How you can help potential buyers so they don’t miss out
Real Estate is one of those industries where everything can be going smoothly, and then one thing can suddenly appear and completely derail an entire deal.
For many people, not being able to secure enough money on time plays a huge factor in missing out on their dream property.
Slow financing is one of the biggest reasons why many deals slip through. With a third of homeowners missing out on the chance to purchase property due to financing delays, many are no longer relying entirely upon traditional lenders for financial solutions. Instead, inventive alternatives such as flexible funding and home loan options away from the major banks have become increasingly popular.
A recent survey, conducted by tech-driven lender Bridgit of nearly 800 Australian mortgagors showed that younger home buyers were disproportionately affected due to slow financing. Alarmingly, over 45% of those under 35 reported this issue - putting many first home buyers out of the property race.
How you can help speed up financing as a real estate agent
There are a few key things you can do to help people considering a property purchase become more prepared.
Get pre-qualified buyers
One of the best things you can do to help speed up the financing process is to get pre-qualified buyers. Pre-qualified buyers have already been through the process of getting approved for a mortgage and will likely have a much easier time getting approved for financing.
Get pre-approved loans
Another thing you can do to help speed up financing is to get pre-approved loans. Pre-approved loans are loans that have already been through the underwriting process and have been given preliminary approval. This can help to speed up the financing process because it means that the lender has already looked at the buyer’s financial information and has determined that they are likely to be approved for a loan.
Work with a local lender
Another tip to help speed up financing is to work with a local lender. Local lenders are familiar with the area and will likely be able to get the loan approved faster than a national lender. Additionally, working with a local lender will allow you to build a relationship with them, which can make it easier to get future loans approved.
Understand the loan process
Finally, one of the best things you can do to help speed up financing is to understand the loan process. Knowing how the loan process works will allow you to better assist your buyers in getting their loan approved. Additionally, understanding the loan process will help you to identify any potential roadblocks that could delay the approval of the loan
Become familiar with alternative funding solutions
There are so many options out there and PropTech makes it so much easier for people to secure the funding they require for their dream property.
Trust Accounting
There's a lot that goes into running a successful real estate business. From keeping track of your properties and finances to marketing your listings and working with clients, it can be tough to keep everything straight. That's where trust accounting comes in. Trust accounting is a system that helps you keep track of the money that you're holding in trust for your clients. By using trust accounting, you can ensure that all of your financial transactions are properly recorded and accounted for. This can save you time and money in the long run, and help you avoid any potential legal troubles.
Keep track of trust accounts and ledgers directly within MantisProperty
MantisProperty includes a fully functional trust accounting system specifically built for real estate and business sales plus trust accounting for commercial and residential leasing
Easily keep track of all money coming in and out of your trust accounts for each sales contract and/or tenancy and disperse funds at the click of a button
Reconcile Trust Accounts and permanently store archived reconciliation reports which can be accessed easily, at any time in case of an Audit
Trust Accounting in MantisProperty has been fine tuned to make record keeping and reporting a breeze!
Watch the video below to learn how to set up your trust accounts or watch the videos in the tutorials section of MantisProperty to learn how to use all the features of trust accounting such as reporting, ledgers, reconciling and more.