A transaction team with aplomb execution isn’t built overnight, but according to industry experts, a few steps can go a long way towards making it happen sooner than later.
A transaction team with aplomb execution isn’t built overnight, but according to industry experts, a few steps can go a long way towards making it happen sooner than later.
The key, according to a panel at the CMBA-BC conference in Vancouver yesterday, is having a network of consummate professionals who will guide a homebuyer through every step of the transaction process with care and diligence. Finding those people isn’t always easy, though. However, Deanne Horn, an associate broker with REMAX Treeland Realty in Langley, B.C., says mortgage brokers with specialities will have an easier time obtaining referrals from realtors.
“I think a focused approach rather than trying to be all things to all people is where you’ll have the most success,” she said. “Referrals will come from a result of being an expert in an area. If you want to serve your clients well, you need to be thorough and up-to-date on a specific type of transaction, as well as the financing. I work with several mortgage brokers and I’ll look at who the client is, what type of transaction they’re trying to do and what kind of financing they’re looking for, and based on my understanding of my client and having worked with this mortgage broker, I’ll say this is a good fit. So focus is important.”
Notaries don’t usually play a role in until a transaction is near its conclusion, but ensuring the fit is seamless helps transactions close smoothly. Daniel Boivert of Daniel Boivert Notary Corporation said:
“When you’ve done all the work you have to get these people approved and you bring them to my office, you want to know they’re being looked after. I deal with a lot of brokers and I probably have a group of eight to 10 who send in most of the deals, and I know them well—first-name basis, we go for lunch, we go for coffee, we talk often. I bring them in to meet my staff to see how we go through files. I meet their clients sometimes so they know what we’re doing, and that manages their expectations better. I suggest you give them a call and meet your notary and if they tell you they don’t have time, then maybe they aren’t the best notary for you.”
Adam Lawrenson of Adlaw Appraisals says finding an appraiser with experience is paramount for brokers:
“There are three things I’d do: Firstly, I’d go on their website to check out what they’re all about, what service areas they cover and which lenders they’re approved with. If they’re only approved with one or two lenders, they may not have the breath of experience you need. Look at their approved lender list, look at their geographic service areas, and look at their pricing, photos of the group, their social media to see if they’re a fit for what you need.
“I’d also ask a broker you know or trust if they can recommend an appraiser. Thirdly, I’d give the appraisal company a call and ask to speak to the owner to ask a few questions to see if there’s a good fit: ‘Are you familiar with this area? Are you familiar with this property type?’ An appraiser might be approved on a list but might not have the depth of experience with the property type. You can prevent a lot of potential issues by just having a conversation.”
Lenders are, of course, the transaction’s lynchpin, and Sach Desai, a BDM with Haventree Bank, noted that innovations are being made that will make expedite transaction times.
“We’re talking about clients making the biggest transaction of their lives and they want to talk to people to get a feel for them. Similarly, a good broker wants to talk to their BDM to make sure their understanding is full and complete so they can be reliable to their client. That being said, on the underwriting side, you’ll probably see some technological efficiency that will make your job easier. The main technology changes I’ve seen from a lender perspective is process improvement and increased efficiencies. We’re bringing more efficiency to the process.
