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business relationships: Some People Take the Cake - An honest to goodness phone call - 04/29/07 03:08 AM
I'm sitting here minding my own business when the phone rings, Sally Shopper is on the other end. Sally want's to refinance her current 30 year fixed 5% mortgage to take out $100,000 to purchase an investment property.
Sally would like to remain at a 5% fixed rate and not pay any points, and also purchase her investment property with the same 5% fixed rate. After asking all the obligatory questions, I get around to qouting Sally rates.
Sally: Ed I know there are 5% 30 year fixed loans available because I have one, are they just all sold out?Me: No, Sally they're … (86 comments)
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business relationships: Don't Get Stuck in the Contingency Wasteland! - 01/19/07 01:26 PM
Mathew Ryan recently wrote Backup offer for more than original contract. In a nutshell he and his client accepted an offer with a 20 day finance contingency, and then received a backup offer for $11,000 higher. My 1st question is why one would accept a 20 day finance contingency in today's day and age of almost automatic approvals.
When I worked as a Realtor (Listing Agent) I always required a potential Buyer to be pre-approved with the Mortgage Broker I had developed a strong relationship with. I'm not saying we required the Buyer to use our Mortgage Broker, what I'm saying … (7 comments)
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business relationships: Why Loan Officers Shouldn' t Work Sundays - 01/14/07 05:47 PM
I really have to stop making promises to clients and prospective clients that I'm always available by phone should they need to talk to me.
This morning the phone rings, on the other end is Nick. Nick wants a loan in the $200,000 to $1,000,000 range. Now that's a wide range for a loan and honestly I stuttered a little bit when he threw the loan range out. I'm thinking this guy is either not really picky on the type of house he wants or he has delusions of grandeur.
Once again I go through the obligatory questions that any good mortgage … (42 comments)
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business relationships: RESPA - Understanding HUD's Consumer Protection Laws - 01/09/07 01:39 PM
It's a new year and I thought it important to review RESPA.
I have numerous clients and Realtors ask me what type of referral fee I offer - In the spirit of RESPA I have to say none. In response I always get the name and company of the Realtor or Mortgage Originator that's offering a kickback, remember just because others are offering kickbacks doesn't make it right.
In many states, Real Estate licenses are granted without close examination of an applicant's knowledge of RESPA guidelines. As a result, many Real Estate Agents go into business unaware that certain practices are prohibited … (4 comments)
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business relationships: Be the Gate Keeper - 01/08/07 02:54 PM
Take Control of the Lead
The Law of The Gate Keeper states: The business professional that refers out the most business will create the most reciprocal referral relationships in return. Translation: The business professional who controls the lead WINS!
Regardless of your vocation, there will always be other business professionals that you should seek to align yourself with because they represent a potential increase in business for you through referrals. The easiest way for you to develop relationships with the people you want to work with is to start off the relationship by referring new business to them. This is The Gate Keeper … (0 comments)
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business relationships: Increase Your Business Through Networking, Part I - 01/07/07 04:33 PM
Reaching Out To Your Community
The best way to increase your business is by mastering the art of networking. Nobody understands this concept better than Dr. Ivan Misner, the founder of Business Network Int'l. (BNI), the world's largest referral organization. BNI has over 4,100 chapters with 82,000 members in 26 countries worldwide. In 2005 alone, the organization generated over 3.3 million referrals, translating into $1.5 billion in business.
When it comes to the art of networking as a means to build your business, Dr. Misner has identified five key strategies. In this first of a two-part series, we'll examine two of Dr. Misner's … (1 comments)
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Ed Brophy - REALTOR® - DRE #01344385
Palm Springs,
CA
More about me…
Ed Brophy, REALTOR®
Address: Rancho Mirage, CA, 92270
Office Phone: (760) 844-3736
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A place to learn about mortgages, interest rates, credit and ask the guestions you've been wondering about.
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