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