Bait and Switch

Don't be Fooled

By Jim on Aug 02, 2012

The 'ol Bait and Switch has been around since the beginning of time and remains one of the most common sales tricks in the book. I'm sure if you think hard, you have likely come across the tactic and have maybe been a victim of it. For instance, have you ever called or visited a car dealership about a vehicle you found online only to find out that the vehicle you are interested in was already sold ....but "We have lot's of other vehicles that I am sure you will love!".

A few years back Rick Astley unknowingly became the poster boy for Bait and Switch. For months you couldn't trust any link or item that was sent to you in fear of getting ambushed by another installment of Rick's "Never Gonna Give you Up".  Unfortunately, the goal of most Bait and Switch schemes isn't to get a cheap giggle out of your friend's gullibility.

The goal of Bait and Switch is to get you through the door and far enough in the sales process that it simply becomes easier to continue with that company/salesperson. The mortgage industry is definitely not immune to this tactic with Banks, Brokers and Rate websites flashing the best rates in the market only to switch it out after explaining that the offer has expired or that you do not qualify for it.  The ability to lure customers has become easier and cheaper over the years as the internet has taken such an active role the search for mortgage products. Add to this the increasing fixation on Mortgage Rates and you have the perfect storm for Bait and Switch.

So, how can you avoid this type of sales strategy?

  • Don't be 100% fixated on the lowest the small print!
  • Take the time to understand the other features of a mortgage product that could end up being much more important than the interest rate itself.
  • Think about what you want from your mortgage provider? Do you just want to be sold a product or do you want a partner that is going to help give you the tools and strategy to help you to meet your financial goals.
  • Find someone that you trust and that you know is committed to the business long term. Referrals and references from your friends and family that have used a Bank/Broker before can be a great way to find out what you are getting into


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