Wednesday, June 29, 2022

To say that the marketplace is “competitive” would be a severe understatement. It is flat-out hostile out there. Before I get into some discussions about how challenging it is for homebuyers or homeowners, I wanted to share a story of what happened to me this past week.

I am on an active mission to hire new employees as we look to grow our company this year and beyond. People have spent too much time fretting at home, and many are anxious to get back to reality. Despite the challenging landscape that the real estate market might pose for some in 2022, I see tremendous opportunities for those doing business properly in this “changing” environment. I anticipate another great year for us, G-D willing.

That said, I am not alone with my ambitious goals for hiring these days. Although, for some companies, their desire to hire is because they want to offset lost business by bringing in new loan makers. Others have a “revolving door” company where they are constantly replacing new employees who leave after a short window of time with their organization.

I had been speaking to this one potential employee, and we had several enjoyable conversations. He is new to the mortgage industry and admitted that he is “exploring all options” as he looks for a place to begin his career. The night before our scheduled meeting, we received an email that said he had taken a job elsewhere.

My office manager encouraged him to come in regardless, just to meet and hear us out. He insisted it was too late but agreed to keep the appointment. Again we had another great conversation, and I couldn’t help myself from asking, “what was it about the other company that made you choose them?!”

His answer was incredible.

“They didn’t really let me think about anything. They rushed me into signing employment documents and immediately began onboarding me in their system.” “They said I was hired, and they ushered me to speak with H.R., where they took my photo and had me sign more forms.

I asked him about his compensation, to which he replied, “we haven’t really addressed it yet. I am supposed to meet with them tomorrow to discuss it.”

I thought I had heard it all, but this was a new one for me. The market is so competitive that recruiters create new ways to pressure people before they can realize what is going on. I see this in many different areas as well.

For homeowners, they are being bombarded with calls, texts, emails, postcards, door knocking, or other new and creative marketing tactics to try to get their attention. “You can get you top dollar selling your house” is pretty much how every exchange goes, without letting up. If a listing is taken off the market, they are spammed and harassed to no end.

It’s the same tactic for homebuyers. People are pressured into signing forms and giving deposits before fully understanding all of the moving parts or the actual loan offering. They are strongarmed into providing personal information and then feel obliged to proceed.

My advice to anyone feeling pressured is to take some time to think. Nothing will happen if you give yourself some time and space to make a proper decision, considering all of the variables. Granted, there is a “time of the essence” in taking immediate action in today’s housing market, but those decisions should be made only after aligning yourself securely with advisors and confidants that will help you achieve your goals.

Shout out and happy birthday to Steve Fox, Daniel Fried, Dassie Fuchs, Yitz Glass, Uri Gutfreund, Yehuda Hecht, Dr. Daniel Kohn, Yehuda Kohn, Elliot Lasky, Rabbi David Pietruszka, Miriam Schwartz, Abbie Sophia, Shira Yablok, and Avi Zwelling

Shmuel Shayowitz (NMLS#19871) is President and Chief Lending Officer at Approved Funding, a privately held local mortgage banker and direct lender. Approved Funding is a mortgage company offering competitive interest rates as well as specialty niche programs on all types of Residential and Commercial properties. Shmuel has over 20 years of industry experience, including licenses and certifications as a certified mortgage underwriter, residential review appraiser, licensed real estate agent, and direct FHA specialized underwriter. He can be reached via email at [email protected]

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