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Mortgage Brokers Edmonton
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Mortgage Brokers Edmonton

 

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Mortgage Brokers Edmonton

 

Edmonton Mortgage BrokersOur mortgage brokers will work hard to help you get the right mortgage.
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From Our Blog…

How to Find the Best Mortgage Broker

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Simply looking up any broker’s name will not be satisfactory, because they will be the one to help you through a very important investment in your life. Never settle for the first person who may come along, but keep an eye out for the best mortgage broker to help you make the right decision and have you feeling totally confident in your future plans.

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Before choosing your broker, take a few simple steps to ensure you have the right person for your needs.

Ask Around

One of the best ways to find help in any field is to simply ask around. Listen to trusted sources, friends and family members who might have worked with someone in the past or may know of someone who has a good reputation in the field.

One mistake that many people make is to assume none of their contacts would know of a good mortgage broker, but of course you will never know unless you ask. It may surprise you how quickly people are willing to help you find the best person for your needs.

Research

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Check out the recommended brokers from your trusted sources and find out what kind of qualifications they have, along with their client history to see if they would work best with what you’re looking for. By doing the research yourself, you will get a better idea of what’s available and what the common expectations are from brokers and new clients.

Stay Organized

Being organized is not just a good way to stay on track with finding the best mortgage broker but it will also show potential brokers that you know what you want and expect a particular level of service to get it.

Write down what you’re looking for and what you expect from a mortgage broker and the steps they should take to help you reach your goal.

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Ask Questions

Call up the broker to tell them what you are looking for and ask them how they can help you with your needs. If they are open and willing to give you advice and would like to speak in person, take them up on the offer to get a better idea of what they’re about and how they work with clients.

Always remember to take your time to do the proper research and list all of your needs and concerns from the very beginning. It will save you the headache and insecurity of scrambling for information and dealing with a less than ideal broker for a big future investment.

Mortgage Brokers vs Mortgage Bankers

The differences between mortgage lending and mortgage brokerage activities are not well understood by the borrowing public, by consumer advocates, or by policy-makers and regulators. Confusion about the specific functions and responsibilities of mortgage lenders and mortgage brokers has even led some legislators to propose a “one size fits all” approach to regulating the residential mortgage industry.

A mortgage broker is legally defined as “a person (not an employee or exclusive agent of a lender) who brings a borrower and lender together.” A mortgage broker commonly assembles and completes mortgage applications and may negotiate borrowing terms with a number of lending institutions. Borrowers tend to believe that a mortgage broker negotiates these terms on their behalf, though that may not necessarily be true. When working with mortgage brokers, consumers tend to stop shopping among mortgage brokers and mortgage bankers.

By comparison, it is well understood that a mortgage banker is essentially a vendor looking to sell a mortgage at a price that is both competitive and profitable. Consumers compare mortgage bankers’ prices among both mortgage bankers and mortgage brokers.

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Where a mortgage broker harms a borrower and/or a mortgage banker, the mortgage broker is rarely sufficiently capitalized to provide relief to the borrower or the mortgage banker to recover losses. A mortgage banker, on the other hand, underwrites an applicant and provides its own funds. The mortgage banker assumes the credit, compliance, and fraud risk associated with a loan.

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To Find a Good Mortgage Broker, Here Are 4 Effective Steps

If you are looking for a good mortgage broker, talk to people who have purchased a home in the last six months, look for local mortgage brokers, and both contact and set up appointments with several mortgage brokers to observe and compare them.

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You must seek advice from your friends and family members who might have bought a home for them in the recent past

If you have family members and close friends who have recently purchased a home, do not hesitate to ask about the mortgage broker who may have done a great job for them. Inquire about their experience from the beginning of the application process, through the loan approval, and also about their experience after the loan was granted. By doing this, you will avoid wasting your time on brokers whom you cannot really trust. Furthermore, if brokers find out that they are being recommended by your friends or relatives, they will likely be inclined to provide you with great service.

Identify more mortgage brokers in your area

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You can add more prospective mortgage brokers by looking in your local directory if you can gather one or two recommendations. You can either search for independent brokers or brokerage companies. Searching the Internet is another way to gather information. When performing your online query be sure to include your area so that the results will be more appropriate. To give an example, Western Australians may type in “mortgage broker wa.” There are some brokers online who will ask for fees to help you in your effort in finding the right mortgage broker for you needs.

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Get in touch with loan advisors and brokers, for getting more details and comparison

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You can now narrow down your list of mortgage brokers to two or three by contacting them, comparing rates, and asking similar questions to each of them. You should discuss topics including interest rates based on preferred terms of payment, types of home loans, applicable fees, access to a number of lenders who offer good rates and various types of loans, assistance on processing of documents, the time it takes to close the deal, and other issues regarding the broker’s years in the business, loans closed, and more. You might even consider asking for details on some of their former clients so that you can make contact with them in order to ask about their experience with the broker.

Create appointments with more preferred mortgage brokers and then proceed to observe them

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Make sure to ask anything that concerns you

You don’t need to regret and carry forward for years the burden of heavy loan, as you have the right to speak about the loan product offered to you.

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Second Mortgages to Fund Your Business

Many aspiring business owners overlook this convenient source of money: second mortgages. A second mortgage is a very affordable way to fund a business venture. Taking out a second mortgage, or home equity loan, is one of the simplest and fastest ways to borrow money for any person who wants to start or expand a business. If you have accumulated a considerable amount of equity in your home, this kind of loan could be the answer you need for providing that much-needed operating capital to your new or established company.

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Typically, it is difficult to secure a business loan. Business loans are usually probed very closely. Lenders of business loans tend to scrutinize the nature of the business, your creditworthiness, and your experience in the industry of your business. If you have damaged credit or don’t have much experience or a well-developed business plan, your chances of obtaining a business loan are slim. Many people have been denied a business loan for one or more of those reasons. Some lenders are wary of funding certain types of business ventures, such as an entertainment or music business. Lenders of business loans tend to want to finance ventures that they feel are sure profit turners. If you are unable to provide proof that your business will be highly profitable and it is not in one of the undesirable industries, then your business loan application stands a high chance of being denied. Securing a second mortgage will eliminate this because this loan is secured by your home, not by the business or its assets.

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This method can also help your company establish its own credit by reporting the payments that the business makes to the credit bureau. Your business will then be in a better position to borrow money and open accounts in its own name rather than using your name and credit, if your business has been incorporated. Before making the decision to use a second mortgage to finance your business, you should be well acquainted with the consequences if you default on this loan because the business has failed. If you do default on the loan, you run the risk of losing your home to foreclosure, so be sure you have researched all funding possibilities.

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How to Get the Best Canadian Mortgage Rates

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In the recent past there has been a lot of fluctuation in interest rates for mortgages. Getting the best mortgage rates need not be that much of a hustle and you can still get very good rates if you go about it the right way. It does not require you to be a member of an exclusive club or know the owner of the bank. Everyone is able to get the best Canadian mortgage rate by using the services of a broker.

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When seeking out a mortgage for that new home or property and you want the best interest rates available there are important factors you should consider. Perhaps the most imperative

Is that you should always deal with qualified professionals when seeking out a mortgage. These professionals know their way around the industry and will guide you through the entire process. Once you settle on a good broker, you should be loyal and desist from bringing in any else. This will ensure that the mortgage shopping process goes fast and smooth. Using the services of more than one broker will overwhelm you and waste precious time by the broker.
Knowing you are committed to them means the broker will try their best for you.

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Prepare and hand over all the documents requested by your broker. In order to get the best mortgage rates, you have to provide all the information required by the lender in time. Your broker will be looking for the best deal for you but to capture the deal decisions may be needed quickly. But once decided it will help to be prepared with the proper documents to ensure a successful conclusion. Do your own research in order to figure out the rates available in the market. This will give you an edge when dealing with the broker. You will be able to tell whether the deal they get you truly matches the best mortgage rates.

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One of the most important things when shopping for a mortgage is your credit rating. This will determine the kinds of rates you will receive. Ensure that you know it so that you can bargain for better interest rates. When shopping around for the best Canadian mortgage rates you should not concentrate your efforts on the so-called “big players “in the mortgage industry. You may be surprised to get the best rates from those unknown lenders. It is important not to shun any of them as they may turn out to be your best bet.

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The beauty of working with brokers is that they know the industry in and out. They work in your favor and seek out the best rates you can get. They also save you the hustle of running around from bank to bank trying to figure out who has the best product. The mortgage industry usually has terminologies that you may not grasp that may have a huge impact on the cost of the mortgage. Every financial institution will tell you that they have the best rates in the industry. Seeking advice from them is suicidal as they are just salesmen at the end of the day. They will try to convince you to buy their product. Since brokers are not tied to any financial institution, they will give you an objective view of the different rates and how you can get the best Canadian mortgage rates. Brokers usually offer their services at very affordable prices. But whatever the cost, the results are bound to be cost effective.

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Refinancing In A Recovering Economy

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Let’s say that your job is pretty secure, the interest rates are more than a full percentage point below what you have now, and you are planning to stay in your home for a while. If this sounds like your current situation, then it may be the perfect time for you to refinance. Jackpot!

Some people make the mistake of refinancing when their job is at stake, or when they are trying to reconsolidate all of their debt. During uncertain economic times, people run out and try to find cash in order to pay off things they need now, with no real outlook on how they’re going to pay back the money they borrowed. That could be a disaster waiting to happen and could turn uncertain financial times into disastrous financial times. And, if you refinance to an adjustable rate mortgage and someone loses their job—well that can be a very bad scenario too.

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But, if you’re just looking for some peace of mind, and you already have a stable credit history and a career that you know will be with you for a long time to come, refinancing could be just the thing. As mentioned, interest rates are at an all-time low, and predicted to stay that way for two or more years. By refinancing your short-term loan into one with a longer term, you’ll be able to save a little money each month now, and still rest easy in the knowledge that your job and your income will still be there for you to pay for it tomorrow. And while you’re at it, why not take that money you’re saving by refinancing your home and invest in your retirement by putting it into your RRSPs?

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Also, remember a bank can be like your friend. The one you have known the longest may be the one that will give you the best advice. Banks like having relationships with borrowers. So, if you have a long standing relationship with your credit union or bank down the street from your job, go in there one day and chat with one of the bankers. They can be very helpful and informative.

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45But, and this is a BIG but, you must read the terms of your mortgage. And, remember to think about health concerns for you (and your partner if you are doing the refinance with another person), if your property values are stable and, overall, the security of your job and your partners job (if you are doing the refinance with another person). If you’re not sure about the current value of your home, speak to a real estate agent or the bank loan officer when you speak to them. It’s one of the many valuable pieces of advice they’ll be able to give you while you go through the refinancing process!

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Home Builders’ Advantage: 7 Surefire Strategies To Make Homebuilding A Snap!

When I work with people preparing to build a home, I often ask them if they’re committed to having a great home building experience. The doubtful stares tell me they have no clue how to ensure that their home building experience is a good one!

Horror stories of lost money, poor quality, divorce, and projects that weren’t completed are often passed one to another. And they keep many people from building the home of their dreams. What about you?

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Over the years, I’ve developed seven surefire strategies that have been exceptionally useful for my clients and make building a home a snap!

STRATEGY #1: HOME BUILDING RESEARCH, STUDY, LEARN

Nothing replaces knowledge when you attempt to build or remodel. You need to learn things about building materials, home design, contractors, home values, financing, and building sites to name the most important ones.

Books, internet sites, magazines, and articles are just a few of your resources. The more you learn, the better choices you’ll make, the better home you’ll build, and the better your experience will be.

8hjSTRATEGY #2: AS A HOME OWNER BUILDER, DECIDE WHAT YOU REALLY WANT
Take what you’re learning and combine that with what you want in a home and list your priorities. If you’re building or remodeling with a spouse or partner, this becomes even more crucial.

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Have a mutual understanding of what you both want and merge your goals together into one. Do it before you pick a home plan or involve an architect. Starting with the end in mind has the tremendous advantage of having a clear goal that doesn’t keep changing on you. A moving target is hard to hit!

STRATEGY #3: CHOOSE A GOOD PARCEL OF LAND TO BUY

Where you want to live is quite personal. Real estate agents can give you some help but even there, most of them will want to give you some areas to look at and then suggest you drive around and decide what areas suit you. Consider the following:
– Make sure there is an available power source nearby
– Determine the value of the land and homes in the area
– Evaluate the parcel for a suitable building site
– Be sure you’re happy with its proximity to entertainment and services

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STRATEGY #4: GET CLEAR ON YOUR HOME BUILDING BUDGET

If you’re working within a budget, you need to know what that budget is! The guiding principle is to figure what you want your monthly payment to be. Then, you can easily find out what amount of mortgage that will get you.
When you’re building, there are more variables in costs than when you’re buying an existing home. So, allow for some wiggle room. In other words, don’t set your building budget to the max. This will allow you to enjoy your experience far more.

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STRATEGY #5: SELECT OR DESIGN YOUR OWN HOUSE PLAN

Now is the time to hone in on everything you want in the home and its design. Having great clarity here is vital but not always easy. I recommend that you look at a lot of existing homes as well as a lot of plans. I suggest you look at model homes which will help you visualize what certain house plans actually look like.
The right home plan also means it’s one that can be built within budget. If you have prioritized the list of things you want it becomes far easier to make decisions on what stays and what has to go to fit that budget.

STRATEGY #6: WORK WITH GOOD HELP – FIND THE RIGHT BUILDERS

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Everyone at times needs good help. When we need a doctor, or a lawyer, or an accountant, we get one. Building a home is no exception. Get good help!
The most important professionals to consider using include the following:
– Architects, designers, drafters and engineers
– Bank officers, Mortgage Brokers, and other lenders
– General Contractors, developers, and subcontractors
– Real estate agents, real estate lawyers

STRATEGY #7: MANAGE YOUR EXPECTATIONS

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Understand that because of the complexity of the project and the number of people that will be involved, you will likely experience some challenges. This final principle is often the determining factor in whether or not your experience is a struggle or a pleasant experience that you’ll treasure. No one can control every aspect at all times.
The number one key to managing your expectations is to take the position that your professionals are there to minimize mistakes and problems, but more importantly, they should be there to communicate them to you and to solve them when they arise. If your expectations are reasonable, you’ll be far more likely to enjoy the process. And, of course, you *are* committed to having a great home building experience, aren’t you?

Marketing Tools for Realtors That Can Triple Your Closings and Client Referrals

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When you hear the term “referral letter marketing”, as a Realtor, what instantly comes to mind? I’ll bet you $100 you’re guessing that I’m talking about testimonials and recommendations from former clients.

757fgThat can also be an outstanding marketing idea for Realtors. Although, what I’m getting at is collecting a stream of customer referrals from other professionals such as mortgage brokers, landscapers, attorneys and contractors. And the only thing you’ll need to do is write a nice little letter, written by the greatest real estate agent (you!).

This is how I’d sum up referral letter marketing for real estate agents: Grab a list of well-thought-of professionals in your region that may have the same type of clients you do. Then you simply write down a personal letter that genuinely shows off who you are and send it to this list in the regular mail (no email).
Be sure you get unique and use an envelope that stands out from every other white, stock envelope in the mail. Follow up with each professional by telephone, if doable, and continue to mail/contact them once per month.

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A lot of Savvy Realtors and agents apply this single marketing technique to fuel their real estate businesses for their entire careers!
First off, how about we form a list of professionals who are most likely to have real estate buyers and/or sellers for you…
- Certified Public Accountants
- Mortgage Brokers (unsurprisingly)
- Financial Advisors
- Attorneys
- General Contractors
- Appraisers (residential or commercial)
- Title and Escrow Officers
- Electrician Contractors
- Residential Plumbers
- Landscapers
- Roofing Contractors
- Tree Trimming Professionals
- Residential Handymen
- That should get you started…

So how do you generate this full list of specific professionals to market to? Terrific question. You’ve got a couple of options but they depend on your marketing budget.
Probing through the yellow pages, on-line, is a cheap choice. I’m positive you already have a certain area you work in, as a Realtor, so it’ll be best to stick to that. The manual labor is the time consuming aspect about this choice.
You need to compile each professional’s phone number, name and mailing address. This direction can take a long time but if your marketing budget is tight, this is the free of charge way to go.

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Another alternative for building this marketing list of professionals is to easily pay money for a list. Exactly like you’re probably on a Realtor list for sale to the public, almost every other profession has their own list for sale also.

This isn’t some kind of “black market” or illegal list, don’t be concerned. If professionals, such as us Realtors and agents, sign up for random publications and associations, these lists are compiled and made available for sale to anyone.
Well, now you comprehend where all that junk mail and spam comes from.

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Now, there are a few list companies out there to pick from, who will sell you these lists. Whichever list company you choose, ideally, they should provide you with each profession you’ll need for your list, rather than going to a separate company for each profession. If you need to salvage a pant load of trouble and time, use up a few bucks on buying your list.

5t6dfgSo once you have this marketing list of professionals (however you choose to obtain it), it’s time to write your highly personalized “referral letter”. I don’t have space here to instruct you about copywriting, regrettably. Copywriting and writing sales copy are topics totally on their own.
All you need to comprehend right now is that this letter can’t be “salesy” like a letter you’d send to your farm list of homeowners.
Even though you could copy some or most of your referral marketing letter and send it to other professionals on your list, whenever these professionals get your letter, they ought to feel like they’re the only one who received it.

Ponder about how you’d speak to these professionals face-to-face and create your letter in that way, that’s the big idea here. Don’t make use of the same bland language that your bank does when they send you a dull letter in the mail. Talk to them like a real individual and capture their interest.
Also, since we’re on the topic, this kind of “personalized” marketing goes for all your emails, newspapers ads, postcards and every additional marketing element of yours.
The “meat and potatoes” of the letter needs to describe that you desire to create a professional relationship with them where you can refer business to one another. The end result you’re looking for is to be their favorite Realtor for all their clients who want real estate services. Stress how they’ll gain without trying to “sell” them on it, you know?

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One line of attack to personalize your letter is to drop in something you know about their company, if you happen to know an interesting tid bit. If you know of a client who’s worked with them, drop that in there too. There’s no way you can truly screw up this “personal” touch unless you start talking trash about their momma, but you won’t do that, right?

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My suggestion would be to certainly compose this referral marketing letter in your own words. However, if there’s no chance you’ll even think about writing your own referral letter, then go ahead and rent a independent copywriter to take care of it for you.

To find a number of self-employed writers, you can Google “self-employed writers for hire” and check out some of your options there for companies to utilize. On some of them you can sift through free-lance writers from all throughout the country and world. You can see reviews on most of the writers, find their hourly rates, forward them “interview” questions, etc. In a few cases, posting a project you want written and letting freelance writers apply, is allowed. It’s actually pretty convenient.
Now that you have your referral marketing letter completed and your list of professionals to mail it to, let’s have them mailed out. Only whatever you do, please do not send your letter in a regular white envelope like we see everyday of our lives… Please.

Look for a mailing box or another envelope that will stick out amongst all the mail these professionals will be sorting through. What you’re trying to do is have their eyes go to your envelope or package first and open it before every other piece of mail they receive that day. Also, a good way to personalize your letter and have it opened, is to have the mailing and return addresses hand-scripted.

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Ponder about how you prioritize your mail. Hand-written addresses move to the top of the stack, every time.
Next, you need to enclose a marketing piece, other than only your letter. A creative marketing idea may be a DVD that you make through Animoto, showcasing yourself (not as overwhelming as it sounds).

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I have a buddy who sold life insurance and had the brilliant plan to mail out tiny poker chips with his information printed on them. This friend of mine printed “Do not gamble with your life” on all the poker chips.
Absolute genius. That’s the sort of creative juice you want to have flowing if you want to be the top dog Realtor or agent in your area.
By the way, in this referral letter, I would point them towards your website and telephone number. Provide them the option but make sure you give them both. A number of professionals prefer to speak on the phone and others like to suss you out online first.

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Our final step could be more vital than all the others. Repetition is major with any marketing method you select, especially when mailing letters, as we’re talking about. Marketing industry stats demonstrate a consumer needs to view your message or hear from you at least 7 times before they get familiar enough with you to act.
So it’s evidently important to keep following-up with these professionals on your list. I’d say shoot for once per month, either by phone or another letter, after you make the initial follow up telephone call after your first mailing. If you have their e-mail address, you can start using that for the follow ups too.
As it is with dating, you need to be careful to not smother and irritate them or else you can count on never receiving referrals from them, ever. You don’t need to let them forget who you are but you also don’t need to be calling or mailing them every other day.

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One final tip, if you need to save yourself a pant load of time, pay your teen to stuff these envelopes and mailers. I’d still tell you to write down your referral letter yourself but feel free to pay someone else to address the envelopes and stick the letters inside.

In all seriousness, when it comes to Realtor marketing ideas, referral letter marketing will set you up as a top real estate agent for years and years to follow. If you build these relationships correctly, they can bring you so many leads that you won’t need to actively advertise or market your real estate business in any other way.
Focus on helping them as much as you want them to serve you and the cash will flow in!