Posted by Ed Garcia on December 12, 1999 at 01:58:10:
Steve is right. I had a broker on this very site that stated he was working with 400 lenders.
Think about that. That’s absurd. If you are working with a lender, to be effective. You have
to give them a certain amount of business. Now if you gave each one of those lenders just one
deal. That’s 400 deals a month, I don’t think so.
A good Broker will have at least two of everything. They will have a couple of fannie mae
lenders, 2 or 3 sub prime lenders, 2 or 3 hard money lenders, 2 or 3 banks or S&L’s, and
2 or 3 finance companies such an Avco, Bene, Assoc. A good broker will know how to work
these lenders to establish a working relationship. The main thing a good broker needs to learn
in order to be good, is to not get into a comfort zone, and treat your customer like you want to
be treated. A good broker knows how to work one lender against another, with out making them
feel like they’re being worked.
When I state that the broker should not get into a comfort zone, I mean to constantly be looking
for new programs or as we say in the industry, WHO’S SWINGING.
I hope this gives you a little better idea what to look for, when looking at your broker.