Networking
To survive in this business climate, Brian Satovsky relies on satisfied customers.
Alan Hitsky
Associate Editor
F
or some, it may not be the best
time to be in the mortgage busi-
ness. But Brian Yale Satovsky is
doing fine, thank you, by remembering the
words of one of his former bosses, Dan
Gilbert of Rock Financial:
"Under-promise and over-deliver."
Satovsky opened his Yale Financial Group
in Farmington Hills two years ago. Business
has remained steady, despite the downturn
in home sales and the economy. Satovsky,
37, says referrals from satisfied custom-
ers, bringing no surprises to the mortgage
dosing and keeping his costs low are the
secrets of his success.
When he was hired by Gilbert's brother,
Gary, in 1994,"I didn't know what a mort-
gage was." But he spent a month in Rock
Financial's training program and a year
fielding telephone responses to Rock's
heavy advertising campaigns. And he
learned another lesson that he continues to
apply: "I always asked clients for referrals if
they were satisfied with me:'
The calls began coming directly to Brian
Satovsky.
"My sphere of influence was people with
good credit:' says Satovsky. "And I only do
adjustable- and fixed-rate mortgages, not
the gimmicks." Those gimmicks — includ-
ing sub-prime mortgages, option adjustable
mortgages and negative amortizations
— are blamed for slowing the national
economy and the precipitous drop in new
and used home sales and foreclosures.
In recent months, fixed mortgage rates
have dropped again, into the 6 percent
range, and it has brought in a flood of tele-
phone calls. But, Satovsky says, "I've had to
say No' more often."
Homeowners, including Satovsky, might
be in an upside down situation, where the
current value of their home is lower than
what they owe on their mortgage. He says
his home in Birmingham, which he pur-
chased three years ago, puts him in that
situation. Others, seeking to move from
Brian Satovsky's mortgage business has been "consistent."
one home to another, may not have enough
equity built up in their present home or are
facing employment issues.
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Wealth Planning • Investment Advisory • Asset Management
A38
March 13 • 2008
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"Where the values are today might be the
true home values;' Satovsky says, "rather
than where they were a few years ago and