As a reminder, here is Carla's question:
"I am thinking about purchasing an expensive marketing system which will enable me to do extensive online marketing and bring in leads from different areas of the country. I am able to do loans in most all states and I believe I can double my income, which will more than pay for this system. Does this sound like a good idea?"
In my previous column, I wrote about referrals from the client. There are other actors within the process. For example, the listing agent is often an outsider in the transaction. The greatest complaint I have heard from listing agents is they never know what is going on.
What if you introduced yourself to them upfront? As a matter of fact, with today’s competition for listings, many loan officers call the listing agent to help win the contract when there are multiple offers. I know of a loan officer who got a lead from a listing agent because they did such a good job selling the loan officer’s client, they wanted an advocate for their prospect.
But it does not stop with the initial call. A weekly call to the listing agent giving them status is a way to deliver value in the form of information. After closing, call the agent and thank them for allowing you to be a part of the transaction. When they complement you on your professionalism, that is the time for you to suggest coffee or lunch to discuss how you can add value to their business. Note that I did not say “obtain their business.” It is all about value.
We would like to end this by adding another “pipeline” source: the title/settlement company. The settlement company that closes the loan is working with plenty of real estate agents. They are not likely to refer you to agents who have a loan officer because they receive referrals from loan officers.
On the other hand, there are plenty of loan officers who do not provide great service. The settlement company receives the brunt of these poorly serviced transactions, which makes their business very hard. Imagine a real estate agent declaring at settlement that they will never use this mortgage company again. Obviously, you want to be in position to get that referral. How do you get in position?
You start by delivering great customer service, which means your agents and the settlement company rave about you again and again. You continue by attending settlement or “signings” in escrow states. This extra level of service puts you in a great position. Finally, you can seal the deal by asking – what agent is looking for a new mortgage company this week? If you don’t ask, you won’t receive the referral, we guarantee that. The settlement company would much rather work with a loan officer who is making their life easier. Timing is everything in life!
By the way, there are even more actors in this process—from financial planners to CPAs and even divorce attorneys. More on these topics at a later time.
Dave Hershman is Senior VP of Sales of Weichert Financial and the top author in the mortgage industry. Dave has published seven books, as well as hundreds of articles and is the founder of the OriginationPro Marketing System and Mortgage School – the online choice for expert mortgage learning and marketing content. His site is www.OriginationPro.com and he can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it..
