Broker balks at bank ad

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It may be a clever marketing ploy, but don’t expect brokers to start trying to compete with the banks when it comes to in-house client visits.
“Driving to a client's home is not only inefficient and a bad use of a broker's time … why would you put yourself in such a position?” one commenter wrote on, laying out exactly why. “You spend one hour driving to their home, 30 minutes with small talk, 30 minutes talking shop, and then one hour driving back home. Three hours of your time and a small chance to close the deal.”
The comment – which effectively offers the majority opinion – comes in response to a article outlining a new marketing push by one big bank to better promote in-house mortgage specialist visits.
As reported recently, CIBC is now airing 30-second television spots that draw attention to its mobile mortgage specialists in a way that many in the broker channel recognize as new and bigger than past efforts.
The ad features a couple of penguins doing chores around the home, talking about their busy schedules and trying to figure out when to meet with their mortgage advisor.
“You know what would be great?” asks one penguin in the ad. “If the bank came to us.”
The ad ends with the message: “Our mortgage advisors come to you.”
One reader posed an alternative – albeit tongue-in-cheek – commercial that brokers could air. It would draw attention to the time a client saves in visiting just one broker, presumably at his or her office, over meeting with a string of mortgage specialists in the comfort of their home.
“The commercial could have 20 mobile mortgage people cramming in a couple’s home at the same time, and then show the alternative of meeting with one mortgage broker in their home to discuss 20 lender options,” Warren Ross, a broker with Mortgage Intelligence, wrote.
  • Jake Abramowicz on 2015-09-22 9:35:06 AM

    I disagree. Driving and meeting clients adds a lot of value. Furthermore a lot of my clients especially FTBers ask for this, as they want to meet face-to-face, even the ones in their 20s. You would think most people would be OK with email but I prefer to meet them still. I like establishing the relationship, giving them good rates and advice, and also getting to know them better. Oftentimes when they call I reference to how and where we met because I remember, and they immediately feel more secure and welcome. I can see both sides of the argument and perhaps if I did more volume I wouldn't have time for meetings, but until that fine day comes I'm happy going to meet people. It's sales! Sales is about putting a face out there IMO.

  • Robbie Ryan on 2015-09-22 9:37:01 AM

    So why aren't we doing it? I'm sure our respective associations have the resources to do this?

  • Stacey on 2015-09-22 9:57:57 AM

    I LOVE that commercial idea, it would make a huge impact showing what a Mortgage Professional can do for them.

  • CK on 2015-09-22 10:02:45 AM

    It at one time was the rage for the Firm I worked at to set ourselves apart from the Lenders and proudly brand ourselves as a Mobile Mortgage Brokers...i hated it, hated it! "Meet us at our house in the middle of the kids feeding time or play time, oh and would you like to hold the baby"...left more houses with up chuck still waffling on my lapel for the next meeting and either that or the words "Tonka" throbbing on my ankle bone from junior playing smash up derby under the kitchen table the entire meeting! It's not only inefficient it's actually a horrible experience for both sides and you have very little control of the environment or the preparedness of the clients ability to provide you with proper documentation...the dreaded "I couldn't get in time for our meeting, can you come back tomorrow sometime and I will leave it the mailbox ". NO THANK YOU!

  • Dave on 2015-09-22 10:21:52 AM

    Let the CIBC minions, I mean mortgage "specialists" , waste 2 hours going to a clients home while the kids are screaming in the living room and baby is crying. My clients come to my office, the way it should be.

  • George Christopoulos on 2015-09-22 10:56:18 AM

    So inexperience and poor service can now come to your home

  • Debbie on 2015-09-22 1:10:13 PM

    I have done it before and will do it again, it's nothing new. The bank is acting like it's this brand new idea that they came up with. I'll meet a client wherever they want to meet, but I still find that most clients want to meet at the office, it just feels more professional. The reason I am a mortgage broker is because when I purchased my first home, the broker came to my house in the evening when both my husband and I were home, and our 2 small children were in bed. I was so impressed, I decided I wanted to be a mortgage broker. Sounds corny but its true!!

  • Walid Hammami on 2015-09-22 10:47:31 PM

    I am for meeting the clients in their homes, gives the opportunity to know them better. And by knowing them better you will serve them better. If you serve the better you will get to keep the relationship for a long time.

  • Darlene on 2015-09-23 12:56:28 AM

    Great commercial plot Warren. Let's do it!!!

  • Mortgage Specialist on 2015-09-23 10:28:54 AM

    This is crazy - brokers stating about how going to clients' home for an appointment is "wasted time" and "inefficient" - Give me a break, isnt that supposed to set you apart, being available at your clients convienence and not having to go to a bank? Or is just "access to over 40+ lenders" that sells your services best?

  • Ron Butler on 2015-09-23 2:06:27 PM

    It's more convenient to work 100% online. The client and broker interacts by email, Skype and phone; the most convenient really.

  • TD BANK on 2015-10-07 5:58:16 PM

    Yes, we come to you. Brokers also use TD Bank as a lender if I'm not mistaken. "Whatta ya know!"

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