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The Big Story: The spring market

Spring is upon us. The spring housing market that is, as the winter weather really never arrived in most parts of the country this year. Typically, it’s the busiest time for home purchases and renewals. Brokers who haven’t been preparing by marketing themselves and reaching out to clients and referral partners are likely to get left behind.  It’s when things are slow that brokers say you should be reconnecting with referral sources such as Realtors and your client database who are likely to know someone who is looking to purchase or refinance. This week we spoke to Sarah Makhomet, Kunaal Bhalla, Jonathan Tillger, Ron Alltree and Deepak Bansal of Dominion Lending Centres Mortgage Village. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

Video transcript below:

John Tenpenny, Mortgage Brokers News TV
John Tenpenny:
 Hi, I’m John Tenpenny, Editor of CMP Magazine and welcome to the Big Story on Mortgage Broker News TV.

Spring is upon us.  The spring housing market that is, as the winter weather never really arrived in most parts of the country this year.  Typically it’s the busiest time for home purchasers and renewals, brokers who haven’t been preparing by marketing themselves or reaching out to referral sources are likely to get left behind.  It’s when things are slow say brokers, that you should be reaching out to referral partners, such as realtors and your client database, who are likely to know someone who is looking to purchase or re-finance.
 
Sarah Makhomet, Broker, Dominion Lending Centres, Mortgage Village
Sarah Makhomet:  If you waited till spring, you waited too long.  You wanted to sow seeds probably ahead of time in order to be ready for the spring market.  It all depends on the broker.  For some of them it starts as early as mid-winter, for some of them even earlier.  So it all depends who your clients are.  But certainly you are doing this way ahead.
 
Kunaal Bhalla, Agent, Dominion Lending Centres, Mortgage Village
Kunaal Bhalla:  I think it’s important that brokers should realise that planning for the spring market really begins in January, taking advantage of January February which are slower times of the year allows you to reconnect with realtor referral sources, who are also going through the slow period.
 
You also want to focus on your existing client database reconnecting with them, chances are most of your clients will know somebody who is either in the process of looking for a new home or will be beginning the process soon.  So reconnecting with them gives you an opportunity to look for a referral.
 
Jonathan Tillger, Broker, Dominion Lending Centres, Mortgage Village
Jonathan Tillger:  All I would say with the spring market you want to be out there, you want to be out attending events, meeting people, attending trade shows, meeting realtors, just talking with other people in the industry.  But at the end of the day the spring market isn’t a time where you start marketing yourself,  it’s about what you do all year round.  Spring market is obviously our busiest time of year for a lot of reasons, but the business we get in the spring comes to fruition as a result of our marketing throughout the year.
 
John Tenpenny:  Be ready for this peak season, means brokers should be fully educated on the products lenders are offering, so as to best advise their clients.  It also means letting your clients know that with historically low interest rates still available, now may be the best time to buy.
 
Ron Alltree, Mortgage Planner, Dominion Lending Centres, Mortgage Village
Ron Alltree:  So this is a great time of the year for agents and brokers.  What they need to look at is that summertime is the time for recreation and everybody wants to get away from everything, but they should be thinking I need to gear up for that vacation time.  Gearing up for an agent means, I want to be better equipped to be able to advise my clients, that means I want to look at the products and services offered by the lenders.  So I am really well educated and in a strong position to advise my clients on what they need and what’s best for them, so the summertime is a great time for that renewal, getting more familiar and being better prepared for my clients.
 
Deepak Bansal, Broker, Dominion Lending Centres, Mortgage Village
Deepak Bansal:  Spring is here, the market is busy, it’s only going to get busier, with interest rates are at all time lows today, it is very important for brokers in my opinion to reconnect with their clients, contact their database and let clients know about the opportunities that are available.  With interest rates at all time lows it’s a great opportunity for purchasers, whether they are looking to purchase their first home investment property or possibly even re-financing consolidate that.  In addition to that I think it’s very important for brokers to contact their realtor base and reconnect with our realtor partners and spend the time on the weekends, Saturdays and Sundays at open houses, with the realtors, the prospective home owners, that prospective purchasers who walk through those doors will appreciate the fact that there is a mobile mortgage specialist, a mortgage professional standing there able to answer all their questions and do pre-approvals on the spot for them.