Whoever Controls the Glengarry Leads Wins the Cadillac
If you’ve never seen Glengarry Glen Ross, this article makes little sense. Suffice it to say – it’s the greatest salesman’s movie ever made. The plot revolves around a small office of high-pressure real estate salesmen – think Boiler Room with an A-list cast – and the “Glengarry Leads”. These are the can’t miss leads, all wrapped up in a cute little ribbon. Leads that cannot be “wasted” on non-closers. Grown men would beg, borrow and even steal for exclusive access to the Glengarry Leads.
In the mortgage industry, there are lots of Shelley Levene’s. They’re the shops that solely depend on Lending Tree and other lead providers to fill their pipeline every month. Make no mistake – it’s a model, and it certainly works. For a while, that is. But at a certain point, these lead-gen shops will fail. In my opinion, you’ll see a lot of them kick the bucket toward late 2010. They are one-trick ponies. So long as someone else can line up “sits” for them, they’re really good at “closing”. But as soon as the deal’s done, they’re onto their next sit. It’s a transactional model and it does not scale but for a very select few (think Quicken Loans or Di Tech).
Enter Ricky Roma. This is the salesman who’s name tops the leaderboard every month. Ricky doesn’t care about the Glengarry Leads. He doesn’t need them because he’s able to connect with people on a personal level and establish relationships. Now I’m not saying I agree with Ricky’s ethics here. I’m just trying to illustrate a point: Ricky Roma can work anywhere and sell anything. His relationship skills allow him to create what all of us are looking for: a residual income stream. Roma remains cool as a cucumber throughout Glengarry’s 100 minutes of chaos.
One of my personal objectives for 2010 is to help as many Shelley Levenes as possible transform into Ricky Romas. The good news is we’ll have a head start – all Shelley Levenes have a client database from which to start. All Shelley Levenes have aged leads that represent future opportunity. If you run a lead gen mortgage shop, there’s a good chance you’ll be getting a call from me in 2010. In the meantime, I hope this flashback causes you to think about the impending mortgage environment. The refinance market will dry up. Rates will exceed 7%. I’m referring 2010 as the Year of Purchase Business.
The truth is: those cherry Glengarry Leads actually reside within your client database. You know it. I know it. The next step is tapping into it. Will you thrive in the Year of Purchase Business?