In the world of real estate finance, true “budgeting” is often glossed over as most mortgage applicants are just focused on “the bottom line” of getting their loan approved. They often don’t value or appreciate the fact that personal finance and the mortgage they obtain are directly correlated to their short-term and long-term financial well-being.
I, for one, try to remind my clients to think of me for “more than just a mortgage.” Fortunately, a past client of mine heeded my offer and approached me for financial advice. He was grappling with a sizable monthly deficit as the sole household earner with an ailing spouse. Despite their efforts to carefully analyze their income and expenses, their monthly shortfall persisted.
Recognizing the need for a different approach, I understood that a mere focus on budgeting would not be sufficient to alleviate their financial burdens. With a deep understanding of my client’s background as a certified document translator, I saw an opportunity to explore additional income streams. We brainstormed for avenues beyond his primary state organization contract, considering potential clients such as immigration attorneys and embassy services. By broadening his exposure, we aimed to tap into services that could benefit from his expertise.
To help my client secure new accounts, I helped him create a strategy that involved targeted professionals and organizations that could utilize his experience. We crafted compelling introduction emails and letters that showcased his expertise, professionalism, and dedication to quality. Additionally, we created a systematic follow-up plan to maximize the impact of his efforts and increase his chances of success.
In less than two weeks, my client informed me that he had secured several new accounts. Through targeted networking and effective communication, he established relationships with two immigration attorneys and was retained as a paid consultant with a governmental agency. We estimated that the additional income would offset his deficits in two months. Beyond that, it gave him a newfound sense of financial stability and optimism for even more opportunities.
This success story exemplifies the transformative power of proactive financial advice. By encouraging my client to openly speak with me and look beyond traditional budgeting practices – as well as to explore new income opportunities, we were able to unlock their new opportunities.
The positive impact of this holistic approach extended far beyond achieving financial stability. As my client experienced relief from monthly deficits, they regained hope, control, and confidence in their financial future. The additional income allowed them to address deferred home maintenance and invest in proactive needs, ultimately improving their overall quality of life.
Yes, my job is mortgage banking, but it’s not what I do for a living. My goal is to always provide guidance, share expertise, and offer strategic recommendations tailored to my client’s unique circumstances. Managing personal finances involves more than just budgeting – it requires a proactive approach that explores new opportunities and creative thinking. By going beyond traditional finance techniques, I aim to help individuals transform their financial situations, overcome challenges, and create a prosperous economic future.
Wishing everyone a Happy Shavuos.
Shmuel Shayowitz (NMLS#19871) is a highly regarded Real Estate & Finance Executive, Writer, Speaker, Coach, and Advisor. He is President and Chief Lending Officer of Approved Funding, a privately held national mortgage banker and direct lender. Shmuel has over twenty years of industry experience, holding numerous licenses and accreditations, including certified mortgage underwriter, licensed real estate agent, residential review appraiser, and accredited investor, to name a few. Shmuel has successfully navigated through many changing markets and business landscapes, making his market insights and experience well-coveted within the real estate industry. He can be reached via email at [email protected].
