $30,000 to your income by helping others.
Daniel Sater, Nationally Recognized Credit Expert at Credit Scoring Advisor is a credit repair expert, speaker and author on credit repair and the FICO scoring model. He can be reached at 631-392-8685