Brokers benefit from rate site, says Mangaroo

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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.” 
 
  • The broker's broker on 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...

  • Ron Butler on 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.

  • The broker's broker on 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...

  • Ron Butler on 2013-04-20 11:47:45 AM

    King of All Brokers, the points you are trying to make are nonsense.

    We offer rates at price points we turn a profit at. You might as well attack an indepentent gas station for offering cheaper gas "Hey if you're such a great gas station you should be 10 cents a litre", really, its just a silly comment.

    Then you turn offering better rates to consumers into: "desperate equals unqualified" and always the old stand-by "reduced service and expertise" wow, that's just a leap to craziness. If consumers felt the the brokers who offer these discounted rates were unqualified and gave bad service they would not sign the commitments and all of us would have closed a long time ago.

    Finally as to competing with other brokers, I am not against it but in reality its only 5% of the time. 95% of the time we are taking business away from banks.

    People always ask me why I bother to comment on these anonymous posts, simple reason: secret critics always need to be called out.

    Broker, next time you post why don't you pick a more appropriate fake name to post under, try: Coward.

  • The broker's broker on 2013-04-20 12:23:35 PM

    Butler, I never directed or mentioned your name in my post... why do you feel the need to defend these sites? do you have some ownership stake that we don't know about?

    You keep calling me names... is that what you resort to when you don't agree with someone?

    You say you aren't competing against brokers, yet you are standing up for, and participating in a rate quoting site that puts broker against broker... what do you call that? There's a word for this...hypocrite.

    I stand by my original comments... stop giving these rate fighting sites any more air time...

    And yes, I'm anonymous but I think I speak for the thousands of brokers out there that are not participating on these sites...

    Enjoy your weekend...

  • Ron Butler on 2013-04-20 12:33:19 PM

    Broker, if you had any guts, you would put your name on it and I speak for millions of just plain folks who are tired of online cowards.

    I will state catagorically I have zero interest, financial or otherwise in any online rate site.

  • Freedom of Speach on 2013-04-23 7:22:45 AM

    To Ron Butler, Ron I think you need to cease and desist the criticism of the anonymous postings. MB News has terms and conditions for posting if they felt a post was unacceptable I would like to think they would not allow it's submission. I’m not any different, we have met many times, and part of the same great organisation, Verico. If you look at the % of “posters” they are anonymous and MB News needs and wants dialogue otherwise they would not permit it. I don’t think you are the gatekeeper of this policy. Let it go! It appears you have utilised this site and full disclosure of your name as a great marketing tool, I commend you for that, and it gets you a lot of airplay. Some might call it grandstanding I am trying to beg to differ. I am personally trying to respect your opinion but clearly you lose me when you go off on your rants fight the urge; keep it on the up and up, and respect the process, surely you are better than that. Respectfully

  • Ron Butler on 2013-04-23 8:07:01 AM

    No one will ever convince me that hiding behind a fake name benefits anyone. When you look at the people who put their names front and centre on these posts they are the leaders of our industry.

    I know of no legitimate reason any one would want to hide who they really are.

    If someone thinks I post these comments to promote myself, give your head a shake, consider this, my division of our company recruits no new agents, we sell no investments, we sell no training, we don't market private mortgages to other brokers and we don't kiss up to lenders. I have never made a nickel from posts on this site.

    All I gain from posting on this site is to compliment the good and call out foolishness as I see it. Just like you have stated your position.

    Everyone who knows me knows I have no filter, I say what I think and I don't care what anybody thinks of it. I certainly have no reason not to call out what I think is cowardly silliness. If you don't like it, don't read it.

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