Do More Loans
This is a long post, so I thought I would give you my assesment ahead of time. If I were still originating loans, I would sign up for DoMoreLoans.com today. What’s even more unexpected is that I have the technical skill to do everything that DoMoreLoans offers, yet it would still be worth the hundred bucks a month for me to use their system. If you are looking for a rock solid, tangible product that WILL make real estate agents want to work with you, this is it.
As my long time readers know, I’m no friend of the mortgage leads industry, I’m ambivalent to FSBO stuff, and I don’t consider you to be a “real” loan originator until you’ve closed a purchase deal. Working with real estate agents is key to nearly every successful LO. The problem for new LO’s though, is how to set yourself apart from every other refi salesman now trying to call on RE agents. After a conversation with Chris Bates, of DoMoreLoans, I believe they have a serious “in”.
Cut to the chase. This site enables an unlimited number of your RE agent clients to create, manage, and host a website for every single property they are listing. It allows them to do so easily, and at no financial cost to them. Best of all, your own co-branded marketing is integrated into each and every web page. On top of all of this, your clients are able to generate print fliers, Craig’s List advertisements, and more will just a few clicks of the mouse.
Neither you, or your agents need to know anything about HTML, PHP, or web hosting. If you can write an email you have all the technical prowess required to use this product.
OK, so imagine this scenario. You see an open house in your neighborhood. As you walk in, the agent gives you their best Heisman statue impression, and growls, “blak, not another loan officer, you’re all the same”. So here’s your chance,” You know, from a mortgage rates and product standpoint, yes many of us are all the same. In addition, I know that my service is first rate, but I’m not alone in this regard either. However, I can offer you something different, and if you’ll let my take this flyer home with me, I’ll follow up with you to show you a whole new way to market you properties, all on my dime”.
Now, you go home, look up the property on the agents site, or MLS, cut & paste all the info and pics into the DoMoreLoans system, generate a shiny new flier that looks better than the RE agent’s in many cases, and includes a single property specific URL that directs consumers to the web for more information. No go back, show them the flier, the web page, the Craig’s list generation tools, and mention that you do loans like everyone else as well.
Put yourselves in the Agent’s shoes for a minute. Think about how powerful it is to be able to tell their listing clients that, “While Agent X will be directing prospective buyers to his general website (with a gazillion listing that compete with yours, I’ll be creating a custom web page, just for your property”.
This is good stuff, and I really think the RE agents you talk to will agree. Single listing websites are gaining more and more popularity. But even though many of them are extremely affordable, most agents need a helping hand to get them started. If you are that helping hand, and are financially backing the technology for them, congratulations, you just added a value to your relationship that most veteran LO’s would have killed to have when they were getting started.
October 27, 2007 by todd carpenter · Leave a Comment
Todd, I’ve been using Chris Bates’ program for a couple of months now, and it lives up to its billing. Like many loan originators, I’ve tried a number of different programs in the past, usually purchased after a seminar presentation.
I found Chris Bates in the ActiveRain.com real estate community, called him, and liked what he showed me. My realtor friends like it too.
Great stuff!
I am going to implement this on Sunday, I believe it is this type of tool that will separate the well intentioned origination professional from the mortgage hacks still around post credit bubble explosion.
Thanks for the heads up on this!
I have never had a problem with lead gen, just another marketing tool. As a new LO I had to buy and WORK leads to build a base of return clients. You need a serious work ethic to be successful with this but it does work. Eventually I had Realtors and a couple of subdivisions too and my business switched to mostly purchases.
But if I paid monthly for a service and offered it for free to my agents I\’d be in big trouble in my state (NV). Joint marketing is highly regulated and marketing assistance is considered the same as a kickback. Only way around is to have them pay part of the fees.
I suggest everyone check their own state\’s guidelines on joint marketing to set this up properly.
I agree that everybody should check their own state\’s guidelines and make sure that you always do what is most ethical and proper. As they say, what goes around comes around.
The Do More Loans system is very different because you are not co-marketing just to get more business from the Agents. You are actually able to generate more borrowers by marketing what they want…the homes! So the marketing is to generate more borrowers and buyers that didn’t exist, not, give something away in hopes of a referral. Referrals come from doing such a great job that people can’t wait to tell every friend and colleague they know about you! That is why the system can be used for any home that is listed, by an Agent or FSBO. It is about using the home to do more loans!
Like Chris says… If your state/company has a problem with co-marketing, don’t do it! BUT STILL use the homes to find the buyers that WANT LOANS! DoMoreLoans.com provides the tools for you to personally market and advertise the properties and GET buyers for the properties, pre-qual them to get the loan, then pass the buyer lead on to the agent… never asking for anything in return from the agent or paying for anything for the agent (you don’t even have to give the agent a login to the system). (but rest assured… you help sell a few listings for the agent and you shall receive… ten-fold!)
The more people YOU help in life, the more successful you will be. It just goes back to the old adage… you reap what you sow…
Very cool. I already recommended it to a couple of LO friends. There are many many FSBOs around here because people don’t have enough value in their homes to pay off the existing mortgage and pay a commission too. And the chance to do a loan on each end of the transaction is an awesome opportunity!
Actually, with a FSBO, a LO can have more then 5 opportunities…
1) You can get the buyers loan. You offer your service to pre-qualify anyone making an offer on their home. They may even agree that it be a requirement that anyone buying double-app with you so the loan doesn’t fall through.
2) You can refinance them. If they don’t sell their home and decide to stay, you can get them a HELOC or refinance them so they can enjoy staying in their current home.
If they decide to list with a Realtor, you can make the referral to a Realtor and make a very good friend with an agent, to get this loan and more loans from the agent.
3) If they do sell, they are probably going to need a loan on their new home. You have been an integral part of them selling their home, who do you think they’ll use for the new loan?
4) Hold Open Houses for these FSBO’s and pre-qualify any stopping by the open house.
5) You have worked hard for this FSBO and provided a indispensable service and I’m sure they will be grateful… Get referrals!
Also, if (when) the FSBO decides to list with an agent, you have the perfect opportunity to make friends with an agent… refer the listing to one of your agents!
Totally right….looks like we’re going to be busy!
Pound per pound the best mortgage lead generating product EVER!!!!
Good article! We are looking to do the same working with brokers here at http://www.yourmortgageworld.com
Thanks for your response Hendrick! You can call me anytime and I can personally show you our system and get you up and running!
My direct number is (949) 388-5403
Watch a quick 2 minute video at: http://www.domoreloans.com/e_video.htm
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