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carl292
94 Posts |
 Posted - 08/06/2008 : 5:09:54 PM
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Trying different things on my calling to make my time on the phone the most productive... How many here think it's better to leave a message when cold calling ? What's your normal line ?
For years we had a phone room and I still called leads, but to stay in business we had to let them go  . Advice/tips |
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darkstar
18309 Posts |
Posted - 08/06/2008 : 5:12:58 PM
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Nobody will call if you don't tell them to!
NEVER waste dials, ALWAYS leave a message!
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carl292
94 Posts |
Posted - 08/06/2008 : 7:20:06 PM
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Any good lines you guys like to use on the answering machine? I feel mines a little long a little over a min.
Do you think it's better to say that you spoke with them in the past and just following up? |
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lshaull
87 Posts |
Posted - 08/06/2008 : 7:25:07 PM
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| A good message depends on what type of leads you are calling ARM? FISBOS, realtors? FHA? |
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cspatmon
2148 Posts |
Posted - 08/06/2008 : 7:34:59 PM
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| I never leave messages. It doesn't work for me. Never fails, I'm into the next call and receive a call back..... I make it a priority to speak to one person at a time. |
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carl292
94 Posts |
Posted - 08/06/2008 : 7:50:46 PM
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I have alot of funded leads from the database , which had all the lo's over the years. So those leads very from 1- 12 yrs. Also, the old phone rooms leads,leads to loans ( title leads).
Normally a couple days a week I'll call from 5 -8 and saturday's from 10-1. Just seeing what type of system, opening line the guys/ gals here like to use w/results.
I think ALOT of us here can benefit from each others trial & errors, especially when it comes to cold calling in this market. Thanks to all who've posted so far  |
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aspiring1
1315 Posts |
Posted - 08/06/2008 : 8:02:02 PM
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| I only leave a message after I have tried the prospect numerous times (usually 3 or more) with no connection. I have a horrible ratio as far as people calling back from voice messages. My goal is usually to talk to as many people as I can in as little time as I can - and I find leaving messages can sap valuable time. |
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meiyakim
52 Posts |
Posted - 08/06/2008 : 8:04:54 PM
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| I use call capture and have a huge campaign right now. Those that hang up are cold calls. I do NOT use a script and I just call nonchalantly to see if I can answer any questions or help in any way. Pretty innocent approach and it works well for me. |
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JasonAaron1
1097 Posts |
Posted - 08/06/2008 : 8:18:11 PM
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Script from Sales Trainer Jeffrey Gitomer:
Hello this is Mr. Loan Officer from XYZ Mortgage. My phone number is 111-1111...and I have been trying to reach you to tell you that your loan is(hang up) |
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Managing Prime
2802 Posts |
Posted - 08/06/2008 : 8:20:11 PM
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quote:
Originally posted by JasonAaron1
Script from Sales Trainer Jeffrey Gitomer:
Hello this is Mr. Loan Officer from XYZ Mortgage. My phone number is 111-1111...and I have been trying to reach you to tell you that your loan is(hang up)
LOL...I still want to try that one. My intuition tells me that it would work well. |
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JasonAaron1
1097 Posts |
Posted - 08/06/2008 : 9:15:07 PM
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LOL..yeah I know.
There was a guy in my old office that did it all the time...he got a lot of call backs, but not a lot of apps from the call backs. |
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LOAN_SLAMMER
487 Posts |
Posted - 08/07/2008 : 01:43:33 AM
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I talk calm and very clear. I always say Mr. or Mrs. (last name).
It is not what you say, its how you say it. There is not one particular line that works for all scenarios. It depends on what criteria people are you calling, demographics, whether is cold, warm or a hot lead. Based on that you make adjustments. Make your intro as short, strong and sweet as possible. Never leave messages. They won't call back and you could have already been on the next call. |
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jvanpetten
2545 Posts |
Posted - 08/07/2008 : 02:18:17 AM
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This is very true. Call your prospects that you cannot reach after a few times during non-peak calling hours to leave a message. You can make so many more calls during peak hours if you DON'T leave messages. I sometimes get call backs just from the caller ID saying "you just called me", so leaving messages can sap valuable time.
quote:
Originally posted by aspiring1
I only leave a message after I have tried the prospect numerous times (usually 3 or more) with no connection. I have a horrible ratio as far as people calling back from voice messages. My goal is usually to talk to as many people as I can in as little time as I can - and I find leaving messages can sap valuable time.
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darkstar
18309 Posts |
Posted - 08/07/2008 : 04:07:41 AM
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quote:
Originally posted by carl292
Any good lines you guys like to use on the answering machine? I feel mines a little long a little over a min.
Do you think it's better to say that you spoke with them in the past and just following up?
Keep the message to around 40 secs and NEVER lie...If you didn't speak to them before, why would you even consider that?...That's the grey crap that's been taught here a long time and crated out reputation, break the mold!... |
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Scrooge McDuck
8851 Posts |
Posted - 08/07/2008 : 04:45:50 AM
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i just took training from some company called basho. try leaving a weird message thjat says something like:
"62% of my customers have been loving this great new fixed rate program i have available. with the government rcently signing the new housing act, the flood gates have been opened to offer the best rates and terms i have ever seen. call me at xxx-xxx-xxxx."
i agree w darkstar, dont waste dials. also, byt the 3rd message, just leave rates and terms in the vm. do what ever it takes.
and vary the tone of your voice. dont sound flat and stale. |
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Scrooge McDuck
8851 Posts |
Posted - 08/07/2008 : 04:47:12 AM
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| also, smile and dial. they can hear the smile. |
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darkstar
18309 Posts |
Posted - 08/07/2008 : 05:23:14 AM
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quote:
Originally posted by jvanpetten
This is very true. Call your prospects that you cannot reach after a few times during non-peak calling hours to leave a message. You can make so many more calls during peak hours if you DON'T leave messages. I sometimes get call backs just from the caller ID saying "you just called me", so leaving messages can sap valuable time.
quote:
Originally posted by aspiring1
I only leave a message after I have tried the prospect numerous times (usually 3 or more) with no connection. I have a horrible ratio as far as people calling back from voice messages. My goal is usually to talk to as many people as I can in as little time as I can - and I find leaving messages can sap valuable time.
I have to correct myself a little...Like Jan, pending how the rest of the day went for me, after 6pm, I will stop leaving messages to go for just live people...Good point Jan!...It's been a while since I had a bad day so I forgot! LOL |
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carl292
94 Posts |
Posted - 08/07/2008 : 06:46:51 AM
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Just to clarify, when everyone says peak hours ,that's the time frame is between 9-5 and non-peak are after that. Or do I have it backwards ?
For those with good results. How many hours a day do you set aside to calling and do you include Saturday / Sunday in there ? |
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CoolMtgGuy
3710 Posts |
Posted - 08/07/2008 : 06:47:21 AM
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If you are going to call someone, me for example, the least I expect from you is who you are, why are you calling me and how do I reach you if I choose to return the call. No gimmicks (eg: hanging up in the middle of a sentence) as it is rude and insultive.
Remember that people will call if they have a need matched to your call/offer and the probability of that happening is related to the criteria for your selections of those target prospects in the first place. |
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darkstar
18309 Posts |
Posted - 08/07/2008 : 06:55:25 AM
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| Xactly, all that grey crap, "I'm returning a call" "I'm following up on a letter"(I never mailed) or hanging up in middle of sentence...All very unprofessional...If you don't have a good reason, or hook, to leave them, why are you even calling?...Hit n' hopin'? |
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Edumakated
135 Posts |
Posted - 08/07/2008 : 07:38:38 AM
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Maybe it is just me, but I believe all this telemarketing stuff has ruined our industry's reputation. I admire people for hustling to build business, but this just seems very unprofessional. we have got to raise our standards in this business.
I get calls and direct mail all the time from these boiler room shops. Much of it is quite embarrasing to our industry. People still advertising one percent rates on option ARMs, lying about them being "my lender" and other misleading efforts. My favorite is "The Fed just dropped interest rates!" |
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WorldWideWayne
2442 Posts |
Posted - 08/07/2008 : 07:57:02 AM
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I don't dial to leave messages, I dial to talk to people. There are machines that can dial to leave messages...
My avg message takes just under a min to leave...in that time I can make 2-3 more dials.
Stephen, I'd start leaving messages if I had a magic bullet to leave on their voice mail. Got one? |
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darkstar
18309 Posts |
Posted - 08/07/2008 : 08:17:18 AM
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No magic bullet, just consistency...I will leave the same person the same message 20 times in a month, I don't care as long as I keep getting calls that tell me they got all 20 of them, they just didn't have time to call until now...
I call until they buy, die or tell me to stop calling them...I'll even take the last as it means I'm talking to them which means I have a shot!...
A big problem I see with LOs is there lack of persistence and even more so, basic phone skills...They are literally scared of the instrument that controls their wallet...And will make feeble attempts to contact people...People call me complaining they can't reach anyone, while they're crying in my ear I'm calling their leads telling them which one just answered the phone and why they should be calling them instead of me!...
And you can never call someone too much, if you do, they'll tell you!...
Oh, and of course my pet peeve which I think is partially responsible for my success is my caller ID..Sy what you want, my name and mumber will be picked up 100 more often than your BLOCKED, UNAVAILABLE, JUST A PHONE NUMBER or COMPANY name, it's an undisputable fact...If your ID says anything other than YOUR name and number, your response rate will always be less than the person who has it...That one simple change in your business WILL create a spike in deals, that too can't be disputed!..If not, you just suck, face it... |
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WorldWideWayne
2442 Posts |
Posted - 08/07/2008 : 08:22:54 AM
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>>>If your ID says anything other than YOUR name and number, your response rate will always be less than the person who has it
So, your caller ID says Darkstar and they actually answer it????? |
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prof9000
104 Posts |
Posted - 08/07/2008 : 10:15:57 AM
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quote:
Originally posted by Edumakated
Maybe it is just me, but I believe all this telemarketing stuff has ruined our industry's reputation. I admire people for hustling to build business, but this just seems very unprofessional. we have got to raise our standards in this business.
I get calls and direct mail all the time from these boiler room shops. Much of it is quite embarrasing to our industry. People still advertising one percent rates on option ARMs, lying about them being "my lender" and other misleading efforts. My favorite is "The Fed just dropped interest rates!"
I agree 100%. I've done my share of boiler room dialing for dollars (not proud of it) and in my opinion it is the lowest form of marketing there is. It's one tiny step up from knocking on a stranger’s door.
Yes it works if you are persistent enough. But imagine going to someone’s house 20 times in a week uninvited. Cold calling upsets and annoys so many people for that 1 customer that says yes. Thank God for the Do Not Call list, it has significantly cut down on the “Right in the middle of dinner do you want my services calls”. But I still get them.
But to answer your question leaving messages is a waste of time. If you have two phones you can dial 3-4 additional numbers in the time it takes to leave a message. Therefore increasing your odds of getting a live person.
However I’d prefer it if you didn’t do either.
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zpaperkid
78 Posts |
Posted - 08/07/2008 : 10:18:07 AM
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[quote]Originally posted by carl292
Just to clarify, when everyone says peak hours ,that's the time frame is between 9-5 and non-peak are after that. Or do I have it backwards ?
For those with good results. How many hours a day do you set aside to calling and do you include Saturday / Sunday in there ?
[
/quote]The law(FTC, Fed. Trade Commission) says you may call from 8 AM until 9 PF, on Mondays thru Saturday. No TM allowed on Sunday!!!!
For those of you who are not registered on The Fed's DNC Registry, you are taking a HUGE
RISK!!! Blocked phone #'s are NOT LEGAL! Make the effort to register, its easy and free if you only rerquest the 5 free area codes. Also, youn are required to scrub your lists every month!! That involves buying schrubbing software for 2-300 a pop. You also should have a separate DNC(do not call list) and put anyone on there who requests you do not call them. Most dialers have a slot for that already.
If you do not want to go thru all the hassle, I understand. Not even counting getting good call data, and trying to train folks to call, etc. Its a HUGE hassle!!
So give me a call, and I will call for you! Im all set up to call California & Oregon.
I call ARM resets, FHA's, jumbo-conforming, reverse mortgages, loan mods, you name it.
Ive been doing this for 11 years! And have references. I work for the individual loan officer, broker, or RE investor.
Good luck!
Bruce Schmauder
530-274-1801 |
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HonestNJBroker
336 Posts |
Posted - 08/07/2008 : 11:02:05 AM
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I agree 100% with you. What other profession "dials for dollars" Does a Doctor, Lawyer, CPA or any other professional "bang the phones" If you are making your living telemarketing you are a telemarketer, period!
I only deal with local clients and they all come in my office to meet with me, they also come back in for settlement. It’s so easy to sell against the “telemarketers” out there who pose as mortgage professionals. So you guys keep dialing.
quote]Originally posted by Edumakated
Maybe it is just me, but I believe all this telemarketing stuff has ruined our industry's reputation. I admire people for hustling to build business, but this just seems very unprofessional. we have got to raise our standards in this business.
I get calls and direct mail all the time from these boiler room shops. Much of it is quite embarrasing to our industry. People still advertising one percent rates on option ARMs, lying about them being "my lender" and other misleading efforts. My favorite is "The Fed just dropped interest rates!"
[/quote] |
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darkstar
18309 Posts |
Posted - 08/07/2008 : 11:03:05 AM
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>>>>Blocked phone #'s are NOT LEGAL!
People just don't care...I tell people this all the time and they never change their numbers...Blocked, unavailable, just a name or just a number, if your provider has the ability to display it, which they all do now, you MUST display a name AND number per the TSRs...How many do you think will care and get compliant?...
And I've talked to Bruce, if someone needs a good TMer on the west coast, he's your man! |
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zpaperkid
78 Posts |
Posted - 08/07/2008 : 11:15:03 AM
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Thanks for the kind words Steve!!
Steve Darkstar is always available to help you out and knows his stuff!! Its best to buy his ARM reset lists. Folks with ARMs need to refi NOW, before its too late.
Contrary to popular opinion, there are still a few good areas in Cal. to call! On my NEW BONUS deal, you get LOAN MOD leads for FREE, when you sign up for refi leads!! Two for the price of one! I have 50-60 loan mod leads right now without a home. And they are detailed leads with all the crucial data!
With the new jumbo-conforming, and new FHA loans, AND loan mods, its hard to lose!
Bruce
530-274-1801 |
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boudroux
66 Posts |
Posted - 08/07/2008 : 1:12:53 PM
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It's one tiny step up from knocking on a stranger’s door.
Man is that the worst attitude I've ever heard. Knocking on doors has netted me more money then any other marketing, PERIOD. I have purchased homes below market and/or with amazing seller financing, I have done loans that way and I have made friends with people who refer me many, many loans.
I'm clean cut, I have a knack of making people laugh and I simply love talking to people. Bums, beggars, soccer moms, homeowners, apartment dwellers, renters, millionaires, whomever. The more rocks you turn up the more deals you will MAKE. Deals aren't found they are MADE.
If everyone would just stick to their own back yard and do community marketing the world would be a better place. All through community marketing I just funded my 3rd loan this month and will close another 4 before months end, I closed escrow on a new rental property for me and have two more escrows that should close this month on new acquisitions for my company. There is so much business in your own backyard that there is absolutely no need to go more then a 50 mile circle from your office to get all the business you could possible need.
Just get out there and Hustle! |
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Edumakated
135 Posts |
Posted - 08/07/2008 : 1:30:03 PM
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I stand by my point that it is unprofessional. The one thing I have found in my years in this business is that if you are still telemarketing and cold calling after about a year, you are probably raping your clients. This should be a referral business and if you treat your clients right, referral business should be coming in pretty easily after putting in a little time in the business.
Nothing wrong with supplementing your income, but telemarketing is hardly a long term business plan. If I don't lift a finger I get 3-5 referrals a month just off the business I closed in the past five years. Every top producing LO I know is the same way. Very few true producers in this business are going to be dialing for dollars.
I don't want to knock the hustle, but given how much this profession has been dragged through the mud by these boiler rooms, the less of this type of marketing I see the better. |
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WorldWideWayne
2442 Posts |
Posted - 08/07/2008 : 1:30:15 PM
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>>>Does a Doctor, Lawyer, CPA or any other professional "bang the phones"
If I was a doctor, lawyer or CPA I would not bang the phones...but I'm not.
>>>If you are making your living telemarketing you are a telemarketer, period!
If Stephen could teach me to make 10K+ per month by banging the phones I'd pull my home next to his trailer and soak it all in...
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darkstar
18309 Posts |
Posted - 08/07/2008 : 1:33:07 PM
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quote:
Originally posted by Edumakated
I stand by my point that it is unprofessional. The one thing I have found in my years in this business is that if you are still telemarketing and cold calling after about a year, you are probably raping your clients. This should be a referral business and if you treat your clients right, referral business should be coming in pretty easily after putting in a little time in the business.
Nothing wrong with supplementing your income, but telemarketing is hardly a long term business plan. If I don't lift a finger I get 3-5 referrals a month just off the business I closed in the past five years. Every top producing LO I know is the same way. Very few true producers in this business are going to be dialing for dollars.
I don't want to knock the hustle, but given how much this profession has been dragged through the mud by these boiler rooms, the less of this type of marketing I see the better.
I get calls almost everyday from people telling me how their referral business is drying up, not substantial or all crapola...MANY need other means... |
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HonestNJBroker
336 Posts |
Posted - 08/07/2008 : 1:42:08 PM
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Perfectly said! I had an appraiser cold call me today(in person) looking for business she said 90% of the boiler rooms/telemarketing brokers she has been dealing with over the years are out of business and the rest are on their way out because they were not thinking long term. They were "banging" every customer for as much as they can get out of them.
"but telemarketing is hardly a long term business plan." Enough said!
quote:
Originally posted by Edumakated
I stand by my point that it is unprofessional. The one thing I have found in my years in this business is that if you are still telemarketing and cold calling after about a year, you are probably raping your clients. This should be a referral business and if you treat your clients right, referral business should be coming in pretty easily after putting in a little time in the business.
Nothing wrong with supplementing your income, but telemarketing is hardly a long term business plan. If I don't lift a finger I get 3-5 referrals a month just off the business I closed in the past five years. Every top producing LO I know is the same way. Very few true producers in this business are going to be dialing for dollars.
I don't want to knock the hustle, but given how much this profession has been dragged through the mud by these boiler rooms, the less of this type of marketing I see the better.
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Edumakated
135 Posts |
Posted - 08/07/2008 : 2:00:45 PM
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quote:
Originally posted by darkstar
quote:
Originally posted by Edumakated
I stand by my point that it is unprofessional. The one thing I have found in my years in this business is that if you are still telemarketing and cold calling after about a year, you are probably raping your clients. This should be a referral business and if you treat your clients right, referral business should be coming in pretty easily after putting in a little time in the business.
Nothing wrong with supplementing your income, but telemarketing is hardly a long term business plan. If I don't lift a finger I get 3-5 referrals a month just off the business I closed in the past five years. Every top producing LO I know is the same way. Very few true producers in this business are going to be dialing for dollars.
I don't want to knock the hustle, but given how much this profession has been dragged through the mud by these boiler rooms, the less of this type of marketing I see the better.
I get calls almost everyday from people telling me how their referral business is drying up, not substantial or all crapola...MANY need other means...
I don't doubt it. However, I doubt they were truly referral based or they squandered marketing to their client database. You would be amazed at the business you can get by simply sending out a monthly newsletter, random emails to clients, or just picking up the phone to check in with your past clients.
I guess I am getting tired of being associated with slimy "sales" people. Nothing wrong with closing deals and making a nice income, but I have found that too many of the 2 on the front/2 in the back refi monkeys that dragged us to the brink of extinction gravitate towards telemarketing. Given I have yet to receive a call from someone I think provides a great representation of our industry, it just bothers me that we haven't learned our lesson as a profession yet.
A mortgage and a home is a persons largest financial liability and investment. I think it should be treated as such. To me, telemarketing doesn't not convey the respect the transaction deserves for both the borrowers and our profession. |
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ritabradley01
3228 Posts |
Posted - 08/07/2008 : 2:14:38 PM
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quote:
Originally posted by Edumakated
I stand by my point that it is unprofessional. The one thing I have found in my years in this business is that if you are still telemarketing and cold calling after about a year, you are probably raping your clients. This should be a referral business and if you treat your clients right, referral business should be coming in pretty easily after putting in a little time in the business.
Nothing wrong with supplementing your income, but telemarketing is hardly a long term business plan. If I don't lift a finger I get 3-5 referrals a month just off the business I closed in the past five years. Every top producing LO I know is the same way. Very few true producers in this business are going to be dialing for dollars.
I don't want to knock the hustle, but given how much this profession has been dragged through the mud by these boiler rooms, the less of this type of marketing I see the better.
You get 3 referrals a month? Assuming some fallout I'm not sure how you can making a decent living doing that. Maybe I'm missing something. |
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darkstar
18309 Posts |
Posted - 08/07/2008 : 2:17:55 PM
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>>>I don't doubt it. However, I doubt they were truly referral based or they squandered marketing to their client database. You would be amazed at the business you can get by simply sending out a monthly newsletter, random emails to clients, or just picking up the phone to check in with your past clients.
Can't argue with that... |
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isne14420
98 Posts |
Posted - 08/07/2008 : 2:18:32 PM
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| Read the book Question Based Selling. It's a great book with a lot of great advice for cold calling. I always leave a message. You want to just leave a brief message introducing yourself and end the message with some type of question. ex. When you have a free minute please give me a call back, i have a question about your mortgage that only you can answer. People will call back just out of curiosity. I use this technique and it works. I just switch it up from time to time. Hope this helps a little. I know it helps me. Serioulsy though, invest in that book, it's worth it. Knowledge and technique is power, especially in sales. |
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Edumakated
135 Posts |
Posted - 08/07/2008 : 2:34:33 PM
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quote:
Originally posted by ritabradley01
quote:
Originally posted by Edumakated
I stand by my point that it is unprofessional. The one thing I have found in my years in this business is that if you are still telemarketing and cold calling after about a year, you are probably raping your clients. This should be a referral business and if you treat your clients right, referral business should be coming in pretty easily after putting in a little time in the business.
Nothing wrong with supplementing your income, but telemarketing is hardly a long term business plan. If I don't lift a finger I get 3-5 referrals a month just off the business I closed in the past five years. Every top producing LO I know is the same way. Very few true producers in this business are going to be dialing for dollars.
I don't want to knock the hustle, but given how much this profession has been dragged through the mud by these boiler rooms, the less of this type of marketing I see the better.
You get 3 referrals a month? Assuming some fallout I'm not sure how you can making a decent living doing that. Maybe I'm missing something.
I said if I don't lift a finger, I typically get 3-5 referrals a month (I should have said that make it to the closing table to be more specific). Meaning if I stopped aggressively marketing except to my existing client base, I typically can close 3-5 deals per month just off of those referrals. I close quite a bit more than that per month, but I can make a decent living just off those referrals with very little effort. My point is that it gets easier every year. I have some co-workers who close $75 mill per year and they don't do anything except sit in their office because they have been doing this so long and they treat their clients right and build the relationships. The phone won't stop ringing. I will do about $30 mill or so this year. I didn't set foot in one realtor office, mostly purchases and some refis. All a-paper. About 50% referrals from previous clients and the other half referrals from other relationships I have.
I guarantee not a single LO on the top 200 originator list is sitting around cold calling. |
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darkstar
18309 Posts |
Posted - 08/07/2008 : 2:39:32 PM
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| I can see that...Most LOs in the business haven't been in long enough to have a referral base and since they slammed most of them in O/As and such, they don't even want those people to know they're still alive.. |
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DINEROS
1143 Posts |
Posted - 08/07/2008 : 2:51:23 PM
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quote:
Originally posted by JasonAaron1
Script from Sales Trainer Jeffrey Gitomer:
Hello this is Mr. Loan Officer from XYZ Mortgage. My phone number is 111-1111...and I have been trying to reach you to tell you that your loan is(hang up)
I love this one. I should have known about this one a few years back, I probably would have a few more bucks by now.
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ritabradley01
3228 Posts |
Posted - 08/07/2008 : 2:54:38 PM
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quote:
Originally posted by Edumakated
quote:
Originally posted by ritabradley01
quote:
Originally posted by Edumakated
I stand by my point that it is unprofessional. The one thing I have found in my years in this business is that if you are still telemarketing and cold calling after about a year, you are probably raping your clients. This should be a referral business and if you treat your clients right, referral business should be coming in pretty easily after putting in a little time in the business.
Nothing wrong with supplementing your income, but telemarketing is hardly a long term business plan. If I don't lift a finger I get 3-5 referrals a month just off the business I closed in the past five years. Every top producing LO I know is the same way. Very few true producers in this business are going to be dialing for dollars.
I don't want to knock the hustle, but given how much this profession has been dragged through the mud by these boiler rooms, the less of this type of marketing I see the better.
You get 3 referrals a month? Assuming some fallout I'm not sure how you can making a decent living doing that. Maybe I'm missing something.
I said if I don't lift a finger, I typically get 3-5 referrals a month (I should have said that make it to the closing table to be more specific). Meaning if I stopped aggressively marketing except to my existing client base, I typically can close 3-5 deals per month just off of those referrals. I close quite a bit more than that per month, but I can make a decent living just off those referrals with very little effort. My point is that it gets easier every year. I have some co-workers who close $75 mill per year and they don't do anything except sit in their office because they have been doing this so long and they treat their clients right and build the relationships. The phone won't stop ringing. I will do about $30 mill or so this year. I didn't set foot in one realtor office, mostly purchases and some refis. All a-paper. About 50% referrals from previous clients and the other half referrals from other relationships I have.
I guarantee not a single LO on the top 200 originator list is sitting around cold calling.
You are probably right about that but since I'm a newb with virtually no referral base, I'll have to do what I can, what's available to me. |
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johnnyboy38109
3064 Posts |
Posted - 08/07/2008 : 3:44:33 PM
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quote:
Originally posted by JasonAaron1
Script from Sales Trainer Jeffrey Gitomer:
Hello this is Mr. Loan Officer from XYZ Mortgage. My phone number is 111-1111...and I have been trying to reach you to tell you that your loan is(hang up)
And we wonder why the DNC has become necessary.
This is tasteless, not that I am surprised. If I had to resort to such hucksterism, I think I'd slit my wrists.
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StevieV22
51 Posts |
Posted - 08/07/2008 : 3:58:48 PM
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quote:
Originally posted by Edumakated
quote:
Originally posted by ritabradley01
quote:
Originally posted by Edumakated
I stand by my point that it is unprofessional. The one thing I have found in my years in this business is that if you are still telemarketing and cold calling after about a year, you are probably raping your clients. This should be a referral business and if you treat your clients right, referral business should be coming in pretty easily after putting in a little time in the business.
Nothing wrong with supplementing your income, but telemarketing is hardly a long term business plan. If I don't lift a finger I get 3-5 referrals a month just off the business I closed in the past five years. Every top producing LO I know is the same way. Very few true producers in this business are going to be dialing for dollars.
I don't want to knock the hustle, but given how much this profession has been dragged through the mud by these boiler rooms, the less of this type of marketing I see the better.
You get 3 referrals a month? Assuming some fallout I'm not sure how you can making a decent living doing that. Maybe I'm missing something.
I said if I don't lift a finger, I typically get 3-5 referrals a month (I should have said that make it to the closing table to be more specific). Meaning if I stopped aggressively marketing except to my existing client base, I typically can close 3-5 deals per month just off of those referrals. I close quite a bit more than that per month, but I can make a decent living just off those referrals with very little effort. My point is that it gets easier every year. I have some co-workers who close $75 mill per year and they don't do anything except sit in their office because they have been doing this so long and they treat their clients right and build the relationships. The phone won't stop ringing. I will do about $30 mill or so this year. I didn't set foot in one realtor office, mostly purchases and some refis. All a-paper. About 50% referrals from previous clients and the other half referrals from other relationships I have.
I guarantee not a single LO on the top 200 originator list is sitting around cold calling.
I agree with you but I'm sure you didn't wake up one day with a client list. You had to start somewhere.
I am trying to do a little bit of everything to build clientel.
Aside from calling, I am trying to build relationships with realtors, what do you guys recommend is the best way to do that? I've been calling different real estate offices and than try to set up a meeting. Is that pretty much what every one else doing?
Also I know people get business from lawyers and financial planners. Has any one tried that and what was your approach?
Thanks, |
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jason3974
287 Posts |
Posted - 08/07/2008 : 4:01:59 PM
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I call mortgage recordings from 3-6 months ago and specifically target finance companies. I always leave a message, saying, "This is Jason calling from Homeowners Financial in Dodgeville. I'm calling as many people I can that have a mortgage with XYZ Finance company because of the rates they typically charge. With some of the changes that FHA has made regarding credit qualifications, you may be able to refinance and lower your rate considerably. Give me a call back at 999-999-9999 or go to www.abc.com to check out my credentials and apply as soon as you can at. If I don't hear back from you by...I'll give you a shout back in a couple of days to discuss this."
This is usually my opening line as well. It helps to let people know you're local, you're a person, you have something they may want, and that you'll call them back. Finance company customers love to apply and I get good responses.
Hang in there and keep calling. |
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jason3974
287 Posts |
Posted - 08/07/2008 : 4:06:46 PM
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quote:
Originally posted by HonestNJBroker
I agree 100% with you. What other profession "dials for dollars" Does a Doctor, Lawyer, CPA or any other professional "bang the phones" If you are making your living telemarketing you are a telemarketer, period!
I only deal with local clients and they all come in my office to meet with me, they also come back in for settlement. It’s so easy to sell against the “telemarketers” out there who pose as mortgage professionals. So you guys keep dialing.
quote]Originally posted by Edumakated
Maybe it is just me, but I believe all this telemarketing stuff has ruined our industry's reputation. I admire people for hustling to build business, but this just seems very unprofessional. we have got to raise our standards in this business.
I get calls and direct mail all the time from these boiler room shops. Much of it is quite embarrasing to our industry. People still advertising one percent rates on option ARMs, lying about them being "my lender" and other misleading efforts. My favorite is "The Fed just dropped interest rates!"
[/quote]
I agree with your last paragraph, but the rest of your post junk. I don't know about you, but I make my money from selling a customer on a loan that closes. I don't care if I get that customer from walking into my office or me calling them. As I said in another post, we're just sales people.
Take your high horse elsewhere. |
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aspiring1
1315 Posts |
Posted - 08/07/2008 : 4:10:22 PM
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quote:
Originally posted by Edumakated
Maybe it is just me, but I believe all this telemarketing stuff has ruined our industry's reputation. I admire people for hustling to build business, but this just seems very unprofessional. we have got to raise our standards in this business.
I get calls and direct mail all the time from these boiler room shops. Much of it is quite embarrasing to our industry. People still advertising one percent rates on option ARMs, lying about them being "my lender" and other misleading efforts. My favorite is "The Fed just dropped interest rates!"
Uhhh...last time I checked, being an LO is SALES!
I agree that being misleading, baiting and switching etc is not good, but when it all comes down to it - this business is still a numbers game and the phones is one of the best way to hit the numbers. |
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jason3974
287 Posts |
Posted - 08/07/2008 : 4:11:17 PM
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quote:
Originally posted by aspiring1
quote:
Originally posted by Edumakated
Maybe it is just me, but I believe all this telemarketing stuff has ruined our industry's reputation. I admire people for hustling to build business, but this just seems very unprofessional. we have got to raise our standards in this business.
I get calls and direct mail all the time from these boiler room shops. Much of it is quite embarrasing to our industry. People still advertising one percent rates on option ARMs, lying about them being "my lender" and other misleading efforts. My favorite is "The Fed just dropped interest rates!"
Uhhh...last time I checked, being an LO is SALES!
I agree that being misleading, baiting and switching etc is not good, but when it all comes down to it - this business is still a numbers game and the phones is one of the best way to hit the numbers.
Cheers. |
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aspiring1
1315 Posts |
Posted - 08/07/2008 : 4:12:43 PM
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