We want a finance broker who is fair and trustworthy, but not all of them are. How do you decide who to choose?
Here are five excellent ways to find a great mortgage broker.
This is the Business Network International, and it’s an organisation that runs meetings all over the world. I think they have over 8,000 chapters and 242,000 members globally.
BNI creates a small group setting you go there in order to get referrals for your business from other local businesses, and to give referrals to those you’re connecting with. Membership there is a great way to grow your business, and help others grow theirs.
One piece of the design for this organisation is that only one person from each progression is allowed to join. If you’re an accountant, you will be the only accountant in that chapter.
Another rule of BNI is that you have to go every week and give referrals. If you don’t show up, you’re going to be thrown out. Your dedication to the community proves to other business owners that you’re a serious person who worth giving referrals to.
Whenever you’re in a new area, check to see if there are any BNI chapters. Look at the members list and see if there is a mortgage broker or a finance broker or estate agent and then call them up.
Your shared experience with BNI gives you an easy place to connect from.
These people know about networking. They know about the power of giving referrals, so they’re usually very good sources of great contacts.
Reach Out to Your Network
Having a network of people that you can ask advice from and get connexions from is very important. Seek the advice of other investors that you know. It’s probably the quickest way of finding a good broker. Ask, “Who is somebody who can handle this type of investment?” The details follow. This is a great way to leverage your network.
Build A Network
If you don’t have a network, you need to build one. Go and meet people and ask them about their brokers. Ask them who you should use. Verify with whatever tools are at your disposal.
Check the Internet
Facebook groups and forums are a great place to ask people for suggestions. Crowdsourcing your decision can yield excellent results. You can see a track record of good and fair practises if someone comes highly recommended by many people. The posts people put out on different brokers can give you confidence in their abilities.
You can say: “I’m completely new. I don’t know anybody, but I’m looking to do a deal. Does anyone know a good finance broker?”
You will usually get a long list of people being recommended to you. You still need to check them out, perform your due diligence and interview your brokers, but it is a place to start
Started out with good old handshakes. Go and meet a bunch of mortgage brokers and talk to them. The more you talk to them, the more you’re going to learn which ones are good and which ones are bad.
All mortgage brokers say they can do the deal for you. You’ll never meet one that says they can’t do the deal. There is some trial and error, but find a really good broker and hold on to them for life. And we did a lot of deals together.
Those are five great sources of finding a good mortgage broker.
A final word of caution: Be careful when going to a mortgage broker recommended by your estate agent. There’s often some sort of deal going on, backhanded or otherwise.