1,076,551
You say "Rocket Mortgage is awesome technology, unfortunately to use it you have to work with the industries worst lender!"
For Z, simply pull up one of the many listings with faulty data. Or a "foreclosure home", and explain that it's not REALLY a foreclosed home, yet, but a home where people are struggling to make payments and a few months behind but trying to get caught up - then ask "how would you feel if that was your mother living there and Zillow presented this "opportunity" to the public?"
If people knew how disgustingly bad Zillow was, they'd go away overnight. Unfortunately, they've got a nice marketing budget for PR.
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Kris Collis, Associate...
East Stroudsburg, PA
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Steffy Hristova
Tempe, AZ
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Olga Simoncelli
New Fairfield, CT
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Elizabeth Weintraub Sa...
Sacramento, CA
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Gene Mundt, IL/WI Mort...
New Lenox, IL
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Nina Hollander, Broker
Charlotte, NC
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Sandy Padula & Norm Pa...
, CA
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Andrew Mooers | 207.53...
Houlton, ME
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Curtis Evans
Golden Meadow, LA
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Carla Muss-Jacobs, RET...
Portland, OR
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Kathleen Daniels, Prob...
San Jose, CA
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Candice A. Donofrio
Fort Mohave, AZ
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Amanda Christiansen
Fort Wayne, IN
921,504
My advise, before you take action that INVALIDATES your client, is to ask a few intelligent, probing questions.
1. Why do your clients LIKE these services?
2. What are their biggest challenges in using these services?
3. What will be the 'COST' to the client if things go wrong? I've closed several deals through on-line lenders and the were awesome, without a hitch.
From your clients perspective you can build the problem and your solution. "Stinks" is not building a problem or solution.
This is a SERIOUS exercise in addressing an issue that will not go away by identifying Z-devil. It time for agents to do some serious market research of their own (stop listening to what vendors are selling) and creating your own solutions.
Focus on what frustrates the consumer most. It is NOT what you think.
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Amanda Christiansen
Fort Wayne, IN
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Gene Mundt, IL/WI Mort...
New Lenox, IL
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Ken Brandon
Jacksonville, NC
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Nina Hollander, Broker
Charlotte, NC
989,652
I actually just worked with quicken loans on a loand and the person I worked with did a very good job
As for zillow - I remind them how many times they asked me about a property that was no longer on the market
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Amanda Christiansen
Fort Wayne, IN
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Fred Griffin Florida R...
Tallahassee, FL
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Nina Hollander, Broker
Charlotte, NC
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Jessie Cochran
Panama City, FL
3,340,443
We tell people that not all lenders are created equally...you want one with a reputation not only for competitive rates but the ability to close and in a timely manner..
Soooo many errors on Zillow...give them the link to your own search..point out homes off the market showing as acive on Zillow...they won't rather fight than switch !
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Amanda Christiansen
Fort Wayne, IN
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Gene Mundt, IL/WI Mort...
New Lenox, IL
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Michael Setunsky
Woodbridge, VA
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Nina Hollander, Broker
Charlotte, NC
6,392,929
Show the examples of all the people you know who have lost out on a home when teh money was slow.
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Amanda Christiansen
Fort Wayne, IN
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Bob Crane
Stevens Point, WI
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Nina Hollander, Broker
Charlotte, NC
1,562,386
Rocket Mortgage TV ads hit our market a little while ago. I didn't know they were from Quicken Loans. That company is awful, IMHO. Most out-of-state lenders, that do boiler room loans are very bad. I have enough problems with the local lenders not knowing what our contracts have in them, that there is NO WAY these boiler plate outfits know. I need to write a post about that. You've inspired me!
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Fred Griffin Florida R...
Tallahassee, FL
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Lyn Sims
Schaumburg, IL
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Nina Hollander, Broker
Charlotte, NC
474,392
You wantt to have a local lender so that you may go and wring their neck if they need it.
Zillow will show houses as for sale after they have sold.
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Amanda Christiansen
Fort Wayne, IN
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Nina Hollander, Broker
Charlotte, NC
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Melissa Jackson REALTOR
Azle, TX
2,781,123
I would say it just like you do...give or take
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Amanda Christiansen
Fort Wayne, IN
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Richie Alan Naggar
Riverside, CA
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Nina Hollander, Broker
Charlotte, NC
1,291,481
It's a fact: In today's Mortgage Process, there are so many more details to be seen to to successfully get a client's loan to the Closing table than even a year ago.
It's not been my experience that LOs working for Quicken/other online lenders have extensive (successful) experience ... know the local markets ... or are accessible to their clients and professional partners during the ever-increasing extended hours now demanded in lending.
If none of those things matter to you as a Borrower ... and you're confident that you can and have the time to self-educate, tackle, and then possibly handle all elements of the loan process in detail personally ... then Quicken might be for you.
As an LO, I see Zillow as an unreliable tool or maybe even a toy. Fun perhaps, but little real value. When it comes time to seek a professional to represent you (LO or agent), there are more reliable actions and sites to utilize.
Gene
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Amanda Christiansen
Fort Wayne, IN
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Virtual Realty Consult...
Wellesley, MA
3,344,906
Please tell your friend the truth. Both are greedy that don’t give a rat’s bottom about people. There is no service … therefore you get none cuz you be just a number to them. Flush them (not your clients) both down the toilet and move forward.
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Amanda Christiansen
Fort Wayne, IN
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Gene Mundt, IL/WI Mort...
New Lenox, IL
440,556
I suggest the buyer check with another lender and see if the fees are better. I also explain they usually aren't dealing with one lender but a call center of people answering the phones, asking some basic questions, but probably not able to know when to dig deeper or ask for clarification. They will get passed to other departments through out the process, never seeing anyone face to face. THEN, if there is an issue with the loan, docs, etc. we have to try to reach someone to help. I recently had a seller whose buyer used Quicken loans and they do have an office locally. Unfortunately they ordered 2 appraisals on an FHA loan. I called the buyer's agent to see if she was aware of this, she wasn't and Quicken said they made a mistake. Really? If I hadn't questioned this they would have done 2 appraisals! They wanted to do the appraisal before the buyer completed her inspection, (5 days into the contract) I believe there is some sort of affiliated business relationship with the appraisal company. Always refer a buyer to an experienced lender YOU know and deal with on a regular basis!
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Amanda Christiansen
Fort Wayne, IN
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Gene Mundt, IL/WI Mort...
New Lenox, IL
162,739
My Goodness, for the super skilled millenial, who likes to talk to no-one, has excellent credit, has plenty of assets & been at their job for years, has OCD w/everything in order(taxes,bank statements, etc) & is a tech maverick...Rocket Mortgage is probably the perfect option...BUT if you are not ALL of the above...then you need to get your mortgage the old, conventional, safe way... And as far as ZILLOW goes...I had 1 buyer say she was exhausted from scouring zillow all day finding & searching for possible homes...so I said...WOW, you don't need to do that, I would be tired too..what I send you in my auto search..IS ALL THERE IS...I SWEAR :)
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Amanda Christiansen
Fort Wayne, IN
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Gene Mundt, IL/WI Mort...
New Lenox, IL
1,725,996
John Meussner is spot on with his answer.
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Amanda Christiansen
Fort Wayne, IN
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Nina Hollander, Broker
Charlotte, NC
1,027,006
You can give your professional opinion to them but ultimately if the buyers decide to work with them just stay on top of things.
Hopefully, if they had an unpleasant experience they will spread the words to other friends/family in the area. If not you have learned sometimes everything you read on the internet is not true.
In regards to Z, you can direct them to your IDX site and tell them this one has a real/current updated information rather than a hotchpotch of data.
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Amanda Christiansen
Fort Wayne, IN
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Nina Hollander, Broker
Charlotte, NC
4,319,419
Amanda and Jared Christiansen for Zillow - just show them the homes that are NOT on market but still on Zillow!
For Quicken Loan - let them feel the pain! (I had one such client who did not listen and closing was delayed by a month - at least they did not loose the deposit.)
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Amanda Christiansen
Fort Wayne, IN
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Nina Hollander, Broker
Charlotte, NC
2,817,671
garbage in, garbage out
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Sybil Campbell
Fernandina Beach, FL
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Amanda Christiansen
Fort Wayne, IN
1,052,176
1. "I don't know anyone who has actually had a smooth transaction using them, but maybe you'll be the first."
2. My Gawd, you're using ZEEE-LOWWWW? Bahahahahah! You do know that they're USUALLY WRONG, don't you?
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Nina Hollander, Broker
Charlotte, NC
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Amanda Christiansen
Fort Wayne, IN
2,684,009
I just watched the YouTube Video on Rocket Mortgage. Give me a break!
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Nina Hollander, Broker
Charlotte, NC
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Amanda Christiansen
Fort Wayne, IN
1,209,215
When I have a buyer with Quicken or some other national lender, I simply explain that I've had terrible luck with them and that they will only be a number. I ask if they would be open to talking with one of my preferred lenders that I've had a TON of happy clients with. They usually listen.
As far as Zillow goes I just tell my buyers that site is inaccurate and deceiving in hopes of gaining your information and selling it to those agents that pay them money for leads.
It's rare that I pull punches. :)
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Gene Mundt, IL/WI Mort...
New Lenox, IL
94,105
Here's what's really funny. I've gone to many Active Rain member web sites and pulled up numerous "featured listings". Guess what? Many of them have long been sold. Several I pulled up were sold over 3 years ago, but yet the realtors continue to advertise them as available. I guess they figure if Zillow can do it, why can't they.
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Nina Hollander, Broker
Charlotte, NC
225,526
On Quicken, just have them check the rates and compare. They are not even in the ball park.
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Nina Hollander, Broker
Charlotte, NC
1,318,269
Glad you asked these questions. This is a most informative post and I will share this information with my clients.
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Nina Hollander, Broker
Charlotte, NC
1,683,912
We've got Zillow down. They get the mesaage when you tell them the home was sold 3 years ago and they never take the listings off their site when it's sold. As far as Rocket Mortgage, they will figure it out soon enough.
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Nina Hollander, Broker
Charlotte, NC
3,988,007
The Zillow part is really easy, Real Estate is local and Zillow has never put a buyer in a car and showed property. Now as for Rocket Mortgage, I have no experience but generally don't like any online lender. Hope this helps your friend.
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Nina Hollander, Broker
Charlotte, NC
1,090,637
Google both and showthem the results?
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Amanda Christiansen
Fort Wayne, IN
5,868,372
I recently had a buyer say they applied with Quicken. Had to tell them they need a lender that can get the transaction to the closing table, and truly have heard of deals that terminated because they could not.
554,600
For Z, that's an easy one. Typically the buyer will ask you to show you a house they found on Z and it's pending or sold. They should get the picture that Z isn't a reliable source for the most current information. For QL, tell them about a past client experience. You wouldn't want them to endure the pain and suffering as your last clients. If they still don't get it, have them call your past clients!
1,574,666
Its pretty simple...part of life is making bad choices. Part of life is also receiving good advice and avoiding bad choices....so here it goes..."-----!"
2,194,668
For a friend, you guys crack me up!!! I tell buyers if they are presenting an offer in our HOT market with a preapproval from an internet lender vs a preapproval from a local, well-known, reputable mortgage broker, the listing agent is likely to advise her client to take the offer with the local lender. So they are hurting themselves by doing it.
I don't trash the internet lenders but I know when push comes to shove who will perform, and it's typically our locally recommended people.
As for Z, it's just a website, can't control it or turn it into a real estate information place like my own website, which is where I send buyers.
901,187
I haven't read the thread yet. I will say I had two contracts on different listings where the buyers used Quicken Rocket Mortgage. The experience was fine. I was a little concerned based on past experience. The jury is still out for Rocket Mortgage. If they are consistently good, then I can't complain. As for Zillow, it seems to be a little easier in this area. Many clients tell me that it is incorrect. I believe our area is dificult for any automated valuation.
432,872
Part of our responsibility of being professional REALTORS is to conduct ourselves within the guidelines of our Code of Ethics and not to disparage other REALTORS or mislead the public with our advertisements and to act within the scope of our knowledge and practice. You may not like a competitor or its products. But that does not give you a right to disparage them, especially if you are only acting on hearsay gossip and nothing factual. Unless these enterprises are harming the consumer in an unlawful fashion, it is you that is in the wrong - not them.
3,383,334
You let them know that you have friends in the business who have gotten courtesy calls from Rocket Mortgage about upcoming deals they are funding and said that they would "try" to make settlement, but can't guarantee it.
Zillow should prove itself worthless after a bit of back and forth between reliable info and what Zillow lets them think is available.
1,502,888
Rocket, no experience with but I like John's answer there.
Z - I explain that most MLSs, including ours, do not supply them any data so they are very inaccurate and are under several lawsuits for a variety of business practices.
21,291
Okay, I have worked with Quicken Loans from the time it was "Rock Bottom Mortgage" to its current incarnation as "Rocket Mortgage" (they love the "rock" in their name), and there is a place in the market for them or they would not be so successful. I think you begin any dialog intended to dissuade a client from using a service by first agreeing with the idea of the service, and then slowly pointing out its limitations while redirecting the "attributes" to other uses.
For example, Quicken Mortgage, "Hey I love those guys too, they are really able to get low interest rates and low fees for client because they have SO MANY mortgages they do--something to be said about quantity discounts, right? The only thing I noticed in my last few deals is that they are SO BUSY that my clients couldn't close on time, had a lot of problems with their lock and ended up almost losing the house due to delays. So you might want to think about using a local mortgage co to buy, and then immediately refi with Quicken when time is not a factor."
Do the same thing with Zillow and you will not alienate your clients--you'll educate them.
69,794
Have them visit with any title and escrow closing officer in any town and ask them how many Quicken or Rocket Mortgage loans close on time. I'm sure after all the laughing or sighs of disgust they will get the picture. As for Zillow, all the proof is on their website.
427,147
For Zillow, I had a client send me a listing of a property they wanted to see. I looked it up and it had sold in September of 2011, over 4 years later is was still listed as active on Zillow/Trulia. That was the selling point I had to get my buyers to convert away from Z/T,
56,940
I always say "Zillow is a great tool...BUT not everything is updated so please do not get disappointed if it is expired/sold/ etc.." I then also explain they can use my website to search and that search is up to date (streams from IDX)
519,324
I offer them my website which is always up to date and my lender which will meet with them in person and provide competitive rates and outstanding customer service. Everytime a buyer has used Quicken Loans on one of my transactions, we've run into issues and failed to close on time.
457,896
After reading the responses, I was surprised to see Quicken was not a good experience for them. I have only worked with 1 buyer using Quicken but it was one of the easiest process and closing I have had. Hummmm. I must have had that odd ball one.
Now for Zillow....AAUUGGHH Horrible!
428,933
When I first meet with a buyer, usually they come prepared with a list of properties from "Z". Patiently, I enter each property into the mls and sure enough, 99 percent are not available. I used to just keep repeating myself and now I find that if I take the time in the beginning, it pays off.
As for lenders, if ACME was the only lender that they applied to, I encourage shopping around for a few days. Usually, they realize that a local person with a local office is much easier to do business with.
4,571,917
I've only had one transaction with Quicken and I was more than apprehensive and I told my buyers that they would need to double app with a local lender in order to be competitive in a multiple offer situation. Their offer was accepted and the loan closed with no issues and regular communication. I am still apprehensive about Quicken.
The problem with the Zillow search is pretty easy to explain with a quick demonstration of what is shown versus what is actually available for sale.
1,466,207
Amanda and Jared Christiansen I'm not familiar with Rocket Mortgage, but comparing the APR might settle the question. Zillow's inaccuracies will tell the story.
4,434,127
3,071,489
1,844,171
With RM, they just prequal based on the numbers you pop in their calculator online. It is hardly 'real life' & all the docs, situation, needs to be presented to a real person to decide. I think what buyers are trying to tell the mort industry here is it's taking too long. Will they pay attention? I doubt it.
I'm tired of talking about Z. Tell them WE provide the listings to Z not the other way around.
5,216,347
Who do you turn to when there is a glitch in the process? Do you want to take that chance?
7,835,323
5,104,931
For me it's easy.... our mls has no contract with Zillow. Thus they only show at best 35% of the homes available for sale. That gets one's attention in a tight inventory market.
It's been so long since one of my buyers wanted to use a Quicken type of lender, I don't even have objections ready.
3,416,038
You can talk to anyone who has closed a purchase loan with them. Well that is no one i know, so i would go back to the old standby work with a local and trusted loan officer for a better experience.
2,362,595
2,240,975
You start by saying from experience I have found ...You don't hate anyone, you just want to get to the real estate closing, to have results that everyone wants. And this is how and why you feel that way.
1,157,785
10,185
I haven't had any experience with Rocket Mortgage and can't comment on that. However, about Zillow, the best strategy that I have used which seems to be the most effective way is showing the clients Zestimate values for both rental and sale. I choose few properties with and compare their Zestimates with actual comps from the area. This always works. I always get their jaws drop. I am yet to come across a property on Zillow which has a Zestimate similar to the actual comps. They don't even come close.
And of course, just like everyone else is saying here, they always seem to have properties listed as active but they really aren't.
1,525,616
I tell them it is important ot deal with someone local who knows the local market and can be there to answer questions which online companies don't do very well.
533,993
hmm, neither of those is an issue for me in my market, havent heard of them really.
1,239,801
I only take people who are qualified locally with a name mortgage. Those loan agents who are not reputable I pass. I only work with MLSLISTINGs
system.
321,564
I'm not familiar with Quicken Loans. I talk with my clients and let them know NOT to use "Z" Suggest they use my link for searches.
2,182,502