This post is WAY off topic (for me) - sorry. I think it’s important though.
I spend a great deal of my time writing, emailing, calling, and meeting Loan Originators all over the country in an effort to grow my business.
My message is pretty simple – my organization helps turn credit challenged prospects into a future pipeline of borrowers for Loan Officers.
As I go into more detail, I touch on the fact that most of the people that contact my organization are looking for assistance in preparing themselves to qualify for a mortgage.
So, here I am. Someone who VERY regularly encounters consumers looking to qualify for a mortgage. Many are referred to us from professionals in other industries. We like to refer those consumers to Loan Originators we know and trust.
With that said, I can count on one hand the number of Loan Originators who have begun to market to me as a result of being contacted by me or reading an article or blog post of mine.
Why aren’t you?
I think I’m a pretty good potential referral source for Loan Originators (in all 50 states).
My contact info is probably too available: Friend Me. Follow Me. (let’s connect!)
The point isn’t that you should be marketing to me (perhaps I’ll regret this post). Instead, have you really looked at the potential referral sources you have access to? Have you looked beyond Realtors and Financial Planners?
Once you’ve targeted a referral source, are you keeping yourself in front of that referral source and building a relationship with them?
This is something I need to work on in my own business…
Just a different perspective here…
You may be an excellent source for referrals and so are Realtors and so are Divorce Attorneys and so are Insurance Agents and so are Wedding Planners and so are….
My point is that there are literally dozens of great Professionals that a LO can market to and build referral relationships with. Herein lies the problem…too many choices and not enough focus.
The best results come from focused attention and consistent efforts. It could just be that many Mortgage Professionals today have finally learned this lesson and have selected just one or two types of professionals to target for the year and then develop a systematized marketing plan, follow-up plan and networking plan to implement, in order to build these particular relationships.
You certainly never want to have all of your eggs in one basket. HOWEVER, you also don’t want to spread your time, money and energy over too many target groups and subsequently, lose consistency and never truly gain a return on any of your investments.
I hope this “Business Coaching” perspective helps.
Chris,
Good point. I think a lot of LO’s don’t look anywhere except for the traditional sources of business.
Oh by the way, I can do mortgages in 37 of the 50 states. We should talk some time. Do you want to call me or should I call you?
Tom Vanderwell
(616) 292-7559
Now that’s what I’m talking about!
I’ll drop you a line in the morning…
I was watching this live telecast of Treasury Secretary Paulson’s testimony to Congress, and he says they’re going to come up with some sort of new ‘Mortgage Origination Commission’. Said if they had had it before, predatory lending would have been a lot less. I don’t know how relevant this is here, but I just wanted to know what you think about it.
Chris-
Appreciate what you’re trying to do. Have a post coming as to why it’s a mistake to work these folks.
More to come.
-CJ
HI Chris feel free to contact me with any additional information. thanks for the post. as Loan Originators we always want more marketing ideas!
I’d be interested in talking to you about establishing a relationship that is mutually beneficial. Send me an email and we can set up a time/day to talk.
I Believe you have a strong point. I think we should be on the frontier of finding new methods of generating business!
For those who have vision will see an increase in closings and pipeline that that will flow well. this is how we used to do it, get them in house now or in repair now. those were the two choices and liked the results
The mortgage crysis in the uk is not as bad as the usa mind.
Chris,
Loved the blog. I’d love to chat about your networking. I am a real estate agent in Austin, TX…seems like the world is moving here. Would love to get some referrals for those who are moving here.
Thanks,
Debra Godwin
I'd be interested in talking to you about establishing a relationship that is mutually beneficial. Send me an email and we can set up a time/day to talk.