Betchya Eliot never asked about "rate & fee."
When he went public yesterday about being snagged in an FBI wiretap, sending text messages to a New York escort service...ordering up a prostitute for a rendezvous in D.C., it became known that the most expensive prostitutes from that service cost $5,500.00 an hour.
$5,500.00 an hour? Isn't THAT "predatory?"
Remember, as recently as February 14th (Valentine's Day), Spitzer wrote in the anti-bidness Washington Post, that President Bush was to blame for our country's mortgage market difficulties.
Well, as for the $5,500.00, as I always say, value is in the eye of the customer, not a matter for the "consumer advocate" to determine.
How ironic.
Anywho, this leads us to the issue of premium pricing, price sensitivity, profit margins, & selling power...
Getting 5 points on a refinance is done very much the same way that that escort service was able to get premium price itself.
Hey, hate the bidness of escorts if you like. Make your moral judgments if you wish. But don't miss the lessons that can be learned from that illegal bidness, and applied to our legal bidness:
1. Proper mortgage marketing is necessary to establish the idea that premium price is warranted, justified.
2. High priced services are SOLD with EMOTION, NOT with LOGIC. I'm talking about mortgages here...get your mind out of the gutter, Bubba.
3. No doubt, at some point, "phraseology" comes into it, and you've got to be on your game, using the right words, at the right time, to keep the sale progressing. Again, a reminder, I'm applying this to your mortgage bidness. You're sick.
I challenge you to re-examine the way you attract bidness, how you attempt to sell your services, and the words you use when making a sale.
If you do it "wrong," you find yourself sending "me too" mortgage marketing out...trying to sell using LOGIC (which does NOT work)...and you then fumble the whole thing up further, using "mortgage words" like "refinance," "application"...
Ick! It makes my skin crawl!
Sincerely, your friend,
The Mortgage Marketing Genius(R)
P.S.: You can call Elliot Spitzer right now, at the Governor's office, and tell him what you think: 212-681-4580 .
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