We work in an industry that is filled with things that can (and do) go wrong. The home buying/refinancing process is filled with emotion, especially when commission-based individuals are assisting the consumer. I found, during my years of selling real estate, that managing expectations at the beginning was the best way to assist my clients. Letting them know that problems will (most likely) arise, and giving them a word picture often helped. I likened the experience of home buying/selling to that of flying.
When we board an airplane, we expect the pilot to get us to the end destination. A good pilot keeps his passengers informed and manages expectations with announcements about turbulence, early or late arrival, etc. A bad pilot would be defined as one who does not communicate and of course, worst case scenario, never gets you to your destination. I told my clients, I am the pilot. There will be turbulence, but I am there to keep them informed and help them navigate those tough times. We WILL get there. It may be a quicker or longer than anticipated flight, but we will arrive at the destination safely.
As the pilot in your transaction, you may find some helpful tools on the Appraisal Foundation’s website:
They have a consumer section that can assist in setting the expectations of the appraisal process. There is even a PowerPoint presentation that you may use if you wish. You can also find several brochures to assist in educating consumers on valuation. Remember, although you are highly familiar with the ins/outs of a mortgage transaction, most people only go through the process a handful of times in their life. If someone hasn’t purchased or sold in over 10 years, the landscape looks drastically different within the industry.
Source: Originally published at CoesterVMS by the name "Managing Expectations – By Toni Bright, Chief Compliance Officer"