With more than 3,550 credits under his belt, the formula seems to be working as 95% of Banosian customers reportedly said they would be using him again. “We concentrate on the so-called Net Promoter Score. Every customer gives us a survey and rating after a transaction, and the better that is, the more likely they are to refer us to other people, ”he said.
Depending on who you speak to, it will either be a booming market or an industry facing challenging times. Given Banosian’s bottom line, questions about low inventory, high construction costs and property prices seem redundant, but he said he knows the difficulties other LOs are facing.
“I would say it’s booming and it’s tight at the same time,” he said. “There is the lowest level since the beginning of the 1980s. However, due to the speed (of the process), there are more transactions taking place on both the mortgage and real estate side – everything goes faster. “
He ominously warned his competitors by predicting that it will surpass this year’s business volume compared to 2020. He’s also set out to expand into the rest of the country beyond Massachusetts and the Northeast, where he does most of his business on Date.
“If the pandemic taught us one thing is that business can be done anywhere, so we’ve been buying and refinancing in all 50 states,” he said. “This will be our next evolution – being a national lender as opposed to a regional or local lender.”