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Got offered $500.00 to refer people for mortgages.
- Thread starter Golddoor
- Start date
... only reason he's offering you 500 is because they are worth way more than that to him... if you have a college degree, getting your brokers license is next to a joke... if you are getting leads on a regular basis it might be worth your while... become an appraiser as well while you're at it.
You could offer your friends $250 to refer leads to you.
jnevin
New member
If you market realtors, you should be doing the loans for them. It isn't easy to build trust with those fuckers and you have to constantly be around them asking for business, sitting with them at open houses, wasting your fucking time in general. If you keep at it, business starts rolling in, and the fact that they can count on you to get their loans done is really all you need. This isn't the best time for someone to get into mortgages without any experience, IMO.
i tell you what you do... you open an upscale clothing boutique and then u sell all clothes to the female agents at cost in turn for them giving you 100% leads... even if the store just makes its money back... you still come up big. Someone in town here does that and it works AMAZINGLY... clothes have an insane effect over females.
Do any of you understand that any lead-based business in inherently inefficient and will ultimately be consolidated through market forces? If I had time I would do it myself.
Just curious, because more and more people are entering these types of jobs.
I don't get it.
Just curious, because more and more people are entering these types of jobs.
I don't get it.
jnevin
New member
MattTheSkywalker said:
People have made a lot of money doing this recently without having to put much effort into it. I can understand why people would be interested seeing how well some LO's do. It took me 3 years of busting my ass, dumbing it down for realtors, and doing shit loans until I had steady business and good income. Wasn't until last year that I really started to make money. I do not recommend getting into this now. Refi's are done, purchase business isn't easy to get. Become an artist. Listen to MTS.
jnevin said:
LOL @ "dumbing it down for realtors". Awesome.
I am starting a construction business with the Emperor. We're going to do residential stuff first; one high end custom home per year at first.
When the mortgage market gets even shittier, I am going to try and roll up as many independent brokerages as I can. Realtors too..I think they can be consolidated on the cheap and as the market progresses through a cycle, haev serious market share.
I didn't want to touch this but the opportunities are too good.
ZKaudio said:^construction and insurance integration
Somebody already did it...we're going to buy them.
Razorguns
Well-known member
Here's a question:
Right now when you apply for a mortgage -- you go to a mortgage broker who gets your info, does some fancy dancy processing, and comes up with various options ("products").
Why can't it work like airlines, where you fill in your information once (eg: online) -- and that info gets sent a NETWORK of brokers, who all then respond back with your choices.
And from there you can select the best choice and continue on.
It already works like this for car insurance. Fill info once, get multiple quotes.
Am i missing something?
Right now when you apply for a mortgage -- you go to a mortgage broker who gets your info, does some fancy dancy processing, and comes up with various options ("products").
Why can't it work like airlines, where you fill in your information once (eg: online) -- and that info gets sent a NETWORK of brokers, who all then respond back with your choices.
And from there you can select the best choice and continue on.
It already works like this for car insurance. Fill info once, get multiple quotes.
Am i missing something?
jnevin
New member
Razorguns said:
You're missing the fact that Lending Tree already exists. Car insurance and home loans are kind of different. The majority of borrowers I come across have no idea of what they want, how long they'll be in the house, how they plan to pay for said house, etc. If they just enter their info into some website and have some retard former used car salesperson call to give them a quote on what he thinks is best, they'll be fucked. That's the direction the industry has been heading lately. What you're talking about may work for refinancing. I only do those for former customers anymore. Purchases are a bit tougher until you get used to them. Holy shit! Reading this I can see how much ephedra I've taken today.
jnevin said:
LOL
you were so nice to him on this.
ZKaudio said:why buy when u can just throw some lobbyist money around and have them out of business.
I don't even know how to answer this, except to say we have a much larger vision than owning a few service companies or perimenter players in real estate and insurance.
calveless wonder
New member
jnevin said:
LOL, was about to say that. talking about 3% on a thirty year fixed....
i think they started the whole 1% thing when the pay-option ARM first came out.
ditech and ameriquest have ruined the industry..
calveless wonder
New member
jnevin said:
depends bro.........you have to find niche markets. Marketing is everything in this biz
My company acquires out alot of (very solid)leads. We always large major marketing campaigns with specific themes.
We have so much business we have no idea what to do with. ALot of cash out refi's...especilaly subprime.
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