Last week, I had answered a question I received from several loan officers about finding time to do marketing. This is Part II of my response.
As a reminder, here is the question: My pipeline is the largest it has been in a year. I thought it would be easy to get things closed, but it seems like everything is backed up–from appraisers to underwriters. I feel like I am drowning and can’t market. Please help!
Dave: In the previous segment we spoke about setting the proper expectations and marketing while closing loans. Now we will focus upon marketing within your pipeline, which is the most effective and least costly avenue to market. The opportunities are basically under your nose. To do this, you need to change the way you think. Think of a loan as a living thing with its own sphere. When you open your eyes, you will see so many opportunities.
For, example, at what junctures within the application process can you ask for a referral? Here is the short answer: anytime you give value or deliver good news. Thus, a major focus should be adding more value throughout the process.
This is especially true early in the process when the law of selective perception dictates that your clients’ real estate “perception” is the highest. What does that mean? It means they are talking to everyone they know about the process. Therefore, they are more apt to meet potential referrals.
The sphere of the loan goes beyond referral from your client. Does your processor get the insurance policy or tax returns or do you reach out and try to meet their insurance agent or CPA? There are loan offices cold calling CPA’s when they could be meeting them as part of the loan process.
Even the settlement is a special marketing opportunity and the whole process should be lined up for you to gain rapport with the listing agent. And the process does not end there. What do you do after settlement to garner referrals? Do you make an “after closing” call or some other outreach to the agent?
Dave Hershman is Senior VP of Sales of Weichert Financial and an author. Dave has published seven books, as well as hundreds of articles and is the founder of the OriginationPro Marketing System and Mortgage School. Visit www.OriginationPro.com and contact Dave at email@example.com.