Today, I thought I would take a minute to cover the fourth rule of negotiation and how Zillow’s Mortgage Marketplace puts the consumer in control of shopping for a mortgage and simply arms them with every advantage possible when it comes to the rules of negotiation.
Previously:
We learned that the first rule of negotiation is the first one to talk loses.
The second rule of negotiation is that when you are explaining you are losing.
The third rule of negotiation is the person with the least interest controls the relationship.
And the fourth rule of negotiation?
It is vital to set expectations and then over-deliver on under-commitments.
In every negotiation… in every relationship… each party will have numerous opportunities to set the other parties expectations. This applies across life, not just when shopping for a mortgage.
Become astute at under-committing and over-delivering and you will become known as reliable. As competent. As trustworthy. As someone who can be “counted on”.
Fall into the habit of over-committing and under-delivering and you will become known as just another ordinary, every-day average idiot.
This subtle -but-not-so-simple skill of being able to set and manage expectations and then over-deliver on those expectations is one that every lender on ZMM knows all too well — they absolutely *must* be stellar at setting expectations and then over-delivering on those expectations or they will simply go buh-bye.
If you are a lender and you somehow manage to hose up this rule of negotiation, you will soon be marked with the digital equivalent of the Scarlet Letter thanks to Zillow’s feedback mechanisms available for consumers to report “how you did”.
For example: look at a few of these top lenders on Zillow. Look at how many people they have helped. Look at their feedback scores.
Think they know how to under-commit and over-deliver?
Yes. And you can take that to the bank.
And if you happen to somehow become one of those lenders who hasn’t learned how to set your client’s expectations by under-committing and over-delivering?
Here’s your toaster, have a nice day.
Toaster as in parting gift.
Parting gift as in: you won’t win any of the “grand” prizes here. Sure, everyone still loves you, but it is back to cold-calling and LendingTree for you because no one that uses ZMM is going to want to be seen with you and your well deserved big, bright, shiny red “A”.
Lastly: a personal note to anyone who is thinking of using ZMM to shop for a mortgage:
Today, more than ever before (in my experience at least) it is difficult to get a loan done for a client. If your loan officer says to expect something and it doesn’t happen *exactly* in the time frame that he said – believe me when I say that there are crazy, crazy things happening regarding lending guidelines and turn times.
So when leaving feedback – just keep that in mind. Maybe even give your loan officer the benefit of the doubt.
Or hand him a toaster, tell him thanks for playing and maybe – just maybe it will be the thing that helps him become suddenly stellar at the fourth rule of negotiation:
Set expectations clearly, then get busy under-committing and over-delivering.
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