Brokers benefit from rate site, says Mangaroo

Brokers benefit from rate site, says Mangaroo

Brokers benefit from rate site, says Mangaroo

 

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.” 
 
8 Comments
  • The broker's broker 2013-04-19 2:48:11 PM
    A request from a mortgage broker.. stop giving these broker rate fighting sites anymore exposure... they put broker against broker.. there's always someone that will quote a lower rate.. the end result will be some yahoo willing to be paid almost nothing to get a client...

    and in the end, that's what the client will get.. nothing.. no service, no advise, no time to review a client's wants and needs... no time to coach and guide them...

    how is that helping brokers? are you kidding me?

    the winner here is the site that collect their $50 or $60 per lead...

    come on brokers... taking a 75% paycut makes no sense.

    promoting these sort of sites makes less sense...
    Post a reply
  • Ron Butler 2013-04-20 9:09:05 AM
    The Broker's Broker, that's a big time fake name you have assigned yourself.

    So your position is: keep the rates as high as possible to deliver maximum commissions for everyone so that we call can afford to be brilliant advice givers.

    Why don't you post that Mission Statement on the front door of your office so all the folks coming in to sign up can have full disclosure.

    And while you are putting up the Mission Statement, why don't you call all the bank road reps and branch people to get buy-in on your highest rates at all times concept.

    You may be the "Broker's Broker" but I don't think you are the Consumer's Broker.
    Post a reply
  • The broker's broker 2013-04-20 10:59:26 AM
    Ron, you seem like such a good friend to the consumer...why not buy the rates down further? by the rates down to a point where you make 40bps, 30bps or 20bps? why not earn 10bps per file.? You can do it.. so why not do it...?

    Exactly! Because at some point, it doesn't pay...

    No one is saying to keep the rates as high as possible... brokers already have access to and offer great rates, options and unbiased advice... and we get compensated to do that..

    Yet, you feel the need to slash and cut rates even further in order to get noticed.... that's your choice... but this battle will end with the most desperate broker winner...and most desperate doesn't equal most qualified..

    We used to compete with Banks.. and that's a battle we can win.. but brokers competing against brokers based on rate will see no clear winner..

    Folks, you get what you pay for... this model of taking a 50% to 75% cut in pay will only lead to a reduced level of service and expertise...

    I won't be contributing to it...
    Post a reply