The High Rate Strategy

As opposed to always trying to offer the lowest rate, recently I started offering the highest rate. Not just a little higher, but a whole heck of lot higher. You would be totally surprised by the responses! I have gotten numerous calls from prospects that are upset that I would offer such a terrible rate and wonder why. One guy said, and I quote "Who do you think you are anyway? Can’t you see that I have perfect credit score and lots of equity?"

What I am finding is that lots of prospects are not actually shopping for a loan. What they are searching for is a social confirmation of their status. They enjoy the reaffirmation of someone telling them that their credit is excellent, they can actually still borrow money, and that in today's troubling times that someone actually cares about them.

So perhaps offering the lowest possible rate is not the answer to achieve success on Zillow. Perhaps the key is offering only a "fair" rate, but a very generous helping of kindness, positive reaffirmation, customer appreciation, and ego centralized sales technique.

 

Would love you know your thoughts....Emmett at Padre Mortgage

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October 06 2008 - US
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Emmett, why do you always type in bold?  In addition, if using much higher rates is working for you, why would you want to share your 'secret' with your competition? 

 

Just askin.....

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October 06 2008

Offering the highest rate is a terrible strategy. The point I am trying to make is that the customer experiance is much more complicated that just the offered rate.

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October 06 2008

I still believe Zillow should switch over to a two-sided anonymous set-up. Meaning, not only is the borrower anonymous, but our rates and fees are kept hidden from other lenders. This will deter 'low-balling' tremendously. People wait for a few quotes to come in, then they undercut them. It's not rocket science, but is it beneficial to anyone? Not so much, especially when they can't deliver, and are just quoting for contact. Emmett, are you saying you deliberately low-balled? I'm curious to know why you would just offer the 'lowest rate' and not the actual rate you could deliver... at least, that's what I understand you to mean. Correct me if I am wrong.

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October 06 2008

I dont think they should switch to a silent auction. The system that Zillow has implemented has a self governing mechanism. Its not perfect, but it does work.

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October 06 2008

Emmet,

 

My issue here is that you have conistently low balled and I have seen you quote completely impossible rates and fees. Please don't use the whole "I'm a direct lender" line.

 

When you are quoting a no point loan that would be a .5 buy down for Provident or more, I'm not buying it.

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October 06 2008

By the way - that is pretty quick I must say for you to get a loan going.

 

JoJo joined yesterday, and you are already in the process with them, refinancing an investment property as well, on the same day they talked to you, which happened to be a sunday.

 

 

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October 06 2008

ATTENTION NIDA AND DAVE

 

PadreMortgage has a reviewer who reviewed him 5/5 and said they closed with lender same day they joined, and then submitted negative reviews for other LO's on here. Padre is obviously submitting himself multiple fake reviews that are 5/5 and trying to knock down the ratings of more reputable lenders with negative fake reviews.

 

As evidenced here

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October 06 2008

Emmett- 5 reviews in 4 days? No way. We're calling you out now, this is just ridiculous.

 

Silent auction? It would be the exact same set-up, just without the pesky 'beat the lowest rate by .125% and $100 in fees!' idiots that seem to flock here.

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October 06 2008

Padres are usually busiest on Sundays Kat.  :)

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October 06 2008

Man, we're getting good at this stuff!  Friday Rob and I unfolded on.   Today we had Brent have the same issue as Emmett.  This is getting good!

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October 06 2008

Emmett- here is one of your magic borrowers:

http://www.zillow.com/profile/SOstad

 

If you view their ratings, you will see that they joined on 10/4, rated you and two others. Problem is, in their comments to both, (whom they cautiously rated a '3' so as not to draw attention), they stated 'took too long to respond'. What kind of borrowers do you attract E? Call me crazy, but if someone doesn't get back to me within 3 hours, I give them the benefit of the doubt and assume they went golfing. Your 'borrower' however chose instead to negatively review your competitors. Odd, wouldn't you say?

 

The countdown begins!

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October 06 2008

Well . . .  Padre had 3 of the five reviewers sign up and review him within 24 hours of joining.  Not to say its impossible but I have to beg my borrowers to come back and write a post review.  It seems against the odds unless they were lingering would-be reviews.  But, they were not.

If the reviews are stacked, then this is the very thing that makes good reviews worthless in the eyes of the public.  Have a fake review and it should be automatic expulsion, period.  No time out room sipping on a doobie cup.

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October 06 2008

10......9......8......

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October 06 2008
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replace the bat with a Zillow "Z".  I don't photoshop.

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October 06 2008
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Nice. Instead of trashing them with a 1, Emmet/Soso gave them a 3. Enough to hurt their ratings but no make someone go crazy about it. Balls.

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October 06 2008

I was one of Sostad's victims over the weekend.  Sent a quote to Sostad and 3 hours later get hit with a 3.0 Review/Rating for being 'too slow to respond'.  I was in my office all day Saturday.  Sostad never called or emailed me.  Thankfully, Nida took care of it for me.  Thank you again Nida!!!

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October 06 2008

Emmett- your silence is deafening.

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October 06 2008

Read everyone's posts more carefully ... so this Padre guy gets a 5.00 from Sostad around the same time I get a faulty 3.0 Rating/Review (and 2 other LOs) for 'too slow to respond', and Padre closes with Sostad around the same time?

Okay, what is going on Padre?  Please explain ... pronto.

 

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October 06 2008

Michael, Padre doesn't like you. That much is obvious.

 

Auf Wiedersehen! Emmett, I'm sure you'll be gone soon enough.

 

Why all the German today anyway? Did I miss an inside joke?


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October 06 2008

Geez, such hatred from so many. YES, I always ask for a positive rating from a prospect. I ask them to immediately log in and give me a positive feedback. Never, ever would I ask a prospect to post a bad review.

 

But the bigger question is not if my rates are high or low, but rather the question is of customer experiance.

 

Please, lets stop the name calling and lets have a positive dialogue.

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October 06 2008

I'm all for positive dialogue, Padre.

Explain to me how your 'client' Sostad closes with you 'yesterday' (Sunday), yet gives me and 2 other LOs negative reviews on Saturday.  Why would Sostad ask for quotes when Sostad has already closed with you?  Of course, they can do whatever they want.  But, still sounds very fishy to me, as is does to almost everyone else here on this post.

Please explain ... if you can.

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October 06 2008

"We are men of action. Lies do not become us."

 

Padre, save it for Nida. That is the biggest bag of bull I have ever seen.

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October 06 2008

The world as we know it is ending, and Emmett feels the need to be a slimy opportunist. I have no faith in humanity left. It's done.

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October 06 2008
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I'm just enjoying my snack. this stuff is addictive:

 

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October 06 2008

Michael,

 

Sorry about Sostad. Obviously they didnt close yesterday. However, I dont have a lot of control over the prospect. And, I would never, ever tell a client to post a bad review unless warranted. So if anyone on this site got a bad review from this client, I will contact this client personally and have them try and correct the situation.

 

If any of my posts are offensive I apologize.

 

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October 06 2008

Did you guys know the moderators of this site have the ability to check IP addresses to confirm the source of the various members?

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October 06 2008

I think the best thing you could do, Padre, is just to come clean and apologize right now. It isn't going to be hard for Zillow to trace you back to the fake reviews. At least save what little face you can.

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October 06 2008

Emmett, I give you a lot of credit. You are obviously a very classy guy and know how to handle yourself. You are withstanding this beating, and that says something. However, if you don't have a lot of control over your prospects, how in the world are you able to get them all, in the span of four days, to review you with a 5 star rating? They could have been out in their gardens, out playing pool, or at home watching football- instead, they logged in when you asked them to and reviewed you in a very favorable way. This would lead me to believe you do have control over them, and you possibly share a keyboard and fingers. How strange!

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October 06 2008

"Never, ever would I ask a prospect to post a bad review."  That is probably a true statement.  The asking is of friends, co-workers, family etc.

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October 06 2008

Hoping to get some positve dialoge going here. My original post was what I was hoping to discuss...and that is how to add value to a cut throat, scalping environmnet. The bottom line...how to differentiate ourselves from the status quo. I perfect example would be John Paunan, he is an attorney and offers legal advice. What a wonderful segway into and added value relationship.

 

My thoughts going forward....how am I going to add more value, more real value to my service. What makes that customer want to choose me instead of the guy posting a rate that cannot be delivered.

 

This is the question of our time.

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October 06 2008
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