CMP recently held a one-day workshop for brokers at the Vancouver Convention Centre as part of the Canadian Real Estate Investor Forum. Nearly 100 brokers attended four sessions, covering topics such as helping clients with their debt, private lending, the alt-a/sub-prime market and social media. Brokers in attendance felt their time was well spent, both for professional development and for specific takeaways from the sessions. On today’s Big Story we spoke on location in Vancouver to Dustan Woodhouse of Dominion Lending Centres-Canadian Mortgage Experts, Scott Dawson of VERICO Paragon Pacific Mortgages and Deb White, broker/owner of Dominion Lending Centres Whitehouse Mortgages. 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 Broker News TV on location in Vancouver.
CMP recently held a one day workshop for brokers at the Vancouver Convention Centre as part of their Canadian real estate investor forum. Nearly 100 brokers attended four sessions covering topics such as helping clients with their debt, private lending, realty sub-prime market and social media. Brokers in attendance felt their time was well spent, both for professional development and for specific takeaways from the sessions.
Dustan Woodhoue, Dominion Lending Centres, Canadian Mortgage Experts
Dustan Woodhouse: I think that any opportunity a broker gets to further their own education is important. The best advice I ever had earlier in my career was position yourself as an expert and events like this would have allowed me to do a fairly decent job of just that. There are more than a few but one of the ones who jumps to mind because it affects a deal I am working on directly right now in a positive way for me and the client, was the discussion in the morning, the four pillars about the different metrics and the constant evolution of them with regard to calculating a client’s beacon score and there were a few little tips and tricks in the session that you know despite attending these things regularly they were new and they let’s just say make a material difference and I know after the session ended there were a dozen brokers all having the same conversation, I didn’t know this and I didn’t know that and that’s going to help with this deal like right now, so it was, it paid for the conference right there, just that one tip that I get that one deal done.
John Tenpenny: On the topic of social media, brokers were divided on its effectiveness and how big a role it should play in brokers marketing plans.
Scott Dawson, VERICO Paragon Pacific Mortgages
Scott Dawson: Social media basically I’ve, the majority of my marketing is kind of based on, all my marketing, that’s the decision I chose about two years ago when I first got started into it, probably I think because a lot people in social media, starting out, starting out in the business as well, don’t have a lot of money, so that’s kind of how I got into it. What I have noticed from that is the relationships that I can build on there, both online and offline has been phenomenal for my business.
Deb White, Broker and Owner, Dominion Lending Centres, Whitehouse Mortgages
Deb White: Social media I do use and I have found that I have gotten some leads off the social media. However, I do not use that as my central base for networking because if you depend 1000% on social media it’s not going to suffice you. I have built my database and I work my database on a regular basis because that’s what’s going generate and bring leads more so than social media.
John Tenpenny: In terms of rehabilitating clients credit scores and alternative business, brokers say no client should be turned away and every lending product should be considered.
Deb White: Oh I try never to turn a client away with the bad credit, I will try and counsel them through their real problems because you never know what brought them to that situation, whether it was a death in the family, a divorce you know anything could bring them to that situation, so we look at the whole scenario. I have had a client where I counselled them for three years, helped them re-establish their credit, worked on their income tax so they prepare it properly, that is acceptable for the lenders and then they come back to me and in that case then have also referred family members to me as well, but I never turn them away.
Scott Dawson: Yeah, B business I think is something you just can’t, you can’t ignore from time to time we do get clients that fit outside of the A box and it’s something that a broker should obviously be versed in, you know the products that other lenders offer in order to be able to provide that for the client.