The real service rates sites offer brokers, says the head of one of the country’s leading web portals, is introducing consumers to their services – and not just the rock-bottom rates they advertise.
“We’re introducing people to brokers who come to the website,” says Kelvin Mangaroo, the president of RateSupermarket. “We’re enabling consumers to search for the best product out there, not just the lowest rate. We are an introductory service for brokers, actually helping promote broker services.”
His site has actively taken on that challenge, argues Mangaroo, pointing to special promotions meant to ignite consume interest.
The latest promotion – drawing on the success of his Valentine’s Day “What is the Cost of Love” – is tongue-in-cheek style offer for Mother’s Day.
“’Get Out Of My House’ was put together by the same marketing team that did ‘What is the Cost of Love’,” says Mangaroo. “We’re looking for the best story of a mother who is trying to get their son or daughter to leave home. We looked at what it would cost to set up a home if you moved out – and we came up with $5,397.50 – which included items like Ikea furniture, dinnerware, a TV, food and cable; and the $5,397.50 will be awarded to the best story.”
The Valentine’s Day promotion estimated the “cost of love” at $43,842.08, which included such costs as the engagement ring, the wedding, “and of course the ‘I’m sorry’ flowers for when that inevitable fight happens,” says Mangaroo.
The RateSupermarket story began almost five years ago, when Mangaroo launched the first rate comparison site in May of 2008.
“We wanted to provide as much information as possible,” he told MortgageBrokerNews. “Yes, we have very aggressive rates, but I hope people who use the website will recognize that there are better product options than just the lowest rate.”