A few takeaways from the BCMMA conference;
#1, Approx 3300 brokers in BC and around 5% in attendance today. (Standard story sadly)
#2. Greg has a Plan….B (had to be there to get that one I am afraid)him
#3. As Broker we should be preparing ourselves for an steady increase in private lending files. It is already happening for the majority of us.
#5. Be Crystal Clear regarding costs. Communicate in print the exact rates, lender fees, broker fees, total legal fees etc. from the start. No surprises for the client, means no surprises for the Broker.
#6. Talk Exit strategy with the clients, private lending rates are not sustainable over the long term for the majority of clients. Make sure you are all on the same page with how you are getting out of the private lending world before you enter it.
#7. Take a long-term view of the relationship with the client, (I know of not other view to take) do not abuse them with aggressive fees as 12 months pass by very quickly and you want to be doing business with them once again.
#8. Start with private lenders who focus on the lending area the subject property is located in.
#9. Always keep in mind you are also building a long-term relationship with your private lenders.
#10. With the radical changes to self-employed lending programs, how many B lender clients are now lurking in your book of business who think that they are still A-lender clients? Worse still how many have you, their Broker, not yet realised are now B lender clients.
Off to review some of the trickier files from my past now.