4 Signs that you need a new mortgage agent

If you have started your search for a mortgage agent or broker, you will soon find that the market is inundated with many candidates that seem perfectly qualified. How can you distinguish which candidate will be best for the job? Or maybe you have already hired a broker, but are now concerned that it may not be the best fit.

There are several red flags to watch out for when hiring someone, or that may be a sign that it is time to move on to another professional.  Red flags to look for include:

• Inconsistent or nonexistent communication – When dealing with any professional, especially for high-worth transactions, prompt communication is key. Your phone calls and emails should be answered within a reasonable amount of time. If you feel like you are constantly trying to track down your agent, or that they aren’t fully accessible, it may be wise to find someone who has better communication standards. A huge red flag is if you have trouble reaching them even in your initial communications inquiring into their services.

• Timeliness – Mortgages can be high-stress transactions, and usually have some pretty firm deadlines in place. Having an agent that stays on track of the project, and keeps you informed, is essential. If you are skeptical that the agent may not be detail oriented or deadline focused, that can be a red flag that the rest of the transaction may go awry.  If you are unsure, ask them about their processes and how they ensure deadlines and timeliness are of importance.

• Egocentric – If your first meeting with a mortgage agent is more about them than you, this can signal a potential red flag. Your initial meeting should be a discovery process. Yes, they should tell you their qualifications and experience, but they should make sure to fully understand your situation before offering solutions. If they are claiming solutions before they have talked with you in-depth about your needs that can be a red flag they are making claims that they may not be able to live up to.

• Doesn’t live up to their online review or marketing promises - Some agents will over exaggerate their skills and experience, which becomes very apparent once you start working with them and start to see signs that they aren’t as qualified as they implied. Many professionals will also provide reviews or references in your initial meetings. However, these reviews are often cherry-picked, and will only show you the good, and leave out the bad. Doing additional research and seeking outside reviews can help you find out the real deal before committing to an agent.

Finding legitimate reviews can sometimes be hard, but Kakeibo, an online review portal, allows everyday people to leave reviews about their experiences with real estate and financial professionals. This then makes it possible to search verified, legitimate experiences from other clients when deciding whom to hire. The site allows you to search for local professionals, including real estate agents, mortgage brokers, financial planners and insurance agents, to ensure you are hiring the best person for the job. Regardless of what service you need, doing your due diligence and research can save a lot of headaches in the future.