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I came across a broker the other week that completely believed - and told his clients in writing - that his job finished after the loan documents were signed…
Not only that, he was rude and arrogant about it – to both his clients and to us (we were acting only as solicitors on that deal). I was amazed and shocked all at the same time. The clients were angry and disappointed…and the broker looked like an uncaring, incompetent fool.
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There is no need for me to name and shame, but I can’t believe that there are still brokers out there that think that broking is about a transaction, rather than an ongoing and long term client relationship.
It reminded me of the short-sightedness I see in lots of real estate selling agents, who will burn anyone for a deal and not realize they are burning themselves and the longevity of their business in the process.
The circumstances of this particular deal made this broker’s comments even more outrageous, in that there was a pre-settlement condition of the loan (that the broker knew about and had approved as part of the loan approval) that required the clients to pay out a number of other debts on or before settlement. The bank’s settlement team was telling us, the client’s lawyers, that this was not something we could do as part of our normal cheque direction on settlement and the condition had to be met before they could even book settlement.
The broker completely washed his hands of this obligation even though the clients did not know how to go about satisfying the condition. He refused to help the clients and even had the audacity to be completely rude to them in doing so. He left them to sort this out by themselves.
If any broker thinks this type of behaviour is firstly correct and secondly, what will help run a viable business – you are in for a very rude awakening.
We are in a people business, a client relationship business – we just happen to transact on property deals. Your role doesn’t end, ever. Building long term, trusted relationships with your clients is essential to success.
