Top of Mind Networks

Use Audio Interviews To Market To REALTORs

June 10, 2009 by · Leave a Comment 

I talked about how to use the principles of the Millionaire Real Estate Agent, when soliciting business from REALTOR partners, over on the Mortgage Cicerone.   I suggested that originators implement a 33-touch program for REALTOR partners so that you stay in front of them.  The Top of Mind Surefire system does an excellent job of co-marketing yourself, to both the REALTOR and the customer, post-closing.

What can you do, prior to closing a transaction, to demonstrate value to potential REALTOR partners?

I swiped the Loan Toolbox “Gift of Knowledge” idea and found a way to make it more relevant to your local market (and a helluva lot cheaper).

I like to conduct a 30-minute interview with a working, full-time REALTOR and distribute a CD of that interview it to my REALTOR referral base .   It’s much more effective than the Loan Toolbox Gift of Knowledge idea because it positions you as the interviewer.  Here’s how I do it:

1- Find interesting, successful real estate agents.  This is quite simple because so many of them are online now.  I belong the Cyber Professionals, Active Rain, and Wanna Network; many agents are sharing good ideas there.

2- Call the REALTOR and ask her if she’ll perform the interview.  It helps if that agents is not in your local market because she’ll feel comfortable that you arent’ “training her competition”.  Furthermore, “out-of-town experts” carry weight with local agents.

3- Prepare for the interview by sending the Agent-Star a list of 5-7 questions.  Explain that you’d like her have a 3-5 minute answer for each question.

4- Start off the interview with a brief background about how the Agent-Star got into the business and have her describe her success thus far.

5- Conclude the interview by asking the Agent-Star for an “actionable item” which agents could perform daily, that would dramtically improve their business.

6- I use Talk Shoe to record the interview (it’s free and pushes the interview out to iTunes).  Download and save the MP3 of the interview.

7- I use Disc Makers to produce the CDs.  It’s  simple to order and costs about $200 for 100 CDs (or $100 for 25 of them).  Expect a one week turnaround time.

8- Mail those CDs in a package with a “testimonial page” from other real estate agents.  You can solicit testimonials from your LinkedIn account (learn how to do that here).

Bulky packages are ALWAYS opened by real estate agents.  They love the interviews and will listen to them in their car.  The best thing about this idea is that they hardly ever throw those CDs away; they stay in the trunk of the car or on their desks.  It becomes a perpetual business card for you.

PS:  The more tech-savvy among us will suggest that you can just produce a podcast and email the link to everyone.  That’s not as effective as the CD.  Agents know that CDs cost money to produce so they won’t throw it away.  CDs are something they can share with other agents, too. (That’s called viral marketing)

Transparent Brokerage Fees Are An Elephant Slayer

June 7, 2009 by · Leave a Comment 

Transparency in mortgage brokerage is a concept that is well underway.  Mortgage brokers have always been required to disclose both borrower-paid and lender-paid compensation, on the good-faith-estimate and HUD-1 settlement statement, but rarely used disclosure as a selling feature to customers.  Regulators are going to require a negotiated flat-fee agreement and wholesale lenders are proactively implementing that practice today.  Mortgage brokers can beat both to the punch.

There is nothing to fear.

Jack Guttentag pioneered this concept, years back, when he formed the Upfront Mortgage Brokerage Association.  Guttentag, a well-known industry author and former Wharton professor, extended the transparency concept to lenders, as well.  Professor Guttentag’s credibillity was questioned when he proposed a government regulated price-fixing scheme for mortgage brokers (on InmanNews) and his influence waned with the industry.

Jeff Corbett, a self-described radical consumer advocate, demonstrated how his prior-fee negotiation thrived when he owned a mortgage brokerage.  While Jeff ruffled industry feathers, he taught many mortgage brokers that our superior selling proposition to direct lenders is that we don’t hide the origination profit in a loan.  Jeff showed me how mortgage brokers are uniquely suited to become natural “mortgage fiduciaries” to customers.

The issue, as I see it, is that customers never really find out EXACTLY how much a mortgage brokerage makes until the final HUD-1 Settlement Statement is issued.  That post-facto discovery then plants a nagging question, in the back of the consumer’s mind, and becomes an elephant in the room for their next mortgage originator.

Shoot that elephant in the room dead before he breaks all the furniture.

Discuss the difference between wholesale rates and retail rates.  Explain how mortgage brokers get money at wholesale and “mark it up” so that the retail offering is consistent with direct lenders’ offerings.

Explain that ONLY a mortgage broker can act as a “true fiduciary”.  Mortgage brokers negotiate with the “secretive” banks, on behalf of the customer, to secure terms more favorable than the banks would offer that customer directly.  This is actually quite simple if you live near a Bank of America branch.  Take a picture of its lobby sign, displaying the retail mortgage rates, and compare it alongside the Bank of America wholesale rate sheet.  Folks that have a Bank of America checking account actually gasp aloud when they see this variance.

Dollarize your value proposition and explain that it can be paid in points or yield spread premium; offer two or three rate/closing cost schemes. I use Loan Magic’s report for this presentation.

Select the rate/closing cost proposition and lock the rate for the customer, letting him or her see 2-3 wholesale lender rate sheets.  Have the customer sign the rate agreement and the mortgage brokerage fee agreement.   I use my Advisor’s Insight desktop-sharing portal for this and have the customer fax the signed rate lock and brokerage fee agreements on the same day.

The customer knows what your compensation is, understands that it doesn’t add any extra costs to him or her, and (most importantly) is a witness to the process.  That transparency diffuses any future problems that might arise with lock extensions or newly discovered loan level pricing adjustments, in underwriting.  More importantly, your mortgage brokerage fee is never questioned by the customer if the terms are changed in underwriting.

Mortgage brokers should ALWAYS position themselves as customer advocates.  Mortgage bankers continue to lose credibility in the customers’ eyes; let’s use that lost trust against them when we compete.  If we always sit on the same side as the table as the customer, who can be against us?

Well…maybe the banks but that’s a whole different article.

Is This Your Business Plan?

June 2, 2009 by · Leave a Comment 

Is your business plan to go capture, maintain and increase business, or in today’s market has your thought process started to resemble this?


images3See no evil, hear no evil, speak no evil.

In digging really deep with several colleagues about what was driving their business the common theme with everyone was simple.  It is the same actionable items that every leader in every industry talks about.

 1.  Are your customers, partners and past client databases hearing from you or about you?

2.  Are your customers, partners and past client databases reading about you or learning about your business?

3.  Are your customers, partners and past client databases seeing you either in scheduled visits or the simple drop-in?

If the answer to any of these is “NO” then the question is this. 

Why would anyone do business “WITH” you if they do not know “ABOUT” you? 

As a trusted advisor in an industry your clients need your information when it is convenient and needed for them, not when needed or convenient for you.  How many times have you seen someone call partners when they need business, but not at other times?  After a few repeated events of this call for business and then no call for 6 months or so, might that partner feel somewhat used?

A systematic plan must be put into place where you are seen, heard, and spoken about.  Do you have a repeatable system that puts printed material in front of partners?  Do you have a repeatable system to call your needed partners?  Do you have a system that gets you in front of partners?


If the answer to any of these is NO, are you

 leaving your business to these three monkeys ?

Would you do business with someone like this?


In truth, we all get tied up in the day to day business of putting out the loudest or longest scream, we focus on the fires, in short we put effort working “IN” our business instead of “ON” our business.

I challenge you to take a moment to find the systems, plans and methods in which your clients can connect with you.  There is no time like the present to implement actionable items into your daily routine.

~To Your Success!

I Was Attacked By A Bird Today!

May 29, 2009 by · Leave a Comment 

That was the title of the email I sent out to realtors a few years back. Why am I telling you this? Because it really happened, and it got me a lot of closed loans. Here’s what happened:

I was headed to the office around noon, and it was a beautiful day out. So I decided, what the heck, I’ll put the convertible top down. I smiled as my favorite song started playing through the speakers, the top was down, I leaned my arm on the door sill and thought about how perfect of a day this was.

That’s when I saw it… This small bird was sitting on top of the traffic light seeming to monitor all the cars approaching this 4 way street crossing. Suddenly, he leaps up and starts flying in an erratic pattern toward my car. No biggie right? WRONG! I was puzzled that he was now only about 30 – 40 feet from my car and was swooping lower and lower as he approached me head on – Almost like a crazy game of “chicken” – never mind the fact that he was moving, and I wasn’t.

20 feet, 15, 10, 5 and “swoosh” he zips by the top of my car at full speed near enough for me to have reached out and brushed him with my fingertips had I wanted to. I figured that he was either suffering from some bizarre bird-hangover or he was just making his point that he wasn’t intimidated by me and my 2,900 pound hunk of metal. Bold bird huh?

But he wasn’t finished… I turned my head forward again to watch for the light to turn. 3 seconds later I’m being assaulted from behind by this crazy Sparrow from hell! (Actually I’m pretty certain it was a mockingbird) He is hovering in the air about 5 feet from my head screeching like some sort of banshee and zipping down in mock dives!

Maybe he thought I was encroaching on his territory, or maybe he just didn’t appreciate the music I had chosen to listen to on such a beautiful day… I will never know. But just as quickly as he appeared, screeched, and dive bombed, he zipped away again. I craned my neck to see where he went, and just as I thought I caught a glimpse of this feathery devil, I felt a rain drop on my forehead.

No big deal, it’s just rai…. Wait a minute. What the heck? Why is this “rain drop” milky white and dripping down my…. OH NO HE DIDN’T! Apparently this was the parting shot from this bold little bird. If he couldn’t chase me away, he was going to show his disdain for me and my bright yellow car the best way he knew how! Sick…And I never carry napkins in my car either…

So what do you think? Interesting story right? It really happened, and yes, I ended up using my tie as a make-shift napkin that day. Better than driving around with bird droppings on your forehead! So how did this email get me 3 loans in about 2 hours?

At the time of this happening, I was quite active on My Space and with a real estate specific blog. I rushed back to the office after what we from this point forward shall refer to as “the incident” partly to blog about this, and partly because I had a sudden urge to dump my tingling head into a 100 gallon bucket of water and soap!

So I get back to the office, and I posted the blog exactly as you see the story recounted above. I posted onto MySpace, posted onto a few other select social networks, and then I wrote a short recap and emailed it to my realtor prospects within my auto responder. (This is a list of about 200 – 210 top producing realtors that had double opted in to my email newsletter)

I sent the email out, linked back to the blog post for the “expanded” story, and placed a quick “oh by the way” note at the end of the email. The results? Normally my emails get opened at a rate of about 40 – 45%. This email showed more than 70% had opened within 1 hour of sending the email.

My blog, MySpace page, and others had more than double the number of comments normally received, and my “oh by the way link” had showed more than 27 clicks in that same hour. What was my “oh by the way?” This was a link to a short 4 page email marketing guide I had customized for the real estate industry. Nothing more than a collection of marketing suggestions, ideas, creativity boosters, etc.

By the next morning, I had plenty of emails from agents laughing at the story, inviting me to lunch, and thanking me for the guide.

3 of the agents ended up in a conversation with me on the phone, and I landed a total of 3 loans referred within a 24 hour period… So the lesson of this story? If you want to get 3 loans in 24 hours, you need to get bird poop on your head… Ooops, wrong moral… Sorry about that.

The true moral is that standing out from the crowd, even in a seemingly unrelated fashion can get you noticed. I wasn’t suddenly a better loan officer for having been attacked by hell-bird. Not at all. But I had a funny enough experience to make the right agents laugh, notice my link, and in turn notice me. I’d been there emailing those agents for months up to that point.

It took a bird crapping on my head story to get their attention, but once I did, I closed plenty of loans because of it. 1 of the agents that referred me a loan that day became a regular, and we went on to do plenty of business together.

This is the power of networking, whether it be in person, or online. My MySpace page, my blog, my email list. All of these tools served as my distribution channel. Whether you have a funny story to tell, or a useful article to share, you need to expand your reach. Be friendly, be helpful, be consistent. Now have a great weekend and watch out for those angry birds!

Where are you coming from?

May 27, 2009 by · Leave a Comment 

I believe in the pile theory. The pile theory is simply the idea that whoever achieves the most tangible results in a particular field will usually have the most to teach. With that in mind, if someone has a bigger pile than you, listen. It they have a smaller pile than you, don’t. You wouldn’t take diet advice from an overweight person, would you? Or financial advice from someone who just filed for bankruptcy?

I went to a seminar a short time ago where one of the scheduled speakers was a hugely successful mortgage loan originator. I had heard of him and was looking forward to hearing him speak, as his pile was bigger than mine. About 5 minutes into his presentation, I stopped taking notes. After 10 minutes, I got up and walked out. I was disappointed. While my pile theory held up with regard to the speaker’s results financially, his methods, attitude, and techniques did not. In the mortgage business, success is often measured simply by financial success. Number of loans, closed loan volume, number of leads, etc. While we are all in it to make money, not everyone has the same vision of what success really means. Without this vision, it does not matter how many leads or loans you have, satisfaction and fulfillment will elude you in this business.

I discovered this early in my career. I read the trade magazines and industry publications. I listened to veterans with my company and modeled my business around what appeared to be a sound business plan. It wasn’t long, however, before I discovered what was lacking…ME! My business plan didn’t have “me” in it. It was like I was reading an instruction manual and building something step-by-step; however I wasn’t sure what it would look like when I was finished. That is what a vision is, what it looks like when it is done. As Steven Covey’s first habit states in “The 7 Habits of Highly Effective People”, you must “begin with the end in mind”. How true. You must know what it looks like when it’s done. This is not to say your vision will not change over time, but you must have one to begin with. The number one reason I have seen people exit this business is lack of vision. While they might blame it on lack of leads, the market, their company, whatever, in the end it is usually the fact that they simply did not have a vision, nor did they have a plan to get there. They simply tried a few things that appeared to work for other people.

I believe the key to finding that vision starts with where you are coming from. What I mean by this is, when you are conducting business, are you coming from the right place? Your vision must start here. If you are prospecting for new leads, what outcome are you hoping for other than getting them to sign on the dotted line? Are you trying to establish a long-term relationship with the client? Do you want them to refer you business in the future? Are you interested in their success? Have you calculated what their lifetime value might be? The speaker at the seminar I referred to had hugely impressive numbers; however his methods for obtaining those numbers did not fit in with my vision. This is not to say he was not a good mortgage professional, he simply had a different vision. Despite my desire to achieve his results financially, his methods were not compatible with my vision.

When conducting business, I believe coming from the right place is key to long term success. If you truly look out for your clients, they will look out for you. If you provide exceptional service, they will tell others about you. If you stay in touch with them, and continue to provide value for them, they will return to you again and again. While this may sound simple, even rather obvious, why do so few actually do it? Because they are not coming from the right place. They are coming from the desire to make money, achieve recognition, compete with their co-workers, squeeze maximum profits from each transaction, etc.

When constructing your vision, keep the pile theory in mind. Every contact you have with a client should be compatible with your vision- every phone call, email, text message, fax, advertising piece, mailer, etc. By coming from the right place, your career satisfaction will improve and you will notice that you no longer have a lack of leads, market fluctuations will have less impact on you, and there’s probably nothing wrong with the company you work for.

Video: Just Do It!

May 26, 2009 by · Leave a Comment 

camcorderStatistics show that Americans will spend 4 hours watching television, 3 hours listening to the radio and 14 minutes reading magazines. Hmmm and you were wondering why you were getting such a low open rate on your emails to your database? Facts are facts and here’s another one for you…

The Online Publishers Association published a report on consumer behavior and video advertising. They stated that out of 80% of viewers who watched an online video ad, over half took some type of action.

And then, of course, there’s the YouTube phenomenon, which I know you don’t need me quoting statistics for you to trust, that YouTube proves, video is the way to go!!

But gosh, where does a Mortgage Professional begin? How does one dip their toe into the icy cold water, so to speak, when it comes to implementing video into one’s marketing strategies?

Start simply! And most importantly, forget about trying to be perfect!

webcamNo doubt about it, the majority of folks like to watch, rather than read! Plus, video can save you thousands of marketing dollars and can have a much farther outreach than any postcard mailing or email blast can ever have!

The fun comes in when one starts to consider the endless creative avenues a Mortgage Professional can travel down when using video as a marketing medium.

Here are just a few ideas from video-leveraging-newbies, using varying levels of video technology to reach out to their target audiences:

Database Biz-Dig

Remind your past customers why they did business with you in the first place and why they should refer their friends and family to you now. Sharing how you’ve been able to help your clients in the current market shows you’re still in it to win it, that you’re a reputable, knowledgeable advisor and that you’re still doing what’s right for your borrowers. My client, Jimmy Sgambelluri out of Newport News, VA uses a simple, but direct approach, no fluff, just a webcam perched on his laptop and his “tell it like it is” demeanor…

Meet-n-Greet Wow Factor

Pre-record a quick vid to further solidify your newly formed relationship with your borrowers. After your initial phone conversation, send them a greeting that shows who you are, be transparent, be YOU! Here’s just one example from a client of mine, Joe Gonzalez out of Allentown, PA. He’s using Think Big Work Small’s platform to create a few special effects…

Train to Gain Leads

Take a topic that you know your target audience struggles with, needs assistance on, needs to know for their own good, etc., and put a short training video together to pique interest and spur further inquiries. Here’s one of a series of ten training vids that I developed with the help of a professional, (Brandon Hamilton), green screen, hot lights, the works…

Whichever what you slice it, video advertising, vlogging & vmailing is the marketing wave to catch. There is absolutely no need to take a “Jaws” size wave right out of the gates. C’mon, it’s not like every Mortgage Pro out there is “hanging ten.” It’s like everything else, only a few, only the brave, only the adventurous will take the plunge and those are the few that will continue to grow their business, that everbody else will dub, “lucky.” So, in the words of Clint Eastwood, “You’ve got to ask yourself one question: ‘Do I feel lucky?’ Well, do ya punk?”

I Just Got a Lead from YOUR Referral Partner

May 26, 2009 by · Leave a Comment 

Ever lose a deal to a competitor? We all have. It is part of being in business. You win some, you lose some…BUT, you have to ask yourself WHY did I lose this deal?

For most loan officers it is because the RELATIONSHIP was never really a TRUE RELATIONSHIP at all, you just thought you had a relationship. Technology makes that even worse. We live in a world of set it and forget it. I will just put you on a drip campaign or send you a friend request on facebook. I may even send you a birthday card or just maybe a Christmas card if I feel like it or I think my budget can handle it, But pick up the phone and call…oh no that is not for me. Surely you will call me if you need a loan, won’t you?

I love automation. I love technology. I love it from the point that it can create leverage for today’s loan officer. Do some videos, set up a follow up system, get your contacts into surefire and whamo, you got it made…or do you?

At some point you need to develop a true relationship with your clients and referral partners. You need to call them. You need to meet with them. You need to make sure you help them with what they need and that requires personal communication via phone and in person! My wife always said that our volume went up when I hit the streets. She was right. Why? Because I actually left the cave and made friends. I talked to my agents face to face. I found out what THEY were concerned about and offered value based on what they felt value was to them.

Sometimes we need a little perspective and FOCUS

So my challenge to you is when was the last time you met face to face with your agents? I hope it wasn’t too long ago, because I may have just gotten a lead from YOUR referral partner.

Loan Officers Selling Hot Air…

May 26, 2009 by · Leave a Comment 

Are you selling hot air? Odd question I know. I get asked at least 892.7 times per year (Ok, so it’s a made up number to illustrate how often I’m asked this) what is the best way to get business from high performing real estate agents. At this point, I am then treated with examples of how hard this loan officer has tried to get referrals, but ultimately failed.

I empathize with this situation, as I can recall the many doors I’ve had slammed in my face when I first got started in outside sales. It wasn’t fun, and at some point the rejection gets to be a bit much to deal with. I learned early on that I had to change my approach if I wanted this negative reaction to stop… So what’s the key to getting appointments with these heavy hitting agents?


What is hot air? Imagine you’re buying a car. You drive out to see the vehicle, and the only thing waiting for you is a smiling salesman. He tells you there is no car to see today, but he’s going to tell you all you need to know. He says:

– The car is comfortable

– The car is good looking

– The car handles well

Are you ready to buy yet? No? Why the heck not? Because these 3 statements tell you nothing of importance. How do you know if you’ll find the car comfy? You could be taller than he is, or have a bad back. How does he know if the car is good looking? Looks are subjective! Good handling? What does that mean? Good handling compared to what? A 25 year old Ford Escort, or a Ferrari F430?

No. This is definitely not the ideal way to purchase a car. Why would the salesman even bother trying? In the same way, tens of thousands of loan officers are out there calling up Realtors giving them “hot air” sales pitches that tell them absolutely nothing!:

– I give great service (Never had a loan officer claim otherwise, so what’s the point?)

– I’ve been a loan officer for 15 years (Yea? So? And?)

– I’ll give your client the loans that are best for them (Uh-huh… Sounds good – Where’s the substance?)

– I have fast turnaround time (So does the current loan officer I use. Why is this worth me switching?)

– I have low fee’s (There are cars out there with low price tags as well – Are those the vehicles you want?)

See? Sales talk. When a real estate agent switches to a new loan officer, there has to be a reason, and a darn good one! None of the above is a good enough reason in 99% of the cases. The agent is risking his/her paycheck to try out a new lender, so you better have something good… What is it?What do you bring to the table? What makes you so special?

In the car buying scenario above, what would make you purchase? Seeing the car first hand might help, as would a test drive and the opportunity to sit in the car, try out the stereo, the seats, the performance… In other words, you want proof this car is going to be to your liking!

Can you see from the realtors perspective just a tad now? In my 90 day crusade to land 40 realtors in 90 days for my office, I did a few things differently than most.

1 – I brought printed “Testimonial Cards” from realtors who were using my services now – Phone numbers and all (Social proof with the permission of the agents of course)

2 – I had a website setup just for the local realty community (Would send the agents over to spend hours downloading the tutorials and info I provided – They loved it. Established my credibility)

3 – My script was very different from the “traditional” approach. The first words out of my mouth? “I know you probably get tons of phon calls from loan officers begging you for business these days but…” See what just happened? I began the call by addressing the most frequent objection first! I took the objection right out of their mouth and addressed it.

This one little change to my scriptkicked things into overtime for me. So why not give this topic some thought today? What makes you so special? What are you willing to bring to the table? It’ll only make you into a better loan officer. (With bigger paychecks of course)

Are You a Three Legged Stool?

May 22, 2009 by · Leave a Comment 

So you want to have a stable full of great real estate agents referring you a steady flow of new business?  Before you go out and start herding all those horses into your barn you have to ask this question:  Why?

The question isn’t what you think it may be, the question really is; why would a real estate agent want to do business with you?

Are you just a three legged stool?

This is a question I ask a lot of mortgage professionals when they ask me for help in developing or expanding their real estate agent base.  What about you will impress me?  Even better:  what do you have that will WOW that real estate agent.  Great interest rates?  Super customer service?  All the mortgage programs needed? If that is all you got then you are bringing to the table what is already being served.  You are nothing more than a common three legged stool.  What you want to be is a four legged stool, providing more than what is considered the basics.

Granted you can get dumb lucky and find that real estate agent who just lost their average loan officer and needs a replacement.  But that is a frog kissing contest and there are just too many frogs in the pond and your lips will be chapped, sore and bleeding well before you get that lucky.

Ask yourself this:  If a real estate agent wants me when I am just like every other loan officer, do I want that real estate agent?  More than likely they are just your average real estate agent.  You want the upper crust, what I call the “upper ten percenters”, and these agents need to be impressed and awed before you can break them.

I recommend that you aspire to become the partner of these heavy hitters, and become their “reciprocal success partner”.  Learn and have true knowledge of the real estate agent business.  What does a top performing agent go through every day?  How do they excel?  What do they need?  And most importantly, how can you provide to their business?

Those who learn more will earn more.

There are a lot of books out there that I would recommend, the first two that I consider must reads are both by Gary Keller; ‘The Millionaire Real Estate Agent’ and ‘Shift’.  Become a provider, coach, resource for information, mentor, and hold them accountable.

Once you have the knowledge then build something that is unique, yours, and indispensable to most real estate agents.  I have dozens of real estate agents who refer me business but I only have about 20 agents that are more afraid of losing me than I am of losing them.  These 20 are all working a system/program that I developed for myself that combines several different systems/programs and I package and provide to my reciprocal success partners.  This unique program provides the agents with a resource they can only get, as a whole, through me.  When they use the system as designed they are securing on average 2 to 4 listings per month, and they are generating about 1 to 2 buyer leads per listing per month for themselves and me.

Yes, real estate agents can be a great resource for new and continuing new business, unless you’re in a market that is heavily REO (Las Vegas comes to mind).

Remember:  givers gain and those who only take will eventually lose.  If you are just that three legged stool, your relationship with your referral agents will constantly be unstable, firm up your stance by adding that fourth leg and you will never have to worry about another mortgage professional like me being in front of your partner.

You Must Be This Tall to Ride This Ride…

May 18, 2009 by · Leave a Comment 

If the mortgage business was an airplane ride, then we would all have to have our seat belts securely fastened, and our trays in an up right and locked position. The turbulence would probably be cause to land at the nearest air port, hopefully in one piece.  This market can have the ability to paralyze even the best of loan officers. What should we do, how should we do it, and where are the opportunities.

Well, opportunities are everywhere – you just need to know where to look.

Here are some strategies that you can use to be successful in any market.

1. You have to solve the clients problem. These will change from market to market, so it is important for you to have your finger on the pulse of what the biggest problem is and then seek to find a solution. For example, for years loan officers have tried everything to get Realtors to send them business, BUT what is the Realtors single largest problem? Finding clients! If you put all your efforts into creating a system to bring buyers to agents how many agents would not only take your call but buy YOUR lunch? This goes for finding clients as well, find their problem and solve it!

2. You need to be the Source for the Info! Everyone is scrambling to not just get information, but the right information. I have had countless conversations with people who think the $8000 tax incentive is a credit or a loan that has to be re-paid. When I tell them it is actually a real live check, they perk up and start thinking about buying! People need to know that you have the correct info, and they will seek you out!

3. You need to bring the Passion! When you are passionate, you can transfer that through to your clients via your sales presentation. You need to be enthusiastic and that enthusiasm needs to show through in the tone of your voice, the non verbal expressions, and your body language!

4. You need to build relationships! Facebook, blogging, twittering, and other social media is great to get the message out but the fact still remains that people will do business with people they KNOW, LIKE, and TRUST. I may know you via facebook, but until I open a meaningful telephone or face to face conversation, I may never refer or do business with you.

5. Quit is a dirty four letter word. You may need to make more calls, take more apps, and fight more battles, but there is still plenty of business out there for the taking! Heck, this is going to be another 1 trillion dollar industry and you are telling me you can’t find a loan? Maybe, just maybe you are not working that hard.

Like I said, you have to be THIS tall to ride THIS ride of real estate, but those who do…whooooaaaa nelly…it is going to be something you remember for the rest of your life!

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