Craziest’ things any broker has done for a deal

by |

From offering to fill a client’s fridge with $1,000 of beer to promises of a romantic “date” with a seller, a new survey suggests Realtors are resorting to all sorts of weird ploys to seal a deal in this tight market.

We haven’t yet heard of any mortgage professionals employing such tactics, but MortgageBrokerNews.ca has been inspired to come up with our own list of “inventive” ways a handful of brokers have enticed clients to sign on the dotted line.

Readers note: these are all real, bona fide examples, drawn from one of Ontario’s most active markets for mortgage brokers. Still, they're in no way representative of 99.99 per cent of industry professionals.

Here’s the list of the top five craziest things any broker has every done to land a deal. Brace yourselves:

1) Location, location, location.

One creative broker now parks his logo-wrapped vehicle right in front of a local strip club as a way of getting his business in front of as many ogling eyeballs as possible.

2) We are gathered here…

Persuasive marketing took a turn for the morbid when a broker was recently spotted handing out business cards and mortgage advice at a funeral.

There’s one broker whose business may soon be laid to rest.

3)On very rare occasions cliches are sometimes true.

One Ontario broker promises to drive you straight to bank for that loan – literally. This licensed mortgage professional is also a licensed cabbie, the first business often providing him tips for the second one.

4) Convenience is our name

At an Ontario convenience store, shoppers recently spotted mortgage rates posted in the front cash. You guessed it - the owner was also moonlighting as a mortgage broker.

Applying for a loan may never have been easier: I’ll take a pack of gum, a newspaper and a five-year-fixed at 3.29 per cent.

5) Let me cover that

This one may not be as funny, with an enterprising broker recently promising to reimburse a client for a lost deposit on a house. Now that’s the ultimate buydown.


 

  • Jeff on 2012-08-25 4:54:24 AM

    I hope this article never reaches the general public. What an awful brush to paint the Mortgage Broker community with. "Yes, I can run a convenience store and stay up to date with market trends and offer you sound financing advice, all at the same time." That's exactly how we want to be portrayed in the midst of economic uncertainty and while trying to gain back market share. Not.

  • @kiltedbroker on 2012-08-25 5:34:37 AM

    ...

  • Claire Drage on 2012-08-25 5:45:00 AM

    I am speechless (and those that know me, know it must be bad!).. shocking journalism, ashamed I actually read it all, and even more ashamed to say I think I live not far from that Mac store!

  • Lee Welbanks on 2012-08-25 6:05:18 AM

    I must say that I'm very disappointed in a periodical that claims to represent broker interests. You really don't help the credibility of this industry by showing these "incentives". If you're going to offer some advice on how to improve our businesses (new there's a novel idea), please make sure it applies to the majority of us that don't moonlight as cabbies.

  • Garnier on 2012-08-25 6:22:11 AM

    I sincerely hope some of you are joking, because clearly this is meant to be humourous. As a broker, I can laugh at some of the silly things I've seen other brokers do. It's no reflection on me. In fact, we have to start laughing at ourselves. That's the mark of maturity.

  • Derek on 2012-08-30 6:18:05 AM

    Even by clarifying this is not representative of our industry doesn't do much after you start reading some of these. We're trying to educate the public that we're the better alternative to going to the bank yourself. If they think any tom, dick, or harry can sell mortgages and we're desperate, unless you're an established name, it's tough to gain credibility in the public eye if they don't see the level of professionalism of a broker on par with a bank. Professionalism has an intrinsic quality that gains the trust of people.
    Yeah these are funny for brokers to read...but I sure as hell won't be posting this link on my Facebook wall..

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Name (required)
Comment (required)
By submitting, I agree to the Terms & Conditions