The process of searching for the right manufactured home can be quite stressful and time consuming. Fortunately, real estate professionals can help home buyers by speeding up the home-buying process and eliminating some of the stress and frustration associated with it.
But another key player when buying a manufactured home is the lender. In fact, the right manufactured home lender can help realtors by offering manufactured home loans that meet the financial needs of different prospective buyers and improving the interaction with them.
Here, we reveal five tips any real estate agent selling manufactured homes can use in order to smooth the way toward homeownership for his or her customers.
Tip #1: Look for Competitive Rates.
The fact that potential borrowers are looking for flexible loan terms and low interest rates isn’t a secret. In order to direct prospective manufacture home buyers toward the best deal possible, a realtor should team up with a financial institution that provides competitive rates.
Although the interest rates differ from lender to lender and vary according to applicant's’ FICO scores, the lender decides whether to lend money or not, and at what rate.
Tip #2: Search for Lending Options that Meet Different Needs.
A realtor selling manufactured homes should look for lenders who make available loans with varying down payment and credit score requirements.
That being said, only a lender with a vast experience in this industry sector can offer advantageous loan programs for manufactured homes with or without land, regardless of whether they’ll be used as primary or secondary residences.
Tip #3: Conditional Approvals Can Help Sell Manufactured Homes Faster.
The manufactured home buyers who are approved for a loan prove not only that they’re serious about purchasing a house but also that they have the ability to go through with the sale. This will make their offers more attractive to sellers, which can help a realtor sell a manufactured home faster.
Today, some specialized manufactured home lenders are able to review documents, process loan applications and approve borrowers in as little as 48 hours, without requiring a purchase agreement in advance.
Tip #4: Opt for a Lender with National Presence.
In addition to offering competitive rates, a manufactured home lender who continues to expand into new markets can support your selling efforts across the country.
Since a lending institution with nationwide presence has a more diverse loan portfolio, which translates into more financial resources and processing capabilities, it can also provide a variety of refinancing and insurance options.
Tip #5: Assess the Benefits of a Single Point of Contact.
The manufactured home loan origination and servicing company you intend to team up with should provide a single point of contact for your customers. This means that its staff will communicate directly with each borrower.
Besides saving you from unnecessary steps and reducing the possibility of miscommunication and errors, a single point of contact provided by the lender will help improve customer service, which can have a positive impact on your professional image as well.
In addition to the tips above, being as helpful as you can and maintaining good communication with home buyers are two more things that can make you a trusted realtor in the eyes of many customers, and not just in your area. If you’ve found some other tips that helped you become a realtor with a successful track record of selling manufactured homes, please feel free to share them in the comments section below!