Working the Sub-Prime Niche

11/27/2015
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Working the sub-prime niche can be a lucrative little secret.  Today we give you an idea on how to do it.

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4 thoughts on “Working the Sub-Prime Niche”

  1. WE have a total of 5 Non QM Outlets and we U/W for one of them in house.

  2. Rich Below says:

    Don't just go out and look for other people's turn-downs. Find out who you can refer your turn-downs to. You can bet that by referring out that business, you've just made a referral partner. I specialize in a small area. (Yolo County, CA, and a little bit of Solano… Ahem… Frank, Brian… Solano…) I get calls from time to time for work outside my area and I'm always happy to help those potential clients find a good appraiser. It's great marketing because now that person knows that if I can't do an assignment, I'll find them someone who can, so they call me first. And I get to pass out a referral to a fellow appraiser. I didn’t want to do that job anyway! Another appraiser referred me 2 jobs in the town where I work, because the town is notoriously difficult and she knows that it's one of my specialties. Those jobs got me on the appraisal panel of a local credit union, whose panel I'd wanted to get on for years. You can bet that she is at the top of my list whenever something comes up in an area she covers. Giving referrals gets you referrals.

    Side point – always let people know where you specialize. Saying, "I appraise everywhere," or "I do home loans," is completely unmemorable and gives people no triggers to think of you when there is a potential for a referral. Specialize. If you don’t have a specialty, make one up right now. Got it? Ok, now, when you introduce yourself to others, especially others in your field, tell them your specialty. Listen: this is me introducing myself to you. “Hi, I’m Rich Below, the Yolo Pro. I’m an appraiser specializing in Yolo County. I do a lot of work in Davis, and rural Yolo/Solano.” Appraisers in my area don’t like Davis. They also don’t like the rural areas because those jobs are such a pain in the ass. But I was born and raised here, and have spent the last 10 years working in those areas, so those jobs aren’t such a big deal for me. I’ve tried to link myself to those areas in their minds so that when a lender has a job pop up in that area, or a fellow appraiser gets an assignment that they really don’t want in my town, they think, “Who was that that works Yolo and Davis? Oh, yeah – Rich Below, the Yolo Pro.” Even better, “…And that guy referred me an appraisal a couple of months ago!”

    Find someone to refer your unwanted business to!

  3. just be careful not be known for the garbage loans because you will never be able to maintain realtor relashanships. All they will do complain instead of being grateful.

  4. 25% of my mortgage practice is referrals from banks, credit unions and other lenders. They are a steady source of business and has been for a number of years.
    I send them business as well, home equity loans, construction loans and vehicle loans.
    Great job with the video, well done!

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