| Author |
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smoothlid
411 Posts |
 Posted - 09/07/2008 : 6:55:23 PM
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this is a repost from another thread, that I figured might be of some help so I started a new thread for it.
You don't need to buy a "system" to get organized & create partnerships with local agents,
Do it yourself.
All it really takes is going back to basics, & investing in some quality hard work, and don't expect results overnight. It takes a little time to build.
Here are some tips that can help you.
Figure out what the agents need:
1. they want you to be accessible. All the time, really.
2. they want you to know what you are doing. Not your manager, not your processor, YOU.
3. They want you to communicate & keep everyone informed.
4. They need help with advertising, & marketing.
5. They want you to help them keep their clients loyal, just like you want them to do for you.
6. They want you at the closing ( this is soooo easy, )
7. They want a "REAL" pre-approval, run DU, pull credit, review income & assets, etc.
8. They want you to help structure the offer ( explain & suggest seller concessions, DPA, reserves, etc.)
9. They need education on the current state of the mortgage market & process.
10. They want to trust you, so don't make them look bad, or gouge.
Now, most if not all of those items above cost nothing. ( DU & Credit aside) Here are some items where you need to spend a little.
1. Help them market. What is their product? It is the listing & themselves( their service) They need nicer flyers, (in color), & glossy, folders, pens, pads, promotional items. You see these everywhere already, why aren't you investing in this stuff to give out? You can charge them a nominal fee for cost of prinitng & paper for the % of space dedicated to them to remain RESPA compliant.
2. Help them ( & yourself) advertise. RE ads are cheap. Get in on the action by taking a piece of the ad space & paying for your space. Offer creative concepts & ad design. This is easy to do, & is RESPA compliant if you pay for yours & they pay for theirs.
3. Piggyback on their Farm mailers & help pay postage. Get the local Pizza guy or dry cleaner to pony up & include his coupons, too...bring down the cost of their mailing with this simple trick.
4. Sponsor Broker Open houses for them. ( what better way to make the agents COME TO YOU?) It costs @ $75 to do a nice broker open. ( tray of wraps, chips, cookies, soda/water) Meet anywhere from 3-30 agents you can start a relationship with, & it takes 2 hours.
( even better, use the agent roster, get email addresses, buy a email product like the Xsellerate from A la mode, & email blast 1000 agents in a day with broker open invites. This takes you to a new level, & is a great tool... COST? @ $150 yr.)
Here's a freebie. WORK SUNDAY. spend time at your new agents' open house. get to know them. 3 hours of face time? for FREE? are you kidding???
If you don't have an open house, go find some. Introduce yourself. Drop off some goodies. Show off samples of flyers, & promotional stuff you have developed. Make follow up calls & appts to meet again.
hit 6 of em in a Sunday, & in 2 hours, you will have a new agent, almost every time. --I met one particular agent this way last year, & have closed 8 deals with her so far, & she introduced me to 2 other agents. This from a 10 minute cold call. You just have to be different than the avg LO.
Another Freebie, develop a distribution list in your email program, & once a week email somethig topical & useful, like details of the $7500 tax credit, or how to write an offer with a sellers concession, & the limits for different loan types, etc...include a "gentle" reminder of your services & incredible 24/7 availability.
We have tweaked & adjusted our approach to the point where I can get as many agents to work with me as I want. I'm not kidding. My biggest problem at this point is handling them all. They all want/ need something ( they can be high maintenance ) & I am constantly doing pre-approvals & consults, broker opens, closings, etc. I had to finally hire a f/t processor so I can spend more time managing my referral relationships. I'm not posting everything I do in this forum, but if you want to ask me more, email me & I'll call you.
My goal?
Simple. Here's my formula.
An average agent should send me 4 loans a year. ( yup, that's it. don't expect more, although this is an AVERAGE, so some heavy hitters will send you lots more, & some will call you for only an occaisional hard loan)
So, if I want to close 80 loans this yr from this source, I need @ 20 agents. Once I get 20 agents, I want to add better ones & drop ones I don't like or need.
If I can gross @ $5,000 a loan, & I can close 80......you do the math based on your own split.
[i]You can have 20 agents in 6-9 months.
Once you have them, stay in front of them, & defend your territory. Make it an easy decision to use you. Provide the gift of knowledge, & be the expert they need. Make them sell you. Make them want to.
A couple last things:
DO NOT bring Donuts to the office. I don't go to the offices, it is a waste of time. They are not there. If they are, a receptionist will prevent you from gaining entry. They will throw your cards & ratesheets in the big pile of other useless stuff, & eat your donuts.
They don't care about your rates, as long as they are competitive, & you have loan programs to meet the buyers needs. If you meet an agent that is constantly wanting to know what you charge, tell them to beat it. You don't need them. They sell the house, you sell the loan. Period.
Don't promise something you cannot do. Ever.
Don't bad mouth the current mortgage relationship ( oh yeah, they have one, if not more than one)
Just position yourself as someone looking for the right to HELP THEM WITH THEIR BUSINESS. Ask what they need, & see if the other guy is doing it, if not, there is your way in.
The best advice is to make these "associates" not only business partners, but Friends. Be a good friend, & reap the rewards!
Good luck!
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Mandyvilla
3405 Posts |
Posted - 09/07/2008 : 7:23:01 PM
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Great post, I agree with almost everything there. Other hints would include:
*Identify your niche products. If you don't have any, find one, and get cozy with it. You are going to be trying to break into existing bonds and you must have the ability to do something no one else can or that no one else knows how to do. Try not to make it too exotic, it will limit you.
*Know who has what and where among your competition. This has worked well for me. I keep in touch with lenders from all corners and if a broker has one of his agents in front of him at at dead end, he will call me to see if I know where it can be done. Of course, if I can do it, it's mine. Don't try to do every deal, really refer it out if it's not something you can do. Long term goal, be the go to person to contact with first right of refusal.
*If it's a realtor referral for a refi and it's not worth the borrower's time or money, tell them so. It will come back to you 10x.
*I call 5 realtors every Saturday to check in and let them know I am in town and working if they need help on anything. (But be sure you can be available, lol)
*Many realtors are not comfortable w/ VA and FHA loans, still. Offer one-on-one, small group or office training. Bonus if you can bring along a DEU.
My tagline is "if you are working this weekend, so am I." Attitude is 90% of getting the opportunity. A quick response weighs in next. Never be fearful of admitting the need to double check something. Everone has been burned by the revolving guidelines. Everyone. This will assure the realtor you are doing everything possible to keep their deal on the books until closing.
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hockeyguy
255 Posts |
Posted - 09/07/2008 : 8:29:14 PM
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| great post from both. Also do you have a link for more info on that $7500 tax credit? I remember reading about it but can't find it again. Thanks |
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KHufford
5940 Posts |
Posted - 09/07/2008 : 9:12:26 PM
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Nice post.
All Realtors who want more exposure: go to www.sikku.com
Contact me for a free sponsor account, only offered by my company.
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Mandyvilla
3405 Posts |
Posted - 09/07/2008 : 9:22:48 PM
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I have the Ken Harney write up on my work pc saved as a word doc and can post it here. Here is another write up, it may clean up nice for a hand out.....not sure.
http://www.mercurynews.com/personalfinance/ci_10084847
Here is a somewhat clean copy from a blog, but the same content.
http://taxadvocacy.blogspot.com/2008/08/new-tax-credit-amounts-to-free-loan-for.html
and, lol, look what else my google found:
http://forum.brokeroutpost.com/loans/forum/2/235141.htm
and more good info I am keeping to review later:
http://relistr.com/real-estate/7500-tax-credit-for-first-time-homebuyers-amounts-to-a-free-loan.html
It really depends on how you plan to distribute, by email or handouts. My copy from the Washington post cleaned up nice for handing out.
Let me know if this doesn't work for you. |
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peter
4543 Posts |
Posted - 09/07/2008 : 9:30:41 PM
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Many thanks to Jeff and Mandy for valuable advice and
insights. I will try to follow thru along those lines.
Indeed, in L.A., purchase business has now picked up
in some low-priced housing areas and there are many realtors
who will need a 7-day workaholic L/O that I am
about to become.
Peter |
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benjamin
2196 Posts |
Posted - 09/08/2008 : 06:54:23 AM
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| Thanks for the info. |
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U812
384 Posts |
Posted - 09/08/2008 : 07:08:15 AM
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Good info Jeff and Mandy.
Another good method is to try and find NEW Realtors. Now, this can be a bit of a gamble as they are not yet proven. But, you are looking at these individuals as potential long term (and possible short term)gains. Seek them out, and you may be surprised at how eager they are for knowledge in all aspects of real estate and financing. This gives you the ability to step in as the expert and allows you to mold and shape a potentially good referral source of the future.
I'm currently doing this with a young agent and he has already sent me three referrals. He's a quick learner and anxious to succeed. In doing so, we make each other money and further build both our referral bases. |
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homebroker@sbcgl
3435 Posts |
Posted - 09/08/2008 : 09:29:58 AM
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Send this out on a flier to Realtors then call them, I would respond to an ad like that.
quote:
Originally posted by smoothlid
this is a repost from another thread, that I figured might be of some help so I started a new thread for it.
You don't need to buy a "system" to get organized & create partnerships with local agents,
Do it yourself.
All it really takes is going back to basics, & investing in some quality hard work, and don't expect results overnight. It takes a little time to build.
Here are some tips that can help you.
Figure out what the agents need:
1. they want you to be accessible. All the time, really.
2. they want you to know what you are doing. Not your manager, not your processor, YOU.
3. They want you to communicate & keep everyone informed.
4. They need help with advertising, & marketing.
5. They want you to help them keep their clients loyal, just like you want them to do for you.
6. They want you at the closing ( this is soooo easy, )
7. They want a "REAL" pre-approval, run DU, pull credit, review income & assets, etc.
8. They want you to help structure the offer ( explain & suggest seller concessions, DPA, reserves, etc.)
9. They need education on the current state of the mortgage market & process.
10. They want to trust you, so don't make them look bad, or gouge.
Now, most if not all of those items above cost nothing. ( DU & Credit aside) Here are some items where you need to spend a little.
1. Help them market. What is their product? It is the listing & themselves( their service) They need nicer flyers, (in color), & glossy, folders, pens, pads, promotional items. You see these everywhere already, why aren't you investing in this stuff to give out? You can charge them a nominal fee for cost of prinitng & paper for the % of space dedicated to them to remain RESPA compliant.
2. Help them ( & yourself) advertise. RE ads are cheap. Get in on the action by taking a piece of the ad space & paying for your space. Offer creative concepts & ad design. This is easy to do, & is RESPA compliant if you pay for yours & they pay for theirs.
3. Piggyback on their Farm mailers & help pay postage. Get the local Pizza guy or dry cleaner to pony up & include his coupons, too...bring down the cost of their mailing with this simple trick.
4. Sponsor Broker Open houses for them. ( what better way to make the agents COME TO YOU?) It costs @ $75 to do a nice broker open. ( tray of wraps, chips, cookies, soda/water) Meet anywhere from 3-30 agents you can start a relationship with, & it takes 2 hours.
( even better, use the agent roster, get email addresses, buy a email product like the Xsellerate from A la mode, & email blast 1000 agents in a day with broker open invites. This takes you to a new level, & is a great tool... COST? @ $150 yr.)
Here's a freebie. WORK SUNDAY. spend time at your new agents' open house. get to know them. 3 hours of face time? for FREE? are you kidding???
If you don't have an open house, go find some. Introduce yourself. Drop off some goodies. Show off samples of flyers, & promotional stuff you have developed. Make follow up calls & appts to meet again.
hit 6 of em in a Sunday, & in 2 hours, you will have a new agent, almost every time. --I met one particular agent this way last year, & have closed 8 deals with her so far, & she introduced me to 2 other agents. This from a 10 minute cold call. You just have to be different than the avg LO.
Another Freebie, develop a distribution list in your email program, & once a week email somethig topical & useful, like details of the $7500 tax credit, or how to write an offer with a sellers concession, & the limits for different loan types, etc...include a "gentle" reminder of your services & incredible 24/7 availability.
We have tweaked & adjusted our approach to the point where I can get as many agents to work with me as I want. I'm not kidding. My biggest problem at this point is handling them all. They all want/ need something ( they can be high maintenance ) & I am constantly doing pre-approvals & consults, broker opens, closings, etc. I had to finally hire a f/t processor so I can spend more time managing my referral relationships. I'm not posting everything I do in this forum, but if you want to ask me more, email me & I'll call you.
My goal?
Simple. Here's my formula.
An average agent should send me 4 loans a year. ( yup, that's it. don't expect more, although this is an AVERAGE, so some heavy hitters will send you lots more, & some will call you for only an occaisional hard loan)
So, if I want to close 80 loans this yr from this source, I need @ 20 agents. Once I get 20 agents, I want to add better ones & drop ones I don't like or need.
If I can gross @ $5,000 a loan, & I can close 80......you do the math based on your own split.
[i]You can have 20 agents in 6-9 months.
Once you have them, stay in front of them, & defend your territory. Make it an easy decision to use you. Provide the gift of knowledge, & be the expert they need. Make them sell you. Make them want to.
A couple last things:
DO NOT bring Donuts to the office. I don't go to the offices, it is a waste of time. They are not there. If they are, a receptionist will prevent you from gaining entry. They will throw your cards & ratesheets in the big pile of other useless stuff, & eat your donuts.
They don't care about your rates, as long as they are competitive, & you have loan programs to meet the buyers needs. If you meet an agent that is constantly wanting to know what you charge, tell them to beat it. You don't need them. They sell the house, you sell the loan. Period.
Don't promise something you cannot do. Ever.
Don't bad mouth the current mortgage relationship ( oh yeah, they have one, if not more than one)
Just position yourself as someone looking for the right to HELP THEM WITH THEIR BUSINESS. Ask what they need, & see if the other guy is doing it, if not, there is your way in.
The best advice is to make these "associates" not only business partners, but Friends. Be a good friend, & reap the rewards!
Good luck!
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smoothlid
411 Posts |
Posted - 09/08/2008 : 8:05:43 PM
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| Got a bunch of emails & calls on this today, sorry if I didn't respond today, but I will try to. I worked til @ 9:45 today, so I'm beat....Thanks for the feedback on this... |
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celloshred
1846 Posts |
Posted - 09/08/2008 : 8:18:17 PM
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| Brian, what are you referencing to when you said "send this out on a flier". Do you mean Jeff's entire post? |
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smoothlid
411 Posts |
Posted - 09/08/2008 : 8:30:53 PM
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I would imagine he was referring to the items you should promise to prospective agents, which is a good idea. We have a flyer like that that lists all the reasons to work with my team, & we do send it out.
I have another that we blast fax to RE offices that has in bold letters:
"We're Still Here!"
Many lenders have closed their doors, curtailed programs, & made it harder to get a loan.......etc.
It positions ourselves as tough, smart, survivors, who know how to get it done.
Another favorite --
"Deal Rescue Center"
Call us when your commission is in danger!
One sure way to gain a new partner is to save a loan for them, when the other guy couldn't!
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hockeyguy
255 Posts |
Posted - 09/08/2008 : 9:52:46 PM
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| Jeff - Could you email me what your flyer looks like. That would be cool to have and since your in Jersey and I'm in MN I don't think we'll be competing for business, Thanks |
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celloshred
1846 Posts |
Posted - 09/09/2008 : 3:59:10 PM
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| Id like to see your flyers as well... if you dont mind that is... |
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Mandyvilla
3405 Posts |
Posted - 09/09/2008 : 4:33:49 PM
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Dang, this just gave me an idea - not sure if there is an interest. What if we found a site where we can post our flyers for swapping, or is should we just stick to email? Or is that just too trusting?
I have some flyers that could be useful......a quick application I use for emailing.....
I suspect though, rates are going to have all of us very busy here soon.
<sigh>
I really want just ONE week to implement marketing plans. |
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celloshred
1846 Posts |
Posted - 09/09/2008 : 5:09:00 PM
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can we set up some sort of googledocs with group access?
never used it before so I dont know... |
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Rene Viloria
1826 Posts |
Posted - 09/09/2008 : 5:20:10 PM
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| We need more of these posts, instead of complaining lets' share ideas on how we can make it! us surviving brokers, there is enough business out there for all of us, we need better strategies and to know what is working! Right now i have an idea of doing loan modifications and charging at the end, or a very small fee upfront with money back guarantee... Unfortunately i don't know anything about the business. I am also thinking of cold calling renters, and then prequal them and give it to Realtors... Anyways, if you think is stupid or a way to do this let me know...I have to change my mindset of hating Realtors, but gosh! have i had the worst experiences with them... |
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KHufford
5940 Posts |
Posted - 09/09/2008 : 5:44:03 PM
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quote:
Originally posted by celloshred
can we set up some sort of googledocs with group access?
never used it before so I dont know...
Yeah, I use goodle docs, you can share docs but you have to have eachothers GMAIL account.
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Mandyvilla
3405 Posts |
Posted - 09/09/2008 : 5:56:59 PM
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| Okay, I am going to email my personal tech support (21 year old brainiac son that manages an IT dept) |
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celloshred
1846 Posts |
Posted - 09/09/2008 : 8:21:28 PM
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i think we can set up a yahoogroups where everyone can post stuff... but it would have to be more organized by category...
let us know what your son thinks! i used to be that brainiac son..... |
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celloshred
1846 Posts |
Posted - 09/09/2008 : 8:40:06 PM
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OK
I set up a yahoogroups that allows us to post files as well as categorize files for ease of reference. can also do other stuff. i checked googlegroups and they cant do the categories.... so...
-copy n past-
http://www.wolfffinancial.com/BO
easy place to sign up.
theres not much there so lets get started!
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windyctymktg
569 Posts |
Posted - 09/09/2008 : 8:50:17 PM
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| Great info all, not sure how to get into the Yahoo group though. |
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smoothlid
411 Posts |
Posted - 09/09/2008 : 9:02:58 PM
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| link no good... |
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celloshred
1846 Posts |
Posted - 09/09/2008 : 9:30:17 PM
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| copy and paste into your browser. |
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Mandyvilla
3405 Posts |
Posted - 09/09/2008 : 10:01:47 PM
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he has a few domains he owns that are inactive, I just don't know what his plans are - they were using it to download music files and then got spooked when the FTC started cracking down. It was for personal use - but turning 18 has a way of sobering you up, if you know what I mean. I'll scope it out, but there won't be a whole lot of time until this weekend.
We could start a thread that has a running list of what you have to share??? And the cost to get a document is posting what you have you are willing to share.
Just throwing that out there, way past my bedtime. |
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celloshred
1846 Posts |
Posted - 09/09/2008 : 10:11:57 PM
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mandy, i started a yahoo group.
cut n past: http://www.wolfffinancial.com/BO |
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moneyone
626 Posts |
Posted - 09/09/2008 : 11:28:56 PM
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Excellent Post. Good positive mind.
Nice to see someone here making $100,000+ this year! |
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KHufford
5940 Posts |
Posted - 09/09/2008 : 11:33:15 PM
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Why not just use google docs? Gamil accounts are free and most already use gmail. You can upload easily, click share, boom. Sorry, not sure how yahoo works....but I know google docs is pretty easy.
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celloshred
1846 Posts |
Posted - 09/10/2008 : 12:03:59 AM
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| i dont know? i know yahoogroups lets you create folders of files so you can sort materials by their function. also, since its also a group you can send group emails when stuff has been uploaded or updated. |
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shoe
148 Posts |
Posted - 09/10/2008 : 04:58:11 AM
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| 100%!! Great post!! This is the exact kind of encouragement we all need during these tough times! Back to basics! |
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Mandyvilla
3405 Posts |
Posted - 09/10/2008 : 05:11:57 AM
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bump.......
Okay, yahoo group it is.....in any event, it most likely will be this weekend before I can post there - I have two docs to contribute.......today thru Friday my schedule is for the sleep deprived.
(just joined the group btw before I lost the link) |
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smoothlid
411 Posts |
Posted - 09/10/2008 : 06:45:45 AM
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| I joined, & we'll post some stuff when I get some time |
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hockeyguy
255 Posts |
Posted - 09/10/2008 : 08:01:30 AM
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| Would like to join. where do I go? |
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celloshred
1846 Posts |
Posted - 09/10/2008 : 09:07:53 AM
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Rick,
go here for an easy place to sign up---> you may need to copy and paste into your browser.
http://www.wolfffinancial.com/BO |
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ritabradley01
3158 Posts |
Posted - 09/10/2008 : 09:10:41 AM
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quote:
Originally posted by Rene Viloria
We need more of these posts, instead of complaining lets' share ideas on how we can make it! us surviving brokers, there is enough business out there for all of us, we need better strategies and to know what is working! Right now i have an idea of doing loan modifications and charging at the end, or a very small fee upfront with money back guarantee... Unfortunately i don't know anything about the business. I am also thinking of cold calling renters, and then prequal them and give it to Realtors... Anyways, if you think is stupid or a way to do this let me know...I have to change my mindset of hating Realtors, but gosh! have i had the worst experiences with them...
Find the good ones-don't waste your time with rude, selfish people. Check out Active Rain dot com for agents in your area. |
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ritabradley01
3158 Posts |
Posted - 09/10/2008 : 09:13:36 AM
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quote:
Originally posted by U812
Good info Jeff and Mandy.
Another good method is to try and find NEW Realtors. Now, this can be a bit of a gamble as they are not yet proven. But, you are looking at these individuals as potential long term (and possible short term)gains. Seek them out, and you may be surprised at how eager they are for knowledge in all aspects of real estate and financing. This gives you the ability to step in as the expert and allows you to mold and shape a potentially good referral source of the future.
I'm currently doing this with a young agent and he has already sent me three referrals. He's a quick learner and anxious to succeed. In doing so, we make each other money and further build both our referral bases.
Where do you find the new agents? I was thinking it might be fun to hang out at the license testing centers! :) |
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hockeyguy
255 Posts |
Posted - 09/10/2008 : 10:25:22 AM
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| I thought about putting up a booth after there last day but I was told you can't do that. |
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celloshred
1846 Posts |
Posted - 09/10/2008 : 10:57:58 AM
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I remember when I took my RE Exam (along with about 500 people during just the MORNING exam session) there were people handing out flyers when you walked out.
I dont think this is effective because the new licensees (if they passed) most likely didnt have business cards for you to capture their phone/email so you are just wasting time handing out cards/flyers hoping they will save it and call you back. i took one flyer and it sat in my car for a few weeks before I threw it out. |
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celloshred
1846 Posts |
Posted - 09/10/2008 : 10:58:30 AM
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| Oh, i do know that you can buy this list from the DRE out here. |
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lemeuss
463 Posts |
Posted - 09/10/2008 : 11:06:14 AM
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| bump good stuff, i just joined and look forward to sharing our marketing strategies as well as seeing what others have come up with...nice to see some positivity around here...does it have anything to do w/rates? ; ) |
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peter
4543 Posts |
Posted - 09/10/2008 : 2:04:25 PM
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Another way is to go around open houses on weekends and drop your flyers
and boxes of cookies for peanuts so that they will spend the time to talk
and chat with you. I used to stalk one good producer and once I spoted him
and his name in an open house I went in there with a few bottles of wine coolers
and boxes of nuts. He sat down and chatted with me while munching the peanuts
and as we got to know oneanother he gave me his card and asked me to keep in
touch with him. However, that was in the 200's when the refi business and
subprime took precedent over purchase business as I could close faster and
could make more money; so I didn't really follow up with him.
Now the conforming fixed rates are just 5.50% and people are starting to
refi. My once comatose refi business is showing signs of life, and I wonder
if I should not concentrate on pulling in more refi loans and close in 2-3 weeks
instead of chasing realtors who now may not even have solid deals for you to
make money. So, unless the realtors have been in business for few years, I would
not want to pursue them at the expense of my refi business.
So, I am just doing business with the same sleepy old boys' network in my C-21
ofice. And they are bringing in some REO buyers and the banks are relenting these
days. Both my laid-back realtors and myself are now hoping to overcome our
Vitamin M deficiency pretty soon.
Peter |
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MALo
215 Posts |
Posted - 09/10/2008 : 2:21:33 PM
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Outstanding topic. Signed up already and have some items I will be posting over the weekend.
Peter- Out of the total hours spent on the job each day could you commit 1 or 2 hours every day for the next 30 days meeting new agents and following up. You would still have a lot of work time left in the day to do everything else and you would be helping yourself for when "the market turns around". Meet 3 new agents per day x 20 days equals 60 new contacts. Do that for the next 2-3 months.
Stop by and meet 5 agents at open homes on a Saturday or a Sunday might take an hour or two. If planned right it might take 1-2 hours of your time. This would multiply to 20 new contacts each month or 240 new contacts per year. If only 5% of that total like you even a little that is 12 agents.
If those 12 each send 1 deal per month that equals 144 loans per year
If 1/2 of them send 1 deal per month that would equal 72 loans per year
If 1/4 of them send 1 deal per month 36 deals per year
Do the math on your commission structure and see it it would be worthwhile. |
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peter
4543 Posts |
Posted - 09/10/2008 : 2:41:35 PM
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Jeff, you're right and thanks for your advice.
Peter |
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evperry
93 Posts |
Posted - 09/10/2008 : 3:52:37 PM
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This is probably the best topic on this board. Im a realtor and I probably would not have bothered to get my mortgage license if I would have met someone like you in my market. I had a guy like this for 2 years but his bank became too conservative over the last 18 months.
Its people who think like you that ultimately have no other road but success. Ive seen post after post of this board of doom and gloom for the market or the silly political posts and its all stale.
This is EXACTLY what I was looking for in a loan rep, nothing more. Its just so simple a philosophy but very few people get it. Ive dealt with lots of loan officers in the past 10 years and only one of them followed your points. Everyone else was horrible. There was exactly ONE loan officer in the past 10 years that I was able to get on the phone "after hours" or on the weekend.
They should make this a sticky thread or teach this in the CE classes...Or you need to write a book.
quote:
Originally posted by smoothlid
this is a repost from another thread, that I figured might be of some help so I started a new thread for it.
You don't need to buy a "system" to get organized & create partnerships with local agents,
Do it yourself.
All it really takes is going back to basics, & investing in some quality hard work, and don't expect results overnight. It takes a little time to build.
Here are some tips that can help you.
Figure out what the agents need:
1. they want you to be accessible. All the time, really.
2. they want you to know what you are doing. Not your manager, not your processor, YOU.
3. They want you to communicate & keep everyone informed.
4. They need help with advertising, & marketing.
5. They want you to help them keep their clients loyal, just like you want them to do for you.
6. They want you at the closing ( this is soooo easy, )
7. They want a "REAL" pre-approval, run DU, pull credit, review income & assets, etc.
8. They want you to help structure the offer ( explain & suggest seller concessions, DPA, reserves, etc.)
9. They need education on the current state of the mortgage market & process.
10. They want to trust you, so don't make them look bad, or gouge.
Now, most if not all of those items above cost nothing. ( DU & Credit aside) Here are some items where you need to spend a little.
1. Help them market. What is their product? It is the listing & themselves( their service) They need nicer flyers, (in color), & glossy, folders, pens, pads, promotional items. You see these everywhere already, why aren't you investing in this stuff to give out? You can charge them a nominal fee for cost of prinitng & paper for the % of space dedicated to them to remain RESPA compliant.
2. Help them ( & yourself) advertise. RE ads are cheap. Get in on the action by taking a piece of the ad space & paying for your space. Offer creative concepts & ad design. This is easy to do, & is RESPA compliant if you pay for yours & they pay for theirs.
3. Piggyback on their Farm mailers & help pay postage. Get the local Pizza guy or dry cleaner to pony up & include his coupons, too...bring down the cost of their mailing with this simple trick.
4. Sponsor Broker Open houses for them. ( what better way to make the agents COME TO YOU?) It costs @ $75 to do a nice broker open. ( tray of wraps, chips, cookies, soda/water) Meet anywhere from 3-30 agents you can start a relationship with, & it takes 2 hours.
( even better, use the agent roster, get email addresses, buy a email product like the Xsellerate from A la mode, & email blast 1000 agents in a day with broker open invites. This takes you to a new level, & is a great tool... COST? @ $150 yr.)
Here's a freebie. WORK SUNDAY. spend time at your new agents' open house. get to know them. 3 hours of face time? for FREE? are you kidding???
If you don't have an open house, go find some. Introduce yourself. Drop off some goodies. Show off samples of flyers, & promotional stuff you have developed. Make follow up calls & appts to meet again.
hit 6 of em in a Sunday, & in 2 hours, you will have a new agent, almost every time. --I met one particular agent this way last year, & have closed 8 deals with her so far, & she introduced me to 2 other agents. This from a 10 minute cold call. You just have to be different than the avg LO.
Another Freebie, develop a distribution list in your email program, & once a week email somethig topical & useful, like details of the $7500 tax credit, or how to write an offer with a sellers concession, & the limits for different loan types, etc...include a "gentle" reminder of your services & incredible 24/7 availability.
We have tweaked & adjusted our approach to the point where I can get as many agents to work with me as I want. I'm not kidding. My biggest problem at this point is handling them all. They all want/ need something ( they can be high maintenance ) & I am constantly doing pre-approvals & consults, broker opens, closings, etc. I had to finally hire a f/t processor so I can spend more time managing my referral relationships. I'm not posting everything I do in this forum, but if you want to ask me more, email me & I'll call you.
My goal?
Simple. Here's my formula.
An average agent should send me 4 loans a year. ( yup, that's it. don't expect more, although this is an AVERAGE, so some heavy hitters will send you lots more, & some will call you for only an occaisional hard loan)
So, if I want to close 80 loans this yr from this source, I need @ 20 agents. Once I get 20 agents, I want to add better ones & drop ones I don't like or need.
If I can gross @ $5,000 a loan, & I can close 80......you do the math based on your own split.
[i]You can have 20 agents in 6-9 months.
Once you have them, stay in front of them, & defend your territory. Make it an easy decision to use you. Provide the gift of knowledge, & be the expert they need. Make them sell you. Make them want to.
A couple last things:
DO NOT bring Donuts to the office. I don't go to the offices, it is a waste of time. They are not there. If they are, a receptionist will prevent you from gaining entry. They will throw your cards & ratesheets in the big pile of other useless stuff, & eat your donuts.
They don't care about your rates, as long as they are competitive, & you have loan programs to meet the buyers needs. If you meet an agent that is constantly wanting to know what you charge, tell them to beat it. You don't need them. They sell the house, you sell the loan. Period.
Don't promise something you cannot do. Ever.
Don't bad mouth the current mortgage relationship ( oh yeah, they have one, if not more than one)
Just position yourself as someone looking for the right to HELP THEM WITH THEIR BUSINESS. Ask what they need, & see if the other guy is doing it, if not, there is your way in.
The best advice is to make these "associates" not only business partners, but Friends. Be a good friend, & reap the rewards!
Good luck!
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MALo
215 Posts |
Posted - 09/10/2008 : 5:51:51 PM
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Peter,
If my contribution helped you that is great.
I don't think anyone would argue that "smoothlid" hit a home run with this thread and I think his timing was perfect.
I joined the yahoo group and look forward to sharing some of the things that have been working well in my area. Probably not until the weekend.
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Imaroxstar
37 Posts |
Posted - 09/10/2008 : 6:54:14 PM
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| Amazing! That advice from Jeff is exactly how I operate. That is what got me the business in the beginning, and it is what works. For a while I explored every system, and technique, and I keep going back to what actually works. Crazy! What works is honesty and hard work. What a concept! |
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smoothlid
411 Posts |
Posted - 09/10/2008 : 7:43:50 PM
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Glad to see the board taking to this so well.
Thanks to all for the kind words, makes me want to continue contributing to the outpost, Seems lately you really have to troll through pretty deep some days to find anything useful.
Anyway, thanks for all the emails, etc, been quite a few, sorry to those I have not responded to yet, I am trying to get to yu, but, it's been a bit busy for me last 3 days.
Amazing as it sounds to some, this is really all you have to do, is work hard & use your head to provide some value to the relationships.
Maintain a high standard of giving, & it comes back to you. |
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smoothlid
411 Posts |
Posted - 09/13/2008 : 7:23:09 PM
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| weekend bump |
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waynepbright
3660 Posts |
Posted - 09/13/2008 : 7:38:12 PM
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Sorry bout this but: Duh???? |
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peter
4543 Posts |
Posted - 09/13/2008 : 8:11:31 PM
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Jeff, thank you very much for your advice and contribuion
to this thread.
I am already an in-house L/O for a C-21 office and in the
past week I was already appraoched by several realtors in
our office. I prequalified them on the basis of character
and mentality as I conserve my energy and professional services
only to those realtors who meet my standards. I work 7 days
a week and my cell is open for realtor calls from 9 a.m.
till 11 p.m. and for the past 18 years I repeatedly refused
to work with realtors who did not meet my prequalification
standards. Therefore, I advised 3 of the realtors to take
their purchase transactions elsewhere. And I am glad that
I did as I am now very busy with my well-qualified customers
who are purchasing homes and I am givinig the referrals to
those congenial realtors who have worked cordially with me
and those who have proven to be honest and straightforward
that they won't ruin my relationship with my good customers.
On occasion, I do act both as a realtor and an L/O especially
when it comes to arm's length transactions between family
members or landlord-tenant transanctions under FHA Identity
of Interest program.
However, I have observed that the successful realtors know
how to treat L/Os and are professional in their conduct towards
their business associates. It is those who are suffering from
chronic Vitamin M deficiency that tend to be arrogant and try
to be controlling unreasonably. I don't need them at all!
In my C-21 office alone, there are 51 realtors, full time and
part-time, losers and winners, lazybones and workhorses,
immature and well matured, just like any group of people. I
only do business with the best and accommodate them by giving
them the best of my efforts.
Over the past 18 years, I have learned to work with
a number of realtors like working a perishable inventory of
frozen foods. The analogy is that you've got to replace
the realtors as you go along by getting better ones who can
give you more profitable business with less hassles and
closing times. Human relationship is always changing. Your
best realtors of yesteryear may not even be producing this
year, you just can't wait for them. You have to go out and
get the new realtors, like what you suggested, to replace
some of the human inventory of realtors that you have built
over the years.
In our current market, with many L/Os having left the
industry, there is a good demand for seasoned L/Os and brokers
from real estate agents. But the seasoned and well-experienced
L/Os should not waste their time with realtors who are not
character-qualified as there are plenty of realtors out there
who would need them.
Peter |
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austinmp
305 Posts |
Posted - 09/13/2008 : 8:18:36 PM
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| good post, thanks! |
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