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Christmas is fast approaching and it will soon be the silly season, not only for parties and entertaining but also for due dates for settlement.
At this time of year, it is of utmost importance to know the cut-off dates put forward by different lenders to ensure you can meet them and not put yourself and your client in an awkward position.
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It's imperative to be upfront with clients to make sure they understand the process, especially over this end-of-year period, therefore giving you the capacity to meet their expectations. It is a good idea to be aware of what solicitors they will be using and what their closing dates will be, ensuring these coincide with banking deadlines.
It is also important to communicate deadlines of banks with all your referral partners as this will ensure any proposed finance and settlement dates are achievable.
It is always a good idea to indicate your business closing dates over the Christmas period on your email correspondence as this will assist you in managing your client's expectations and meet timelines according to your business processes. There is nothing that upsets a client and a referrer more than no transparency and no communication.
I've learnt in this business that prevention is better than cure. By being proactive through good communication with your business partners, banks, solicitors and your clients, you will have a positive effect on your capacity to control the process and will achieve favourable outcomes.
Even though legal firms close over the Christmas period, banks do not and you will find they tend to run on skeleton staff to still meet clients' needs. As brokers, we love our clients not to engage with banks, rather preferring to deal with us as their broker for life. Therefore it would make sense that we should also be accessible over the festive season by having staff available over this period to share responsibilities and assist clients if the need arises.
Taking on the role of your clients' credit advisor is commonly viewed as a role that goes for 365 days of the year and that our client can get hold of us any day, at any time. You have the ability to enforce closing times, however it's fair to say that every client on our database matters and therefore we should have measures in place to accommodate their needs. This attitude and accessibility over the Christmas-New Year period will be applauded and respected by your clients.
A great way to reinforce your closing dates to clients if you decide to have a break would be to send them Christmas cards to wish them a merry Christmas and happy new year, noting that your office will be enjoying this time and having a break as well, and that you will be available again in the new year to discuss any needs and goals you can assist them with in the year to come.
Ruan Burger, managing director, TIME Home Loans
Ruan Burger has been in the mortgage broking business for nearly a decade, starting out in the booming town of Gladstone after working in the banking industry for many years. He formed Time Home Loans early in 2013 after moving to Brisbane and the business has grown significantly since then.
Ruan is a nationally recognised member of the MFAA. During his career as a mortgage broker, Ruan has won – and been a finalist in – several awards. He won the MFAA Mortgage Broker of the Year award in 2012 and 2013 as well as the MFAA’s Award of Distinction in 2012 and was a finalist for the MFAA’s Credit Adviser award in 2014.
Ruan believes it is his ‘love of the game’, his strategic alliances and colleague morale that promote his business as a leader in the field.
