“I find agents often don’t know enough about their clients’ mortgage needs,” says Omer Quenneville, a real estate agent and mortgage broker. “I think it’s extremely helpful for a real estate agent to be involved in the client’s mortgage needs as far as a real estate transaction is concerned.”
With a solid understanding of the financial aspects behind mortgages, agents can better advise their clients. In turn, clients are more likely not only to heed their agent’s advice, but will have a more satisfying experience, often leading to repeat business and referrals.
Quenneville uses his knowledge as a mortgage broker to help clients even when they go into the bank at the start of the mortgage application process. He says they appreciate his being there as a third party.
“They feel they’re being represented and they’re less worried with what they’re going to walk out with,” he says. “They know they’re walking out with the best.”
On the selling end, Quenneville says his knowledge of the mortgage industry helps him anticipate any extra expenditures that clients may face.
“When someone is thinking of selling a property, just by knowing the banks they’re dealing with, I can anticipate the hurdles like discharge penalties,” he says. “I can start working on transferring the mortgage or transporting the mortgage.”
But, Quenneville cautions agents who just see double dollar signs.
“I usually do one or the other, but I’ll use the knowledge from both,” says Quenneville, adding he avoids working as the mortgage broker and the real estate agent on the same purchase. “It’s not about making more money,” he says. “It’s about being able to help your clients.”
As competition continues to heat up, clients increasingly expect a vast amount of knowledge and services from their agents – including some services that require a whole other licence.