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10-08-2015, 11:19 AM #30
For most products I agree, although some people have a unique product which makes sense for them to pay less.
-LoanMe offers a 10-year term with no prepay penalty and a monthly
-Yellowstone will approve higher-risk merchants than pretty much anyone else
-Fundingcircle/Fundation/Dealstruck have longer terms with lower rates and monthly payments
Now, as far as the traditional ACH product goes for A, B, and C paper deals, by all means (in my opinion) you can easily average 8+ points. We've had reps that average 14-15 points.
In fact, I've found two varying philosophies on maximizing brokered commissions:
1. Sell the maximum commission on every deal and focus on max GM
2. Sell the most competitive rate the client can get (note: not necessarily low points) and focus on relationship/renewal
I've had reps that utilize both methods, and I've seen both methods produce wealth at different brokerages. On average, I find that "maxing out" deals tends to produce more income in the long run, but that is also my personal experience. I am sure other people, like John Tucker, have an awesome renewal pipeline that we would all envy (for minimal work!).
I think it's important to teach new reps to max out deals so they get comfortable selling 15-20 point commissions. Once they are comfortable you can discuss strategy further with them, but many reps can't get past the sticking point of discomfort selling a deal with $10-30K of GM on the line.Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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