For all those brokers out in the world wide web, and M-Team members I am using this forum to share my personal views. You don't have to agree with them or even follow them, they work for me, and if they feel at all uncomfortable do what you are comfortable to do.
But as my business coach has said to me "We must leave our comfort zone to move to the next level" so just keep that in mind.
Do you know how you can tell an experienced Commercial Loan Broker from a Residential Loan broker who wants to do commercial transactions? The answer is they quote rates, they are so used to having to quote a rate that they instinctually go to a rate sheet anytime they get a commercial lead.
Second Questions Do you know what clients you don't want to work with? Again its the Rate Quotter. You know the call, you get it all the time on the residential side, "What's your rate?"
If someone calls me as a Commercial Loan Broker and asks for a rate, I always respond it Depends. If they only want a rate then I am not the best source for them. The reason is that all of your knowledge, education, negotiating skills, deal coordination, etc. all mean nothing to the client. There is no perceived value that you are bringing to the table. If you are not bringing value why would they pay your commission, or give you referrals.
I personally do not work with rate shoppers. If you choose to work with a rate shopper just keep the above in mind especially when at the end of the transaction they want to negotiate your commission.
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