The sheer number of “experts” out in the market trying to sell products and services to originators and realtors is really amazing. Social media would be a wonderful thing if even half the “information” you could find there was true and verifiable. Technology is wonderful, but many would have you believe that if you don’t have this tool or that system, you are doomed! The reality is that there isn’t just one way, or just one best tool, system, or strategy to follow that will get you where you want to go.

I have many highly successful originators all across the country and no two of them are exactly the same. Some are in small markets, others in large. Some work first time buyers, others live in the jumbo arena. While some maintain a number of significant realtor relationships, others have very few. The key to being successful isn’t about the tool or the system, it’s about knowing what you will commit to doing and just do it!

You have a huge number of options in our business. I have gone through my client list and looked at the main sources of business for the top people in both dollars and units and here is a list of where their business is coming from, in order of closed business: (all closed more than 100 units a year)

  • Financial Planner – Attorney – Realtor
  • Realtor – Database – Small local banks
  • Database – consumer direct – Realtor
  • Attorneys – Networking Group – Database
  • Renters – consumer direct – builder
  • Database – Realtor – Attorney
  • Accountants – Financial Planners – Database
  • Open Houses – database – Realtors

There are duplicates using the same order, and some are weighted more heavily at the top of the list, others are much more balanced across the board, but nobody has just one way to do things and they like it that way!

So when you see ads all about “lead generation” and how to meet the top “X” number of “BEST REFERRAL PARTNERS” in your market, be careful. Pay attention. Think about what YOU want to do and the type of business you want to have.

You also have to take into consideration your own personal situation. If you don’t want to work weekends, then Open Houses aren’t a really solid option. If you don’t like meeting with clients face to face, renters and first time buyers may become a challenge. The good news is, there are dozens of activities and areas of focus you can work and tools you can use to generate 100+ closed transactions a year. Your job is to look at all the options and try different things until you find the list of tasks that you enjoy doing, that create the number of closed loans you want to close.

  • People will always need to borrow money to buy homes.
  • People will always need help getting loans and understanding their options.
  • People will always be creating new households, trading up, trading down, and unfortunately, they will die.
  • There will always be a place for a local mortgage professional to help these people. Your job is to be that professional!

So when you are looking into systems and services that you are thinking about investing your time and money in; get a list of professional references or research the testimonials. Connect with a few people and ask about their experience.

Remember, generating leads or appointments is NOT how you get paid! You get paid to Close Loans! It’s never about leads; it’s always about conversion from contact to closing!

Questions or comments: Mike@IMTcoaching.com


Know The Truth!

Okay, time for a rant! I was looking at a very popular feed on Facebook that thousands of loan officers connect to. I won’t mention the name because it’s not important to single that out. A question came up about meeting and getting in front of top producing real estate agents. Now this is a pretty typical question and there are a number of excellent answers. However, some of the replies were astounding!

First, you have to know your target and what the real number of targets is in your market. One response was to ask if they wanted to get in front of hundreds of top producing agents in their market? Seriously; are there really hundreds of top producing agents in your market? Are there hundreds of top producing agents in ANY market? And if there were, how would you handle it? Just another example of social media nonsense!

Next there were all kinds of posts telling people how to call and make appointments for meetings. So we are just going to call agents and meet with them? Why? How come? What are we meeting for? You are much more likely to cold call people selling their houses and getting their loan opportunity than you are cold calling agents, asking for appointments, getting an appointment, and having that agent be someone that there is value working with that will refer you!

If you as a loan originator, or worse, a loan officer’s assistant making these calls, what do you think the likelihood of a real top producing agent is going to take the meeting, show up for the meeting, and then begin referring you opportunities?

Have you ever asked these people what the actual results of cold calling agents were? The agents that agree to meet you for coffee are likely the agents who have no business and can’t afford to buy their own coffee! And by the way, what is your definition of a “top producing agent?”

People, you really need a better plan than this. Managers, you really need to have a much more focused connection with your production team’s activities so they are not wasting their time and money on things that have little to no chance of really working!

Originators, there is no magic pill. There is WORK! There isn’t a trick to going out and earning referrals. You have to know your target. You have to know your value to that target; and great rates and service isn’t it! You need a plan, you need a process, and you need to show why people will benefit from associating with you!

Stop selling and start sharing. If you don’t know your value to the market and why your referral partners and prospective clients benefit from associating with you, then you are likely irrelevant and soon to be someone else’s assistant, moving to a call center, calling leads lists, or maybe looking for a new career!

Do the math, do the work, pay attention, know your value, and stop thinking that this business is easy because it’s not! You don’t provide value by providing coffee, you do it through providing opportunities, strategies, and systems that create value and opportunity!

Questions or comments: Mike@IMTcoaching.com

Have you heard about CROSSROADS.  As a Blog Follower you are cordially invited to attend this upcoming event featuring Mortgage Guru, Mike White on September 12, 2018 in West Palm Beach.  You will not want to miss this event which is sure to help you propel your business to the next level!  Click here to register.

“Huge Weekend Opportunity”

Happy July 5th! With a big holiday on a Wednesday, it isn’t uncommon for people to stretch it out into the weekend. That said, this opens the door for a great deal of real estate activity. Here are a few steps to take in order to maximize your opportunities this weekend!

  • Get out and be visible!
  • Leave documented material at offices!
  • Tell those that are there that you are available to help them if their regular person is unavailable to serve your people!
  • Call from the parking lots before you leave!
  • Get to as many Open Houses as you can!

Many people are off or are taking off, that goes for realtors and mortgage people as well. Get out and get in front of your market, let them know you are working!

Have something in writing in an envelope with each agents name on it to leave at their office so there is something physical for you to direct them too! Talk about the back to school count down and how many days there are left for you to accept a loan application and close before the kids go back to school!

I expect that most of the agents you are trying to get in front of won’t be in the office; it doesn’t matter. It only matters that you were in the office, had some information about an opportunity strategy in an envelope, with their name on it, so you can leave it for them to pick up later! It’s also important that the few other people in the office see that you were there! Let them know you can help them too should they be ready to look or move to make an offer on a property!

Calling from the parking lot before you go to your next stop is critical! Making that call and talking to that person to let them know you were at their office is a really big deal. Even if you get voice mail, leave a nice message about missing them and that you are available should they need you.

Last but not least is to hit every open house you can find and follow through with the open house strategy! Talk to everyone! Pick a key feature of the house or the property so you can write a note to the seller applying for the job of being their next loan officer or to offer a second opinion on their next transaction!

This weekend is a huge opportunity to make new relationships, solidify old relationships, and to generate a few opportunities to do a few deals you never would have seen if you just sat home!

Get up, get out, and connect!

Questions or comments: Mike@IMTcoaching.com