Realtor/Mortgage Broker’s Top 10 Pet Peeves – Part 2 – Vancouver Real Estate: Gary Wong

Realtor/Mortgage Broker’s Top 10 Pet Peeves – Part 2 – Vancouver Real Estate:  Gary Wong

Hey guys, it’s Gary Wong from,
again. And I’m here with Jordan Thomson from City
Wide Mortgages. is where you can find
her. More contact information below. Today, I’m just going to do part 2 of the
realtor/mortgage broker’s top 10 pet peeves. Last time we did part 1. Today, we’ll do part 2. So top 5. 5-4-3-2-1. So number 5 on the list is people who choose
part-time realtors and mortgage brokers. For me, it’s a little bit of pet peeve. I wouldn’t trust a doctor who’s a part-time
doctor and also a part-time lawyer and a part-time accountant and all these other businesses. Do you find a lot of that Jordan in mortgage
brokerage?—there’s a lot of part-time mortgage brokers? [Jordan] Well there are definitely some mortgage
brokers who do have other interests as is any kind of self-employed person, the more
you put into it, the more you get back. Because the mortgage industry is so—it evolves
so quickly and there’s such a huge learning curve, you really need to put time into it. It’s not something you can—say, I can
do it Monday, Wednesday, Friday. If you need subjects removed on your house
on a Tuesday, I need to be working on a Tuesday. And quite frankly, lenders don’t work around
your schedule. Clients don’t walk around my schedule. I have to be available around their schedule. So you definitely need to put in full-time
hours. Absolutely. [Gary] That’s number 5. I just found that there are some part-time
realtors and part-time mortgage brokers that are really good. But a majority that I’ve seen—I haven’t
actually seen any– The majority that I’ve seen don’t really
do a good job. That’s just my personal opinion what I’ve
seen in the industry. Number 4 on the pet peeves list. Realtors who sell themselves by doing kickbacks
I know mortgage brokers try to buy down people’s rates. Maybe you can share a little about mortgage
brokers trying to buy down peoples rates and— [Jordan] Yea, sure Gary. That’s a good point. Whereas realtors will give kickbacks. What a mortgage broker would do is buy down
the rate to secure the client’s business. But we don’t ever give money to our clients. [Gary] Except the unethical ones, right? [Jordan] Except the unethical ones who will
take money from a client prior to a mortgage funding. But that is highly illegal and so you will
get caught doing that. But we do not give our clients money because
we just don’t. We were saying selling themselves short. Me buying down a rate for a client really
does—it’s sells my expertise and time and professionalism. It sells all that short. [Gary] Yes I, agree. [Jordan] I work very hard, very diligent and
very professionally for each and everyone of my clients, as such I deserve to be paid
by the lender for doing so. [Gary] I agree. Professionals these days, they should charge
what they deserve. They put their time and effort in schooling
and training. It doesn’t make sense to me. Let’s say a doctor who goes through 10 years
of schooling and starts charging $10 an hour. It would make the public suspect of whether
this doctor is really as good as it make out to be. So it’s the same. Realtors—a lot of them. I know there’s discount brokerages and full
service brokerages but a lot of realtors are just trying to advertise themselves as the
cheapest realtors. We’ll give you the lowest rate—lowest
price. What happens usually is price wars. Price wars is where, ‘you’ll do it for
$500? I’ll do it for $400. I’ll do it for $300. At the end of the day, lawyers who originally
charge $300 and they’re charging $20 an hour. And it ruins their reputation. It cheapens their professional status. Realtors who sell themselves by doing kickbacks,
you’re just making other realtors—lowering our expertise. [Jordan] It does definitely undermine the
industry. [Gary] That’s how I feel. Number 3 on our pet peeves list. Realtors/mortgage brokers who are rude and
unprofessional. I’ve met a ton in our industry—a lot of
them act all professional in front of my clients,. And when they’re talking to me, they’re
saying all this junk and all that stuff. And I was like, ‘ok.’ But being a professional, we can’t badmouth
other realtors—specific realtors. We can’t say that to our clients—their
being difficult or something like that. Have you met a lot of those? [Jordan] Well I think– don’t we all hate
all rude people? [Gary] Yup.
[Jordan] Yea, well I’ve seen it. What bugs me is when a client will call a
broker or a potential client and the broker appears to not have any time for them and
just says, ‘that’s not a good—call somebody else.’ I don’t think that’s a great way to be
professional as well. And yea, you can’t badmouth your own industry. [Gary] Yea.
[Jordan] But I just think rude people– [Gary] That just doesn’t work in any industry. So that’s a really common. [Jordan] Actually, I have met some of those. You’re right. My pet peeve is rude realtors at open houses. I know I’m always—I can’t go in there
and pose as a possible buyer. I must say I’m a mortgage broker. But I definitely run into a few. Kind of just, ‘well I don’t have time
for you.’ And I never do that to my own clients because
I actually do care for you. It’s a lot of money you’re dealing with. I got to know you and care about you. [Gary] For sure. I think in real estate and mortgage and brokering. It’s all about your reputation, right? If you develop a reputation and unprofessional,
it’s— And when I mean unprofessional it’s just
like breaking board rules, doing shitty stuff, it’s not just cool right? Number 2 on the pet peeve list,
people who choose realtors or mortgage brokers just because they appear to be the top realtor/mortgage
broker. My comment on that is that,
there’s a lot of ways to be a successful realtor without doing it properly. There’s a lot of shady ways to do it. There’s a lot of ways to overprice your
listings and get as many as possible to get your name out there. As fast as possible and then make it seem
you’re a big shot. And you can mislead a lot of clients that
way. A lot of public think that so and so must
be great because they’re everywhere. Maybe, but maybe not. Have you ever seen that in the mortgage industry? [Jordan] Well I have seen where brokers are
doing a lot of volume but there are also some of the ones that are buying down the rates. So in the outside it appears they’re doing
a lot of business, and sure they are, but they’re not getting compensated in the right
way. But I think overall, you see big brokerages
but not so much individual brokers. It’s more the brokerage—like in my case,
??? [8:46] [Gary] Yea, I agree. Like in real estate and mortgage brokering,
just because there are top realtor/top mortgage broker,
it’s best to do your due diligence. Interview them. Talk to them. Just because they have like, ‘I did 300
deals last year.’ [Jordan] Or a lot of signs. [Gary] Yea.
[Jordan] See you always see the signs and you assume—
[Gary] It’s not necessarily the guy or girl who has the most signs out there is the best
person for you. [Jordan] That’s right. [Gary] It’s a bit misleading, right? [Jordan] Yea. [Gary] Okay, so number 1 on our top 10 pet
peeves for realtors and mortgage brokers are lazy or untrained professionals. So in this respect, what I’ve noticed in
real estate is once you’ve finished your real estate training licensing, there’s
a lot of training that you still need to do. You just kind of stepped in the door and now
you have to go through the hands-on training. And a lot of realtors choose brokerages that
don’t focus on training because they get paid more—the commission split is better
or something like that. I don’t really understand that. They might think it’d work for them in the
beginning. But later on, when people complain that they’re
not trained or they don’t know a lot of things. I understand it’s not their fault. It’s just because they’re not trained. Their brokerage didn’t train them properly. And they’re just weren’t trained. I always tell people who want to be realtor. Go with the brokerage that focuses on training. And there are just people who are trained
but just are lazy—or lazy to get trained. Maybe you can speak about that in mortgage
brokering side. [Jordan] Lazy. [Gary] Lazy or people untrained. [Jordan] Yea, Okay. Well I think that they’re all trained but
I love what you’ve mentioned about keeping up with the training. [Gary] Yes. [Jordan] And that absolutely go with the brokerage
or whatever who continually does training. [Gary] Yes. [Jordan] There are brokers or realtors. Yea, if you’re going to go with a lazy broker,
what’s going to happen is that they might not negotiate with the lender to your best—on
your best– [Gary] Your best interest. [Jordan] Your best interest. [Gary] Yea. Because it’s easier not to. [Gary] Exactly. [Jordan] Or really investigating what might
be the best mortgage product. There are so many out there and it’s easy
for me to just say, ’okay, Gary.’ [Gary] Just pick this one. [Jordan] Exactly and then not actually educating
the client as to why. Because they’re not just service to the
client at the end of the day as well. I think that the training so actually understanding
the financial aspect of it and then being ???[11:45] in advising your clientele—my
clientele as well. I think they kind of go hand in hand but yea–
Again, nobody likes lazy or rude people. [Gary] Yea, you just got to be proactive as
a real estate broker, as a mortgage broker. [Jordan] Proactive, that’s good. [Gary] There’s an easy way of doing it and
then there’s a hard way. But no pain, no gain. So you’ve got to put in the work. Get updated. Get educated. There’s a lot of information out there. So realtors and mortgage brokers just need
to be a little bit hard-working and get that information. So that’s it for today’s video. Once again, I’m really proud to be partnered
with Jordan Thomas. She is one of my recommended mortgage brokers. [Jordan] Thomson. [Gary] Thomson, sorry. And then you can find her on She is from City Wide Mortgages. This is Gary Wong from Gary Wong Realty. Jordan Thomson from City Wide Mortgages. Thanks for watching. Subscribe below. Comment below. Let me know if you have any questions. Have a great day. Thanks. Bye.

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