As a reminder, here is the question: "Most of my real estate agents are new and they do not produce much, but they keep me busy chasing low-quality leads. My manager suggested that I focus on top producers. However, when I approach them, I get 'I am a listing agent, so don’t bother calling on me.' Is this true of all top producers and. if so, who should I be targeting?"
In the last segment, I introduced a sample statement which can serve as a reply to listing agents. Basically, you are outlining your value proposition for helping agents with listings. All the while, keeping in mind that listing agents produce plenty of sales. But the next question is: how do you back this statement with a solid marketing plan? How can you help agents obtain listings, sell them faster and turn them into referral machines?
I would start with your own personal sphere. Having a database of thousands, instead of hundreds, is a good start. When the agent gets a listing, can you email an announcement to thousands? Do you have a solid following on social media to market that listing?
How about advertising their open house or brokers open to a list of agents you know. This should be from your sphere, not a list you have purchased. You could even deliver flyers to real estate offices that are in close proximity to these listings. In this way you are delivering value to those agents–much more value than delivering or emailing rate sheets to them. They don’t sell rates; they sell homes and listings are in short supply.
The point is there are plenty of things you can do to help agents with their listings. While most loan officers walk away after an agent says “don’t bother with me, I am a listing agent,” you need to be ready to jump on the opportunity with regular marketing activities. And these activities will produce value not only for the agent, but for your business as well.
Unfortunately, while you focus on adding value, many times the relationships top producers already enjoy precludes them from listening to your plans. Top producers are much more likely to have long-term relationships with loan officers and other vendors. Thus, you might have to find another direction to get a foot in the door. I am going to suggest two of these different directions:
- Many top producers have teams. While the top producer may have close relationships built over a long period of time, most team members are newer to the industry and don’t necessarily have the same depth of relationships. The strategy here is to add value to the team members which are likely to be more open. Their needs are likely to be different as well. For example, some may need training or help converting prospects. The more they use you, the closer you get to the big prize.
- Top producers have larger spheres. While they are not likely to refer business, they would be open to another type of referral. For example, perhaps you indicate you are looking for a good CPA because you often have to confer with one when you have self-employed applicants. Develop a relationship with the CPA, which the top producer may be overlooking. In the future, if you get a referral from the CPA, you can pre-approve them and refer it back to the top producer ("Look what our contact referred to us!") Basically, going in the back door, instead of the front.
In summary, top producers are important to target, but you must develop a long-term strategy. Going deeper into their sphere is another means of doing that…
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..
