What to do... What to do...

By
Real Estate Mortgage Broker with Allied Home Mortgage

After 3 years in business it seems as if our business has slowed to almost a crawl. Last year was by far our best year in business but something has changed. With the new year, came new regulations. I have a customer who called me and said that his realtor had told him some things about us and urged him to go w/ another company. Not a big surprise. In an area that is "pro local bank", I dismissed it.

The next day I got another call from the same customer saying that his realtor had again told him things (untrue things) about our company and that he would be better off w/ another lender. By this time I have grown a little agitated.

This repeated itself 4 times!!!! The funny thing is that I have never worked w/ this realtor at all. Why would someone want to sabotage a lender they've never even worked with?

The thing that bothers me is that as a banker/broker, I am working in the same way as a realtor (commission-based). I don't get paid unless I close loans. Many local banks pay their loan officers a salary and commission. They don't close a loan so what! I HAVE to close loans.

I would love to get everyone's opinon as to what to do in this situation.

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Location:
West Virginia Harrison County Bridgeport
Groups:
Allied Home Mortgage Corp
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Rainer
32,229
Katherine Fillman
Coldwell Banker Schmitt

Jason:

I might contact that agent's broker, sponsor a lunch meeting and sell your services there.  Maybe the agent has had some misunderstanding with you

As far as volume goes, its hard for me to comment.  I have stopped farming as I ma moving to Florida.  However, I have had very few calls from past customers.

I am contemplating going to a new homes site where they pay benefits & a draw.  I am tired of struggling myself.

 

April 08, 2010 09:47 AM
Rainmaker
311,284
Glenn Roberts
Retired

I guess I would first contact the Realtor and ask him what he's heard and why he has you targeted. Follow up on what he says are his sources. Also get testimonials from past clients and make sure those are available on your website. I think you need to be very proactive, but don't ever be angry, be professional.

April 08, 2010 09:47 AM
Rainmaker
356,855
Morris Massre
Realtor Broward County Florida
Berkshire Hathaway Home Services

I am a realtor and I sympathize with your plight because I hear it all the time.  In my case, however, it is warranted because South Florida is the mortgage capital of the world.  It is difficult to find a broker you can trust and most buyers here just look them up online instead of asking around and researching.  In your case, however, I would confront these agents face to face and show them the facts, preferably in writing about you and what you have done.  I would also approach their broker and let them know how their agents are acting. 

On the other hand, keep this in mind.  Sometimes agents do this for one of two reasons.  First, they are getting a kickback with whoever they recommend, however illegal it may be. And second, their office is affiliated with a mortgage broker and they score brownie points for using them.  Hope this helps.

April 08, 2010 09:47 AM
Rainer
6,907
Jason & Ryan Nicewarner
Allied Home Mortgage

I am going to talk w/ the realtor's broker. Glenn and Morris, I like the testimonial idea. I try to have all my clients write something (good or bad) about their experience. We are always evolving in this industry and bad comments can serve as good stepping stones to change.

April 08, 2010 09:56 AM
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Rainer
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Jason & Ryan Nicewarner

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