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averagejoelo
420 Posts |
 Posted - 01/15/2008 : 09:17:36 AM
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The NON-Secrets to Closing More Loans
By: Chad Weber - www.loanofficermarketinglab.com - www.leadmovers.com
I have a secret… Click here to learn the closely guarded secrets… Learn this secret now before the authorities shut this site down… We’ve seen them all haven’t we? Even though we are painfully aware that there is very little that is new under the sun, it can be quite difficult to resist that one little nagging doubt that you hear in the back of your mind telling you that maybe…Just maybe this time will be different and there really is some jealously guarded secret that is making the top 2% wealthy while all the other loan officers work harder and harder each day just to make ends meet.
As I sat down to assemble this article, I dug into my marketing archives to review some of my most successful campaigns. After spending about 45 minutes thumbing through each file, and reviewing endless conversion ratios, lead follow-ups and more, I was able to identify certain common elements that you can begin using right now, while 2008 is still fresh, to see more leads, more closings, and more success. We all want those things right? Who doesn’t?
Non-Secret #1 –
Stop worrying
Wow! There’s a shocker for you! See? I told you this was a non-secret! But let me explain what I mean when I say that you must stop worrying. To better explain this, I need for you to think about the top producing loan officers out there. Those who are closing 5, 10, 15 or more loans each and every month, even in a down market.
It’s easy to feel jealous of their seemingly smooth marketing campaigns and referral networks that land lay-down deals into their laps without so much as a cold call. But let’s slap on our ‘this is reality’ glasses for a moment here and really dive into what we’re seeing here. No one becomes a loan officer with a ready made network or marketing campaign. It takes effort, and lots of it to build a foundation that will deliver leads to you on such a high level.
These top producers had to start somewhere, and chances are that ‘somewhere’ involved cold calls, realtor meetings, and lots of rubbing elbows to build! Stop worrying about potential rejection, and just do the things you know need to be done! We’ll sing in our showers in crackly out of tune voices when we think no one is around, but as soon as we think there is an audience, or potential for rejection, we clam up!
The truth is, these people that might tell you “no” probably dedicate less than 20 seconds of total thought to you. These people are busy and have ten thousand other things to occupy their thoughts, and you and I are not high up on that list. So what is so scary about being told “no”? If you can just get past that initial fear that is holding you back, you will discover a bright new world of possibilities and income. The law of averages are in your favor. A loan officer using even a decent script who is dedicated to making enough phone calls or office visits each day would be hard pressed not to double or triple his/her income.
Sure, you don’t want to use a cold call strategy forever, but once build enough income and enough momentum, then you can begin considering other courses of action. There are so many ways to earn money even in the worst of markets that you have to wonder how many opportunities slipped through your grasp because of this paralyzing fear of rejection that afflicts most loan officers.
Stop worrying, start working, and your paycheck will thank you later.
Non-Secret #2
Stop Camouflaging yourself!
If you do a bit of digging around on industry websites, you will find that an overwhelming majority of loan officers earn less than even an average income. I don’t point this out for nefarious purposes, but to make something crystal clear: “Copying what everyone else is doing when it comes to marketing and selling yourself is akin to signing a death sentence to your paycheck!” Not to be over-dramatic here, but you must agree, that in an industry where so much competition exists, copying what everyone else is doing will do little more than assure that you stand out about as much as mini-van on a crowded highway.
When you have so many people calling up potential customers using “safe” uninteresting scripts, boring emails, uninspired mailers, and using the same techniques that haven’t worked for years, afraid to step out of their comfort zone; then what you have is a bunch of people who do little more than blend in with each other in the eyes of the consumer. Sorry, but the last time I checked, the U.S. Military calls that camouflage, and uses similar principles to hide from their enemies!
Should we really be hiding from our prospects? Take a chance for a change! Quit telling yourself that you need more practice, and do something unexpected. Give yourself a goal of starting a blog and sticking with it… Learn all the great places you can network online, at Chamber of Commerce meetings and more. Challenge yourself to speak with the top 200 real estate agents in your town this month, just to see what could happen. Pick up the phone and call 10 For Sale By Owner’s this week, just because you can.
Will you get business from these activities? While it’s certainly very likely, and hard not to, there is no way to know for sure. But let’s stop and assume for 1 second that you did not get any business from these actions this month. Is that so terrible? At the very least, you learned a whole lot more from chatting with 200 top producing agents than you would have sitting around worrying about what you’re going to do to drum up more business. You learned industry lingo, collected email addresses, built a database of agents to follow-up with and more! Lessons earned through your own actions stick with you far more than anything you were told by someone else, and assumed was true.
So the worst case scenario is you are moving the wheel of progress again, and conquering your fears. Oh yea, and you’re off to a wonderful new beginning of NOT blending in with the crowd! Congratulations!
Non-Secret #3
Believe for a change
Over the holidays, I met with plenty of family and friends as is tradition. I noticed a pattern. Year after year after year, the same friends and family tell me about all these amazing projects they are working on, and idea’s they are planning on implementing. The funny thing is, some of what they have to say makes a whole lot of sense, and I’d love to see them in action.
Unfortunately, most people seem to be content with daydreaming about what could be, instead of actually finding out first hand if they can succeed. Some of these stories I’ve been hearing about for more than a decade, but still, not even a first step has been taken. Now I want you to ask yourself why this is? Is it because people are all lazy? I don’t believe that is the answer. Is it because these people lack the necessary skill to follow through with their plans? I doubt that as well.
In my personal and humble opinion, I believe that most people fail to follow through with their ideas and plans because they simply are not 100% convinced they can or will succeed. For most loan officers, it appears that they hear so much negativity from day to day; it is difficult to truly believe without a doubt that they will reach their goals. When you think about earning a 6-figure income (Assuming that were a goal of yours of course), does it seem like some far off distant dream world to you, or can you visualize this reality and feel a burning passion to make this happen ASAP.
We are far more likely to follow through with something, and to stick with it when we know it is not only possible, but very likely that we will succeed. See, if I told you that I would pay you $100,000 if you just picked up the phone and listened to a dial tone for 2 hours each day, 5 days per week, for the next 3 months would you do it? If I had that check with your name on it ready to hand over to you, how many of you would turn it down? Not many I bet.
Why? Because you see the reward right in front of you, and you know that picking up and holding a phone is something that you can do, no matter how boring. (Maybe you’d watch some TV to pass the time?) Yet, 2 hours of calling each day for 3 months to top producing real estate agents, or other affiliate sources can build a foundation to a much larger income if handled correctly; but most loan officers avoid this type of marketing and provide excuses such as “it doesn’t work” or “I don’t like realtors/CPA’s/CFP’s etc.”
Believe in yourself, and kick the excuses to the curb. Spend enough time planning and getting great training (This usually means spending money – invest in yourself!), and then execute your plan! Part of the Loan Officer Marketing Lab program is we provide loan officers will floods of material and training resources to learn how to become an expert at marketing. We cover email, online strategies, database/auto responders, direct marketing, mailing, presentations and far more. Funny thing is, so many originators seem to avoid this level of training, and tell me they just want the basics.
Here’s something for you to consider though. If you become a true expert in sales and marketing, will you ever go hungry? I don’t care who you want to target, or in what industry, the art and science of lead generation is and always will be in demand! All businesses large and small need new leads and new customers to survive. If you are an expert in that field, you will always be more valuable than the next guy, who all else being equal, lacks your expertise at lead generation.
So please, trust in yourself, trust in your abilities, and trust in your marketing (Assuming you take the time to learn). By incorporating these 3 non-secrets into your business, you can thrive even in a down market.
Chad Weber – Loan Officer Marketing Lab: We will schedule appointments for you with Top Producing Real Estate Agents! Contact us at cweber@averagejoelo.com for more info.
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BrokerCA
2353 Posts |
Posted - 01/15/2008 : 11:47:02 AM
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There is more free advice here from Erik Webster...
http://www.loanofficersurvival.com/ |
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aspiring1
1244 Posts |
Posted - 01/15/2008 : 11:54:00 AM
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| So true, thanks Chad! |
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AndrewP
28 Posts |
Posted - 01/15/2008 : 12:25:02 PM
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Awesome post Chad!
Thanks. |
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ritabradley01
2323 Posts |
Posted - 01/15/2008 : 1:55:56 PM
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| Thank you Chad, that was very inspiring! |
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averagejoelo
420 Posts |
Posted - 01/16/2008 : 07:09:29 AM
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Thanks for the kind words. More to come. :)
quote:
Originally posted by ritabradley01
Thank you Chad, that was very inspiring!
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genealle
968 Posts |
Posted - 01/16/2008 : 08:06:37 AM
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| Chad, you are a loquacious and motivating copywriter! |
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MisterVA
5967 Posts |
Posted - 01/16/2008 : 08:57:12 AM
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| Chad, I think I will copy & paste your post to email to my LOs. Thanks. |
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MisterVA
5967 Posts |
Posted - 01/16/2008 : 08:58:52 AM
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| Done. |
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arscherer
169 Posts |
Posted - 01/16/2008 : 10:05:26 AM
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| Chad, I keep a portfolio of great posts throughout the various forums that I am a part of. I have to say that you have out-done most of them throughout the past two days with this post and the other (Realtor Marketing). Excellent job! |
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genealle
968 Posts |
Posted - 01/16/2008 : 3:37:28 PM
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My fav paragraph:
We are far more likely to follow through with something, and to stick with it when we know it is not only possible, but very likely that we will succeed. See, if I told you that I would pay you $100,000 if you just picked up the phone and listened to a dial tone for 2 hours each day, 5 days per week, for the next 3 months would you do it? If I had that check with your name on it ready to hand over to you, how many of you would turn it down? Not many I bet.
I'm not a hard core TM like some, but I do believe in cold calling, especially using highly targeted lists. I haven't bought one since I don't think they exist for my niche, but daily I scour the Yellow Pages and daily I stumble across more web sites that ID the people I wish to speak with. |
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ritabradley01
2323 Posts |
Posted - 01/16/2008 : 10:17:17 PM
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quote:
Originally posted by genealle
My fav paragraph:
We are far more likely to follow through with something, and to stick with it when we know it is not only possible, but very likely that we will succeed. See, if I told you that I would pay you $100,000 if you just picked up the phone and listened to a dial tone for 2 hours each day, 5 days per week, for the next 3 months would you do it? If I had that check with your name on it ready to hand over to you, how many of you would turn it down? Not many I bet.
I'm not a hard core TM like some, but I do believe in cold calling, especially using highly targeted lists. I haven't bought one since I don't think they exist for my niche, but daily I scour the Yellow Pages and daily I stumble across more web sites that ID the people I wish to speak with.
I don't suppose you'd like to share more about your niche and who these people are that you find online and in the phone book?  |
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genealle
968 Posts |
Posted - 01/17/2008 : 06:41:00 AM
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quote:
Originally posted by ritabradley01
quote:
Originally posted by genealle
My fav paragraph:
We are far more likely to follow through with something, and to stick with it when we know it is not only possible, but very likely that we will succeed. See, if I told you that I would pay you $100,000 if you just picked up the phone and listened to a dial tone for 2 hours each day, 5 days per week, for the next 3 months would you do it? If I had that check with your name on it ready to hand over to you, how many of you would turn it down? Not many I bet.
I'm not a hard core TM like some, but I do believe in cold calling, especially using highly targeted lists. I haven't bought one since I don't think they exist for my niche, but daily I scour the Yellow Pages and daily I stumble across more web sites that ID the people I wish to speak with.
I don't suppose you'd like to share more about your niche and who these people are that you find online and in the phone book?
I have embraced the leasing market! I totally ignore residential mortgages, but offer that as a service. I just turn it over to a friend who buys me lunch. If I come across a commercial loan, I can use a couple of lenders I know or look one up in Scotsman's Commercial Guide.
I call on companies that need anything that can be leased for a business (except cars and small trucks) I concentrate on $20K and over so we're talking about PC networks and VAR services, office furniture, restaurant supply, bulldozers, ...... I can even lease a private jet or helicopter, but that is through a fellow I've know for years. He is wealthy beyond my imagination, but started as a regular Joe and developed his business.
I checked out Infosales and SalesGenie, their clone, but their prices are insane. I use the Yellow Pages for local leads, and SuperPages for national searches. Every business I visit gets my card, whether I'm there as a customer or popping in for a sales "Hello".
I always ask for an E-mail, saying "I know how people hate phone calls, so I send E-mails." Then I call them and say Hey! Did you get my E-mail on the "No processing fee" promotion? (I said I know people hate calls...I didn't say I wouldn't call them)
I sent out a big E-mail last night and I'm eager to see the response. It was a hand-built list of businesses that are my target market, or they sell things to my target that I can lease. Gradually (or with great speed if possible) I want to establish relationships with product vendors that will offer my leasing services exclusively. |
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genealle
968 Posts |
Posted - 01/17/2008 : 1:06:05 PM
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quote:
Originally posted by Ascension
The industry is changing and to survive you need the right software to help you manage your business to build a book of business. It starts here for me. www.ascensionus.com
I haven't yet seen a post you've made that didn't promote your own web site.
Shame on you Schlotthauer, Michael. Why does your profile show New York, yet the site registered to you is in Castaic, California? |
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ritabradley01
2323 Posts |
Posted - 01/18/2008 : 09:20:29 AM
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Oh so you are handling equipment leasing. I worked for a company that did that a few years ago. I'm curious about why you hang out here still-not a criticism, just curious. I'm guessing you use a lot of the same lenders?
Nice thing about calling businesses, no DNC list to worry about. Tough getting through to decision makers sometimes though. |
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genealle
968 Posts |
Posted - 01/18/2008 : 2:36:43 PM
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quote:
Originally posted by ritabradley01
Oh so you are handling equipment leasing. I worked for a company that did that a few years ago. I'm curious about why you hang out here still-not a criticism, just curious. I'm guessing you use a lot of the same lenders?
Nice thing about calling businesses, no DNC list to worry about. Tough getting through to decision makers sometimes though.
Marketing is marketing and I've found a lot of great info here.
I found my lenders through scouring the posts in the mortgage broker section.
I also plan to work on commercial loans when I get this under control and find my way.
And you're right about DNC. A few get pissy, but they cool off quickly (so far). |
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ritabradley01
2323 Posts |
Posted - 01/18/2008 : 11:00:15 PM
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| very cool |
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edbates
75 Posts |
Posted - 01/22/2008 : 6:33:44 PM
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| Thanks Chad I will have to send this out to fellow loan officers. |
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erikwebster
4029 Posts |
Posted - 01/26/2008 : 5:22:04 PM
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| well written Chad, call me, we need to catch up and gossip :) |
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averagejoelo
420 Posts |
Posted - 01/28/2008 : 05:42:58 AM
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Hey Erik!
By all means, we need to catch up. I'm available today... Plus, I promised to give you a sneak peak of my latest project/website... I'll make good on that promise today. You still have my cell number I assume?
CW
quote:
Originally posted by erikwebster
well written Chad, call me, we need to catch up and gossip :)
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averagejoelo
420 Posts |
Posted - 01/30/2008 : 08:38:26 AM
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Weird... I keep getting email notifications of new posts to this thread, but there are none to be found... Anyone else experiencing this?
quote:
<i>Originally posted by erikwebster</i>
<br />well written Chad, call me, we need to catch up and gossip :)
[/quote] |
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