I would appreciate some feedback regarding my latest interaction with our mortgage broker. I know in the ACRE system, relationships are important. We've used our broker a couple time in the past 4 years and he got us a good deal on our duplex. We were thinking of changing because of personality issues and he tends to cross in to the grey area. Recently, my husband had been in the bank to review RRSPs and they had made an offer to switch our personal residence mortgage over. I went to the broker to see what he could offer as I wanted to give him a chance. In this case, the bank could offer much better (save $2800 over 5 years). If it had been a few hundred bucks, we would have stayed with the broker. When I informed our broker that we were getting the mortage through the bank, he said he doesn't want to work with us anymore as we weren't loyal. In the end, it works out fine as we were thinking of switching, but for future reference, should we have handled it differently? Should we stay with a broker to maintain a relationship and loyalty even if it means $2800 or is it reasonable to expect a broker to realize that we may not always go with him? Thanks
broker behaviour - feedback please
- Thread starter mlemorvan
- Start date
You mentioned two good reasons to use a different broker.
1. Crossing into the grey area
2. Personality issues
In my opinion, he confirmed your thoughts by telling you he no longer wants to work with you. My mortgage broker has referred me to a bank when he was unable to secure financing for me. He told me whenever he's unable to help me, he will refer me to someone who can.
Loyalty is a great thing, but it doesn't over rule poor service.
jon
1. Crossing into the grey area
2. Personality issues
In my opinion, he confirmed your thoughts by telling you he no longer wants to work with you. My mortgage broker has referred me to a bank when he was unable to secure financing for me. He told me whenever he's unable to help me, he will refer me to someone who can.
Loyalty is a great thing, but it doesn't over rule poor service.
jon
Jon is a smart man
I second
I second
The most import thing to remember is the broker, RE Agent, Lawyer, or whomever works for you. Don't let them play the friend card to keep your business, as true friends would be glad to see you able to get a better deal 
This should be their wake up call, that they use to check their network to see why they couldn't get you that same deal. (maybe their supplier was playing the friend card on them
Commissions don't equal friendship. The friendship comes from the relationship
My big lesson came in my early 20's, building my 1st home. The Lawyer, (old and sophisticated) made us feel small when signing for a huge $35,000 mortgage. I tried breaking the ice with a light joke, and he stared me down, making it even worse. Later, after leaving the office, I came to the realization that that man was working for me, and from that day on, when I pay, I expect to be treated fair................or they get dusted
Bigger lesson.................don't ever treat people like that "Old Sophisticated Lawyer" did.
Relationships are about equal respect
This should be their wake up call, that they use to check their network to see why they couldn't get you that same deal. (maybe their supplier was playing the friend card on them
Commissions don't equal friendship. The friendship comes from the relationship
My big lesson came in my early 20's, building my 1st home. The Lawyer, (old and sophisticated) made us feel small when signing for a huge $35,000 mortgage. I tried breaking the ice with a light joke, and he stared me down, making it even worse. Later, after leaving the office, I came to the realization that that man was working for me, and from that day on, when I pay, I expect to be treated fair................or they get dusted
Bigger lesson.................don't ever treat people like that "Old Sophisticated Lawyer" did.
Relationships are about equal respect
"he said he doesn't want to work with us anymore as we weren't loyal"
I would have told him to go *** himself.
You are way too nice. Be careful. Real Estate is a tough business.
I would have told him to go *** himself.
You are way too nice. Be careful. Real Estate is a tough business.