Focus on managing client expectations as a top priority, says lawyer
“I think as a mortgage professional, a real estate professional, and as a lawyer, managing client expectations is the number one priority,” she told Canadian Mortgage Professional. “It helps clients understand what they may expect from a sale in a down market or when they’re purchasing, say, something like a new build – what they might be able to expect if the market continues on a downturn.”
Deveaux said that left unmanaged, the gap between what a client is promised and what actually happens becomes costly for the professional relationship – not just the transaction.
“When you don’t manage those expectations and you promise your clients the sun, the moon and the stars and those things don’t come to fruition, then you’ve got unhappy clients – and then they’re probably not going to refer additional business,” she said.
Why communication carries more weight in a turbulent market
Deveaux, who acts for lenders on real estate and lending matters, said the anxiety this year is running in more than one direction. Homeowners want the best value if they’re selling, while buyers worry about securing financing or closing at current rates. But Deveaux’s clients are focused on a narrower question – namely, power of sale files amid the growing trend of mortgage delinquencies.
“Money is a primary concern for everyone right now,” she said.
