Often rejected by mainstream lenders, small businesses can turn to brokers for help
Prospa BDM Erin Manhood thought she had seen it all until she received a $20,000 loan request for a cheese grater
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Having heard and read that 80% of small businesses fail in 24 months upon launching, Laxmi Home Loans principal broker Kishor Acharya aimed for one thing when he started in the industry over three years ago: To remain in business for more than two years.
“I have crossed my due date,” Acharya told MPA. “Now I am planning to come under MPA Top 100 Brokers in 2020.”
One of the ways Acharya aims to accomplish that goal is by creating a comfortable environment wherein his clients can answer his team’s questions without hesitation. “At this stage, we are more focused on quality rather than quantity of settlements,” he said.
Being in a small brokerage that caters mostly to first home buyers and investors, Acharya and his team come together for 15 to 20 minutes almost each day to review their day’s performance and to plan for tomorrow.
They also try to return messages as early as possible. It’s an obvious must-do, according to Acharya. But they hold steadfast to the practice because he knows how frustrating it can be when brokers or bank lending managers avoid phone calls and don’t reply to requests for one to two days.
Acharya believes customers won’t be able to absorb everything they’ll hear during face-to-face meetings, so his team produced videos that explain the home buying process or offset accounts and sends them to their clients. In addition, Acharya’s team gives away freebies, which include property reports and regular market updates.
Today, 80% of Laxmi Home Loans’ business comes from its existing customer referrals, and Acharya treats most of its clients like family members. “I consider this a great achievement,” he said. “We believe in building relationship with our clients first and doing business later.”
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