At MAC we’re always looking at ways to make things easier for the consumer which in turn makes it easier for them to buy or complete on their purchase. In the last few years our industry hasn’t needed to give much thought to the bankers and brokers we were dealing with, but with the recent changes in the market this one aspect of the buying process has just become vitally important. It’s time to get to know your banker (or Mortgage Broker).

As sales people are able to create stronger relationships with our buyers (due to the selling cycle being longer for instance), a strong referral to a banker or mortgage broker even before the purchase can be extremely valuable. Yes, purchasers will still want to check with their banks if they haven’t already, but being able to connect and reassure your purchaser about the financing process can make it seem less daunting and encourage them to deal with it sooner rather than later.

This is particularly important with tighter completion schedules. A ‘strong referral’ however does not mean handing over a business card and bank sheet with rates. I mean actually getting to know your banker or broker so that you can speak to their personality, style of which they do business, confidence in their ability and even more personal details like their golden lab or their new baby. These details can help connect your purchaser with the banker or broker even before they meet them. And if your banker or broker is on site the connection can be instant.

Now who cares if the purchaser feels connected to your banker/broker? Think of your banker/broker as an extension of your sales team. If they can endorse and speak to the community, the project, the neighbourhood, the developer, the building and the sales person this only helps to support the purchase. It also makes it easier for those clients who either haven’t been through the process before or find it a hassle. The more service we can provide the better the buying process will be. At MAC, we constantly strive to create the “Ultimate Purchaser Experience” and the banker should be an extension of this experience.

In a previous blog entry I talked about Completion Retention and this relationship with your banker/broker is even more important for the implementation of this program – this is particularly relevant these days. With a designated sales person working full time on contacting purchasers and working with them and a solid banker/broker, you definitely can limit potential defaults. It’s about ensuring the purchaser understands that you are here for them and that the ‘team’ (which includes the banker/broker) will do whatever they can to help.

Now one last note, in order to get full value of your relationship with your banker/broker you need to be on the lookout for talented people. You want to find someone who understands how to put together the more complicated deals, has lots of contacts and can get solid rates. The better the banker/broker is the more you can get out of the relationship both gaining new buyers and retaining existing ones. Each banker and broker will brag about the merits of their particular financing package, interest rates, etc. but in my experience, the packages are all reasonably competitive. It is the “individual” not the institution that is most important!

Happy selling,

Cameron McNeill