http://LeahCoss.ca
Hi, everyone, how are you? It's Leah Coss with The Mortgage Center and this blog post is specifically for realtors. But I can maybe even take the little tighter of a demographic and, specifically, this is for new realtors, part time realtors and realtors who feel like they just can't quite get over that hump. They're not seeing the success that they were hoping for because this is one correlation that I've seen among realtors who do really, really well compared to ones who don't do quite as well.
This may seem a little biased, but it is where ones who are very, very successful, they all have very good relationships with mortgage brokers. Whether it be one or two, normally not any more than that. You really need to cultivate a relationship with a mortgage broker and there's a couple reasons for it.
First thing is just think to yourself about the last client that you had. How many marketing dollars do you think you had to spend in order to find that prospect? How many marketing dollars have you wasted trying to find prospects that didn't work?
Then once you actually get a prospect, how much time are you spending with them? Have you ever shown a prospect properties and then found out that they didn't qualify for it?
Or what about found a property that they qualified for, and then their financing fell through? Or maybe they had to qualify for just that $5, 000 more to be able to do a counter offer.
Or what if they were declined by the bank on a certain property and then, all of a sudden, once they get that one decline, they become defeated. They feel embarrassed and you never hear from them again?
When you have a client and you send them off to do their own financing at the bank what you're basically saying is, "Bye, paycheck. You go take care of what you've got to take care of. Come back to me when you're done."
And by doing that, you're risking not only your paycheck, but you're risking all those marketing dollars, all that time that you've invested finding the prospect and then all the time that you spend cultivating that prospect to have them want to work with you, and then to trust you enough to do the full transaction.
That's a lot of time and a lot of money that's wasted by hoping that, for one, the client understands the urgency of financing and, two, that the bank has the same urgency on the transaction.
So if you're not working with a mortgage broker, for one, the easiest question is: why not? Could it be any worse than working with the banks? And then secondly, by using a mortgage broker, guess what? When your clients are making offers on evenings and weekends, or when you have an open house and you've got someone that, "Hey, awesome, this person really wants to buy, but I don't want to spend any time with them taking them to properties until they're preapproved."
Can you call a bank on the weekend? Can you call them in the evening? Some of you can with their mobile mortgage specialists. But once again, you're only dealing with those one products. You're still taking a risk on that client being declined.
By going with an independent mortgage broker, you're getting the convenience of calling them in the evening if they're a good one and they are hungry for deals. You can call me from 9:00 a.m. to 9:00 p.m. and you can call me seven days a week. So that's giving you the accessibility during the times that you're working with clients the most which is evenings and weekends.
Secondly, what if a client drops the ball on their financing? At no point did you even know that this was happening. By calling a mortgage broker or the mortgage broker calling you and saying, "Hey, you've got to help me get on them. We've got to get these documents done if we're going to meet subject removal."
You and I can tag team them to create a sense of urgency in the client because, although they're buying a home, believe it or not, they don't understand the urgency of getting paperwork in on time.
So because of that, it doesn't hurt to use a mortgage broker. It can only help. And if you're using a good mortgage broker, chances are more deals will be able to get closed because they're working with more banks.
Case in point is if you have a client who happens to be looking at a previous grow up downtown, or a piece of land or something with not in to electrical and piping, those can't get done at certain banks and we have to go to other banks, or we have to go to private lenders.
And that's a situation where you can't leave it in the client's hands because the client doesn't know how to get their own deal done. A mortgage broker, a good, independent mortgage broker will know how.
So if you're not using a mortgage broker and you feel like you could be closing a lot more deals, but you're not and you're spinning your wheels that might be one of the reasons why. You're leaving too much up to fate and too much up to the client.
Loading...
4:28
Why Do I Have Bad Credit? How to Fix Itby MortgagesInVancouver311 views
Link to this comment:
All Comments (0)