Let me just say this, and this is just my perspective, “the needs of the client should always outweigh your needs as a lender or real estate professional.”
Illustration #1 – In this instance, I am the lending institution – I have a lending competitor that has certain programs that are available to consumers directly, that are not available to me as a broker. This does not happen often, but it is my job to know all this as a lending “professional”. When I review a clients information and I see that, this is the best way to go. I explain to them about his program. I call my competitor and explain the situation to them, tell them the prospect would qualify for the Grants that they give to their retail clients. I would connect those two, my client would usually access to grants and assistance and things of that nature. I would feel like I did the correct thing for the client. That’s my true win. That’s my true measure of a professional.
Illustration #2 – I have a client who has been looking for a house and has had no luck, they had a few deals with me fall thru due to circumstances beyond our control. They find a house on their own, I am their buyers agent, but the listing agent says they can get them a better deal if I am not involved. (this is not ethical or professional, but I feel Karma will take of that). The client is super qualified and I want them to be happy. I tell them to go forward with the other agent and let me know when they close. Client closed and is happy, I am happy for them. That’s my win.
Illustration #3 – Multi Million dollar commercial property is in contract. I am the selling broker. The buyer has plans to build a hotel, but their plans get denied. Instead of telling me the truth ( I am the selling broker) They proceed to claim that there is something wrong with the property and that they want their money back. I have done my homework and know this is totally fabricated. I can have my client sue this buyer for lack of performance and keep their down payment. ($370,000.00) I am also entitled to my commission and can fight for it. But this would take years of legal proceedings and stress, in addition to hurting my client.
The win I negotiated was to have the buyer pay my seller for liquidated damages of a 6 figure sum. Let them move on, and I am now marketing the property again. My client knows that I put them first and they are eternally grateful for it. I never have to worry about this listing leaving me.
This loyalty to the client may not seem like it works out in every case, but from my perspective it does.
Do what’s right for your client, and your phone will never stop ringing.