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Sales Tips and Follow Up Requirements for Realtors and Loan Officers

Are you gaining new prospects, referral sources and market share?  Are you focused long term on gaining relationships and the actions for success?

Lucretius said, “Constant dripping hollows out a stone”

Are you hollowing out the stone for new referrals and prospects?

Better yet, do you follow through and follow up?

A huge majority of sales people don’t follow-up with their most recent customers let alone new prospects. In fact over 48% of sales people never follow-up with customers what-so-ever.

But the statistics tell us sales are made just:

  • 2% of the time on the first visit.
  • 3% of the time on the second visit.
  • 5% of the time on the third visit.
  • 10% of the time on the fourth contact.

A full 80% of sales are made on or after the fifth contact.

How many times are you visiting or contacting your potential prospects before you give up?

Think about this in your business.  Think about the last person to ask YOU for business.  It might be an insurance agent wanting referrals for your purchase clients or a home inspector looking to be suggested during the inspection period.   It might even be the local mortgage loan officer.  Do they expect your business the first time you meet just because they showed up at your door?

How many times would you want to talk to them before you trusted them with YOUR business?  How many times did they contact YOU before they either gave up and quit contacting you or they won your business?

How many times do you call or market to a new potential clients before you stop?

So how are salespeople doing?  Sadly 90% of salespeople make 3 or fewer contacts which is interesting since it has been proven that 80% of sales are completed after the 5th call or contact.

How do you compare?

If you REALLY want the business do not take no for an answer.  Take your prospects NO or indifference as a NOT YET because you have not built up enough trust and leverage to earn their business.  So what can you do?

Commit today to:

  • Send——–1 more hand written card
  • Set———-1 more coffee appointment
  • Deliver—–1 more letter of interest or personally memorable item
  • Make——–1 more phone call

Your prospects should trust that you follow up diligently and consistently with them to earn their business so they can feel confident that you will work that hard “ON” their business.  They should realize that you did the same to GET their business and stand out from the crowd.

Remember, “Constant dripping hollows out a stone.”

Start today and break through to new prospects.

Derek R. Egeberg

Branch Manager

Academy Mortgage Corporation

May 22, 2011 by · 9 Comments

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About Derek

Derek is the Branch Manager and Sr. Loan Officer for Academy Mortgage in Yuma, Arizona. Derek is NMLS Licensed (#180899) and has over 12 years experience of government lending, both on the mortgage broker and banker sides of the business. His passions are: helping first time home buyers as well as those who may need credit counseling. He resides in Yuma, AZ with wife Sheri and three wonderful sons.

Comments

9 Responses to “Sales Tips and Follow Up Requirements for Realtors and Loan Officers”
  1. Carl Myers says:

    Derek – Great metaphor by Lucretius, but did you know he was driven mad by a love potion?

  2. Mark Green says:

    This is a story about persistence… So, back when I was a younger tyke I used to sell advertising for the Miami Herald. Door to door to door – every day, all day. I actually loved it. And I believed in my product. Captain Mike’s Seafood Shop was my absolute #1 must have prospect and I made it a point to drop by and see Captain Mike twice a week trying to get him to take out an ad in the Herald. For over a year, he never “bit”, excuse the fishing pun. But I never stopped calling on him because I believed so much that I could help his business. Finally, after over a year’s worth of badgering, Mike led me to the back of the store and I’ll never forget what he said. He said “If I buy an ad from you, will you please promise to stop coming around here bothering me all the time?”. Of course, I said “Absolutely!”. And that was the beginning of one of my favorite client relationships of all time. Captain Mike ended up placing an ad in every Thursday’s food section until the day I left the Miami Herald. But, I never did keep my promise of coming around to bother him all the time. Derek – great post… never give up and never stop communicating. It might be 2, 3, 4… or maybe 2, 3 or 400 times, but if you believe strongly enough, we all eventually get our chance.

  3. Jon Perry says:

    Juggling new work, making new contacts and keeping communication with existing clientele is a tight rope walk for a service industry professional, because everything takes time. However its that quality time that will pay big dividends. Excellent post!

  4. David Ager says:

    Building relationships with clients when done right wins not only a customer but a friend. Dripping water can become an annoyance “Chinese water torture” yet showing true concern and friendship builds trust in you which can garner a great client.

    This is where the blog shines…. not high pressure, but relational.

    Commit today to:

    * Send——–1 more hand written card
    * Set———-1 more coffee appointment
    * Deliver—–1 more letter of interest or personally memorable item
    * Make——–1 more phone call

  5. Elyse Tera says:

    Thanks for the reminder to keep focused and never lose track of those we would like to be serving!

  6. This is a GREAT reminder to all of us!! Yes, we all get busy and can get sidetracked so THANK YOU Derek for this reminder! When I am trying to sign a new owner up, I believe that my constant contact with them will show them just how hard I work to get their investment property rented. Great article Derek….keep em coming! 🙂

  7. Marie-Josée says:

    This is a useful reminder that people skills remain an important quality eventhough technology makes contact quick & sometimes superficial. Thanks Derek for this insight!

  8. Kelly Balzli says:

    This is excellent advice. When I make just three follow up phone calls every day it always pays off.

  9. Interesting thanks for the reminder to keep focused and never lose track of those we would like to be serving..

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