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Today, he services a growing clientele – much of it comprising fellow immigrants, he said. He acknowledged there is a greater degree of upfront work with such clients – most of whom are first-time homebuyers – but the payoffs are big.
“I can relate more to this community, so I work with a lot of folks who are immigrants,” he said. “They have zero knowledge, and have a lot of questions: ‘What is earnest money? What is escrow? Why am I paying a year in insurance? And why am I paying another three months in escrow?’
Despite the questions, Rachhadia, more than most, understands the motivation of such clients: “They’re here for their future and for their kids and family,” the father of two young daughters said. “They’re tough to work with in terms of putting in a lot of time.”
On the plus side, his clients’ profiles all but ensure loan qualification, with an average credit score of 760, Rachhadia said. With average income in the six figures, most are able to put in $20,000 to $30,000 for a down payment, he added. “No bankruptcies,” he added. “They tend to stay pretty clean on their finances. They don’t have any credit card balances and stuff like that. It’s a much easier loan process once we get started.”
For good measure, Rachhadia said four out of five of his clients have sent referrals in the form of friends and family. All told, some 90% of his business is attributable to referrals, he said.
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