October 24, 2016
Like other business types, customer service runs the gamut from poor to great.
Regarding selecting a commercial mortgage company, if you select a great company you could save money, time, and have a feeling of satisfaction. If you select a poor company, you could lose money, time, and have a feeling of being very unsatisfied.
At Apartment Loan Store we know what great customer service is because it’s a major focus of ours. And our A+ rating with the Better Business Bureau is a good indication of our level of service.
Since customer service is a major endeavor of ours, we have some ideas of how to get great customer service from a commercial mortgage company and a commercial mortgage broker.
- Become very skilled at selecting a commercial mortgage company and a commercial mortgage broker.
- Ask for references (customers of theirs to talk with), and testimonials
- Ask how many years of experience they have.
- Find out if they have experience with doing your type of commercial loan.
- Check out their credibility – Better Business Bureau, online scam check, etc.
- Ask them how many loans they are closing per month. This is an indicator of effectiveness.
- When you talk with them, see if they take the time to answer your questions instead of being rushed and cutting you short.
- Check if they sound professional, and friendly.
- Ask if they charge upfront fees? This is quite often a big red flag because the loan source wants money upfront before they even start working on your loan. The exception could possibly be a huge and very complicated commercial loan project that involves a loan of many millions of dollars.
- From the start, be upfront with the commercial mortgage broker about what you want in getting great customer service. Tell the loan officer exactly what you want. If the broker gives great customer service, they will welcome your openness. This is because it will give them an opportunity to demonstrate their desire to serve you well. If they don’t welcome it, it’s quite possible that they are weak in customer service because they don’t want to be bothered with your request for great customer service. Their focus very well could be just on the money and cutting corners in customer service as well as other facets which could affect your loan.
Here are some suggestions for what you can ask upfront to get good customer service:
- I want a loan officer who will put strong effort in getting the best rate and terms possible
- Someone who is experienced and knows the business very well
- Someone who loves their work. The more someone loves their work, the better the job they are likely to do. The more someone dislikes their work, the more likely they are to make mistakes, take shortcuts, and not give great customer service.
- Someone who will return calls promptly.
- Someone who will explain things well and will take time to educate me on important matters.
- Someone who will update you on progress of the loan regularly.
Contact us to see if you pre-qualify for our best multifamily, commercial, construction, hard money/bridge, or business loan rates and terms. Also, contact us if you would like to discuss your particular commercial lending needs, or if you have any questions. Call 214-695-7310, or send an email to email@example.com
Bruce Painter, Director of Marketing, Business Loan Store