11 Things you can do right now to bring in business
Ever had that sinking feeling that you were lost? The pipeline is thin, and you feel as if you’re running out of options? When things get rough, it’s easy to feel powerless. I hear these complaints from lenders all the time.
However, there are plenty of things you could be doing to give your paycheck that extra kick in the leather it needs. Let’s have a look shall we?
Prospecting calls (Cold Calls still work. Takes a lot time, but it still works)
Call realtors (Ditto)
Office presentations (Powerful – One of the highest ROI activities I ever engaged in)
Host a FTHB teleseminar/seminar (A lot of work, but in today’s market, this niche is hot)
Call past clients( Not glamorous at all – But when you need the cash, who cares?)
Ask at least 5 people for referrals
Host a webinar for local FSBO’s(I had fun doing this one!)
Attend a networking event – Chamber meeting etc.
Join a social networking site to meet affinity partners
Blog – With consistancy!!
Visit a local builder (With a plan of action of course)
Let’s look at some of the numbers behind the list shall we? Asking for referrals smacks of “newby” doesn’t it? Who cares? When the chips are down, you do what you must! Hosting a teleconference or webinar for local niche markets such as FSBO’s and first time homebuyers can be cost effective, and profitable if you’re willing to try something new.
I found that many individuals were happy to attend for no other reason than they didn’t have to leave the house! There are many resources that offer free teleconference lines that won’t cost you a single penny and can fit up to 100+ indivudals on the line… Not bad!
So my question to you is… Ready to try something new? Run through this list and see howmany items you can check off for a week as “done.” Which activities paid off the most for you? You’ll find your own personal “winner.” Have a great weekend!
Chad Weber – www.loanofficermarketinglab.com
What a great list of “to-do’s” for realtors! Making the most of the internet is great too-facebook, real estate voices, twitter, myspace-you’d be amazed how many contacts and future leads you can meet and create by simply “being out there” online.
“…Asking for referrals smacks of “newby” doesn’t it? …” In my mind asking for referrals is essential regardless of your experience level. Absolutely ask for referrals. Consistently ask for referrals. Isn’t about the best source of business any of us can hope for word-of-mouth? “How’d you hear about me?” “My friend Susan said you were the best!” Wow! That’s a referral. Unsolicited most likely but what would happen if we made it a point to consistently ask the people who can attest to the quality of our products and services the best – our satisfied customers – who they know who could benefit from what we have to offer? Our business would grow and, oh yeah, our advertising expenses will probably shrink too!
Develop relations with journalists from nearby papers and magazines. One article with a quote from you (and nowadays scribes do need a lot of info on mortgages) and all your problems will be over.
A mortgage broker I use called me up during a particular bad week in the markets newswise and just said “I am just calling to tell you we are still here and still giving out loans” I was simple but effective.
Great idea about the webinar for local FSBOs. It would create a non-threatening way for private sellers to find out more information. CL is probably an easy place to promote that as well.
You got it Tom! You’d be surprised how many loan officers feel that “asking” for a referral is in bad taste. Yet it’s so simple, time efficient, and falls neatly into the category of “if you don’t ask, chances are it won’t be offered.”
Hope everyone is having a great weekend.
CW -
http://www.loanofficermarketinglab.com
Chad, great post, really it is nothing new just being said again. that I would say is what we all need. they leads are out ther we just need to be agressive and get them.
Most of my new lead generation comes from Networking through after hours club. My problem in the UK is not getting the leads. My area of concern is placing the leads.
Example yesterday I had a client with 6 buy-to-let mortgages LTV 89.2% and the only lender that I could find from the whole of the mortgage market was a lender with an 80%LTV. LTV is down due to the down valuation of properties and lenders are also wanting to now profile clients. So they pass the Lenders criteria and the valuation and then the lender says: No! your client does not fit our profile.
So leads I am not short of Lenders with products I am Short of lenders with products for the current market.
Regarding Mark: I think Mark has to recognize that, in today’s market, he may have plenty of leads but he doesn’t have plenty of QUALIFIED prospects given today’s more rigorous qualification criteria. He needs to reorient his marketing to accept this new reality and uncover new sources of well qualified leads to fuel his pipeline.
Hi Chad,
Great list! I want to add one more–which is a little self-promotional–but a good fit anyway.
SmartHippo.com is a community-driven mortgage comparison site where lenders can post rates for free and connect directly with targeted prospects.
As well I am looking for some loan officers to profile on our blog (http://blog.smarthippo.com) If anyone is interested, please contact me at kelly(at)smarthippo.com
Thanks & keep up the good work!
Kelly Rusk
Community Manager
SmartHippo.com
All excellent info. Don’t forget the Greg Frost method of prospecting clients in the loan process for referrals. Loan approval is the perfect time to ask for referrals.