This Is Brokering

What’s changing? Honestly, you could just skip this episode as the changes mean nothing to all but 0.001% of Brokers, and perhaps 0.01% of clients.

Join Christine Xu for a conversation about landing in Canada in 1989 with two suitcases & $200 and her subsequent journey into the Broker industry in 23 years ago and the path from A business, to B business, to creating a Mortgage Investment Trust (Not a MIC) with Sixty-Million dollars under management inside 4 years.   What have you done lately?  

It’s about the journey, not the destination right? Well… sort of.   The destination really does matter.   We don’t take a plane to Maui, London, or Bali and just stay on the plane and fly home do we?  

There are waves of ‘Trigger Point’ letters going out to your VRM clients right now, suggesting they have two options.   Why isn’t the bank presenting a third option? One that clearly exists. One that you can implement quite easily.

Do we think the BOC already had this intel last Weds when they inflicted another 0.25% hike on us? Yes we do. But they did it anyways. Despite 2.8% being inside the Bank of Canada's target range of 1% to 3%. Why? Because 2.8% isn’t 2%, that’s why.

21yrs in the business, 22 files funded last month!   How?   We get into it, have a listen – this is time well invested whether you are brand new or also 21 years into your career as a Broker.

The FCNB (the NB Regulator) has issued notice re Co-Brokering.   The bottom line is this; in a co-broker situation, only the “licensed” agent can interact with the clients & lender.   A simple referral of name and contact info… NO application taken.  The silver lining? The NB licensed broker can choose to  pay a referral fee.    But the original agent is no longer involved in the file at all....

Check out this action taker, serious commitment!

The winds of economic influence are swirling from all angles, what will it all mean come July 12? Bottom Line; It does not matter as far as your own business is concerned, very little does… other than your own mindset and daily actions.

Some kind words, and then an abrupt reality check.   Following the episode I did have a conversation with this Broker, and they remain optimistic. They have energy, they have a plan, and they recognize that they have skills.    Watch for an update on how this is all playing out in real time over the next few months.

The June 25th BTBB Blog post that triggered Ep. 401's ‘Letter From A Broker’

What will the Bank Of Canada do come July 12th? Will the (downward) trend prove to be our friend? What’s the real math of ‘baked-in’ inflation from 2022?

Who jacked up prices from 2010 onward?  Taking the average Vancouver home to 1M$... and then past 2M$ less than 10 years later.  The answer may surprise you, and you may want to argue about it… which is what twitter is for.

The title is a bit different than the text shared, but the sentiment is the same.  I read, word for word, a real text exchange between a Broker and myself, and then my ChatGPT reply to them… and their Chat GPT reply to me.  Again, ChatGPT – changing how we communicate.

I didn’t pre-read the script, instead I read out loud the prompt used, and the result received. It is interesting, more so if you have zero experience with ChatGPT – is there anyone with zero experience left?  Yes, but you should not be one of them.

Kinda cool with a client tracks down the upper mgmt of a brokerage just to say something nice about a Broker – it doesn’t happen as often as one may think.

It’s a sea of volatility out there! What is one thing that is remaining constant – in a technically-positive way?

Retire, Sell, Broker until I am found deceased at my keyboard having just hit submit?   Decisions, decisions.  

The market as at June 6th, 2023 is reflective of a generation, or two, of poor choices.  Can we turn the housing story around anytime soon?

There’s the macro market, and then there’s the micro market… Which do you have direct control over?  

How to advise clients of a 3rd option, which is not outlined in the letter, or (in all cases) by the call centre Get ahead of the curve on this with your clients. Learn the math, start making calls.

Let us count the reasons. And hey, let’s ask for some relief!

How long can you stick it out? How long can you delay taking the action you know you need to take?   Quit? Or make outbound calls?   Which option speaks to you? Which offers the outcome you desire?