How to Choose A Mortgage Broker Part 1-Warnings

How to Choose A Mortgage Broker Part 1-Warnings

How to Choose a Mortgage Broker Part 1

We have been mortgage brokers for over 14 years in the Edmonton marketplace, we do mortgages now cross Canada! Over the years I have witnessed major screw ups in financing by inexperienced mortgage brokers and bankers. In this article I will outline many reasons you should avoid dealing with bankers and mortgage brokers with little experience. How to Choose a mortgage broker part 1 will outline the reasons why you should never deal with a banker or mortgage broker that has not been in business for more than 7 years

In the title of the article I stated the number of years as 7 years. If the broker or banker you are dealing with is doing low volumes then the number of years could be even higher! This is a tough business to learn and without a lot of experience and grit, the brokers you may be trying to use could cause more harm on an application than good. I will explain this in detail. At the end of the day the most important thing to you is getting approved at the best rates, and meeting your financing timelines. This is what we bring to the table, the fastest service and the easiest way to get approved for a mortgage.

Our team does bank mortgages, B mortgages and private mortgages. So we have you covered from all directions. Because we do such high volumes we get you the discounts on rates and we have the experience to work on mortgages with special circumstances such as new to Canada and self employed individuals.

11 Reasons you should never hire a mortgage broker with less than 7 years experience. How to choose a mortgage broker Part 1.

  1. Lack of knowledge

To me this is one of the biggest reasons you should avoid using brokers or bankers wit a low level of experience. For a customer lack of knowledge can mean the difference between getting approved for your loan and not. If a mortgage broker only understands a few lenders products, they will try to fit your unique scenario in with these lenders. We have been brokers for a long time and do high volumes of loans with over 55 different lenders. This has given us the experience and expertise that you need to guide you into the right mortgage product to fit your needs.

2. Incompetence

When a loan officer does not have a lot of experience, they may not fully understand that this loan is probably one of the most important things in your life at this very moment. In my time I have earned a lot of business due to clients previously dealing with incompetent loan officers at the bank. The fact is the banks loan officers are not paid well and the turnover rate is very high. You could be dealing with a person from the bank one day and they are gone the next.

Most recently I received a call from a friend that was getting a mortgage at their bank. 2 days before the condition date (financing condition on their purchase contract) the loan officer told them that they forgot to submit their application! What a disaster. At this point there was a backup offer on the house they were purchasing and if they could not get their financing in order in 2 days they would loose the house. Thankfully I was able to get the loan done for them within their timeframe and they moved into their home. If they stuck with their bank, they would have lost the house.

3. Low volume brokers have no power with a lender

When you deal with a mortgage agent that has been in business over 7yrs you will probably be dealing with a person that does high volumes of mortgage loans with the banks. If you are not dealing with a high volume brokerage you should really seek one out, or even better call me because we do high volumes.

High volume brokers can ask for exceptions from lender that low volume lenders cannot. They also will have access to some lender and lender products that low volume brokers cannot deal with. This always works out to easier approvals, better rates and more approvals for their client. This is one thing our team brings to the table.

4. Lower mortgage rates

Experienced mortgage agent will have lower rates every time! When you work with our team you can be sure that you are getting the best rates on the market every time! The way it works is the banks work in tiers and the more volume of mortgage loans that are sent to them the bigger the discount is on the rate! We are top tier with all of the lenders so you can be sure you are getting the best rates every time!

5. Inexperience

Lack of experience will cause your loans to fall apart. For one the loan officer will take 10 times as long to get the approval done as they don’t know the ins and outs of this very complicated process. They may also not fully understand the products every bank has.

6. Lack of grit

Lack of grit is one reason a lot of loans get declined. An inexperienced broker might submit an application to their preferred lender and if it is declined they will give up. Our team does everything in our power to get the mortgage approved for you. Our process is first multiple brokers from our team look at your application and give input on where would be the best fit for each client. This ensures multiple opinions are involved in each case. We will then bring the options to our clients and you will decide which lender you would like to go with.

7. Wait who is my advisor?

This is when a person is dealing with a bank and their bankers/ Financial advisor quits or gets promoted. Who are you dealing with now? This happens every day and is a major cause of stress and anxiety for the person getting the mortgage. With our group you will be dealing with the same people as long as we are alive! We answer our phones and our emails and never ignore our clients like some bankers do. Cut the frustration and call us!

8. Don’t get a mortgage at a bank!

This is a mistake that many people make. Getting your mortgage from the bank is harder for many reasons. For one the experience is usually lacking, second the rates may not be the best on the market, and third the bank will try to fit you into their products. If you do not fit that specific banks guidelines you will be declined.

9. Speed

In any real estate transaction time is of the essence. If you do not meet the timelines outlined in the purchase contract you will lose the property! For our refinance clients, you are refinancing for a reason. Sometimes to get a lower rate and other times to pay out debt from your equity. Either way the longer it takes, the more interest you will pay. We get deals done fast so that our clients pay the least in interest and so that all of their timelines can be met. This takes away a lot of the stress involved in getting a mortgage loan.

10. Lower closing ratios

Getting a loan through a mortgage broker with low experience will always work out to lower closing ratios. This means they will not be able to get as many mortgages done. Because of this there can be more declines due to many factors and this causes people to miss out on owning their dream homes and causes realtors to loose deals.

11. Communication

An inexperience broker will never understand how important good communication is. Or they may not have the resources to have good communication. We have systems in place to ensure communication to our clients and to our referral partners.

Common questions you should ask your Banker or mortgage broker

  1. How many years have you done mortgages?

If the answer is less than 7 years, you should get someone else. A mortgage is one of the biggest investments you will make in your lifetime and you will want to ensure you are dealing with a pro to avoid screw ups!

2. What banks do you work with?

If they work in a bank, you are limited to that banks rates and products. When you deal with a broker like us we can shop the entire market for you and find you a kick ass product that will suit your needs.

3. Do you know what areas your bank will lend in?

If they don’t know the answer to this questions, then they are inexperienced. For example in Edmonton there are some areas many lenders will not lend in. In that case I find a lender for my clients that will lend in those areas.

4. Do you offer lines if credit and mortgages all in one?

This is an amazing product that many banks do not offer. As you pay down your mortgage a line of credit will open up for you at super low interest!

Overall it is always in your best interest to have more options open to you when you are hiring a mortgage broker. Having a good broker on your side can be the difference between getting approved or not. Please call us anytime if you have any questions in regards to this. We are one of the top mortgage brokers in Edmonton and Calgary and service cross country.

Have us contact you today, and get the lowest rates

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21 Sources of Business For Realtors

21 Sources Of Business For Realtors Your Broker Will Not Tell You About

21 Sources of Business For Realtors Your Broker Will Not Tell You About

I am always looking for new ways to pick up some business, and there are secret things some realtors are doing that bring in a ton of business. I am going to expose these tips so that some of you can increase your business. The 21 sources of business for realtors you broker will not tell you about.

Now before we go any further, I want to warn you that some of these sources of business lie in the grey areas and others are against some real estate boards policies. So please don’t shoot the messenger, I am not a realtor and I am not promoting some of these real estate tricks. I am merely putting it on the table, because we all know people use all of these as sources of business.

The first person to the customer will usually be the person that closes a deal with them. I wish you all of the success in getting there first.

Canada's lowest mortgage rates. Mortgage broker
Canada’s lowest mortgage rates. Mortgage broker

The 21 Sources Of Business for Realtors!

  • Trade Shows

Trade shows are an amazing source of business. I have done several trade shows including home and garden shows, wedding shows, St Albert lifestyle expo and K-Days. The most profitable of these were K-days, and the wedding show. I have done many others but these were the best. Last week we received a lead for a new mortgage and I asked my wife that had taken the application what the lead source was. Her response was that it indirectly came from our k-days trade show that we had done 5 years earlier. The lead was a referral from someone we had done a mortgage for there!

We save the customers data and try to stay in touch with them over the years, thereby adding to our database! Now I have approached these trade shows a couple of different ways. Some I was very aggressive with trying to bring them into the booth to offer my various services, and other shows I was little more passive.

Honestly the greatest success we had was when we were brining people into the booth. We gave away a free T.V in a draw and offered a free mortgage evaluation to people. As realtors you are in sales and at the right moments a little pressure may be needed. Not over aggressive, just enough to get the job done.

  • Data Mining

On the weekends when I am hanging out on my deck or watching a show, I ensure I am inputting any new clients into my database that I may have missed. I also do searches that could reap rewards such as mortgage renewals in the next year etc. If you are diligent enough to input your past clients purchase dates, you can have great success in calling the clients that you sold 4 years ago and seeing how they are doing. Many of them will be deciding to move as their mortgage renewals come up and many of them may need to up-size!

There are many searches you can do when you are data mining, including following up on leads that have come in over the last 6 months. Real estate clients sometimes take a long time to buy and many sales are lost by realtors for just not following up. It is the same thing for my mortgage industry. So much that I have hired a full time person to follow up on the old leads. It pays over and over again.

  • Telemarketer from India and the Philippines (grey area)

Telemarketers can be super cheap and they can make random calls hunting for leads. Obviously in north America we have to be really careful ourselves about this (do not call list). Many of the telemarketers that make these calls do not have any consequence.

I would never have a telemarketer call on my behalf or say my name in a call, however if they made calls from themselves and then sent me qualified leads it can be worth it. I did this a few years back for a 1 year term and I averaged a minimum of a deal a month! This also helped to fill my database pretty fast.

I realize that in many markets this is not allowed by the boards, but we all know it is still happening.

Sources of real estate referrals
Sources of real estate referrals
  • Email Drip Marketing

Drip marketting is a gold mine. This is when you send automatic emails to all of the people in your database. I have 2 separate emails that go out to my clients every month. One is automated and the other I create and send out manually to the group. I usually get 2-3 responses for every drip email I send out and close 1 deal minimum from this. My database is at around 10k people that I have dealt with over the years. I have not done deals with all of them obviously, but I still establish a relationship with them.

  • Church

Church can be a great source of business for realtors. I actually found out about this indirectly when my aunt who is a major church goer referred a client to me. It was her priest and I ended up doing his mortgage. 2 weeks after I dealt with him the leads started to pour in. So far I have done 5 mortgages for his church in a 6 myth period.

A smart agent would offer some sort of special to the churches in Edmonton so that they can capture more of the business and give the church members a great deal for volume sales. If you are ever interested in exploring this I would be interested in collaborating.

  • BNI Groups

BNI is business networking groups. There is usually 1 member from every industry and they are mandated to refer business to each other. There is a cost for being a member and you have to be able to mingle and speak publicly. They meet once a week very early in the morning prior to business hours. I know some realtor that do pretty well through these groups. However it can be pretty time consuming and if you are really busy it can be too much. I do know some realtors who have had to back out of it due to the time it requires

  • Other Realtors

There are agents out there that generate a ton of business, more than they can handle. Oftentimes they prefer not to deal with the buyer clients, as these can be very time consuming. They will usually give those lead to “buyers agent” and charge them a 25% referral fee. THis can be very lucrative for a buyers agent, as well as the originating agent. In fact I know several “buyers agents” making over 6 figures!

Lets Work Together Edmonton Mortgage Broker
Lets Work Together Edmonton Mortgage Broker
  • Unaddressed ad mail (grey Area)

When I used to sell I did a lot of undressed ad mail, this is mail that goes direct to a customers house. It is does not have a clients specific name on it, it is general mail. I would target target an area (neighbourhood) and send the mail there in a given month. I was doing the entire city on rotation.

It does cost a lot of money, however the response can be amazing. Depending on your closing ratio, this can be hugely profitable. There are agents that are making multiple 6 figures just by doing this.

To do this you would use the Canada post geo targeting map. You can do it by postal codes or areas. Check with your brokerage as you may have a deal set up with Canada post already.

One popular mailer out there will see that “We have a client that is looking to purchase a property in your area”. True or not, “other agents” hate when you do this. Not all of them, but some will challenge you. You can get called out from the real estate board about this type of mail, but very unlikely that you would actually get in any trouble. If you actually have a client looking in an area, then you are going over and above for your client by sending out this type of mail. The spinoff is that you will probably pick up a few listings!

  • Direct mail to Expired (Super Grey area)

In the US and many other markets, it is totally fine to target expired listings. However in other markets it is not allowed by your board. Expireds are an absolute goldmine, as many agent fear them. A lot of the time the sellers are looking to switch agents because the original agent was unable to sell their home. They can be frustrated at times and ready to lower their price just to get rid of the home.

There are agents that target these and are making a lot of money in doing so. Some of these agents will tape a letter on the sellers door, and others will pursue the seller on the phone. When they post a letter on the sellers door they will usually do it to a few of the neighbours as well as to not look like they are targeting that specific listing. Either way it gets the job done, but it is hugely frowned upon by the board as well as other agents (especially the seller agent)

  • Mail under door in Condo buildings (Super grey area)

Apartment condos do not get a lot of undressed ad mail in comparison to regular residential property. There have been times that I had a client looking in a specific building. So I put flyers under their doors that said I have a client that wants to buy a 3 bed unit in your building. I ended up listing several units. You are not supposed to do this, and some sellers get mad about it and may call your broker. However this can be an area that you can do really well in. Remember I am not telling you to do any of these, just stating the facts that these things happen and someone is making money off of it.

Realtor Support Group. Sean Rampersaud Mortgage broker
Join the Realtor Support Group on Facebook!
  • Facebook or any social media self promotion

Self promotion on social media is huge, that’s one of the places I will be posting this article. My purpose in writing it is to help you agents and by doing so establish a professional trust level with you. It might also help you increase your sales thereby possibly bringing in more mortgage business to my team.

Some of the other things you can do on social media is to post your sold unit, this shows you social circle that you are selling a lot. Post market stats, showing your circle that you understand the market. And post you awards, showing that you are one of the best in Edmonton. You can also start a personal business page and invite your social circle to join!

I get a lot of business from social media, it is a way of me telling my social circle that I can be trusted and I am the only one capable of giving them the best service! I really hate the concept of calling everyone and asking them for 3 leads, I know it works but I do think it makes you look a little desperate. I want to come off as very busy and very professional to my circle. Not desperate.

  • Google paid ads

You need to learn google. Some agents are getting a tone of business and leads by posting google paid ads. This is the ad that pops up at the top when you search something. For example a client might search edmonton best realtor north side. The agent that pops up at the top of the search will be someone who paid to be there. It is called pay per click.

  • Google business profile

You can register a business profile with google so that your clients can rate you. The more ratings you get the higher you will rank. Some agents get a lot of business from this.

  • Paid lead gen

There are companies out there that focus on getting leads for realtors so that they can sell them. Normally it is an online thing. The cost for this can range from $500-3000 per month depending on the number of leads you buy. This is a huge opportunity for realtors, however you have to have a good infrastructure for follow up and call to make it worth your while. The closing ratio on these leads are very low.

  • The Newspaper

Yes it still exists and seniors are reading it. Most agents have stayed away from the newspaper for many years and this has created an area of possibility. With the right ad you can get some senior business because they are still reading it! And the best part is that the ads are cheaper now than they used to be!

  • Blogging

Blogging helps you website rank higher on google. It tells google that you know about the area you speak about and the more you do it, the higher you will rank. Blogging is writing articles about your area of expertise (real estate) and posting it on your website. It is exactly what I am doing right now!

When I blog, I try to write content that will last forever. Something that my readers (in this case you), will be interested in reading. And something that shows I am an expert in my field. I want to prove that no other mortgage broker understands your challenges as well as I do. I also want to express that I wish to help my readers get better at their businesses so that we can all do better together!

Mortgage Broker image
Call me, your mortgage broker today!
  • Pinterest

Pinterest can bring a lot of volume to your website. You start by taking amazing photos of property. Then you pin it to pinterest with a link to your website. When someone clicks on the picture they are auto directed to your site. It is genius and an area that very few realtors use. The majority of the pinterest users are women and we all know, they make the final decision! lol

  • Past clients

Past clients is an area that I failed miserably at in the past. Now I have a major focus in this area. Past clients can help you bring in an enormous amount of business. They can be like your own mini army, rallying for you on their social media and in their social events!

I try to stay in touch in multiple ways, one on social media. I mail them birthday cards and christmas cards. I also have a mandate that myself or someone from my team will call all past clients once every half to see if they have mortgage related questions. This really keeps me top of mind. I have had discussions with many lawyers, realtors and insurance agents and very few of them are staying in touch this much with their clients. My goal is to have my clients feel married to me and be able to be the one stop for them for all things mortgage.

Due to this, I get a lot of interesting spinoff. I get a tonne of real estate leads! So far this year I have referred out over 200 leads to my real estate agent partners! Many of these leads have closed. Some of my top realtor partners have made over $30k this year alone in leads from my past clients!

  • Christmas cards and Birthday cards

These are your free touches on your clients that show you actually care about them. Clients appreciate when their realtor stays in touch with them. This opens up areas where you can start a dialogue with them and makes it easy for them to contact you. When I send out christmas cards, I send it from myself and my family. I really want my clients to know I am not a robot and that I am a real human with real life things. This helps to strengthen your bond with the client.

  • Customer Appreciation events

A customer appreciation event can really work for you if you are the type of person that is good at mingling. I don’t do them myself because I am not great in this area, however this year I will be doing a movie night at a theatre (when people are comfortable to do this….). Everyone likes to get something for free, including myself. Very few agents do this because it can be an expensive out of pocket thing to do. If you have an event like this, you can expect to get more leads, you can expect to strengthen your bond with the client and you can expect good long term business growth if you throw these events regularly (annually).

This is an area where your relationships can go from business to personal. Make sure you don’t get wasted as client perception here is everything and you still always want them to consider you the professional they can refer their grandma or sister to!

Direct Mail Marketing for realtors
Direct Mail Marketing for realtors
  • Open House Giveaways

This is brokerage dependant, check with your broker owner to see if they allow this. You can give away an iPad, or tv or something of the sort at your open houses in exchange for customer data. Make it like a draw! Obviously you would not do this for every open house, as it would cost you way too much, but you could do a small draw every month!

Get the client to fill out an entry ballot with the following questions, Name first and last, Phone, Email, will you be selling a home before you buy your new house? Timeframe for buying, Price range you are buying in. Do you have a realtor?

This gives you all of the information you will need to immediately know if they are a lead!

  • Ask your broker

Many brokerages in the city have been around for a long time, and they actually do get call ins and website leads! Many brokers do not want their agents to know about this, as the leads are passed to their favourite realtors (brokers please don’t hate me lol). Other brokers may keep the leads for themselves or pass it to their kids who are realtors.

I recently spoke to an agent that was leaving their brokerage and shopping for a new brokerage. On of the reasons is that in 10 years she has never received a lead from their brokerage. It was a high volume brokerage that definitely gets a lot of incoming leads. I spoke to this agent again a few days later and they told me they were staying at their brokerage now because their broker gave them a lead.

In my opinion the leads should be shared amongst the office in a large brokerage evenly so that no one feels like they are getting ripped off.

A proactive agent would speak to their broker directly and tell them that this is one of their expectations. This will set a great foundation for you and your broker. They make money from you being there and do not want you to ever leave, or even speak to other agents about leaving the brokerage! Lt the broker know if you are happy you have no reason to ever leave.

Postal code reverse search Canada
Postal code reverse search Canada
  • Postal Code Reverse search

Postal code reverse searches on yellow, white pages or Canada post can reveal a lot of interesting data. You will find out about property addresses, how many homes in an area and the names and phone numbers of some of those properties. When I say some, it is because some people do not have their public info on these sites.

If you are looking for a clients name or address, this can be a great place to start in direct targeting a potential lead.

  • Neighbourhood search

Neighbourhood searches are another feature you can find online. It is a great tool for realtors because you will be able to find out the clients names and phone number for a given area. Again perfect for targeting a neighbourhood. You can quickly become the agent for the neighbourhood if you can direct target by name instead of blanket mail (unnadressed ad mail).

  • Divorce lawyers

It is really sad, but it is fact. Divorce lawyers can be an amazing source of business for a real estate agent. I work with a couple of divorce lawyers in my mortgage business and we are able to pass some leads back and fourth. When there is a divorce or separation the divorcees will usually either sell the home and buy 2 more, or they will refinance the matrimonial home through a spousal buyout and then the person leaving will purchase a home.

Lets do some quick math on this….If they sell and both buy you are getting 3 transactions approx $20, 000 in commissions. If they do a spousal buyout you get one transaction approx $7000. Either one makes the relationship of major value. If you refer back to the divorce lawyers, they will be more likely to refer to you!

  • Real estate lawyers

Most agents will never receive a thing from a real estate lawyer. I speak to the lawyers I refer to about my expectations before I refer them. I want something in return….if they cannot provide leads I ask for a discount for my clients and a high level of customer service!

When a realtor refers me they all receive a gift certificate for every deal closed, they will also receive the benefit of every lead that ever comes from the client being referred back to them.

  • A mortgage broker with lots of clients (me lol)

Which brings me to my next point. A top mortgage can be the ultimate source of referral business. I market heavily to a very long database which brings in a lot of leads.

When you refer a client to me they are assigned to you along with any leads that come from them forever! So essentially dealing with me helps build your business over time. I will put your name on the birthday cards that go out giving you a free touch on your client every year! I know and understand how busy you are.

Further to this, I get deals done that other brokers can’t! Your closing ratio will go up significantly by having me as a referral partner! y team consists of 3 people that are all focussed on one thing, getting more deals approved and high levels of customer service. Because of this the client experience is way better and the clients tell their friends and family about this.

Having a top mortgage broker on your side is essential to real estate. The top brokers have access to lenders that a midrange broker may not. They will also understand the products better. Every bank has different products and one clients situation may not fit every banks rules.

My team studies this. We get loads of deals done that have been declined with other brokers by exhausting every effort. I hate losing deal and money lol.

  • Financial advisors

Financial advisors delve deep into the clients personal finances. They are often the first place savvy investors go before they buy a home. I have found that they can be good referral sources as long as you stay in touch with them often.

  • Builder direct

Building relationships with builders can be highly lucrative. Although they generally don’t pay full standard commissions you can benefit from the volume. Many realtors are afraid to approach builder or are unprepared for the questions they ask. Before calling a builder you should have a plan. Understand they have been approached before and that you will need to have a greater feature and benefit than the last realtor in order to build the relationship.

For example, I approach you to be a referal partner and know that my feature is that I am the most aggressive broker in Canada. My benefit to you is that I get more deals approved and can refer more business to you in comparison to any other mortgage broker in the country.

Insurers are the companies that insure the bank that a mortgage will be paid. This is for all of the people putting less than 20% down. Now pay attention here because this is an area where there is major money. If you can get a foot in the door wit an insurer to sell their foreclosures, you will set yourself up for success. Every year there are thousands of foreclosures happening. The insurers designate specific agents of their choosing to sell these foreclosures. They do not pay full commission, however you will receive a lot of volume. You may be thinking that you may not qualify to be one of these agents for the insurer because you are not a huge seller. This is not true. The fact is very few agents contact the insurers and many top agents do not have time to be accountable to the insurer.

  • The Courts (foreclosures)

Many realtors have discovered that the courts and court lawyers are in charge of getting rid of foreclosure properties. If you can get your name on the list, you will get some ongoing business out of this. 

Bankruptcy and foreclosure in Alberta
Bankruptcy and foreclosure in Alberta
  • Bankruptcy companies

Bankruptcy companies are a goldmine for realtors. They can help you get access to the clients before they go into foreclosure. By creating this type of relationship, not only can you receive a lot of business you will also be able to save the sellers huge money in fees and legal expenses.

  • Business card with your sales stats and a close

The purpose of a business card has changed so much over the years. One strategy you can use is to put your sales stats right on the card to differentiate yourself from the competition. You will be leaving the cards when you go into showings and you may pick up some listings this way. In most markets you are not allowed to directly poach a seller, this is a way of starting a dialogue without breaking the rules.

  • Neighbourhood farmer markets and events

The more exposure you have, the better. If you are mining an area, you should be attending all of the areas events. I know of one agent that markets in a suburb of Edmonton. He is everywhere people are in his area. And because of this he is making easily over a million in commissions per year!

  • Cultural Events

Our team is super focused on working with good realtors. We want to help you to succeed and reach new levels of sales so that our businesses can grow together. Over time the relationships and the seeds we build today are going to pay us in the future. That is what business is about! We all need to stop treating our businesses as single transactions and focus on the long term strategies that will pay us on our days off. I personally know realtors that are not even living in Canada right now and are still making multiple 6 figures in Edmonton. This is only due to the type of marketing they do and growing their client base. I hope you have found this helpful. Let me know if we can be of assistance to you or your clients with any mortgage related questions.

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780 278-4847

17 Types of Real Estate Agents and How to Choose

How to choose a realtor in Edmonton
17 Types of Real Estate Agents And How To Choose One

Just like people in the world, there are all different types of real estate agent. In this article I will teach you how to choose one that best fits your personality type. Now that being said, this is a humorous generalization with some indication of truth and there may be many other types of agent and personality I am missing out of this.

I am a mortgage broker in Edmonton, Alberta and I have been working in the real estate field for over 15 years. At one point in my career I was a real estate agent! So as you can imagine, I meet a lot of people and realtors. If you ever need help choosing an Edmonton realtor, then please reach out and let me know. I can refer you to the best agent that suits your goals and personality type!

17 Types of Real Estate Agents and How to choose one.

1. The Young Rockstar

The young rockstar is an agent that is out to make a name for themselves. They are aggressive in marketing themselves and this usually results in more sales. Some people buy into the popularity contest and this is where these agents shine. They usually are into status more than anything and sell a lot of product because of their aggressive need to look like a real estate rockstar!

Who should work with these agents?

The type of person that work with these agents are usually people that do not know any other realtors. They meet them through a flyer or on social media and reach out, thinking that this is the ultimate person to work with.

2. Aggressive older lady

OOhh these ladies have been in real estate for 30 years and they will remind you of that every step of the way. The aggressive older lady realtor has seen it all. She is commanding and demanding at the same time from her clients and in negotiation. She will usually grind a negotiation getting her clients the lowest price, down to the penny. In negotiation you have no choice but to agree with this type of realtor, because she has a way of making you feel stupid. These realtor tend to have the expensive purse and the fancy car. They always have their hair and nails done and they may wear animal print clothing!

Old woman realtor
Old woman realtor

Types of people that work with the aggressive older lady realtor:

Long term clients that have had a good experience in the past by getting a great deal. Referrals from those people that are referring the agent calling her very aggressive or “the best”.

3. Asian persuasion

The asian realtor are usually pretty quiet, but they always have high sales volume. They focus on their communities and negotiate very aggressively. They want to get deals done, but will try to get a big discount for their clients. Some asian realtors also step out of their communities and are a blend of rockstar and asian all in one making them some of the best agents around! ( I am jokingly generalizing, Please do not take offence. Some of my best friends are asian and I love all people!)

Asian realtors
Asian realtors

Types of people that work with the Asian persuasion:

Usually people from their cultural communities. There is a huge amount of business when an agent niches down to a specific area or community. They can become a master seller in that community. If they are blend agents, they will work with all types of people.

4. The Hot Chick

The hot chick is newer to the real estate industry, she takes fancy photos and people assume she is doing really well because of her social media marketing. The hot chick usually does a very good job for her clients and has something to prove to the industry. She speaks and acts very professionally to help offset the people trying to flirt with her. The hot chick usually has a great mix of clients because they get a lot of referrals.

Hot realtor
Hot realtor

Types of people that work with the hot chick realtor:

Young men, and old men of course lol. Competitive women, seniors and more. Basically any type of person will deal with the hot chick realtor, because they are usually very professional!

5. Your best friend

Everyone has a friend that is a realtor……This is one area buyers have to be careful. It is a trap. If you list with your best friend realtor just because they are your best friend, you may not get the service you are expecting. Best friends can take you for granted and may not prioritize you or your property. Before you hire your best friend realtor make sure you are very clear about the expectation or you may loose a good friend.

6. The persistent agent

The persistent agent is not great at selling, nor are they good at marketing. The one thing they are great at is not giving up and pushing. The persistent agent will work with clients that want to view 100 houses before they buy. They spend a lot of time and effort working with people that may not even be capable of buying. Sometimes they work with a client for a=over a year before they buy. The persistent agent is willing to work long hours and go over and above what is expected for the client. The persistent agent can get burnt out from all of their effort if they are not making sales.

7. The tech savvy agent

The tech savvy agent will have a great website and will  get a lot of traffic to the site. They will talk to their clients about how things are sold through technology, even if you have no idea what they are talking about. Some of the vocabulary they use is SEO, wordpress, IDX and more. They assume you know what they mean, but you are in awe that someone could know this much stuff. The tech savvy agent will use proof and logic in negotiation. They are not always the best for getting bargain basement deals. They will however give you a great amount of exposure for your listing.

Tech Savvy Realtors
Tech Savvy Realtors

8. Marketing guru

The marketing guru can come off as a know it all. They have an awesome logo and an emoji in their text messages of themselves. The marketing guru has an ad in home and land magazine and a kick ass website with a huge picture of themselves on the main page. The marketing guru realtor is usually not the best at negotiation, but they are great at creating bidding wars on a property because of the volume of people they get in the door. These agents sometime near away from selling real estate and become real estate coaches.

9. Been around the block agent

This is the agent that sells a lot of product and everyone knows it. There is one of these guys in every real estate office. They are not crazy outwardly flashy and they are usually very humble. The been around the block agent is a very experienced agent that will tell you facts. They sometimes loose listing presentations because they are totally honest with the clients. They rely on their long tenure and professionalism. They will not waste time with idiots and do not need you, you need them. The been around the block agent usually stays in touch with their clients by phone and have a leaner business than most agents. Meaning they spend less money on flash! They have no idea how to use facebook or instagram!

10. New and aggressive

The new and aggressive agent has plans to take over the world. They knew somebody in real estate that they looked up to and are hungry to make money. They will take on any client and will use cheap closing tactics out of sales books. The new aggressive agent does not know anything, but they are trying and will learn as they go. These are the sponges of the industry and will learn good habits or bad habits pretty fast. They sometimes spend more money than they have to on things like looking good and fancy cars. The new aggressive agent has new ideas that can help the industry and others sometimes look at them in envy of their unpadded freshness to the industry.

11. The do what you say agent

This is the only type of agent I would say you should never hire unless you are an absolute control freak. This time of agent just does whatever their clients say. They spend a ton of time with tire kickers that cannot buy. They want to be good at selling, but just never will be. Investor clients will deal with these agents sometime because they will cut their commissions dn lowball all over the place. I am sometime embarrassed by the offers these agents make.

12. Spicy immigrant

The spicy immigrant is the hotsy totsy agent with the strong accent in your office. They are usually really fun to be around and do crazy things. You wonder what they are like outside of real estate and they really treat the job like their life. These people will be lifers in the industry and totally identify themselves as realtors. Most of them are single and will flirt with you jokingly. The spicy immigrant agent is very aggressive in negotiation and very hard working. They take no shit and no prisoners!

Spicy Immigrant realtor
Spicy Immigrant realtor

13. The Mom

The mom realtor is the totally relatable next door neighbour. She wants to totally understand her clients need and spend a lot of time finding the perfect home for the families they work with. She is a family based realtor and will not relate well with young aggressive entrepreneurs. The mom realtor thinks she relates to everyone but she doesn’t get it sometimes. They can find huge success focusing on families. Because they are moms, they will spend more time finding their clients the right product online as they cannot afford to spend too much time away from their kids. A person that has can trust their agent and is looking to make a fast wise decision should deal with the mom realtor.

Mom realtor
Mom realtor

14. Part timer

The part timer thinks they know everything. They show up to office meeting to make themselves feel like “a realtor”. These people usually identify themselves as realtor to people to try to get them as clients. They unfortunately do not ask for the business so usually don’t get it. The part timer is generally less knowledgeable than a full time agent and can sometimes screw up deal. Be careful with the part time agent as they may not be in your best interest to work with. Some part time agents are great and slowly working more as they can afford to.

15. Value agent/Discount agent

The value agent or discount agent exists in the domain of people that are trying to get a deal. Everyone likes a deal, but these agents only real benefit is to discount. They usually don’t sell a lot, because in life you get what you pay for. The discount agent has a lot of Indian and Asian clients. They also have a lot of crazy clients with high expectations. The value agent can become very stressed out because they have taken on so many crazy clients. They thought it was a great idea when they first started, but now realize they made a mistake labelling themselves this way. The discount agent generally has poor sales skills and poor marketing, because they just can’t afford the good stuff.

16. Treats it like a business agent

There are agents that treat their sales career as a business. These are some of the best agents to deal with because they are good all around. They are all over social media, they hire marketing companies, have great website and manage their time well. The treats it like a business agent will have clear strategies on how they will sell your property and the timeline to do so. They will not lie to their clients and will be very frank in conversation. The treat it like a business agent usually has an assistant and will sometimes have buyers agents working with them. They set themselves up for long term success.

17. The church realtor

The church realtor gets most of their business from their church circle. They are generally trustworthy and very likeable. They will say thing like “if its gods will”. The church realtor likes to be a part of groups and can help a real estate office out a lot. They are good at crafts and small marketing material. The church realtor will help their clients stage their homes and clean.

There are many more types of realtors out there, and I you will meet all kinds.

How we make realtors more money in 2020

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Apply Now For A Rate Hold

Sean Rampersaud Edmonton Mortgage Broker

Sean and Radika Rampersaud are a family team of Edmonton mortgage brokers. They specialize on helping their clients to get the lowest mortgage rates in Canada by leveraging high volume and multiple lenders. “We want to help our clients not only to get the best rates, but also to make the home buying process easier.”

Radika Rampersaud Edmonton mortgage Broker

Have One Of Us Call You Now For Free Or Contact Us Now At
780 278-4847


9 Secret Canadian Mortgage Renewal Tips

9 Secret Canadian Mortgage Renewal Tips

I have been a mortgage broker in Edmonton for over 13 years and I help people with their mortgages cross Canada, and one of my biggest pet peeves is when a person renews their mortgage with their bank without question. The trick that most people don’t know is that, this is when the bank can really get you…. When I say get you, I mean that they can offer you any rate they wish and you can choose to sign that document and carry on your merry way. It sounds great, but this could be costing you a ton of money in interest over the years. This is why we wrote the 9 secret Canadian mortgage renewal tips your bank does not want you to know.

As a mortgage broker, I get to see the lowest rates available in Canada on a daily basis. And of course with that being my business, I obsess about it. I was really surprised a few weeks ago to get a letter in the mail from my mortgage company. It was my mortgage renewal, five more years on the mortgage was already up! I opened up the package and was surprised to see that the 5 year fixed rate they were offering me was much higher than the rates I was offering my clients at the time. To put this in perspective, my current 5 yr fixed I offer my client at this time is around 2.69% and the rate the bank offered me, their long term client with great credit was 3.29%. WTF, that is a huge difference! As an example, if you have a 400k mortgage, this could cost you thousands of dollars per year.

I would much rather spend my money on my next vacation! The fact is that your bank is a business, they are the business of money. And they are pro’s at making money… you!

Obviously this is not the only way they get you, but it is a way that our mortgage team can help you. If you have a mortgage in Canada that is up for renewal call us first! We can help you negotiate that rate down or switch you to a lender that has a lower rate.

9 secret Canadian mortgage renewal tips your bank does not want you to know.

1. Discretionary discounts

The very first person you speak to when you have a mortgage renewal should be one us, lol. If it is the lender first, you should know that the person you speak to has minor discretionary power to give you a slight discount on the rate offered. So for example if you are quoted 3.45% as a rate, that person should be able to bring the rate down to 3.4%!

I recommend continuing to negotiate at this point, as they can move more than that. It will normally have to be escalated to management or the banks retention department.

2. Turn a rental into an owner occupied

Mortgage rates for rental properties are higher than mortgage rates for owner occupied properties.If you circumstances have changed and you have moved into a property that was once a rental, you are now eligible for owner occupied rates! Don’t forget about this like the bank wants you to. It can save you thousands!

3. Switch to a cheaper bank

Your bank wants you to accept the first offer they make you, and unfortunately most people do. While this bank is trying to make money on you, other banks will fight for your business and destroy the rate you are being offered. You can switch banks and get a lower rate most of the time! As a mortgage broker, I am aways proud when I can save our clients money. During renewal time, it is one of our best opportunities to save!

4. Professional negotiators

We have been negotiating with banks for a long time, we are professional negotiators and know how far we can push a bank. If you allow us to take care of your mortgage renewal, you will save money on interest and the stress of negotiating will be on us. All you have to do is sit back and chill!

5. Extend the amortization

Renewal time is the best time to decide if you need lower payments. You can achieve this by stretching out the amortization (years to pay off).

6. Switch to Variable

Sometimes it is worth it to switch to a variable rate. A knowledgeable mortgage broker can recommend if it is worth it to do so. As an example, if you tell me that you might choose to sell in the next few years and downsize. I would suggest you go on a variable rate. The reason for this is the payout penalties are smaller on a variable rate mortgage and the actual rate itself is pretty good right now. We will do the interest calculations for you so that you can make an informed decision.

7. Time for  line of credit HELOC

After your mortgage renewal, you should have built up some equity in the property. Did you know that there are mortgages with a line of credit portion on them? In other words as you pay down on a mortgage, more credit becomes available at a super low interest rate! I have one of these and I use the line of credit for investments. This is a strategy of using your money to make money and the rich all use this method. Renewal time is when you should start talking to us about this option.

8. Pull money out to pay debt

When your mortgage is up for renewal you can choose to pull extra money out of the mortgage to pay off debt! This works out amazingly for many people as it lowers their overall monthly debt. I just helped a client of mine do this. She had $8000 left on a car payment with and $900 per month payment, she also had a line of credit at $15k with payments of around $500 per month and $10k in credit card debt $600/mth. Her current mortgage payment was $1300/mth. I consolidated all of her debt into a total payment amount of $1420/mth saving her $1900 per month! If this situation sounds familiar you need to call us now.

9. The open mortgage scam

If you do not sign the paperwork from the bank in time, your mortgage will go into an open mortgage. The rates on this are super high and the bank makes a ton of cash this way without you even realizing it. Some people even forget and the mortgage stays this way. To give you an idea of the difference in rate, an open mortgage right now can be as high as 7% when the 5 year fixed terms are only 2.69%! Crazy right….

Common Questions about mortgage renewals in Canada

1. How does a mortgage renewal work in Canada?

Around 4 months prior to your mortgage renewal, you will receive a letter from your bank or financial institution letting you know that the mortgage term is done. This term is usually 5 years for most people. The form will usually be a simple form with a lot of small print and it will have a date that you will have to send it back by. This form is actually really good at sales as it will make you feel the pressure to just get it done and most people never read the fine print. Sometimes they will even offer you a slight discount for renewing early.

Keep in mind these are subtle sales tactics that the bank is using on you, and I highly recommend consulting me first before signing anything. We will read the fine print and detail what is really important for you to know in regards to the mortgage. We will also let you know if we can get you a better rate and exactly how much we can save you in interest over a term.

The bank does not take into consideration that a lot can change in 5 years and your mortgage goals may be different than when you first started. For example over the past 5 years our mortgage goals have changed because we are aging and want to pay the mortgage off sooner. When my mortgage renewal was up last I shortened the amount of time it would take to pay it off so I could meet my new goals.

2. Can you be denied a mortgage renewal?

Yes you can be denied a mortgage renewal. When you first applied to the bank, your circumstances may have been good credit and repayment history. If for some reason that has changed and you have proven to a lender that you normally cannot pay your mortgage payments, they can opt to not renew the mortgage. This is when the foreclosure process starts for many people unfortunately. It puts the mortgagee in a mad scramble to find a lender and gives you a set timeline to get that done before they take legal action.

If you ever find yourself in this situation, there are tons of options for you. Just make sure you inform us as soon as you get that letter. You don’t want to have to make decisions on this in a scramble. We can help you move the mortgage to a new lender even if you have bad credit in most cases. Last year I had a client in this situation because of a bad divorce. Neither the husband or wife were making the mortgage payments and the house went into foreclosure when the lender refused the mortgage renewal.

In this situation both husband and wife now had bad credit, however there was around 70k in equity in the house. I was able to get them interest only payments $500/mth from $1600/mth for a 2 year term and I will eventually help them move back to a normal mortgage once their credit improves.

We understand things change and do what needs to be done to fix it.

3. How do I negotiate my mortgage renewal in Canada?

You can try to do this yourself, or you can call us to do it for you. The problem with doing it yourself is that you have much less leverage compared to us (a mortgage broker) doing it for you. The bank already knows that most people might choose to do it themselves and most people will just stay with them. It is one of the bank tricks that make them a ton of cash!

4. Can I switch lenders when my mortgage is up for renewal?

Yes you can easily switch lenders if you choose to when your mortgage is up for renewal. This is half of our business, saving people money by switching their lenders.

5. Will my mortgage automatically renew?

There is a type of auto renewal that happens when you mortgage is up for renewal. Basically you will go into an open mortgage and the rate is really high. A lot of people just forget and leave it this way. To actually renew the mortgage you have to sign the document and return it to the lender.

6. Can I renew my mortgage early?

Yes you can, and sometimes you can save thousands in interest by renewing early. I recommend looking at this a year out. So a year before your mortgage is up for renewal, you can call us and we can start doing the math and research needed to help you make the smartest decision on the mortgage. By informing us it also give you the opportunity to lock into the best rates over a year time frame. So as an example, I used this strategy on my last mortgage renewal.

I knew the renewal was a year away, I also know that rates go up and down throughout the year. I waited until one of the lenders had a big promotion on rates and locked my new mortgage in at that rate! The best part is we will do the research for you!

7. Do I have to accept the mortgage rate my bank is offering?

No you do not have to accept the rate the bank is offering, you can have us negotiate the rate with the lender. Or we can help you switch the mortgage to another lender that will give you a lower rate.


Sean Rampersaud Edmonton Mortgage Broker

Sean and Radika Rampersaud are a family team of Edmonton mortgage brokers. They specialize on helping their clients to get the lowest mortgage rates in Canada by leveraging high volume and multiple lenders. “We want to help our clients not only to get the best rates, but also to make the home buying process easier.”

Radika Rampersaud Edmonton mortgage Broker

Have One Of Us Call You Now For Free Or Contact Us Now At
780 278-4847


How We Make Realtors More Money In 2020. Business Goals

How We Make Realtors More Money In 2020. Business Goals

This is going to be an amazing year ahead, and together we can make it even better! We are going to kick some ass selling Edmonton real estate. I thought I would try to make this article  interactive so that you can get the most out of the 2020 business plan. How We Make Realtors More Money in 2020.

Our main goal is to grow our businesses together and get more referrals from our clients. This is the easiest business we can get. We want to be top of mind for all of our clients and provide a service that people will talk about. I am looking for your commitment to make this all work, and if it does it will make us both have a great year.

How we make realtors more money in 2020

How can I help you increase your business in 2020?

  1. I am hiring a part time telemarketer to make calls to for sale by owners so that I can capture more leads for my realtor referral partners. MORE LEADS FOR YOU

  2. We will send out birthday cards, Christmas cards and thanks you cards to everyone you refer to us with the realtor name included. This gives you a FREE TOUCH on your client!

  3. When I get a referral from one of your past clients, I will immediately call you and let you know. For example if you refer joe to me and he calls me back in 6 months and tells me his sister is looking at buying something, I will let you know and remind Joe that you are the realtor of choice for him. You are permanently associated with your client in our system!

  4. I will continue to create valuable email marketing for the realtors that want to work with us. Hopefully giving you increased motivation to sell.

  5. We will have a 3 stage approach to all mortgage files. Meaning 3 people will look at every file so that we will increase the amounts of the approvals. I want to push for more deals in 2020 and the more we get approved, the more deals we will close.

  6. 30 minute pre approvals, fast response so that your clients excitement is not diminished. When the clients deal with other brokers or the banks, things may take time. I am a sales person first, I will help your client stay excited to buy. This helps keep the momentum going.

  7. I will give your clients priority service, as a partner your clients will be forwarded to the top of our que. Faster response time to you and your customers.

  8. Email drip marketing to all of your clients. We send out a monthly newsletter that is actually pretty helpful to your clients making us top of mind at all times.

  9. Free agent training for those who want it. I will teach you some of the tactics I use to generate more business. You may not need it, but if you have someone on your team that could use a boost I will be able to help them do it.

How do I get more approvals compared to other brokers and banks?

  1. 15 years of mortgage experience. I have established relationships with many underwriters and banks that gets me priority service and sometime exceptions on file.

  2. An in depth understanding of the criteria every financial institution. This will help those clients with unique situations get approved.

  3. A mortgage team. I don’t try to be all things in my business. In the past I have tried this and it did not work. I deal with the banks and your client directly, while underwriting, document collection and compliance is taken care of by someone else. All of my time is spent on customer service.

  4. Better customer service and a friendly demeaner on a human level ensures we will get more referrals and more approvals. Some banks and mortgage brokers are very “bank like”. Your clients will enjoy the experience.

4 Things your clients get from us that they will not get anywhere else

As you can already see, we are all about increasing our business for 2020 and giving high level service to our mutual clients. Here are some of the extra’s they get from us when we do a deal.

  1. $50 gift card upon closing as a gift when we close a deal.

  2. Better customer service (I ANSWER MY PHONE!)

  3. Access to more lenders

  4. Lower mortgage rates than anyone in Canada

  5. Free mortgage planning. If a client cannot get approved today, I build them a plan to get approved for free. This means they may be able to get approved within 6 months! If we can’t get a deal today, we might be able to in a few months! Money in the bank!

  6. Christmas cards, birthday cards, thanks you cards.

  7. Quarterly checkups (this usually gets us more referrals!)

  8. I work weekends. We work when you work, and our partners and clients love this. Most brokers and banks are limited in their time. We like to close deals, so anytime is selling time!

Lets make this an amazing year together. I’m sure your clients will love the process and so will you. I am the Edmonton mortgage broker that is known for fast approvals and getting tough deals done. The most aggressive mortgage broker in Edmonton.

If this sounds like something you want to do together, please let me know by replying to this email. I want 2020 business to be very clear and intentional. In this business it is easy to just go with the flow without clear direction. For us to really succeed, it is best to know our direction and our partners clearly.

Here is a basic business Plan template you can use as an agent to start knowing where your business is coming from.

2020 Income Goal: ___________________________
Average Deal Size: Edmonton Default $6500_______________
How many deals you need: 2020 income goal Divided by $6500=____________________
I like to make it monthly: How Many deals you need divided by 12=________________Monthly Deals

Now you Know how many deals you need per month. So Where are they going to come from?

1. Past clients
In order to track this, you will need to make contact with all of your past clients this month (JAN).
-Ask for the referral
-Start an email list on mail chimp or another email marketing software
-Create a spreadsheet or database with addresses and birthdates
(ask me how if you don’t know how. I can email you some of this)

How many deals can you expect in 2020 from past clients?_________________________

2. Social Media Marketing
-Paid advertizing on facebook and instagram
-Give them a real hook on why they should contact you
– Every once and awhile make a positive post online about your business

How many deals can you expect from social media in 2020? ______________________

3. For Sale By Owners
-Contact FSBO’s on facebook marketplace
-Offer free evaluations
-create a hook making them want to meet you
How many deals will you do in 2020 with for sale by owners?________________________

4.Online Ads
-Google ad sense
-Facebook and instagram

How Many deals can you expect from online ads?_________________________

5. Website optimization
– Create blogs people want to read
-Share all listings through your website on social media
-Increase website spead
Learn how to write posts google will read

How Many deals will you get out of your website in 2020?______________________

6. Referral from other agents
-Talk to top performers that are too busy and see if they have leads they can share.
-Ask for your brokerages online leads
-Cover for people while they are on vacation

How many deals will you get in 2020 from other agents?____________________

7. Friend and family
-Remind friend and family that you are a realtor
-Ask them about their jobs (and they will prob ask you about yours)
-Ask for their referrals and share your goals with them
-Build a box around your circle

Total deals from all sources:___________ X $6500 Average deal= Income_________________________

If these numbers are less than your goal you need to find other sources of business.

I Hope you all of the success in 2020 and genuinely want to help you achieve your goals.


Sean Rampersaud Mortgage Group

Sean and Radika Rampersaud are a family team of Edmonton mortgage brokers. They specialize on helping their clients to get the lowest mortgage rates in Canada by leveraging high volume and multiple lenders. “We want to help our clients not only to get the best rates, but also to make the home buying process easier.

Call Us For a Free Credit Consultation 780-278-4847

Read some of our other Edmonton Real Estate Secrets and financing tricks

Renting Vs Buying Property In Edmonton, Which is Better? Edmonton mortgage broker

10 Things Realtors can do to get more business for free in Edmonton

7 Things You Need To Know About Flipping Houses In Edmonton

7 Reasons Buying A Foreclosure In Edmonton Is Not A Good Deal

11 Common Reasons For Foreclosure In Canada

12 Secret Ways to Save Money On Your Next Edmonton Mortgage

The Secret House Flipping Financing Realtors Don’t Know About

The Secret House Flipping Financing Realtors Don’t Know About

The Secret Flip Financing Technique Most Realtors Don’t Know About In Edmonton

As many of you know, I am an Edmonton Mortgage broker with huge knowledge in the flip market. I actually do a lot of flips myself! Because of the experience I have in financing as well as flipping properties, I have been able to team up with a company that will be financing our clients for flips as well as new builds with a very small downpayment.

Now you’re probably thinking in your head….Another boring mortgage broker email. Trust me, you are going to want to read on. It is going to make you money.

Edmonton House Flip

Why Are Most Flips In Edmonton hard to finance?

Flipping and building properties in Edmonton can be a nightmare to get financed. Some banks may do it the first time or the second time and then they will black list the client from financing. This is because the average turnaround time for a flip in Edmonton is only 4-5mths from the time you buy, renovate and then sell. This is not giving the banks the money they want out of the transaction and they just don’t like doing it.

I have been down this road myself and have burnt a few bridges with financial institutions because of this. If you or your client is in the flipping business or the building business long term, then there are better options out there.

How about a lender that loves dealing with Edmonton house flippers and builders?

That is exactly what I have for you.

The Only Low downpayment flip mortgage in Edmonton

I can get you or your clients a mortgage on a flip property in Edmonton for $10, 000 down!

How does this work?

It is actually very simple, your clients will not need the standard 20% down. We use the value of the property at its current stage and then evaluate what the property would be worth after a renovation is complete to qualify whether this is a good investment for your client.

We take the risk based on this evaluation.

What fees are involved in this?

There are standard interest rates of 15.9% with the $10, 000 down option and interest rates go down the more they put down

There are also standard lender fees that are tacked onto the mortgage of 3.5%

The faster they complete the flip and sell, the more money they will make.

How Much Money Do I need to put down if I want to flip a house in Edmonton?

The minimum downpayment is $10, 000

How much can you make on a house flip in Edmonton?

I personally average $40,000 per property depending on how much time and work they are willing to put into a property.

Do I need to pay for an appraisal if I am flipping a house?

With standard lenders yes, if you or your client is using this program then there are no appraisal fees.

What do I need to qualify for the Edmonton house flipping program?

The lender wants a notice of assessment showing that there are no Taxes owing to revenue Canada. They also want a letter of employment showing your income.

We also require that you can prove that you have the money to do the renovation available on a credit card, line of credit or cash.

How much money do I need to make to qualify for a Flip in Edmonton?

We require proof that you make enough to cover the mortgage payments. If the income is low, then enough money set aside to make payments for around 4 months.

Who should I call if I want to flip a property in Edmonton?

Call us first so that we can get your financing in order before you shop with your realtor for a property. We want to ensure a fast and easy process for you and your agent.

Why use a mortgage broker for your next house flip?

We will shop the lowest interest rates for you and ensure the entire process is smooth. I understand the flipping business from beginning to end and know the secret techniques to make the most money out of the flip.

Can I flip a house if I have bad credit?

Yes you can if you have 20% down on the property. For this specialized program you need to have pretty good credit and stable employment.

Sean Rampersaud Mortgage Group

Sean and Radika Rampersaud are a family team of Edmonton mortgage brokers. They specialize on helping their clients to get the lowest mortgage rates in Canada by leveraging high volume and multiple lenders. “We want to help our clients not only to get the best rates, but also to make the home buying process easier.

Call Us For a Free Credit Consultation 780-278-4847

Read some of our other Edmonton Real Estate Secrets and financing tricks

Renting Vs Buying Property In Edmonton, Which is Better? Edmonton mortgage broker

10 Things Realtors can do to get more business for free in Edmonton

7 Things You Need To Know About Flipping Houses In Edmonton

7 Reasons Buying A Foreclosure In Edmonton Is Not A Good Deal

11 Common Reasons For Foreclosure In Canada

12 Secret Ways to Save Money On Your Next Edmonton Mortgage


Renting Vs Buying Property In Edmonton, Which is Better? Edmonton mortgage broker

Renting Vs Buying Property In Edmonton, Which is Better? Edmonton mortgage broker

Many of our customers ask us whether renting property or buying in Edmonton is better investment. Our answer to this frustrating question is sometimes it is better to rent and at other times, buying is better.

The main reason for this is that it all depends on what the real estate market is like in Edmonton at the time the question is asked and your current life needs. The simplest answer is when the market is low in Edmonton, you should buy. The reason for this is that inevitably the market will go back up and you will benefit from the appreciation of your property in a tax free manner.

When the real estate market in Edmonton is high. Sometimes it is better to rent because your house will most likely go down in value. It is not the best long term strategy when you are life planning to buy this way.

I have seen horror stories of people that have lost hundreds of thousands of dollars in equity from buying in high time. Some of these people have lost their homes or have had to declare bankruptcy in order to get out of their mortgages. As long as you are making your payments, the bank will not foreclose on you. So like the stock market, it will be a waiting game that you will have to ride out until you can sell your home.

7 Reasons you should buy in Edmonton now. Renting vs Buying

  1. The Edmonton Real estate market is very low

Right now the market in Edmonton is very low, making it more affordable to buy a property here than it has been in the last 10 years!

2. Appreciation (when property values go up) Tax free money!

Property values will go up eventually and all of the money you make will be tax free if it is your primary residence…too bad revenue Canada

3. You will pay yourself instead of a landlord

As you willl see in the calculation below, you will be paying yourself huge over the years by buying instead of renting. It helps you create a nest egg.

4. There are super low interest rates right now

Interest rates are super low right now, and you can take advantage of this for up to a 10 yr term. The lower the rate, the more money goes into your pocket!

5. First time home buyer programs

The new first time home buyer program can help you lower your payments even more right now. Call me if you have questions about this.

6. Borrowed downpayment mortgage options

Some lenders will allow you to use a line of credit for some or all of the downpayment. They will also allow gifts!

7. You will be settled into YOUR HOME

Your house, your rules. No landlord possibly booting you out before Christmas because they want to sell.

8. School zones

If you have kids, you will know how important it is to be in the right school zone for your kids. When you own in the area you want your kids in, it is permanent.

9. No one can take this from you

When you own, it is yours. I can’t even count how many times I have met clients that have been told to move from their landlords for dumb reasons.

10. Rental rates in Edmonton are high right now

I work in an office that does property management, rental rates are high and there is a lot of competition for the rentals in Edmonton right now.

11. Cheapest form of life insurance

You can get really cheap life insurance when you buy, securing your family for life. If something happens to you, the house will be paid off!

5 Good reasons to rent in Edmonton

  1. You cannot qualify for a mortgage
  2. Divorce or separation
  3. You may be moving to another city
  4. Bankruptcy
  5. Health problems and mental health issues

Best way to get approved for a mortgage in Edmonton

The best way to get approved for a mortgage in Edmonton is to deal with an Edmonton mortgage broker that understands real estate in the city as well as the mortgage market. We can help you navigate this tough decision. We also have access to more lenders than a regular broker or banker, making it easier to get approved for a mortgage.

Basic Rent Vs Buy Comparison

If you require a single family home with 3 bed or more almost anywhere in Edmonton with a garage.

Buy Calculation

Purchase price $200, 000

Mortgage amount based on 5% down $10, 000 (can be borrowed): $908/mth

Utilities approximately $200 per month

Property taxes $166/mth

Total expense to buy: $1274/mth total expense

Same property monthly rental expense

Rent amount $1500

Utilities          $200

Total monthly expense: $1700/mth

Total savings by purchasing rather than rent: $426/mth

How much money will I make if I buy the property over 10 year term:

Approximately $60, 000 from payments

  • $51,120 in total monthly savings


Total amount you will put in your pocket after all interest on the mortgage is paid plus monthly savings.

$111,120 over 10 years!

Will buying property in Edmonton instead of renting save me money?

Yes based on the calculation above, you will save a significant amount of money by buying a property rather than renting.

How can an Edmonton mortgage broker help me?

As a mortgage broker in Edmonton, I can build you scenarios like this one so that you can see side by side renting vs buying in Edmonton. I will tell you honestly and factually if it makes more sense to rent or to buy at the current market state in the city.

Rent VS Buy home Calculator

You can visit our website for a rent vs buy calculator, or you can just call me and I will do a comparison for you. Our site is

Should I rent after I sell my house?

Lots of people ask me this question, and in my opinion it can be a dangerous slope. You want to buy for your long term savings and stability. When you rent, it is easy to open the little savings you have and put you in a situations you may not be able to buy.

Can I use my line of credit to get a mortgage in Edmonton?

Yes you can use your line of credit to buy a house and get a mortgage. Many lenders do this and as long as you can debt service the line of credit payment, it is no problem.

Bad credit, can I get a mortgage in Edmonton

Even if you have bad credit you may be able to get a mortgage in Edmonton. If you have a large downpayment 20% down. You should be able to qualify through a B Lender or Private lender.

Should I rent to own in Edmonton?

No you should not. I see many people that search this exact thing considering a rent to own. I have also seen many people ripped off by doing rent to owns. If you plan on doing this, make sure it is with a large company and have me look over the documents first. One client of mine was just ripped off $75k on a rent to own. It can be a disaster…

Also Read 7 things you need to know about flipping houses in Edmonton.


7 Reasons Buying an Edmonton Foreclosure is not a good deal

Sean Rampersaud Edmonton Mortgage Broker

Sean and Radika Rampersaud are a family team of Edmonton mortgage brokers. They specialize on helping their clients to get the lowest mortgage rates in Canada by leveraging high volume and multiple lenders. “We want to help our clients not only to get the best rates, but also to make the home buying process easier.”

Radika Rampersaud Edmonton mortgage Broker

Have One Of Us Call You Now For Free Or Contact Us Now At
780 278-4847


10 Things Realtors can do to get more business for free in Edmonton

10 Things Realtors Can do to get more business for Free In Edmonton!

1. Place Foreclosure ads on Kijiji

Kijiji can be used for free, you can place multiple ads in different categories on Kijiji to generate calls and traffic.

2. Cold Call for rent listings On rent fast

A lot of landlords are sick of renting their properties out and will want to sell. Get to them first, before they call the realtors they already know.

3. Cold call for sale by Owners 

Also known as fsbo’s can be found on may different sites and on for sale signs in neighbourhoods

4. Blogging

Blogging will create some traffic to your website. Ask me how to convert this traffic into leads!

5. Facebook and social media

An easy reminder every few days that you are a realtor and are doing big things will eventually lead to some sales if you present yourself as a professional.

6. Call your circle of influence

These are the people you know, like and trust. They should be your biggest advocates. The key to this is asking them the awkward question of if they know anyone that would like to buy or sell. Once you do it, it will be implanted in their minds that you need them to be successful.

7. Say happy birthday to past clients

This is the warmest way to get into contact and remind your past clients that you exist and that you care about them. They may reward you with some leads!

8. Reach out to one builder per week.

Builder calls are tough…I know. If you call just one a week, you will eventually build a partnership and become top of mind for a builder!

9. Door Knocking

No One in the world actually likes to do this, but it works and if you want some free business today. Door knocking is the key.

10. Leave your business cards at local businesses

I can’t count the amount of times I have left small stacks of cards at my hair dresser, the dry cleaner or at the local donair shop and had call backs. It may not happen right away, but it is fast and easy for you to do.

And finally, if you want more deals approved and get the best communication in the industry. Have your clients call me as their mortgage broker. The most aggressive mortgage broker in the city of Edmonton!

Sean Rampersaud Edmonton Mortgage Broker

Sean and Radika Rampersaud are a family team of Edmonton mortgage brokers. They specialize on helping their clients to get the lowest mortgage rates in Canada by leveraging high volume and multiple lenders. “We want to help our clients not only to get the best rates, but also to make the home buying process easier.”

Radika Rampersaud Edmonton mortgage Broker

Have One Of Us Call You Now For Free Or Contact Us Now At
780 278-4847


7 Things You Need To Know About Flipping Houses In Edmonton

7 Things You Need To Know About Flipping Homes In Edmonton

We have been flipping homes in Edmonton for years, and we have learned a lot of hard lessons along the way. Some of these lessons ended up costing us a lot of money, and others have halted our projects and sometimes even made our project timeline go backwards.

As a consumer, I know that you expect that you will hire a realtor to buy a flip and they will have all of the answers. Unfortunately that is far from the case….most Edmonton Realtors don’t know squat about flipping houses. Now that being said, there are some agents that will know what they are talking about and I really don’t want to discount their knowledge.

If your agent has not flipped more than 10 properties, then you should probably find yourself a different agent to deal with for a flip. Let me know if you need any recommendations, as I know lots of agents that are good for this type of purchase.

As you may know, we are Edmonton mortgage brokers that specialize in helping people finance their flip or investment properties in Edmonton as well as cross Canada. The majority of our client base is in Edmonton though and many of them are repeat flip customers.

I have personally flipped over 70 houses, so I really know and understand the nitty gritty of flipping in Edmonton. Please, please be careful when you flip a property and read some of our other Edmonton house flipping blogs. I have seen people loose a lot of money trying to flip houses in Edmonton. I have also seen people get into trouble doing this.

Now I am not trying to deter you, I flip houses because it can be really profitable if you do it right. I want to help you set up some expectations that are realistic for you, so that you know what you are getting yourself into.

So here they Are….

7 Things you need to know about flipping houses in Edmonton

  1. Contractors will try to rip you off

This is one of the most frustrating things about flipping houses, contractors will always try to rip you off. I always choose to get multiple quotes for every job because of this. Most contractors I meet are hardened by the industry and a lot of them have problems. I have one contractor that I have worked with, that jokes to me how he rips off old ladies when he gets the chance. It can be really grimey. So pre prepare yourself for some harsh realities.

Th only sure way to not get ripped off is to take a minimum of 3 quotes per job. I usually get 5 or 6. Never pay deposits upfront as I have had many contractor never show up again after taking a deposit. Please call me with any other questions about hiring contractors. I love to help.

2. You need to get a good electrician

The electrical is an essential job of a house flip. If the electrical is not installed correctly, the house could burn down and people could get injured. I always make sure I hire a licensed master or journeyman electrician WITH INSURANCE. Remember, you are liable for what happens in the house and if people get hurt, it will cost you a lot more than the cost of the electrician.

3. Don’t ever take down a wall unless you know what is behind it

Some people think that taking down a wall is just smashing through the thing. This is a big house flipping no no. I have had multiple situations where we have cut through electrical lines and damaged things because we were not careful taking down walls.

The other thing you need to take into consideration is permits and structure. If you remove a load bearing wall, the entire room can collapse on you. People could get hurt and the damage can be very expensive.

4. People will steal from you

When you are doing a house flip in Edmonton, there will be a lot of people going in and out. At some point you might have to hire some cheap labour for cleaning or general labour stuff. I usually find these people on Kijiji. They will work for cheap, but they also might steal from you.

They are not the only one that will steal from you. I have had multiple cases where our properties were being scoped out by people in the neighbourhood. They would wait until we left and then go into the house taking tools and sometimes damaging the property. These are usually drug addicts and other riffraff.

I put up fake cameras, sometime real ones at job sites as a preventative. I also put warnings on the doors and windows.

5. Contractors might do drugs on your property

You can ask any contractor if they use drugs and they will say no. It is bullshit, I have caught tons of contractors using drugs like weed and cocaine on the properties. I have even caught a contractor having sex with a prostitute in one of my flip houses. You really have to babysit these people. Call me if you have any questions about how to deal or avoid these situations all together.

6. Make sure they sign a waiver

I have all contractors that step foot into one of my flip houses sign a liability waiver. The waiver states that if they are hurt on the property, myself or my company are not liable. I had my lawyer draft this up and it keeps me protected. Not all of the workers you will be hiring will have wcb. So this is very important. Don’t let yourself be on the hook for someone.

As a matter of fact, if you don’t get a waiver signed you are just putting yourself at risk and I can see a contractor getting injured on purpose just so they can sue you. Nothing surprises me any more in this job.

7. Laminate needs to be staggered

Every person that walks through your door will tell you that they can do multiple jobs and flooring is always at the top of the list. If you see that the person you have hired is installing laminate flooring with a straight seam, you need to get rid of them. The floor will separate within a month.

Common questions about flipping houses in Edmonton

  1. Can you make money flipping houses in Edmonton?

Yes you can make a pretty good living flipping houses in Edmonton. You really have to be aware of all of your costs and know what your sell price will be in the end. Ask us how we do it.

2. How much money do you make on a house flip in Edmonton?

You will make an average of 12% flipping houses in Edmonton. However I have had times where I have made over 70k on a single house!.

3. Do I need a realtor to buy a house flip?

No you do not need a realtor to flip a house in Edmonton, but it could help. You have to make sure you hire a realtor that knows what they are talking about. And unfortunately most of them do not. Call me if you want a recommendation on someone that is goo in Edmonton or Calgary. I know good agents in both of these markets.

4. Can you loose money flipping houses?

Yes you absolutely can. I have a friend that bought a flip house without my advice. I’m not sure why, but he worked on this house for months. When it was done, he showed it to me and I told him he put way too much money into it and that he would loose. He ended up having it on the market for over 200days and when he finally sold it, he lost $25, 000. Please call me before you flip. I will help you save money. And read all of the Edmonton Flip blogs I have out on this website

4. How do I get a mortgage for a house flip?

Not every lender will lend on a flip. I am an Edmonton Mortgage broker that specializes in house flips. I know the lenders that will finance these at the lowest rates, and have many options for individuals and businesses.

5. Do you need permits for a house flip in Edmonton

You do need permits for some things when you are flipping a house in Edmonton. Some of these things are electrical, plumbing, load bearing walls, basement developments and more.

Sean Rampersaud Edmonton Mortgage Broker

Sean and Radika Rampersaud are a family team of Edmonton mortgage brokers. They specialize on helping their clients to get the lowest mortgage rates in Canada by leveraging high volume and multiple lenders. “We want to help our clients not only to get the best rates, but also to make the home buying process easier.”

Radika Rampersaud Edmonton mortgage Broker

Have One Of Us Call You Now For Free Or Contact Us Now At
780 278-4847


7 Reasons Buying A Foreclosure In Edmonton Is Not A Good Deal

7 Reasons Buying A Foreclosure In Edmonton Is Not A Good Deal

Edmonton has a really unique marketplace right now, and what I am finding is that foreclosures are just not a good deal. People have this perception in their minds that they will pick up an awesome price on a house that is in foreclosure in Canada.

This is just not the case, and unfortunately some realtors out there are telling their clients that foreclosures are a good deal. This is a tactic to entice the buyer to act fast. If you really want to know if you are getting a good deal, call us before you buy. I will give you free advice on this, no problem as I have made the mistake myself in the past with buying foreclosures.

How do you get a mortgage on a foreclosure in Edmonton?

You will often have to put a large sum down…like 20%. The reason for this, is agents will make comments on the mls listing that the property needs work, or handyman special. The realtor think this is a good advertising tactic, but it really is not as it raises red flags with the banks.

What happens if red flags are raised with the bank when buying a foreclosure?

They will often ask for an appraisal, and depending on the condition of the property they can ask for more down. The insurers like cmhc and genworth can also decline the deal if the condition of the property is not good.

Furthermore when an appraisal happens, the appraiser may appraise the property lower than the value. You really have to make sure the appraiser doing the appraisal knows about foreclosures and values of repair. If you get one of these newbie appraisers they will grossly undervalue the property and the bank will decline or ask you for more down.

Please call me if you are in this situation, I understand the process and I can coach your realtor on what they can do to get this done. I also know the appraisers in the city that are good at this.

7 Reasons buying a foreclosure in Edmonton Is Not a Good deal

  1. Banks in Canada are Rich

The reason I say banks in Canada are rich, is because they can afford to sit on a foreclosure forever if they wanted to. I have personally put offers in on loads of foreclosures and I never end up getting a crazy deal. The reason for this is because the Canadian banks can afford to hold the property and will generally not take less than what they have in mind.

2. Other Peoples Problems

When you buy a foreclosure, you are buying another persons problem. There can be unexpected things that come up. Like for example, I bought one a month ago and when I took possession someone had stolen the furnace. It was crazy because the furnace was there when I bought it. The paperwork they make you sign is really strict, and you cannot go back to them for any reason.

3. Unconditional offers

If you don’t have cash to buy the house with or rock solid financing, then you may not be able to buy the foreclosure in Edmonton. The reason for this is that many foreclosure listing have to be unconditional offer. Meaning you cannot purchase subject to financing or inspection.

You better be really damn sure of the purchase before you buy this way, as you cannot back out for any reason or you could get sued.

4. No Inspections

Most foreclosures do not allow for inspections. The reason for this is because the homeowners that are loosing the house may still be in the property. Often these people will trash the property before they are evicted.

5. Court date frenzy

I have been to court for foreclosures in Edmonton and it is like an auction. You are allowed to up your sealed offer if you choose right before the decision and you also get to hear the other offers. This is craziness, and people tend to get into that auction mentality and keep upping their offers. I went into one a year ago on a severely damaged property. The people that ended up buying it paid way more than they should have.

I calculated what it was worth renovated vs what it would cost to fix and they would loose around 40k.

6. MLS Listed

The foreclosures are all MLS listed, so it is avail on the open market. You cannot get a good deal this way.

7. Realtor Pressure

Realtors like to pressure their clients into buying these properties so that they can make a quick sale. This is not always in the best interest of the buyer.

Should I buy a foreclosure in Edmonton, Canada?

It is not alway a bad idea to buy a foreclosure in Edmonton, you just have to be very careful and do your due diligence. Call me first, even if you have a realtor for some advice. I have done this many times and would be happy to guide you in the right direction, or help you finance your purchase.

Where can I find foreclosure listings in Edmonton?

Every agent will tell you that they can send you foreclosures, but not all can. I can introduce you to an gent that specializes in foreclosures so that you can get all of the right information.

Do you Pay GST on a foreclosure house in Alberta?

There is no get payable on a foreclosure home in Alberta. GST are for new builds.

Sean Rampersaud Edmonton Mortgage Broker

Sean and Radika Rampersaud are a family team of Edmonton mortgage brokers. They specialize on helping their clients to get the lowest mortgage rates in Canada by leveraging high volume and multiple lenders. “We want to help our clients not only to get the best rates, but also to make the home buying process easier.”

Radika Rampersaud Edmonton mortgage Broker

Have One Of Us Call You Now For Free Or Contact Us Now At
780 278-4847