SPRING 2012
INSIDE: Don’t be a One Dimensional Salesperson Generating Leads is a Contact Sport
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c o n t e n t s S P R I N G
Jessica Facini jfacini@mbabc.ca 604-408-9989
EDITOR MAGAZINE CHAIR
2 0 1 2
VOLUME 2 , NUMBER 5
Deb White 250.545.2202 deb.w@telus.net
Holly MacPhail 604.630.3625 holly.macphail@mcap.com
Publisher
Craig N. Brown
Art Director
Donna Szelest
Contributors
Doren Aldana Catherine Barry Cindy Freiman John Glennon Loren Hawkins Finn Larsen Chris Leader Roger Levesque Brian Peterson Lloyd Pritchard
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Photographers Unless specially credited, all photos were submitted or taken by staff.
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Advertising & BILLING Debra Hiller accounting@mbabc.ca 604-408-9989
THE bc mortgage broker is published in conjunction with THE MORTGAGE BROKERS ASSOCIATION OF BRITISH COLUMBIA
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41 211-1433 St. Paul Street Kelowna, BC V1Y 2E4 P. 250.868.2229 F. 250.868.2278
www.nichemedia.ca
The bc mortgage broker is published in KELOWNA, BC by NICHE MEDIA. ©2012. All rights reserved. The views expressed in The bc mortgage broker are those of the respective contributors and not necessarily those of the publishEr or staff. PUBLICATIONS MAIL AGREEMENT NO. 41297283. RETURN UNDELIVERABLE CANADIAN ADDRESSES TO: Suite 404, 999 Canada Place, Vancouver, BC V6C 3E2
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f e a t u r e s c o l u m n s departments 18 Six Referral Marketing 7 message from the president 8 ASK THE EXPERTS Mistakes 9 VIEWPOINT from the CHAIR 11 2012 BOARD OF DIRECTORS DIRECTORY 25 Don’t be a One 12 rePORT from the executive Dimensional director 14 thank you to our Salesperson 30 Gadget Goon 41
Generating Leads is a Contact Sport
17 ethics report 23 government relations report
advertisers
20 in the news 28 in the community
32 report on MBIBC
26 CALENDAR OF EVENTS
34 broker savvy
36 MEMBER PROFILE: broker 38 member profile: LendEr 44 mbabc new members SPRING 2012 | the bc mortgage broker
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C O LU M N
m e s s a g e from
the
pre s ident
T
Geoff Parkin, President
A review of the Mortgage Broker Act is scheduled in the legislative schedule for 2014.
he past year has been one of continuous change within our industry; heightened competition between channels, tightening credit conditions and lending standards, and historically low and aggressive rate pricing. These changes created both challenges and opportunities, and our members have continued to excel in this environment, providing exceptional service and value to our clients. At our planning session early in the year, your Board spent time discussing and debating the short and long term future of mortgage brokering in BC. The key message coming out of this planning session was the recognition of the need to create efficiencies in the association operations and to expand our relationships with other associations across Canada. In particular, we have taken significant steps with CAAMP to eliminate overlaps in what each group does to support the industry, while working collaboratively as associations rather than competing with one another. The financial support of our members and industry sponsors simply warrants such initiatives. One of the main outcomes was the first ever joint membership billing process, and the creation of discounts for members of both associations. We have also started similar undertakings with the other provincial associations, and we appreciate the amount of forethought, vision, and leadership they too are providing our industry. MBABC has also continued to support operational activities throughout the year including: coordinating educational and networking events and opportunities, working with BC government and regulators to provide input and information on areas that impact mortgage brokering, and delivery of our annual conference and trade show. A review of the Mortgage Broker Act is scheduled in the legislative schedule for 2014. Your Board has started a review of the act and proposed changes to law to more appropriately reflect the current environment. We also continued to work with and support the Mortgage Brokers Institute of BC (MBIBC) in their goal of expanding the continuing education delivery that is critical to the ongoing professionalism of our industry. As I complete my term as President, I would like to thank the MBABC Board of Directors for their commitment and support throughout the year. I would also like to extend my appreciation to MBABC management and staff. The hard work of this small but dedicated group is the foundation of the success of our organization. I know I will look back on this year with fond memories. Thank you to everyone for their enthusiasm and support Geoff Parkin, MBABC President
SPRING 2012 | the bc mortgage broker
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D E P A R T M E N T
a s k
This issue’s guest expert is Deb White.
experts t h e
Q: I have some clients who moved to BC over a year ago and now they want to buy a home here. They owned a home in Ontario; however they never lived in it. Will they have to pay PPT? A: If the client owned this home and it was a rental only, then no, they will not have to pay PPT. This can be very confusing as BC brokers we are taught that if you have ever owned a home anywhere in the world you must pay PPT... The key question to ask is: have you ever owned a personal residence anywhere in the world. Also, mobile homes in parks are exempt. I would suggest that the clients speak to their lawyer.
Q: My clients want to use their RRSP’s as a down payment with no tax implications. They have owned a home before and I have advised them that they can put down up to $25,000, however their friends are telling them that they can’t? Did I advise my clients incorrectly? A: There are a lot of missing parts to that question, with the main one being how long ago did they own their home and was it their principal residence. The next question is - was it in the past 5 years, then no, the RRSP’s will be taxed. Was the home that they owned a rental in the past 5 years, then yes they can. It can be very confusing and I would suggest that the clients speak to their financial planner.
Q: If a liability isn’t listed on the credit bureau, do you have to list it as a liability? A: Yes you do. If you as a broker are made aware of an external debt that they are responsible for, then you must disclose that to the lenders. There are two credit bureaus that the insurer’s use and just because it is not listed on Equifax does not mean it will not be on Transunion. Also, it is your responsibility to ensure that you are giving your client the best financial advice in regards to their home purchase. The debt that is not showing could actually make them house poor. Always list every debt.
Q: If a client has a loan registered on their credit bureau, however it will be paid out within 6 months, do you have to use that payment as a liability? A: As long as it is not a revolving debt, then I would speak to the insurer as well as the lender. In the past, I know of many cases where this debt was not included in the ratios as it would be gone shortly after the mortgage closed. 6 months is the maximum remaining time that would be considered. 8
the bc mortgage broker | SPRING 2012
D E P AC RO TLU M EM NN T
v i e w p o i n t the A G TA HZ EI N EE D CI TH OA RI RS F R M O M
PHOTO CREDIT: KEnT KallbERg
from
welcoMe to 2011!!
W
WELCOME TO SPRING
elcome to Spring, where the trees will start to turn colour, our personal outlook is brighter as the sun is shining on us and the real estate market is picking up! It is so interesting that all over British Columbia every broker will tell you a different story on how mortgage brokers are managing in their area. I have found it fascinating that each market is so different, even when the Co-editors Heather Cermak cities areIrena so Sakic closeand together. The one common ground from each broker is how the banks are selling on rate only and what can we do about it. We have entitled this hethe start a new us,you and we are edition ‘”Artof of Sales” in year hopesisof upon assisting to stand out feeling in your market. With the technology we have today arereasons! so many as ways to particularly excited about that for there a few you stay in touch with your client, and that is the key right there, stay in can probably tell, the BC Mortgage Broker Magazine has a touch with your client. So many brokers will complete a file then fornew look and feel, and that is because we have a new Publishing get to ask for more business. It is our jobs as brokers to provide service company calledto Prosper Media group! theme for We thisunderstand issue is all and knowledge our past, present andthe future clients. about continuing education, and its importance to your business. that change is hard to embrace, however now is the time to modify the way wewe think about moving our business to the next level. Often may forget to invest the time, money and attention I am an veryimportant honored to be named Co-Chair our magazine. to such matter, however, the of more knowledgeInside you you will find information from industry experts to help you make have, the better prepared you will be for your clients and referral your most valuable asset stand out... YOU. I hope that you will all ensources. We have added a new column the7th magazine joy the 2012 Greatalso Gatsby MBABC Trade Showto May and 8th.called What “Deal Resolution”-tough real life scenarios, sessions. solved by your an amazing line up of speakers anddeal knowledgeable Don’t be peers. Perhaps this by willmissing assist you view challenges in a different the one left behind this to great event. I hope you there. way. also to insee this issue you can learn more about the MBiBC, as well as the benefits of becoming a memberDeb ofWhite, the MBaBC. Magazine One Chair of the best educational opportunities is also the annual MBaBC Conference and tradeshow, so be sure to register before spaces are filled. We hope you enjoy the new look of the BC Mortgage Broker magazine and we wish you the very best for a successful 2011!
T
Heather and Irena
M B A B C M I S S I O N S T A T E M E N T The Mortgage Brokers Association of British Columbia’s mission is to provide its members with the best educational opportunities, ethical guidance and professional representation, while increasing consumer awareness by advocating mortgage brokers as the number one choice for mortgage financing.
WINTER 2011 the bc mortgage broker SPRING 2012 | |the bc mortgage broker
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the bc mortgage broker | SPRING 2012
D E P A R T M E N T
2012 directory b oard Geoff Parkin President
604.531.7310 c.604.619.5343 f.866.218.5996 geoff.parkin@vericoselect.com
Jared Dreyer
Vice President & Media Relations
604.649.5991 x 201 604.536.3802 jared@dreyergroup.ca
Loren Hawkins
Secretary, Gov’t Relations & Golf
250.862.9504 c.250.215.3042 f.250.861.2939 lhawkins@valleyfirst.com
Rob Hafer
Treasurer, Finance & Audit, Sponsorship
250.480.0633 c.250.881.3900 f.250.480.0662 robhafer@invis.ca
of
director s
Joanne Vickery
Susan Shannon
778.571.4258 c.604.250.5070 joanne.vickery@mtgarc.ca
250.483.1375 c.250.217.8777 f.250.483.1377 susan.shannon@vericoselect.com
Tamera Olsen
Roger Levesque
Jason Suttie
director@mbabc.ca
250.405.4350 c.250.380.8048 f.866.467.7881 roger@rocharfinancial.com
604.760.2247 f.604.909.5164 jsuttie@suttiemortgage.com
Past President & Past Presidents Council
Pro D / BPCPA & Ethics
Holly MacPhail Magazine
604.630.3625 c.604.349.6898 holly.macphail@mcap.com
Conference & Tradeshow
Pro D
Deb White
Magazine, Okanagan Event & Sponsorship
250.545.2202 f.250.549.7283 deb.w@telus.net
Megan McDonald
Geoff Willis
Toll free c855-215-8800 Megan.mcdonald@mcap.com
604.742.3411 c.604.657.9195 f.604.630.7270 geoff@origingroup.ca
Membership
Kevyn Oyhenart
Conference / Tradeshow
604.596.9055 c.604.341.5798 f.1.866.580.6955 koyhenart@shaw.ca
S T A F F Executive Director
Debra Hiller
Accounting / Member Services
accounting@mbabc.ca
Catherine Barry
Education Coordinator
cbarry@mbabc.ca
Jessica Facini
Marketing & Communications
jfacini@mbabc.ca
Media Relations
Daryl Harris
Director At Large
204.928.7707 866.954.7620 x 202 c.204.292.4817 darylh@onelinkmortgage.com
MORTGAGE BROKERS ASSOCIATION OF BRITISH COLUMBIA Suite 404, 999 Canada Place, Vancouver, BC V6C 3E2 Phone: Direct 604-408-9989 Toll Free 877-371-2916 Fax: Direct 604-608-0977 Toll Free Fax 866-557-0977
SPRING 2012 | the bc mortgage broker
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department
r
e from
I
Tamera Olsen
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the bc mortgage broker | SPRING 2012
the
p
o
e x ec u ti v e
recently attended the CMHC Housing Market Update. Current statistics on lower mainland market conditions were shared, with emphasis on the impact of niche market settlement by migration and its role in the coming decade. Statistics reveal that we remain in a balanced market condition offering a stable outlook. Qualifying income required for various municipalities was compared which reflected against average home values. CMHC has created a ‘microsite’ for newcomers entitled “Everything You Need”, and mortgage brokers can take advantage of these resources to share with clients. I’ve been speaking with broker owners and have found that business is quite healthy and the price competition of late, while challenging, has provided significant opportunities in the refinance market. In fact, mortgage broker business is booming in the final hours of record low rates. It is a good sign that our industry footing remains strong. We have had good feedback on our speaker line up for the upcoming conference and encourage broker owners to promote this educational and networking opportunity to sub-brokers. The exhibition is strong and sponsor support outstanding. Our web site reveals all details and provides easily accessible online registration. The MBABC team is available to answer your questions.
r
t
director
We are exploring additional educational delivery methods to provide convenience and reflect price sensitivity. Watch for these opportunities as they are developed and marketed with a focus on applicable tools and timely information affecting efficiency and effectiveness in your day to day business. I’m excited to announce we’ll be launching our Charity Golf Tournament sponsorship during exhibition hours at the conference. Golf Chair, Loren Hawkins, will be available at the MBABC booth to share your participation options and details for the event. Stop by and see him there. Additionally, we’ll be back in the Okanagan on June 7 with a networking event sure to please. Event co-chairs, Deb White and Loren Hawkins have an exciting afternoon and evening agenda that will really connect you to the industry in a fun and informative environment, while rounding out the event with a fabulous terrace dinner overlooking the lake, taking place at the Grand Okanagan. On behalf of MBABC, I want to express our thanks to Debbie and Grant Thomas, TMG The Mortgage Group, for their tremendous contribution of studio space and technology support behind our new initiative, MBABCtv. This live broadcast will air every 6 weeks from TMG Studios and we could not do this without their gracious support.
Receive A
20% Discount*
on your online advertising when you book one full year of print advertising in The BC Mortgage Broker. *Offer valid upon authorized contract signature.
ONLINE MEMBER Directory The MBABC publishes an Online Member Directory for MBABC members. It is updated regularly and gives all advertisers the opportunity to be seen as an industry leader with their product or service.
Description
PIXEL size
ANNUAL RATE
Leader Board** 728 x 90 $ 1050 (under main menu) Left Vertical Menu* 240 x 120 $ 825 (2 places) Square Button* 125 x 125 $ 775 (3 x right vertical) Footer* 468 x 60 $ 450 (bottom) Text Ads (25-30 char. max./line) 4 lines $ 330 (inserted in Directory) ** Refresh frequency has a maximum capacity of two advertisers
All online advertisements must come in .jpeg, .png or .gif format with an associated URL. GIF’s can be animated but must remain under 50KB. Your online ad links to your site through the URL provided and gives you complete control * Refresh frequency has a maximum capacity of three to edit/update the content of advertisers the complete ad. Your ad may be updated maximum once For advertising please contact Debra Hiller per month.
accounting@mbabc.ca or 604.408.9989
SPRING 2012 | the bc mortgage broker
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to
o u r
ad v erti s er s :
thank you Antrim Investments
First National Financial LP
Appraisal Institute of Canada - British Columbia
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RMG Mortgages
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Rompsen Investment Corporation TD Canada Trust
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the bc mortgage broker | SPRING 2012
co l u mn
r
e
p
o
r
t ethic s
Ethics and Professionalism will set us apart!
B Roger Levesque
ritish Columbia has the lowest ethics complaints in Canada, thanks to our strict regulations and professional development. A great way to increase the industry market share is to gain customer confidence. I am not only referring to the way we deal with customers but very importantly the way we deal with each other. Ethics are so important in an industry that has an aggressive culture which can create disrespect between its members. We have received concerns from members regarding perceived lack of respect from on broker to another, for example; a broker from the same office trying to gain business from another broker’s client walking in. We are in a competitive market but we have to remain ethical in the way we do business. An extract from my last ethics article: “If your actions can sustain the scrutiny of the front page of the Globe and Mail, carry on!” Some broker’s actions could definitely not sustain any front page of any newspaper. We receive a fair amount of complaints when a sub-broker leaves his/her brokerage for another. In most cases, there are bad feelings and a lack of cooperation. MBABC do not get in the middle of contractual dispute, this is for the courts to decide. It is imperative to have
a good written contract which stipulates a clear exit clause and who retain the clients and any data base. This is like a prenuptial! Since completed files have to remain with the brokerage for 7 years (this is a regulation), only copies of the files can leave with the departing sub-broker, as long it is contractually agreed upon and the clients have given written consent. The clients always have the final words on who will be allowed to work on their mortgage. Always obtain a written consent, verbal consent cannot be verified. When we receive a complaint, we review the documents and contact the mortgage broker for their version of events and request their documentation on file. In many cases, FICOM had already contacted the broker asking the same. It is imperative to take thorough notes and have all the mandatory documentation on file including, Form 9, Form 10 or Form 11 and the signed disclosure statement. Since the majority of complaints come from private financing and B lending, make sure that your notes are very detailed! The average complaint comes between two and three years after the fact, one complaint was from a 6 year old file! Your notes and documentation are crucial for your defense. SPRING 2012 | the bc mortgage broker
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F E A T U R E
Six Referral Marketing Mistakes I
Doren Aldana
How Many Of These Six Referral Marketing Mistakes Are Causing You To Work Harder Than You Really Have To? (Part 1 of 6)
t has been reported that over 80% of mortgage professionals fail within their first two years! That’s a staggering statistic. My hunch is, most of these mortgage professionals throw in the towel, not because they dislike the business, but because they can’t afford to eat. I know several cases where they exit the business with their families in total financial ruin. And believe it or not, it gets worse. Of the remaining 20% who manage to survive in the business past the first two years, the average mortgage originator only makes $45,000 per year and only the top half (10%) make over $85,000 per year. As you can see, the odds are clearly stacked against you. So, what is it about the top 10% highest income earners that allows them to enjoy financial prosperity, while the other 90% struggle to eke out a meager existence? Is the difference found in their education, intelligence, skills, timing, work habits, contacts or luck? Perhaps. What I can tell you with absolute certainty is this: After coaching hundreds of mortgage professionals since 2005, I’ve observed that the single most important success factor separating the top dogs from all the rest is… EFFECTIVE MARKETING! Unfortunately, most mortgage originators are entering the business completely clueless about how to market themselves in today’s hypercompetitive marketplace. Most are driving with their eyes closed – it’s no wonder so many crash and burn! But here’s the good news: If you avoid the following six deadly referral-marketing mistakes, you’re guaranteed to tip the scales of fortune in your favor.
Mistake #1: Neglecting Your Database One of the most costly mistakes I see mortgage professionals fall prey to is their tendency to myopically focus on acquiring new clients and in doing so, they neglect the only true asset they will ever have in their business: their database of clients and referral partners! Think about it. What other market likes you, knows you, and trusts you more than your own happy clients and referral partners? Nobody! – they’re your raving fans. Yet how many of them get pushed to the side and neglected due to your “busy schedule?” When was the last time they received a meaningful communication from you by email, phone or direct mail? Every month that goes by that you ignore your database it could be costing you thousands of dollars! Case in point: the National Association of Realtors did a study and came up with some interesting statistics on the correlation between number of mailings and marketing results. Here’s what they found: • Sending fewer than 8 mailings a year yields minimal results.
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the bc mortgage broker | SPRING 2012
C R E A T I V E L E N D E R S , contin u ed
• 8 to 12 mailings a year generated a 200% increase in results.
Tip #2: Make it look like you did it yourself. It shouldn’t look mass produced.
• Now here’s the kicker. Going from 12 to 18 mailings per year increased results by an additional 200%!
Tip #3: Write in a personal tone as if you were writing to a friend – not too formal or stuffy.
What does this mean? Simply put, if you’re not consistently staying in touch with your database, month after month, you’re leaving thousands of dollars on the table! In fact, studies show that it costs 5-10 times more to acquire a new customer through advertising than it does to market to your existing clients. Why pay 5-10 times more when you don’t have to? The truth is people hate being ignored and if you’re not continuously staying in touch they’re likely to get poached by your competition. If you want to build a predictable, profitable and salable mortgage business, you can’t afford not to develop a consistent follow-up marketing system. So, if all this is true, why aren’t you investing more time, energy and money to mine the gold from your client database? Perhaps no one has taught you the importance of it and shown you how to do it - until now! If you’ll make a study of it, as I have for the past five years, you’ll find that Top Producers are more likely to be using a mix of both email and direct mail in their follow-up marketing campaigns. Why would they bother spending their money on direct mail when email is “cheaper”? Simply put, it pays better. If you say, “Direct mail is too expensive” you’re like the person you says, “I don’t enjoy sex” – you’re probably doing it wrong! With that said…
Here are the three most important keys to a Top-Flight Follow-up Marketing System: 1. Monthly Direct Mail Newsletter. If you want it to be read send it by direct mail. If you don’t care if it’s read or responded to, send it by email. It’s as simple as that! Your newsletter should be going out to 3 different segments of your database: prospects, clients, and referral partners. The key to follow-up success is consistency. Commit to sending your Monthly Newsletter out to these 3 groups every month like clockwork until they die, buy, or tell you to stop. Content is king when it comes to the success of your newsletter. If your newsletter is even remotely irrelevant, boring or dry it will quickly meet its fruitless fate in the recycle bins of the world. Here are 8 tips to protect your newsletter from becoming a resident of “Dullsville”: Tip #1: Use exciting and compelling headlines – i.e. “9 Secrets to Make Your Home Renovation Pay For Itself!”
Tip #4: When applicable, end the article with a specific call to action – i.e. “call today!” Tip #6: Make it entertaining - i.e. quizzes, trivia, recipes, Sudoku, interesting news, etc. Tip #7: Include photos, cartoons and white space to please the eye of your reader. Tip #8: Use blue handwriting font on the envelope and mail with a live stamp (not indicia). For a complete cover-to-cover sample of an effective direct mail newsletter, go to: www. Done4UClientLetter.com A true direct response newsletter is not, nor will it ever be, "professional". There should be no articles about technical items, written in technical jargon. If you do talk about something technical, translate it into layman terms, and when relevant add stories, humor or sentiment. 2. Weekly Email Tips. If you’d like to supercharge your follow-up marketing results, send your contact list a weekly email tip in addition to the monthly mailing. To save you time, stress and hassle, I’ve done all the heavy lifting for you by putting together a completely DONE-FOR-YOU 52 Week Email Campaign. You can grab it free of charge at: www. Done4UEmail.com. 3. Phone Calls. Once per year, mail out a postcard inviting your clients to call you for an “Annual Mortgage Review”. For best results, follow-up with a phone call. Your objective is simple: find out if their mortgage is still up t0 date and whether or not it makes sense to refinance, do a debt consol, finance a renovation, etc. This is also a perfect time to ask for referrals! If implemented correctly, your follow-up marketing system can become your most profitable marketing weapon – feeding you a steady stream of repeat and referral business! Consider it like the superglue that keeps your clients and referral partners bonded to you for life. ¨ Doren Aldana is considered by many to be Canada’s leading Mortgage Marketing Coach. Since 2005, he has been dedicated to helping mortgage professionals attract more clients with less effort, regardless of market conditions. Aldana is also the author of a new CD set titled, “6 Deadly Mistakes that Kill Your Mortgage Referrals.” To pick up your free copy, visit: www.FreeReferralSecretsCD.com
SPRING 2012 | the bc mortgage broker
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D E P A R T M E N T
news
iN THE
EnRICHed Academy Enters the Dragons’ Den!
Dominion Lending Centres’ Jay Seabrook & Kevin Cochran are taking EnRICHed Academy before the CBC dragons after their audition on April 12, 2012! EnRICHed has received terrific support from the Dominion Lending Centres network – with many mortgage professionals across Can-
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the bc mortgage broker | SPRING 2012
www.caplink.ca
ada becoming certified instructors, as well as giving away the EnRICHed program as gifts to clients and referral partners. Possible endorsement by the Dragons will fast track EnRICHed much like the Don Cherry endorsement is helping the Dominion Lending Centres brand become more recognized.
MBABC Launches MBABC.TV MORTGAGES… UNPLUGGED Moderated by TMG’s Debbie Thomas, this monthly half-hour live broadcast dives head first into the industry’s most pressing issues. First 2 Episodes hosted MBABC Board of Director’s Geoff Parkin, Jared Dreyer & Geoff Willis. Listeners are invited to email in their questions for the panel to answer during the show direct from www.mbabc.tv For Panel topics or to participate please email communications@mbabc.ca Powered by TMG The Mortgage Group.
I N T H E N E WS
VERICO Canada is pleased to welcome VERICO Vivid Mortgage Inc to Canada’s #1 Mortgage Broker Network! VERICO Vivid Mortgage Inc., situated in beautiful downtown Vancouver, is owned by two time Canadian Mortgage Award finalist, Michael Sjerven. Michael has a passion for the mortgage business and plans to grow his business by offering great compensation to like-minded subbrokers.
Kelowna Networking event is back, with a twist!! Entrants will be placed on a team and each team will be sent on a time limited quest around the city on a treasure hunt. Our Mortgage partners will be located at stations throughout downtown and will provide you with your next clue to finding treasure. What a great way to spend an afternoon and get to know your fellow mortgage professionals!
Place:
Delta Grand Okanagan Hotel
Time:
June 7 2012 2:00 to 11:30 pm
Race begins:
2:30pm
Cocktails:
5:30pm
Dinner:
6:30pm
You will be entertained by the band “ The Bodgeas ” - Dance the evening away.
Members:
$75
Non Members:$95 Sponsorship opportunites are available. Please contact Deb White deb.w@telus.net
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ell spring has arrived and our Government Relations committee has been actively working with our provincial regulator, FICOM; our Inter-provincial Association partners and most recently the Ministry of Finance. On February 22, our committee met with the Executive Director and his colleagues to discuss the state of the industry in B.C. and across the Country. Among the items discussed were the National Instrument 31-103, unlicensed bank representatives and the ability for sub-brokers to operate as corporations. During our meeting, the Ministry advised us that the Mortgage Brokers Act is slated to be review during the 2014 legislative sitting. In the com-
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ing months, MBABC will finish our extension review of the Act and will provide recommendations and feedback during our consultation period with the government. Our final report of the Act will be submitted to the Ministry of Finance in time for the sitting. MBABC is the voice of the provincial industry and will work hard to ensure the Act is reviewed and updated to advance the industry to the next professional level. Should you have any comments or questions, please do not hesitate to contact the committee. Committee Members: Loren Hawkins, Geoff Parkin, Jared Dreyer, Brian Peterson
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Great Energy? Positively. Energy is what powers every deal we make. We channel ours into serving brokers. Our dedicated service teams put tons of personal energy into supporting brokers — going out of their way to find solutions, no matter how challenging the situation. To us, deals are more than just numbers on a page. They’re about turning a house into a home. 1-888-837-2326 • bwballstarportal.ca
MORTGAGES TO SUIT YOUR NEEDS • Commercial/Residential
• Short Term Bridge Loans
• Land/Subdivision Loans
• Development Cost Over-runs
• Project Workout Solutions
• Multi-Family
ALAN LONG CRAIG MCLAREN PHONE: 604-731-2899 • FAX: 604-734-5546 TOLL FREE: 1-866-432-4949 EMAIL: mandatenational@telus.net Suite 505 - 1195 W. Broadway, Vancouver BC V6H 3X5
Vancouver’s Sub-Prime Mortgage Lender since 1982 24
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F E A T U R E
Don’t be a One Dimensional Salesperson D John Glennon John Glennon is an authorized licensee of Sandler Training® in the Interior of British Columbia. John is an accomplished sales person and manager with over 17 years sales and sales management experience. Beginning in sales in 1990 as a sales representative, he progressed to territory manager, sales manager, division manager and national sales and marketing manager roles throughout his career. In 1997, John became a student of the Sandler Selling System®. This introduction changed his sales career and over time propelled John and his career to new heights. Successful in accelerating growth through strategic leadership, John knows firsthand the value of a sales training approach that follows a learning philosophy of ongoing reinforcement. He is experienced in driving the behaviours, attitudes and techniques required of an effective sales team. Sandler Training is offered on a regular basis from their Kelowna, BC training center and through innovative distance learning programs to the rest of the BC Interior.
eveloping new business has many avenues, and given that many sales people are reluctant to cold call, getting introductions through referrals from existing customers, friends, and business associates is a far more pleasant way of starting the selling process. And that of course is the unfortunate truth; it’s only an introduction and about 2% of a process to take you to a closed piece of business. The fact is the referral still needs to be intelligently engaged, qualified for need, budget, and ability to make a decision. I know many people in sales who belong to referral groups and some depend on the group members to continue the referrals on a regular basis. There’s nothing wrong with referral groups but they do not take the place of prospecting, cold calling, networking or many other proactive business development activities. There is a danger that we can become dependent on these leads and not take personal responsibility to find new opportunities ourselves. Referrals are step one of a process. Just because you have a comfortable introduction, you can’t depend on it being a match for future business. Does your system allow you to quickly qualify or disqualify the referral prospect? Can you tell if you have a quality referral? Ideally, quality referrals will include an introduction from your existing contact and some information about the prospect and the issues you might be able to solve. The key to getting referrals outside of structured referral groups is to ask for them. Many times we think, if I do a good job for my client or I’m out going and charming to prospects they’ll give me referrals. It rarely happens. Think of the last three people you bought from who did a really good job. Did you call them and give them a list of contacts because you were pleased with their product or service. Probably not. Referrals are great and you should constantly ask for them from existing contacts. However, they do not replace prospecting, they do not turn into a sale without superior systems, and you can’t expect them to be given to you. Don’t let your fear of cold calling make you a believer that building your business on referrals will take you to increased growth, as well as to your personal and business goals. You must be more than a onedimensional salesperson. John Glennon is the owner of Insight Sales Consulting Inc, the authorized Sandler Training Licensee for the Interior of British Columbia. He can be reached at jglennon@sandler.com or toll free at 1-866-645-2047 or 250-765-2047 SPRING 2012 | the bc mortgage broker
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D E P A R T M E N T
2012 CALENDAR OF EVENTS Applied Information Course October 11 & 12
Burnaby, BC The AIC is specifically designed for brokers new to the industry and supplements BC’s licensing education with applicable, focused, experience based knowledge – created and taught by the industry’s best talent. * This course is worth 12 AMP CE credits
Designated Individual Course April 17 & October 17
Vancouver, BC The MBABC is pleased to offer this course for broker managers. Its aim is to provide a basic understanding of the requirements to manage sub-brokers and achieve a minimal regulatory compliance standard. All broker owners, corporate members, franchise managers/owners and appropriate individuals should participate. * This course is worth 7 AMP CE credits
Annual Conference & Tradeshow May 7 & 8
Vancouver, BC Western Canada’s largest industry event provides an excellent opportunity to promote your products and services to the Mortgage Broker Industry. Our 2012 Conference is a 2 day event boasting a strong lineup of speakers and educational presentations. Delegates benefit from a huge exhibition, networking and the opportunity to build relationships and expand your business * The Conference is worth 4 AMP CE credits
Kelowna’s Treasure Quest Networking Event June 7, 2012
Grand Okanagan Hotel (see page 39 for details)
Charity Golf Tournament September 10
Philanthropic efforts of our members at this event have raised over $140,000 for the BC Children’s Hospital Foundation. Register early as this is always a sold – out event
Professional Development Seminar Series September
TBA Pro D Seminars are offered throughout the lower mainland and travel to the Okanagan and Vancouver Island with feature topics and speakers – watch for more information on our web site. *This course is worth 2-3 AMP CE credits
Please visit www.mbabc.ca to register for all events
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Wouldn’t it be nice? PARTNER MORTGAGE! Wouldn’t it be nice to have a say in your own product; to always be paid at renewal; to not fight with a retention team for ownership of your client; to have platinum rates from your first deal; to have had an answer for 2.99? (Partner had the rate AND the frills!)
Wouldn’t it be nice to have Partner Mortgage?
www.BoldResources.ca
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D E P A R T M E N T
Our knowledge, Our relationships, Our investors, Your benefit.
community iN THE
CMP Awards Nominations
Commercial Mortgage Bankers
Throughout the province there are so many ways to give back to your community. The CMP awards are quickly approaching and three brokers from our province have been named as finalists. Congratulations go to: Geoff Parkin, Deb White, and Diana Zitko. We wish them luck June 1, 2012 where the awards will be handed out in Toronto.
Vernon Winter Carnival Sue Solymosi and Pete Solymosi performing at the Vernon Winter Carnival at the Jopo Luncheon. This was the 52nd Vernon Winter Carnival and Sue was co-chair of Jopo house as well as on the Board of Directors. The Vernon Winter Carnival is the largest Winter Carnival in the west and is 9 days long. Vernon gets many visitors during this time and it is a great boost to the community economy.
MBABC Proudly Participates as a Sponsor at the 2012 Annual Broker Lender Charity Hockey Tournament Gabe Hoffart, Event Chair recently hosted the 8th Annual Broker Lender Hockey tournament in support of Canuck Place Children’s Hospice was held in North Vancouver. The tournament boasted over 55 players, and over 120 participants that came for the day. The level of play was impressive (nothing like putting 25 business competitors on the ice with hockey sticks), and the end result was over $10,000 raised for Canuck Place Children’s Hospice. The tournament had many corporate partners that enabled the event - and a special thank you to Kristina Morrison from First National for all of her hard work to make this event a success! Looking forward to the event in 2013! 28
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Work with a lender who can bend. At Antrim, being flexible allows us to create the custom mortgage solutions your clients require. We provide a broad range of residential 1st and 2nd mortgages tailored to the needs of your self-employed, stated income, and low beacon clients. Furthermore, a common sense lending approach allows us to approve and fund deals fast. Our friendly and knowledgeable underwriters look forward to helping you.
Call us today
604.530.2301
F E A T U R E
Gadget Goon I’m #1! Really?
E Michael Ashe, AMP Regional Vice President, Western Canada The Mortgage Centre
very day I open my email to find another proposition. There are the usual enhancement promises and pleas for help to recover millions of lost gold from an estate in Africa, but I have also received one that is a little more thought provoking: Become #1 on Facebook. Now, besides the obvious question – how is that possible- I also have to ask, would I really want that? In the age of social media, brokers are trying different models and tools to engage a larger audience. Is there a point where you lose the ‘social’ aspect and turn into a digital billboard that people tune out? You can buy just about any type of friend on the Internet. Facebook, LinkedIn, Twitter, You Tube, and Google +1’s are all available for $39.95 I am guaranteed 500 new friends and for the low, low price of just under $600 I will become the royalty of Facebook with 20,000 guaranteed fans. What? If you are selling the Sham Wow online, perhaps this option is the best, as no one knows the company or directors behind the scenes, but in our industry your smiling face is usually front and centre for all to see.
Pitfalls to consider before doing this: You are whom you know- there is a plethora of sites dedicated to sharing stories on Facebook scams, stalking, and other sorts of privacy invasions. There are people who just LOVE getting their hands into people’s social networks to wreak damage. Just this year the SEC arrested a company for making “fraudulent offers” of more than $500 billion. Fortunately, while many potential investors inquired about the investment opportunity, the scam was discovered before anyone turned over their money. How are you going to safeguard your reputation when purchasing fans?
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Serving 1 Billion customers- at what number does it become inconceivable that you have that many friends? And fans or the likes, well lets just say that there is an onion ring on Facebook that has more likes than Steve Harper or even Barrack Obama. Also, will you turn off your real fans when they see you jump from 50 to 1000 overnight? Your real fans are the most vocal and supportive so assess the risk. “Sprechen sie deutsche?” A number of companies claim to offer targeted fans based on your needs however real world tests from social media testers have mixed results. One company ended up having new friends from different countries even after specifying their demographics to the provider. The old adage ‘80/20’ ain’t what it used to beIf you end up getting 500 new friends who start filling your page with odd posts you could end up spending 80% of your time filtering information instead of doing deals. So unless you’re getting paid as a social media editor there may be a better way to spend your days.
If you really want to get Facebook fans it’s not that difficult to get them the old-fashioned way. Start with your friends and family members. Ask them to like your page and post some comments. If you make it a point to stay active on Facebook the likes will keep coming. It may take some time, but in the long run you’ll get more fans without spending money. You may not become #1 on Facebook, but you’ll also protect yourself from becoming the #1 most hated friend by those who fell for the latest “Switch your Facebook profile colour’ scam posted on your page. Until next time… For feedback and questions on any articles, please email editor@mbabc.ca. You can also follow mike’s regular small business owner tweets under the handle @cmichaelashe.
THE ALTERNATIVE LENDER You NEED To kNow Fisgard is one of the largest private alternative lenders in Western Canada and is dedicated to supporting mortgage brokers and their clients. We provide competitive products, flexible lending guidelines and dedicated customer service. Having a good relationship with you, our broker clients, is critical to the success of our business. Fisgard’s creative, knowledgeable and experienced underwriting team wants to see all of your deals that don’t fit the typical “bank box”. Chances are that Fisgard can fund these deals, and fund them quickly. We are here for you and we’re here for your clients.
Call your underwriter today. Call 866.382.9255 or visit www.fisgardmortgage.com
Fisgard Capital Corporation | 3378 Douglas Street, Victoria BC V8Z 3L3 | www.fisgardmortgage.com Fisgard_MBABC_HalfPage.indd 1
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ould you like to become more efficient and productive with your technology based business? The MBABC would like to present this unique hands-on workshop where you will learn how to produce more results in less time. Realize the hidden power of your wireless device...increase efficiency, regain control and reduce stress.
BlackBerry and iPhone Training for MBABC Members LENGTH OF WEBINAR: 1.5 Hours May 23 2012 Special MBABC Pricing: $149 + tax Catherine Barry, Education Coordinator MBIBC
MBABC Launches Webinar Professional Seminar Series
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W H Y T A K E T H I S W E B I N A R ? If you could save one to two hours a day what would that look like for you? • More sales? • Less frustration? • More time with your kids, spouse, partner, movies, dinners, hitting the gym? Maximize your Return on Investment (ROI) • Why not get maximum value? Save money • We have seen $500 to $200,000 wireless bills because people didn't understand roaming. Empower yourself with time saving shortcuts Get YOUR questions answered • How does my Smartphone work with email? • How do I use the map feature in Outlook and my Smartphone? • Why do I keep hearing "say a command" (BlackBerry) • Any many other productivity boosting tips!
How do you know if you are making costly productivity mistakes with your wireless devices or applications? YOU: • Use your Smartphone mostly for making or receiving calls • Have no idea how to manage your calendar • Continue to use the default or out of box settings instead of customizing it to your needs • You aren't incorporating all the time-saving shortcuts • Have never heard of half the functions your software/device has to offer to make your life easier • Have never turned your Smartphone off • Have no idea about ways to mitigate costs on wireless devices • Have to call your support line for help and generally they don't know the answer either
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MBIBC EDUCATION CON’T.
We Value Canada
Client Testimonials Read what people have to say about their training workshops: "Since having my first session I have eliminated 75% of the time spent in my office therefore allowing me far more time to see my customers face to face. Learning how to navigate and utilize my BB has given me more free time. Darci is a fantastic teacher and makes sure what she shares with you pertains to how you need to use this wonderful little device." Lynn Reeve, Sale Representative, Maui Jim Sunglasses MBABC Professional Development Courses are available for registration on our website: www.mbabc.ca
MBIBC: Regulatory Update
Planning for tomorrow begins with having the most accurate information today. Involving an AIC expert right from the start of a transaction means you are moving forward with the most accurate, up-to-date information on a property’s real value, as well as current and emerging market trends. Having all the answers up front will help you serve your clients better. And faster. Make a real property expert – an AACI or CRA – part of your team today. Appraisal Institute of Canada British Columbia
info@appraisal.bc.ca www.appraisal.bc.ca
Advisory Services | Consultation | Due Diligence | Feasibility Studies | Valuation
Regulatory Update webinar April 19th, 2012 In person seminar May 7th 2012 at the Fairmont Hotel Downtown Vancouver. To register for MBIBC Relicensing Program please visit www.mbibc.ca I mportant R eminder MBIBC does not have access to your FICOM license number, consequently you need to contact FICOM at MortgageBrokers@ficombc.ca to get this information. In addition, please ensure that the information on profile (contact information) is accurate. For questions regarding any of our MBIBC Relicensing Courses contact: Catherine Barry, Education Coordinator cbarry@mbibc.ca For questions regarding any of our MBABC Professional Development Courses: Catherine Barry, Education Coordinator cbarry@mbabc.ca SPRING 2012 | the bc mortgage broker
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Beating the Banks – Don’t Sell on Rate!
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Cindy Freiman, Director of Public Relations & Communications for Dominion Lending Centres
here has been a lot of chatter surrounding ultralow rates being introduced by many banks this year. But, while your clients may not often know about the strings attached to these rate war products, it’s up to you to be ready with a well thought out explanation for those who approach you solely looking for the cheapest rate. Sure, you can buy down rates, but how much commission are you willing to give up when this is bound to be the year of the rate shopper thanks to the banks’ cheap tactics? And won’t your clients then always be coming back just for the best rate? The top brokers in BC – and Canada, for that matter – simply refuse to play the rate game. They have successfully built up a killer database of loyal clients and referral partners thanks to the knowledge they provide these contacts on an ongoing basis.
Take advantage of the bank rate buzz When all the banks can talk about is rate, it’s a great opportunity for you to reach out to your database and caution borrowers about no-frills mortgage products. It’s always a wise choice to send out a communication and/ 34
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or make calls to your database equipped with useful information that may save them some money and hassles if they opt for the wrong product (like a nofrills mortgage when it’s not the right move for them). This will also keep you top-of-mind as an expert who ensures relevant mortgage-related information is just a phone call or email away. Let them know how important it is to look beyond mere rates into the bigger picture surrounding their specific mortgage needs. While no-frills mortgage products typically offer a lower – or more discounted – interest rate when compared with many other available products, the lower rate is really their only perk. The biggest problem with looking at rate alone, of course, is that your clients may end up paying thousands of dollars in early payout penalties if they opt for a five-year fixed-rate mortgage, for instance, and then decide to move before the five years is up. Explain how no-frills products won’t let them take their mortgage with them if they purchase another property before their mortgage term is up – ie, portability is not an option with this product. Point out how portability is an important option
b ro k er s a v v y , contin u ed
that could save them money over the long term if the home of their dreams is within their reach before their mortgage term is up and rates have risen, which they have a tendency to do over a five-year period. This type of product is only plausible for those who have minimal plans to take advantage of benefits that will help pay off their mortgage faster – such as pre-payment privileges including lump-sum payments. Essentially, this product is only ideal for: first-time homebuyers who want fixed payments and have limited opportunities to make lump-sum payments during the first five years of their mortgage; and property investors who need a low fixed rate and aren’t concerned with making lump-sum payments. It’s understandable why these products may seem appealing. After all, not everyone feels they have the extra cash to put down a huge lump-sum payment. And who needs a portable mortgage if they’re not planning on moving any time soon? But it’s important to remind your clients that a lot can change over the course of five years. They could get transferred, find a bigger house, have babies, change careers, etc. Five years is a long time to be anchored to something. Many people won’t sign a cell phone contract for longer than three years that they can’t get out of, so why would they sign a mortgage for five years that they can’t get out of? Another important point to highlight is the fact that your clients can still obtain great mortgage savings without giving up the perks of traditional
mortgages. For starters, tell them how many lenders are willing to offer significant discounts if they opt for a 30-day quick close. And there are many other ways to earn their own discounts. For instance, by switching to weekly or biweekly mortgage payments, or by rounding up their payments to an even number, they’ll be ahead of the typical 0.1% discount of a no-frills product before they know it – and they won’t have to give up on options. Here’s your chance to point out that banks don’t give anything away for free – they’re there to make money. That’s why it’s essential for your clients to inquire about the full details surrounding the small print behind the low rates. It’s also important for them to take into account their longerterm goals and ensure their mortgage meets their unique needs. And here’s where your brokering expertise will really shine! So, while many brokers think they’ll have to buy down rates to compete with the banks, the banks have actually made many brokers’ phones ring thanks to their rock-bottom offerings, and given brokers a great chance to showcase their knowledge and help clients actually save money as opposed to fixating on rate.
Achieve YOUR TRUe
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POWeR ThROUGh cONSOLiDATiON
ONE STOP, ONE S
ONE STOP, ONE SOURCE
Cindy Freiman is Director of Public Relations & Communications for Dominion Lending Centres (cindy@ dominionlending.ca; 289-240-6322).
The BC Broker Magazine & MBABC would like to thank all of their regular contributors. If you are interested in placing an article please contact the Magazine Chairs. Contact information can be found on page 11.
A DiviSiON OF
PRiNT . LABeLS . FORMS
1.800.661. 9952 centralforms.com SPRING 2012 | the bc mortgage broker
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MBABC’s Member Broker Profile presents Fin Larsen of Finn Larsen Mortgage Services
What is your background and how did you get started in the mortgage industry? My back ground is as follows; I became licensed in 1987 while working as a REALTOR and acquiring mortgage referrals. Back then, to be licensed for both, realtor and mortgage broker, was under FICOM. I was doing both at that time which evolved from my 14 years running a Construction Company. I was building, selling and helping folks obtain mortgage funds so they could trade, sell and purchase their new homes and commercial investments buildings.
What are you finding are the biggest challenges in the market right now? The largest challenge that I am finding right now is that the value of the
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we can move them from Alternate lenders to main stream. I also would say that I do not concern myself with rate shoppers as being negative; they are just an opportunity to educate and earn their trust and business. As well I do not devalue my experience and professionalism, I show them my value as their Broker. Another item that sets myself apart from other Brokerages is that I operate as a proprietor, thereby I am a Mortgage Broker not a sub–Mortgage Broker. Folks seem to like that.
How do you feel being a member of MBABC has helped you?
homes are higher than the income of the area, thus making it hard for folks to qualify for a mortgage. The other challenges are the lenders withdrawing their lending matrix’s from areas that are very vibrant and which should be productive for them. It also seems that the documents that we require are becoming more complicated. We are also being faced with ongoing changes by the regulators. This is extremely frustrating for me.
Do you do anything special to set yourself apart from other brokers? I have always been primarily an alternative lender broker, using private funds and alternative lenders. I provide full family and individualized support for each of my clients, assist them with their understanding of debt servicing, work with them to strengthen their credit worthiness so
Membership has evolved since the start-up of the association. It provides a moral network between lenders and brokers. The association is a great liaison between FICOM and Brokers; as well FICOM sees that we as an association are working to self regulate our profession. This provides value being a member. The social networking is fine for some folks, I don’t see that as an advantage; however I am sure that many members are very much in favour of the social networking, so I do support that.
How do you work with your clients when they ask you about rates from the local banks? I usually work with folks that the banks do not work with so that is a non-issue. Saying this, when I do work with those folks that rate shop, I speak to them about my experience & professionalism and how I can provide them service and many options. I will shop for options that work for them, I am the borrowers Broker, that is my competitive edge.
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For more details, talk to your business development manager or visit www.hometrust.ca/broker.
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MBABC’s member profile presents Lloyd Pritchard of Merix Financial -AVP, BC Region What part of the province do you cover and how often to you visit your clients? My territory is the entire province. However the reality is that the bulk and my main clients are Vancouver / Vancouver Island and the Okanagan Valley. Ideally we would like to see our clients quarterly however we understand that is not always possible.
How do you make yourself valuable to mortgage brokers? At MERIX, a big part of the value proposition is to go beyond the transaction. We want to do more than just answer the “Will you do this deal?” question. We consider ourselves more of a resource; provide information beyond the rate and product, and actually help originators to grow their business and create more value in their business. I believe that my biggest asset is the experience and perspective that I bring to the table. I have been in the industry 38
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affects their business, and what steps they can take to make their business better. We cannot worry about what the government is doing and what the banks are doing. Obviously you need to pay attention to that stuff, but you can’t let it take away from what you need to do within your own business. If brokers focus on that they will lose focus on their own business and that is what will hurt them the most. We at Merix are trying to help each broker be more efficient and run their business more effectively. I can help you find the common ground.
What is the favorite aspect of the job?
for a quite some time in all aspects and I find that I can help people more often than not. I like to think I can see both sides of an issue reasonably well, and provide an effective solution.
What is your experience in the field? I started in the banking industry in 1994 and moved over to the broker’s side of the industry in 2000. Various roles from underwriting and managing underwriting teams to being part of the Senior Leadership Team at MERIX. The biggest part of my job has always been sales, and I’ve enjoyed being in my current role for 7 years.
What do you find the most challenging in your line of work? The most challenging I believe is trying to help brokers getting through the massive amounts of information out there and help them sift through what is important and what is not. Brokers need to understand what
Well that is such a combination of many things. I have the ability to interact with people and being out on the road is great, meeting new brokers all the time. I know that it’s been said many times, but the truth is that the people in this industry are amazing. I find it to be a great reward when I am able to deal with great people who have such different levels of experience. I feel that I can learn a lot from these people.
What do you find important about being a member with MBABC? I find that the events that are put on by MBAC are awesome!! The thing that I find is overlooked is what we do with MBABC/CAAMP and the other regulatory bodies. I think that sometimes brokers forget what MBABC does for moving the industry forward, making it better for all of us. Associations that have a voice and a direction are what move our profession forward. I can see how much MBABC has done for our industry in the past few years, and I am proud to be part of this group that has forward thinking.
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Kelowna’s Treasure Quest Kelowna Networking event is back, with a twist!!
June 7, 2012
Delta Grand Okanagan Hotel
~ Welcome to the first MBABC Treasure Quest ~ Entrants will be placed on a team and each team will be sent on a time limited quest around the city on a treasure hunt. Our Mortgage partners will be located at stations throughout downtown and will provide you with your next clue to finding treasure. What a great way to spend an afternoon and get to know your fellow mortgage professionals!
Place: Time: Race begins: Cocktails: Dinner:
Delta Grand Okanagan Hotel 2:00 to 11:30 pm 2:30pm 5:30pm 6:30pm
You will be entertained by the band “The Bodgea’s” and can dance the evening away. Members: $75 Non Members: $95 SPONSORSHIP OPPORTUNITES ARE AVAILABLE. PLEASE CONTACT DEB WHITE, deb.w@telus.net SPRING 2012 | the bc mortgage broker
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F E A T U R E
Generating Leads is a Contact Sport C
Chris Leader, President of Leader’s Edge Training
anada is a big country with many different real estate markets, but no matter where I go I hear the same questions: How do I get more business? How do I outsell the banks? How do I compete when people only care about rates? Well, I’ve got good news. First, people care about more than rates. CAAMP surveys mortgage consumers every year and their 2011 report shows that getting the lowest rate is only 1/3 of the mortgage choice. About 20% of the decision is based on other product features like amortization, portability, and accelerated payments. But factors associated with the credibility, professionalism, and trust of the lender and mortgage professional make up over 27% of the choice. Add in customer service and the elements that you can influence (your image and the service you provide) become the most important part of the mortgage decision. More important than the rate! Second, you can outsell anyone if you understand mortgage consumers and get to them first. Mortgage consumers are becoming more educated and they take time planning their home purchase. According to CMHC, British Columbia homebuyers take about nine months to plan their purchase, but only four weeks to research and make their mortgage decision. That means you’ve got at least eight months to connect with serious buyers when they’re not actively looking for you. More than half of mortgage consumers start their research by contacting a mortgage or financial professional and 81% of recent buyers relied on a mortgage professional for advice and consultation. They’re coming to the table pretty well educated and they’re looking for someone they can trust to provide advice. That someone needs to be you. So, how do you become their trusted source? How do you get them earlier on in their home purchase planning? In other words, how do you get more business? It comes down to being committed to it. By committed, I mean working toward long-term success – not looking for quick wins. Long-term success is about relationships. Why do banks get 55% of the mortgage business in Canada? Because they already have relationships with their customers. To make sure people think of you when they or someone they know needs a mortgage, you’ll need to do a few things : SPRING 2012 | the bc mortgage broker
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generating l ead s , contin u ed
1.
Get over your fear of prospecting
Many people waste time mentally preparing to talk to strangers. They become so paralyzed by the thought of talking to anyone new that they don’t even think about who those new people are. Having a powerful and motivating goal is the best way to get over it. Whether it’s an income target, the desire to be the best in your market, or wanting to provide for your family, keeping your goal in mind makes it a lot easier to walk across the room at a networking event or pick up the phone to call a new contact. Find what matters to you and then get out there. The more you talk to new people the easier it becomes to find the ones who will help you do business.
2.
Identify your best referral sources
The BC Real Estate Association estimates 78,400 residential units will be sold in 2012 and 80,500 units will sell in 2013. Realtors are the start of the food chain for these sales, consumers connect with them emotionally first, and they’re going to need help placing a mortgage nearly 150,000 times. There’s no denying that Realtors are your best referral source. Not all Realtors are created equal though. Not all are successful and not all write good business. To make the most of these relationships, identify the top 25 Realtors in your market. These are the ones who can send you enough business to be worthwhile and who are likely to be around for years. Also find out if any Realtors specialize in your target market. Do you understand the complexities of working with new immigrants? Are you particularly good at handling (and educating) first-time homebuyers? Do you enjoy the pressures small investors bring to the table? Find the Realtors who work with your niche market because they’re more likely to see the value in working with you. Many other people can send you deals throughout the year. Financial planners may advise their clients to refinance. Divorce lawyers might want to recommend a trusted mortgage professional to smooth the transition. Recruiters bringing professionals into your area know who is relocating. Appraisers, home stagers, architects, home inspectors, insurance agents, wedding planners, builders and developers, vacation property companies, investor networks, small business associations … they all have connections to people who may need a mortgage. And they should all think of you when the time comes to recommend someone. Identify the contacts that make the most sense for your business and then start reaching out to them. 42
the bc mortgage broker | SPRING 2012
3.
Build the relationships
Relationships don’t happen overnight. Like any courtship, referral relationships take time to develop and they need communication to build understanding and trust. Start with a campaign of ongoing and consistent contact that is appropriate for the person you’re dealing with. Some people get hundreds of emails, so you’d better introduce yourself by phone first. Others rarely answer the phone, so a text or email to arrange a call might be better. A few minutes of consideration and a little intuition go a long way. For other people you’ll need to introduce yourself in person. Go to the local BNI meeting. Get yourself on the agenda at a Realtor office meeting. Join the real estate board as an ancillary service. Sponsor a charity golf tournament and be there on the day to shake hands. Or drop in on some open houses. If you haven’t called in advance and asked to co-host then visit the Realtor there and get in on the next one. Offer to split the work, to be there as extra security, to answer questions on financing, to split the costs of marketing and both of you will benefit. Once you’ve made the initial contact then staying in touch with useful information and genuine interest creates a stronger bond. A great contact relationship management (CRM) system is invaluable for staying on top of all the details. Put yourself in your referral partner’s shoes. If you’re dealing with a Realtor then try to understand the psychology behind their sense of urgency. How can you help them? What do you have to offer? Working with you shouldn’t be about a race to the bottom on rates. It should be about how you add value to them and to their clients. Which leads to …
4.
Sell yourself on the quality of your work
If you understand what your referral source needs then the quality of your work will keep them coming back. Realtors want to reduce their workload (so they can do more deals), stay informed (so they don’t need to micromanage), and keep their clients happy (so they get repeat and referral business). Make sure you handle all the details for them, provide frequent updates even if nothing has happened, and be one step ahead in the process. No matter who you’re dealing with, your referral partner wants you to reflect well on them. They’ve sent a client or friend to you, they’ve given their endorsement, and they want you to make their client or friend happy. The more you deliver on that implicit promise, the more trust you’ll build over time.
generating l ead s , contin u ed
5.
Keep up with your past customers
Cultivating loyalty among your mortgage customers is one of the easiest ways to guarantee more business. According to CAAMP, in the past year 38% of mortgage holders considered renegotiating their mortgage before the term was up. If you’re only thinking of your customers every five years then you run the risk of losing them. There are two things you can do to increase your repeat business and both of them rely on your relationship skills – offer exceptional service and stay in touch. CAAMP found that loyalty is created during your first transaction by being proactive, suggesting strategies to improve their mortgage terms, and being helpful throughout the process. If you already offer exceptional service then your customers are probably already loyal. Contact AFTER the transaction is just as important though. Ninety-six percent of customers WANT to hear from their mortgage professional, but 68% say they receive less than two communications per year and 31% say they receive none at all. A great CRM system will automate your follow-up, either by sending an email for you or by prompting you to send a letter or make a phone call. Get in touch with each of your clients four to six times a year for the best results. You will see results. CMHC’s survey found that only 50% of customers who hadn’t been contacted post-sale said they would use the same lender or broker again, but among those who had been contacted that number went up to 67%. On top of this you can count on your past customers to refer their friends and acquaintances to you when the time comes. Getting to mortgage customers first and being their trusted source of information is the easiest way to get more business and outsell the banks. Building your relationships for long-term success will ensure that you’re the person they think about. Chris Leader is president of Leader’s Edge Training, which specializes in sales training for mortgage and real estate professionals. Using his unique combination of real estate and mortgage expertise, he provides state of the art training and consultation services for real estate professionals, mortgage professionals and managers all over North America. www. LeadersEdgeTraining.com
M B A B C M I SS I O N S T A T E M E N T The Mortgage Brokers Association of British Columbia’s mission is to provide its members with the best educations opportunities, ethical guidance and professional representation, while increasing consumer awaremenss by advocating mortgage brokers as the number one choice for mortgage financing.
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