Loan officer marketing doesn't have to be confusing. It begins with knowing how to pick the right Realtors. Too often mortgage brokers make simple and obvious mistakes that create poor results. Learning how to create a profile and applying the same principles of the interview process can eliminate problems and help you close more loan applications from having relationships with real estate agents.
One day a mortgage broker marketing to Realtors invited one to lunch.
In the course of the meal, the mortgage broker said to the real estate agent each reason why they should do business together. By the point they'd finished, the mortgage broker conjoled the real estate agent to use his services. Initially the real estate agent was reluctent, but at last agreed when they saw the mortgage broker pick up the lunch tab. A week later the real estate agent referred a buyer to him.
Unfortunately, the loan application didn't close on time. Though there were many suggestive reasons, the real estate agent did not desire to listen to it, and instead, became disenchanted, truly upset.
The loan application ultimately closed, even though it was a week after the 1st close of escrow. The real estate agent was so disappointed by this, they said to the mortgage broker that they'd never send another buyer to him again.
But you can't be discourged by this kind of situation. You have something going for you that is highly important when working with agents, they need you more than you need them. This isn't meant to offer you a unexpected ego trip.
It's meant to identify the plain when working with Realtors. You're able to decide which Realtors your marketing will attract.
Like a chief hiring an applicant for a job position, mortgage broker marketing is about you hiring Realtors to become your strategic partner. Then you would hold an interview. And eventually, you would conduct some background and reference checks before deciding to offer one of the applicants a position. It isn't that much different when picking Realtors. Why waste your time with unqualified Realtors? You start with standards they must meet before having an interview.
- Do you like working with a part time real estate agent?
- What kind of leads will the real estate agent refer you?
- What kind of loan programs does the Realtor's buyer use most often?
You generally have two objectives in this regard:
- to establish what subgroups exist in the agent population.
- to make a clear and complete demographic of the features of a standard real estate agent of each of these segments.
Mortgage brokers are fervent to transact business with agents but typically overlook whether their values are similar or not.
- Are they empathetic, particularly when everything isn't going smoothly, like a loan not closing on time?
Folk are creatures of habit and the best predictors of future behavior are the ones demonstrated during the past. If you would like to study a real estate agent's characterisitics, ask them about past experiences working with other loan officers.
Listen for examples that get repeated, but with different loan officers. Though there are 2 sides to each story, when you develop a viewpoint, it most frequently leads to fact. Don't forget, if it walks like a duck, talks like a duck and acts like a duck - it must be a duck.
Different Mortgage Marketing Ideas Designed to Motivate Your Production
You want mortgage marketing ideas to help you spike your pipeline, but you don't need to cold-call real estate agents. It doesn't need to be as challenging as some mortgage brokers make it. Everytime you leave your office and spend the day in the field, there's a multitude of opportunities waiting to be discovered. Everytime you meet with real estate agents there's something to gain. And what's needed is to grasp where to look and what you must ask. If you've not done it before, it's incredibly easy.
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