Background:
Shant Banosian was the top producing loan officer at Guaranteed Rate in 2017, funding more than $457 million. He discusses the secret to his success as a mortgage lender in Massachusetts and explains why he can help agents around the area grow their businesses.
…on how being a Massachusetts native gives him an edge as a mortgage lender:
“I think doing business in the area where you lived your entire life is key when talking with clients. People like doing business with people they can relate to, that know their area, that’s an expert in the community. You can even get a sense of why people move to a certain community. You become an expert in things like the school systems and the entertainment areas and their commute to work.
“They feel like they’re talking to an expert and somebody who can relate to why they’re doing what they’re doing.”
…on how he relates his expertise to agents:
“My job is to be an institutional tool and make the process go smoothly. With agents, I’ve got great responsiveness and availability. A lot of times I know the agents on both sides of the transaction. Having a great reputation in this marketplace is helpful in terms of getting offers accepted. I’m an additional asset for them.”
…on the tool within Guaranteed Rate’s platform that helps him the most:
“I think the Digital Mortgage is the most powerful tool. The part that generally slows down a loan originator is just the application process itself. When a client’s able to use Digital Mortgage, it saves so much time in terms of them completing the application.
“It also allows me to stay fresh. I am passionate about educating clients, empowering clients and preparing clients to buy a house. That’s the part they want to hear anyways. Digital Mortgage has allowed me to talk to more people on a daily basis.”
…on how Digital Mortgage helps agents get deals done faster:
“Digital Mortgage makes it easier for agents to get clients pre-approved and start the process. Until a client really gets their pre-approval started, they’re not really in the market. Once you get pre-approved, I think you get empowered. Once you get empowered, you’re ready to make decisions.”
“The sooner a client gets pre-approved and understands what their financing would be, the sooner they are ready to make a decision and act. Real estate agents want to work with clients that are ready to make decisions and be serious buyers. They don’t want to waste time with people who aren’t ready yet or are just kicking the tires.
“Digital Mortgage helps agents utilize their time better and allows them to turn a prospect into an actual client.”
…on why agents should work with him and Guaranteed Rate:
“I like to think we’re an insurance on their commission. I’m a guarantee on their commission. I always tell my agents they’ve done the hard part. They’ve negotiated and gotten everybody to come to an agreement. After the agreement is signed it’s all on the mortgage company to deliver if there’s any financing involved in the transaction.
“We’re really the best of the best. We maximize the platform we have, we utilize the technology available to us. We’re experts in all the different products. We’re always going to do the right thing by the client. “We’re going to do our job. We’re going to hit all of our dates. We’re going to execute it so their deals can go smoothly from a timing standpoint.”