“What’s ironic because we’re more of a call center style, we actually have a huge real estate office next door to us and we’ve never dealt with them,” Miri said. “That’s because we’re licensed in 23 states. We’re buying thousands of leads a day.”
From retail to wholesale
April 2022 would go down as a momentous date as the two not only opened their own shop but left retail for wholesale. “I wish I had done it years ago,” he said, citing the greater opportunity to make money in wholesale while offering clients more options.
Despite the current challenges in the market, Miri said Rapid Home Loans has been all but shielded from market forces. “Given where the market’s at, we consistently rank in the top five in the nation. It’s a blessing because broker shops are on the verge of closing or have already closed.”
Miri’s not oblivious to prevailing challenges. His shop runs lean, with some 20 workers. “People aren’t buying as much, rates are higher, and the purchase game came down a bit. Obviously, there are ebbs and flows. We’ve had some challenging months but the fact is that we’ve put together a good foundation during these challenging times, we can still find business.”
For good measure, he has also seen Detroit flourish along with his career. “When I first started, it was literally a ghost town,” he said. “There was maybe one bar and one restaurant and it’s thriving. It’s like night and day.”