Are we larger than life just because we work for a large company or a well recognized name in the industry? Examples of this would be Wells Fargo, Bank of America, RE/MAX, or Keller Williams.
You as a consumer, when shopping for that realtor or loan officer, do you first search for that large name? A company that is recognized on tv, in the paper, or by word of mouth from friends and co-workers?
Do you think that you will get the best deal by going to a large company? Or is it security, in fear of the company going bankrupt, so your decision is based on bigger and established?
This is not to throw any one individual or company under the bus, but just recently, I have spoken to 4 separate borrowers who all started their process with Wells Fargo. Not only are they being told that it could take 45 to 60 days to close their transaction, but many of their loan officers aren't supplying accurate information. I actually had one borrower who was told incorrect information by 3 different loan officers from the same company. Many of us would think if the majority of the people say the same information, that it must be correct. Unfortunately in my opinion, this is not longer the case now, especially when it comes to mortgages.
Yes, it comes down to education, education, and education. And no, I am not saying that you have to be educated with a degree from Harvard. But that the person servicing you, helping you through the transaction, should be educating you on the whole process.
In the world of mortgages, we say that there are two types of loan officers.
1.) A true professional, who is on top of their game, knows most programs and can explain them, will give you good customer service, and will be more than fair with you when it comes to rates and costs OR
2.) An order taker. Someone that could easily work at a fast food joint, in which case, sometimes your order doesn't come out the way it should. The same in mortgages. There are loan officers that will tell you what you want to hear, even if they don't know if the answer is correct or not. People, it happens.
So, how do you pick your loan officer or realtor? Does a large company name matter to you as much as you think it should? Again, there are very good people at both large and small companies. But from my experience with consumers in the last several months, it seems like there are more order takers at the larger companies now than ever before.
Pros & Cons - Many of you think that just because that company is one of the largest, that they are a safe choice and that you should be able to get the best deal. This is not always the case. Back in 1998 or so, Norwest Mortgage was the largest lender out there. They were bought out by Wells Fargo, even though it was for name sake for the larger scope of things. And now look at Countrywide, who was the largest, until Bank of America just bought them out.
Best price/rate from a mortgage company? How about service? Do you know that there is a small price for excellent service and that in many cases, what is promised or advertised as the best price, usually doesn't come with the service. Same goes for realtors. Just because most real estate transactions have a 6% fee, doesn't mean that if you get it lower, that you will get excellent service. Again, are you looking for the giant to make you feel secure or are you looking for the one that isn't selling you false hope or promises.
Summary : Many consumers don't understand the mortgage and real industry. One main thing that is forgotten in many cases. Most of us are 100% commissioned. In many cases, these are you least experienced and least knowledgeable in the business. Many would think that service should come with their real estate transaction at all times, no matter what. At many larger companies such as Wells Fargo, if you talk to someone on the phone, they are part of a call center.
Keep this in mind.... Many that I know in both real estate and mortgages love their jobs, and truly love helping people. Many of us will go out of our way, even if it means we will earn less. But we don't work for free and I hope I can speak on behalf of other realtors and loan officers. This is not McDonalds, where service comes with a smile. Many of us are dedicated and passionate in what we do, because it's not a job, but a real career. Just think about this next time when you are speaking with a realtor or a loan officer. What do you truly want? In my opinion, it should come down to the person that you are dealing with, not the company. Sure, reputations do make a difference, but that is a whole other topic. Bottom line, you are dealing with people.
- FHA Loans - USDA Loans - VA Loans -
- Energy Efficient Mortgages -
- Conventional Loans - 203 k loans -
- Mortgages -
Experience & Knowledge at its BEST !!!
_________________________________________________________________________________________
For more information on FHA loans, please go to this link. The FHA Expert
For more information about the 2009 Tax Credit for First Time Homebuyers : 2009 Tax Credit
For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!
Copyright © 2009 by Jeff Belonger
_____________________________________________________________________________________________________________________________
FOLLOW ME ON FACEBOOK
- FHA Loans - USDA Loans - VA Loans -
- Energy Efficient Mortgages -
- Conventional Loans - 203 k loans -
- FHA Home Loans - Mortgages -
Experience & Knowledge at its BEST !!!
Follow me on:
______________________________________________________________________________________________________________
For more information on FHA loans, please go to this link. The FHA Expert
For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!
For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors
Copyright © 2011 by Jeff Belonger of Infinity Home Mortgage Company, Inc
Hi Jeff...It depends on the individual. At least that is what I believe.
I have worked at two large companies and one small mom and pop (no mom, just a pop). My performance has not changed because of the particular office I am in. Perhaps that is true of many others.
It is possible that at some very, very large offices mediocrity may not be noticed as quickly. Even though I have worked at two big name real estate companies, both times it has been in smaller offices. I have been impressed with the caliber of agents at both.
I am sure you would deliver the same level of service no matter where you were. If the powers that be did not allow that, you would seek another place. So would I.
Thanks for encouraging clients to look for the best people to help them. It keeps us on our toes and we should be.
Kate
Jeff,
The only protection the consumer has is the personal integrity of their agent/s!
There are good agents at bad companies and bad agents at good ones. It all comes down to the individual agent.
I don't understand how potential bankruptcy enters in. It's rare in most states, now that they have any of your money.
I've comment enough on order takers lately, I don't need the hassle.
It's the size of the individuals' character not the company that matters.
Good post.
Bill
Jeff - I concur with Kate. It depends on the individual. While the company they work with provides some sort of support structure, I believe it is ultimately up to the individual to supply the best service, product knowledge, & education to the consumer. That's what the consumer usually wants. Folks like to work with people, not necessarily companies. At least that's been my experience.
Jeff, we are in an industry where size does not matter. At least not all the time. So many of the big guys hire using the "Breath Test". As one huge company manager once told me, "We hold up a mirror. If they fog it, they're hired. If not, we give them CPR and try again." That certainly is not true of all large companies or offices, but smallish and professional works better for me.
Jeff - AMEN! BRAVO! THANK YOU! THANK YOU! We are definitely on the same page here. It is the individual and the level of service that individual provides that makes the difference.
Many years ago, I decided on a particular high level of service that I would devote to my clients - EVERY CLIENT! Regardless of who they are, whether they're a referral or an unknown prospect or whether they're one of my first time buyers or one of my investors, everyone of my clients gets 110% from ME! Furthermore, I also expect 110% from my support team as well and I have been extremely fortunate over the years.
After nearly eight years in the business, it's still working for me and I know this because my clients and the rest of my SOI are still sending referrals to me. Great post!
KATHLEEN.... . I forgot to mention my main point, which I added after reading your comment.. so thanks. Yes, it comes down to the people that we deal with. Yes, I also believe that there are good people in both large and small companies. But what I have been finding a lot lately is that more borrowers are seeking Wells Fargo, but then calling me up and semi complaining because many of the loan officers that they are talking to don't seem to know what they are talking about.
Overall, yes, I would deliver the same service, no matter what company I work for. But yes, I wrote this because I want borrowers to understand this more, because it seems like so many still don't understand this or just hear what they want to hear from those that make it sound so easy and cheap.
WILLIAM..... aka... Bill... . all valid points as usual. I like this quote of yours...
"It's the size of the individuals' character not the company that matters."
Bingo... character, integrity, and yes, knowledge or at least if you don't know the answer, find out before you spout of at the mouth. thanks for the detailed comment.
JASON.... . I agree and disagree. Yes, people want those that have the knowledge and to get very good to excellent service. But they are often led to believe that this will happen more with those in a larger company than those in a smaller company. Yes, the consumer wants both of best worlds, but from what I am finding out as of lately is that so many are seeking the bigger company, just by picking up the phone. I just picked up three large mortgage transactions, 1 refinance and 2 purchases, that they started out with Wells Fargo and all 3 not only felt they were getting wrong information, but the responses were slow, so service wasn't as good. thanks for reiterating what Kate said... we need.
PAT..... . when you say "we", do you mean everyone in general or in your market place? I agree with your statements and many of us that have worked for the large and small... and the same ones that truly cherish their clients, we know this. But again, this was directed at the average consumer, because I am still finding that they expect it all from a larger company, especially when it comes to mortgages, and they aren't getting it now. And yes, I will agree that all of this is not true of the large or small company, that there are good people at both. But I am finding more order takers at the larger mortgage companies and that is a hard core fact, not opinion. I am not only hearing this from current and past borrowers, but from other loan officers that I respect in the industry.
Jeff I love the picture! I agree and know all too well about the big mortgage companies. I prefer the smaller - we have personal service with our underwriters/processors. I can close loans quickly and not have to wait for my files to go to the bottom of the stack.
DONNE.... . well, thank you very much for the kind compliment. You hit the nail on the head with your comment. It's an individual thing and you should be interviewing the person and not the company. I see so many people put stock in the company and just say... gee, they can't mess up my deal or I am getting a great deal, because I am with BIG X,Y,Z company... yet it's the individual that starts the process and handles their loan or real estate transaction. And if issues happen later on, people will handle and won't just make it all better because they are big. thanks for the comment.
NAOMA..... thanks, I loved it also... It's from iphotostock.com . I have worked for Norwest and for Columbia National Mortgage in my career. The 1st was #1 at the time and the 2nd one was about 50th nationally. I had great experiences with both... but I also prefer smaller, less corporate structure, yet getting the same job done... and more personal. Thanks for the comment.
It is about the people, but systems are important too and I've enjoyed the benefits of moving from a traditionally based real estate co to an agencentric one - much better, I've learned more in the few months I've been with Keller Williams than I did all the time I was at the other one.
As so many comments here have said, the individual will be the determining factor as to the quality of service. That said during my short stint with Countrywide over 10 years ago I was actually berated 3 times for "spending too much time with my customers"- something I never thought possible.
There are some larger corporate mentalities that are counter productive to good service. When originators are asked to write 20 loans a month, it simply doesn't give them time to provide quality service.
Kudos again for calling it out Jeff!
Gerry Suarez, Jr.
Your FHA Loan Pro!
Jeff - well it really IS about the person, not the company. There are plenty of examples of great companies repuration-wise but folks who work there who are far less than stellar. I have worked with a couple of terrific WF brokers recently so it's hard to blamd it just on the company. There are advantages to both large and small companies, and the good folks will make the best of it no matter where they are.
Jeff
Hi Jeff -- Great post. One can find great loan officers and agents at both big and small companies alike, while the opposite is also true, as in any field.
We believe in service. Period. There are no slackers in our company. (There are three of us.) We work on the client's behalf whether they are a bank, asset management company, seller or buyer. We are their agent. We have all worked under big box management in the past. Now, we understand that we no longer need the "logo". And our clients understand, too, when they work with us that there is no real advantage to the "NAME". Great post!
JANICE.... . as many of us agree, it does come down to the individual. But you hit another key note, having the good systems in place. After 6 or so years, I am finally with a company that seems to have many of it's systems in place and it does make a difference to make a smoother closing happen. But again, it takes team work, team players, and individual having pride in their work... and knowing what they are doing. thanks
GERRY..... bingo, you hit a large nail on the head. In some of the bigger companies, they do push volume, and the loan officer gets bonuses for that. And unless you have an assistant or such to help with that larger volume, that borrower won't get good service. It's been proven. thanks and thanks for the polite compliment.
JEFF..... yes, many of us agree on that. And I wasn't trying to throw Wells Fargo under the bus, but I wil admit, I am speaking to more people in the last 2 months that haven't had one good thing to say about their service... and also about their rates and knowledge. thanks
CHRIS.... . yes, this is true, and I have worked at both large and small,... and medium. If I had to chose, I prefer the small. And thanks for the polite comment.
DON..... well, that's a great start. ;o) Just worker on the clients behalf will show and usually result in more referrals. And yes, people don't need the logo. I use too when I was much younger and working for the largest mortgage company... but personal service, being competitive, and just knowledgeable, ... I think is the best combination. Thanks for your feedback and for the polite compliment.
Jeff -- I agree that it is definitely about the individual's service, not the overall company. I will say that if the large company is imposing so many rules or regulations, even the best individual cannot perform to their highest potential.
You mentioned Wells Fargo and I've had pretty good luck with them in the past, but lately I can't get any information for my buyers or sellers on the status of a loan or appraisal. I'm sure they are bombarded by refi requests, but....
Jeff,
I think that the more we are in the 21st cnetury, the less we benefint from large companies, in mortgage or real estate business. We are working individually, and large companies tend to set the culture of CYA first and foremost
For my first mortgage I chose a smaller company then (like other loans) mine ended up being serviced by Bank of America. I prefer smaller companies but some larger companies can offer service too. It depends.
Jeff, I am with a national company, ERA, with a very recognizable name. Many clients still ask me, 'now, what company do you work for?' After the transaction, sometimes long after. But they remember my name and know that I worked hard for them.
Jeff- another outstanding post!!!
It is the true professional consultant that homeowners deserve in this market. There is so much to keep up on. They deserve to be educated.
Hi Jeff, Good post. Thanks for sharing.
Best - Sash
Jeff - Service gets the job done - not the number of agents are the size of the company. It has always been that way and will always be that way. Sometimes the big name draws people in but if the service is not there, they are soon gone! Thanks!
Mary
Hi Jeff, interesting thoughts, here are mine as you know I track my leads. I did a post on AGenius on this several weeks ago.
I get many leads when people put in Keller Williams Ann Arbor Agent.
Now it was happening so much I had to take notice.
I personally would not ever search that way. Just as I would personally never go to my bank and apply to get a loan.
But, my data shows that many folks do.
Shocked and surprised?
Yes, me too.
I think it all comes down to relationships. I changed agencies a few years ago and my clients came with me. They didn't care what logo was on the sign. Only once in the last few years has someone asked me about my affliation and indicated that they wanted to work with a large company.
Jeff: Thanks for the post. Of course it depends on the person. That being said, a larger company may have more support (think resources) than a smaller company. The difference could be more money for marketing and generally more people able to help. I switched companies in January and have done much better because we're a great team now. Before, I felt like I was on an island! Thanks!
I have only lost one listing to a "large" company. I love working for a small independent and I have not had to deal with name or logo changes or ANY type of structuring changes in this market because I picked the right one!
I think this is a hard question to answer. A large company is definetly going to be more recognizable and would appear to have more resources. A small company will have more of a personal feel to it, expecially in a more rural area. I think each person has to pick what the right fit for themselves would be.
I think these types of decisions should be based on the person rather than the company. A big company won't do you much good if you are working with an incompetent or careless employee.
I've sold at both and I MUCH prefer a smaller company. We are like family and there is no backstabbing going on. It is a much better environment to sell.
Great post! I used to work for Keller-Williams and now I work for Avalar Realty, which only has 2 offices in Louisiana. One of them being the office that I switched to that just opened. When showing properties and I tell other realtors I am with Avalar people kind of get this atitude with me. I get alot of "I've never heard of them before..." I think people do generally try to go with the big names because they equate them with better service.
Hi Jeff !
Yep the age old question of which stage is best !
Like others, I dont believe there are guaranteed benefits over one or the other, but more that it is in the approach of the individual.
I have definitely felt that I have had a stronger position and gained more confidence from some clients because I had the RE/MAX name and logo backing me - but I know of situations where clients feel that the RE/MAX size brokerages are too big to be local and personal for their needs.
Personally, I like the branding that comes with RE/MAX, but marketed properly clearly the individual brokerages can be the top dog too ...
Thought provoking post as usual Jeff !
Cheers !
Sheldon
It seems to me, as a REALTOR(r), that most people check into loans with their own bank first. Maybe you are running in an area where there are a lot of Wells Fargo customers. I know WF is big here. We have another agency here, Ent Federal Credit Union, and I get many customer's that want to go thru them. However, not all of the LO's there know what their doing! I had such a mess with an Ent officer earlier this year, that I hope to heaven that I never have to work with that incompetent soul again! Sheeesh!
Hi Jeff,
I agree with Kate...It depends on the individual, and every company had to start out small at one point.
Bettina
Jeff: Wonderful POST! I am not one of those who believes "Big is always Better." It depends on the GUTS of the company; Realtors/Lenders, whatever. You can do business out of a shoe box, so long as you remain professional, HONEST, ethical, have Integrity and KNOW your business.
I just had a client who had a BIG Mortgage company doing their loan and it turned out (near the end of escrow) that lender didn't know what they were doing. I gave them name of a local, SMALL lender and he grabbed the reins and took hold and we'll close within a week.
IT IS the service WE provide, NOT the BIG, FANCY COMPANY NAME, that makes us what who we are.
Everyone is in a different place with the professional growth. Some need what large companies offer and some don't.
I have been with RE/MAX since 1993. There was a time that being with RE/MAx was enough to set you apart. It is still great in that in Oklahoma City you see alot of signs and the company has the overall largest market share. That does little for you as an individual these days, and I am glad for that. Getting the right Realtor for the right job is what is important, and great service in mortgages comes from the individual. You also wouldn't go to a ENT specialist for an ingrown toenail. Same in our business.
Jeff--People do like the power of the big name but in real estate it is a bit different as you can be with a small broker that is part of a big franchaise. I am with RE/MAX but my broker RE/MAX Specialists is a smaller brokerage...maybe the best of both worlds. The important thing is the experience and professionalism of the person you are in contact with...not the size of the organization.
Hi Jeff, Seems to me that many customers do find some comfort doing business with a well established name. That said, they also put great stock in a referral from someone they are currently doing business with.
This is spot on...I think that this is just too huge. The companies that allow for individual creativity allows for greatness. Large companies are great, but they're so limited as to what's permissible.
I love what Larry just wrote. My greatest frustration with big firms is that they don't really allow experienced and creative individuals the freedom to do what they do best. I know I am in this very situation right now and pondering going out on my own. Yes, I will miss the big name but I will finally be able to give the very best of everything to my buyers and sellers and have fun doing it!
Hi Jeff,
How right you are! When I first started my Real Estate career 7 years ago, I was affilated with one of the big name companies. We were trained to sell the name, the company, we as Realtors were secondary. It was an incredibly stifling environment.
I then went to a smaller venue and began selling myself, and as Larry stated above, I was allowed to use my own creativity, and that is what made the difference. Success was almost immediate!
Kathy B
A variety of opinions on this but I think the majority are focusing on what's important to them as an agent. The question here is what do the buyers really think and I think many of them feel "safer" with a large company. I've worked for large local, small local (6 agents) and now Remax and I've done the best at ReMax but still it's the buyer's and seller's perception that counts.
I do believe that the general public has no idea about what the relationship between the agent and the company is. In my area Windermere and John L Scott are the hitters and always have been. I spent 10 years with Windermere and loved the culture and the company. I however, did not received one lead from them. I was my own business - that is key to me. I work for the largest independent in my area and they allow me to run my business my way within my contract. Funny, the comments I receive when agents question why I work where I do. You see in my area (Greater Puget Sound) there are a lot of "company snobs" type agents. When another agent finds out I worked for Windermere for several years they all of a sudden change their tune. I don't sale homes to agents so I could careless. My clients choose me based on what they see in my marketing materials. I do have to state that I am 90% a buyer's agent so this might be the reasons. Once I explain my business model it all makes sense to most.
Big or small, there is good and bad on either side of the street so to speak. Shop around for the best deal you'll know if when you find it.
Patricia Aulson/Portsmouth NH Real Estate
You know, alot of people trust the BANK when they walk in because it is a BANK. Hmm...Wasn't INDYMAC a bank?? Isn't Citi?? How about WAMU?? Were they not backed by a BANK??
If the new legislations continue to pass, this country will be filled with socialistic order takers..and no longer will contain, or be MAINTAINED by professionals. However, I think by the time some people realize this it will be too late. Professional athletes are the same way...Look at the percentage of GREAT and I mean GREAT pro baseball players that make the jump from High School, to the Pros' NOT VERY MANY> We are pro's! It is difficult and challenging, but we are professionals! Credit Unions are notorious for filling their seats with order takers.
Nice blog Jeff. Reitiration is the mother of learning I have always thought.
Nice McDonlads analogy.
Realtors are not commodities however the consumers sometimes treat us that way. The benefit of large franchises in many cases is the consistency you should be able to expect at each one. For example, a Big Mac should taste and look the same in Chicago as it does here in Boise, Idaho.
However, here in Boise, each Realtor is still a unique commodity in themselves (as it is where ever you live).
The key to success still depends on "marketing". An idiot at either large or small, independent or massive franchise, should still be perceived as an idiot at the end of the day. A great Realtor, however, still can't rely on the strength of the company name or brand to make them successful.
Jeff, when I first got in to real estate 2 years ago, I joined Century 21. Even though it is a big company, the office here in Waco is small, about 8 to 10 agents, and about 20 to 25 listings. Last fall I moved to Keller Williams, which has 60 agents and over 100 listings.
We have had " come list me calls" from people who called Keller Williams because they say they see our signs everywhere. But there are also people who call smaller companies because they don't want to deal with a big corporate office.
Both have their good and bad points. It just depends on what makes you feel comfortable.
KERRY.... . the issue that Wells Fargo might be bombarded with refinance requests is still not excusable, to a certain respect. Part of my argument is that 4 people that I have spoken to in the last week have asked their loan officers at Wells Fargo and they keep getting different answers, even from people in that same office. And these are basic questions. Again, it goes back to hiring order takers, just bring the over abundance of deals in, and then worry about the problems. Yes, this could happen to a smaller company, but it's more likely to happen with a larger company.
Again, not trying to just put down Wells, but most of the complaints that I am hearing about, are coming from those dealing with Wells. But just as you stated, and so many of us agreed with, it does come down to the individual, small company or large company. My whole point to this, to the consumer was, don't just assume because it's a big company. thanks
JON..... I think the cover your ass format is even with small companies, but those companies that value integrity, but being careful also. Keeping in mind that this is one of the largest investments in ones life, and there are a lot of sue happy people out there. Overall, working as an individual, no matter if it's with a large or small company, if we aren't hampered by corporate BS, is where that can also separate some of us, professional or not. Just my .02. thanks
LANA...... well, dealing with a small mortgage company and having them sell that loan to someone else, is really a mute issue here. Even the larger lenders sell off your loan in pieces, to other investors on Wall Street, even though B of A services your loan. They aren't the sole owners of that loan. Just a fyi... too me, it comes down to the service upfront, because once you go to closing and sign that note and mortgage, nobody can change that on you. thanks
VIRGINIA..... bingo, that is what you want. You don't want..."I worked with a realtor from ERA, what's er face." You want... I worked with Virginia Heep, who worked for, some real estate company." Sure, the ultimate is, "I worked with Virginia Heep from ERA." But you as an individual, you want to be remembered first, as you did a great job, not your company. It starts with the lead person. thanks
JB.... . yes, the true professional that is on top of things, has very good service, not always great... great in my opinion can be too demanding... but not just an order taker or a liar/bait and switch. And thanks for that very polite compliment, it's much appreciative.
SASHA.... . my pleasure.. thanks for the kind comment and for stopping by.
BRUCE & MARY... bingo, if the service isn't there, even the large name can be tarnished. But it takes a larger word of mouth sometimes. And yes, it doesn't take 25 people in your office to give great service and to get the deal done. I need a great receptionist, a great/excellent processor, a very good underwriter, and a closer that knows what they are doing and can juggle many obstacles thrown at them on any given day... and me, the person that will be there from start to finish, answering questions and helping to get the deal done in the time that is expected. thanks
Jeff,
Usually I agree with you. On this one I have some additional input. In our market in Seattle, the "order taker" agents are no longer in business. Agents that don't have great referral sources and are not aggressive on the web aren't doing business. On the other hand, those of us who have solid client bases to touch, a strong net presence and good systems are doing just fine.
I enjoy working with Keller Williams because of the excellent training for experienced agents and teams and the systems are great. I started here when it was "Keller who" (2001), now I receive good comments because people have been given good service by our agents. To Missy's point, I too was surprised when I started getting click thrus from a search for Keller Williams Renton. But the numbers prove the value.
List and Sell (and yes it is the service first) Gary @ RentonHomeFinder.com
Jeff: Great information... I have been with the larger Real Estate companies... There is good and bad... the larger the company.. the larger mix of agents you have.. this is not always a good thing..
MISSY..... yes, I know you track your leads. Any good realtor or loan officer should. I can tell you where each borrower comes from, because that is one of the first questions that I ask, if it's not in an e-mail.
In regards to people finding you other than from the blogs that you write, which are very good because of the information supplied, because you use social media networking as another source, and yes, because of the name Keller Williams... no, I am not actually surprised. Keller Williams has truly made a good, respectable name for themselves, and not because of Gary. Having great, professional, knowledgeable, and dedicated realtors such as your self help contribute to this.
Overall, hence why I decided to write this post. It wasn't so much how we prefer to get our leads, and if with a large company (a recoganizable name), that I want to clarify. But from a clients perspective, why do they in many cases, search & prefer a large company. And this blog could have been 3,000 words or 2 separate blogs... but I see it more of an issue when it comes to searching for a mortgage company. And I hate to say it, but I am finding so many are searching out Wells Fargo and many aren't happy with the loan officers, the service, and the time period. And in all 4 cases, I was even able to beat out Wells with rate and no fees. SO I just wanted this to be an awareness blog for consumers. I would love to get a few opinions from the consumers. I might have all 4 people chime in or write another blog about this. thanks for your input.
CINDY..... I agree, it does come down to relationships. But this was more about that borrower shopping for a real estate agent or loan officer, who has no relationship with someone, and to find out what they look for or why they just chose that bigger company,.. why? Security in name and recognition would be my first several answers. thanks
PAUL..... here is where we need to define the type of the industry, when you say a larger company would have larger resources. For example, I would think I have the same resources or in many cases, more resources when competing against a company such as Wells Fargo.... but...
If we were talking about pharmaceutical companies, then I would agree more with your statement that a larger company in this case would have larger resources. They would usually have more funding, more private or gov't monies to use for research.
Overall, when it comes to real estate companies and or mortgage companies.. sure, they might have more money to impliment systems, but we are a small to mid sized mortgage banker and we have some great systems being put into the system, in place. I think with mortgages, it comes down to knowledge and a good staff on hand. .. and not needing much more. That's just my opinion.
But you do make a good statement that there are more marketing dollars if with a larger company. But I will say this, that is sometimes a false pretense. I state that because it's built into pricing and servicing. I can be more lean on a deal and make the same amount of money. So if I want, I can charge a tad more, always back to the client, and pay for marketing or partner up with others. I thought the same when I first left a large company that I was working with, but did pricing on marketing materials that my previous company supplied, and it was very affordable. In most cases, you are just paying for the convenience factor, that you have someone doing it for you. thanks
RENEE..... . picking the right company or in many cases, a very good company, small or large, is a key to a lot of things. What stinks is that you just don't know, no matter how much homework you do or how many people that you interview, that you picked the right company. I have been with 3 large companies, a #1, a #51, and a #60 or so... and many small ones... and I think I finally found that match. Still bumps, but I feel comfortable still and it could be a match made in heaven. In some cases, it can be as much as the luck of the draw. thanks and good luck..
Jeff: I think that the public wants an agent that they trust to handle their business, that's why past clients remember you instead of what company that you work for. I have worked for both the big and the small companies ~ the training is better at the larger companies.
AARON.... . I would agree that people have to pick what fits for them. Part of my argument is that I know people that will go to the bigger just because of the name, without even giving the small company or person a chance. Just a fact of life. thanks
MARK..... I agree 100% and I think many of us feel the same way. And I find this more in mortgage companies than at real estate companies, but I find more incompetent loan officers at bigger companies.... more of an abundance of. thanks
NORMA.... . I will admit that I do find more of the family atmosphere at the smaller companies. I did work for a top 50 company for 4 years, and most of us in the office were like family... but that is rare I think. thanks
CHAD..... yes, there will be people that will get an attitude if they haven't heard of your company before. I haven't really had a problem with that. What I have gotten lately are many that found me online, who started with Wells Fargo, and now want to come with me because they feel more comfortable with me. Thanks for the compliment.
SHELDON.... . I think a RE/MAX or Keller Williams will have a good fit for many and that the name is a big difference and recognized. But I can't say the same for when it comes to mortgage companies. I could give my opinion on several reasons why. But overall, I do see a difference in both industries and unless you have been in the mortgage industry, I think it's harder to see that. thanks
Good article. Good to see you again. I am back :)
Great post by the way. I think it comes down to the agent. People need the feel good and to know they made the right choice. I have been with 2 big franchises, 1 large independent and I am now on my own. I can make it anywhere.
Funny that you mentioned Wells Fargo. I just picked up someone because they were told it would take up to 60 days to process the loan. I have not dealt with them much, so its odd that I would have had this situation just as you wrote your post.
Interesting on so many levels...Irony here is I went from a BIG company (REMAX) to a small company...........:-) Keller Williams here is still a very small company - only 3 offices in the province.........So often it depends on the individual office.........and the relationships you've built.....the initial pull will be because of perceived reputation......or visibility/credibility.........unless there've been some negative past experiences.....now that was a bit of a ramble on...lol
MARIANNE..... I blog on a national level, since I am licensed in 12 states, so I get the Wells Fargo thing from several different states. And that is the other problem that I have... people going to their banks or FCU's, just because they are suppose to be good and or helpful. But many of the loan officers at these institutions don't have the experience necessary, at least from what I have found and have heard.
BETTINA.... . I think many of us would agree that it starts with the individual. And yes, every company had to start out small, unless they took over a larger company. But that wasn't my point with all of this. It's how and or why many people choose larger companies over small, but then they complain about the service, yet many don't leave,,... and in some cases, they just hope. thanks
KAT...... so,do you still believe that big is always better, from the comment that you made? Just curious... I think it depends on what kind of industry that we are talking about. Example.. you can't compare big electronics companies over big mortgage companies. Each has a product, but the mortgage product anyone can sell if they have it, but it comes down to service. The electronics companies? It comes down to a quality product. That's how I look at it.
So, big or small can be good in the real estate and mortgage industries. And as many of us have stated, it does come down to service. thanks and thanks for the polite compliment.
MARK... . I would agree.... having resources can help, but I still believe that it comes down to the individual that has great service and who actually cares about their borrowers. thanks
JOE...... I would agree... I just think that so many consumers hang their hat on the name. Even many realtors and loan officers working for these larger companies, can be average at best. But I make this statement more in regards to the loan officers and not the realtors. I truly believe that there is a huge difference before a RE/MAX or Keller Williams agent than what you might find at a Wells Fargo or Countrywide/B of A loan officer. thanks
TERI.... . you make an excellent point and I would agree with that statement. It's part of what I was just explaining to Joe, who is above you. You could be a small branch or office with a large name. Thanks for your input.