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Professional boasts ‘most boring’ Black Friday sale

One broker held a Black Friday mortgage special; were clients rushing to take advantage?

 
 

Professional boasts ‘most boring’ Black Friday sale

 
A unique marketing effort has cashed in on the pre-Christmas shopping craze and garnered interest from clients looking to save money on their mortgages.

“A lot of Black Friday shopping is indulgent, but our promotion is a way for Canadians to be more responsible,” Elan Weintraub, director of Mortgage Outlet, told MortgageBrokerNews.ca. “Instead of lining up at a store to save $100 for a TV, they could save thousands on a mortgage from home.”

The company announced the promotion last week offering various rate deals, including a 1.95% five-year variable rate with $1,000 cash back and a 2.44% five-year fixed with $500 cash.

The rates were bought down specials only offered on Black Friday and Cyber Monday.

“I think they’re extremely attractive rates, the kind you can’t get every day,” Weintraub said. “I have a marketing background and we’re always thinking of ways to disrupt the industry.”

Weintraub says they have received some inquiries and the brokerage is currently working through the files.

It remains to be seen how many mortgages are originated as a result of the promotion; but it’s certainly a unique way to drum up interest for the company.

The company reached potential clients through a press release.

"This might be the most boring Black Friday special of all time, but we have some amazing mortgage rates, and the extra cash back could be used to reduce the mortgage size, or pay for some new furniture or renovations", Elan said in the release. "In contrast to the typical 'shop-til-you-drop' mentality of Black Friday, getting a deal on a mortgage is a financially responsible way for Canadians to participate in Black Friday deals.

“Like any door crasher, these deals could disappear at any time (eg. if lenders increase rates), so we encourage people to contact us as soon as possible about their Black Friday (Low Rate / Cashback) offer."
  • BJ on 2015-12-01 10:52:53 AM

    You CAN get these rates everyday, just go to RATESPY.

  • MP on 2015-12-01 11:00:23 AM

    Talk about a great way to devalue the services of a mortgage broker and buy into this crazy black Friday garbage. What's next? Boxing Day 1/2 price mortgages?

  • Cory on 2015-12-01 1:04:11 PM

    Love it. Buy down a rate, earn a client that way, add them to a data base, renew them 2-3 times in the future, get a couple referrals from them. Could be 20-30K worth of business just by trying something new. No devaluation at all, just an opportunity to prove your value.

  • BJ on 2015-12-02 6:11:35 PM

    I disagree Cory - if you are buying down a mortgage and make virtually zero money, how is that proving your "value". Buying down the rate IS your value. The client (and their referrals) are going to expect it on every deal. "Could" be worth 20-30K but I doubt it - you've already set the precedence that buying down rates IS your value. At $0 per deal you're gonna have to do a lot to make that $20K-$30K.
     

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

 

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