Nearly every loan originator I talk with today tells me he or she wants to do more business and make more money.
Wanting to produce more and earn more is great, but if you don’t know how or aren’t willing to do what it takes, hopes and expectations can be nothing more than dreams and fantasy. The business is out there, and as always, the bulk of that business is going to those originators who are going after it.
“Some people originate by design, and some by default,” one top performer recently told me.
“Those who originate by default go to work every day and wait for something to happen. Those who originate by design go to work every day and make something happen.”
If you are one of those loan originators who are serious about growing your business and income, and are willing to make it happen, here are five fast ways you can do that in the upcoming months:
1. Call your database. While frequent postcards and newsletters will serve to keep your name top-of-mind with your friends, prospects and past customers, picking up the phone and making personal calls to a few people every week can often generate leads and loans you would have never otherwise received.
I know some originators who set aside just one or two hours a week to make direct database phone calls. In a month’s time they place 15 to 20 outbound calls, get three to four good leads and land one or two additional loans.
2. Ask for introductions. You likely know a lot of people. Make a list of those people with whom you work on a regular basis such as real estate agents, builders, title company reps, closing attorneys, appraisers, MI reps, and so on.
Pick up the phone or go see them, and when you do, ask if they can recommend you or introduce you to someone they know within the industry. Follow up on that contact and ask for a brief “get acquainted” coffee meeting or appointment. You’ll meet new potential business partners and expand your referral network, and that can lead to new opportunities and more loans.
3. Leverage your purchase loan transactions. On every sales contract there’s a listing agent, a buyer’s agent, a buyer and a seller, and all these represent possible new business. On every purchase transaction, pick up the phone and call both agents to introduce yourself.
Keep the agents informed throughout the transaction and after the closing, contact them again and ask for an appointment to talk about how you can help more of their clients. While you are at it, don’t forget about the sellers on the other side of the contract. Many sellers have to buy another house and will need financing on that purchase. Let them know you are ready to help.
4. Expand into consumer direct marketing. As consumers and their shopping habits continue to evolve, more and more home buyers are finding lenders on their own. Statistics say that as high as 40 percent of mortgage borrowers today discover or choose their lender through various “means of marketing” such as media advertising, networking, social media and direct mail.
Referrals from real estate agents and established business partners are great, but you can complement that business by two or three more loans a month by generating direct leads of your own. Right now, on average, over 430,000 people buy a home every month and 70% to 80% of those buyers finance their purchase with a home loan. If those people don’t know you are in the business or can’t find you, they’ll go someplace else.
5. Spend more time selling. Some originators don’t spend enough time wearing their “sales hats.” The majority of their days at work are wrapped up in putting out fires, dealing with issues on loan files, processing, emails, meetings, personal errands and so on.
While all these activities are a part of the job, so is selling. Make sure you are carving out at least 25% of your time every week for sales, prospecting, networking, marketing, prospect follow up and various client outreach activities. Spend six hours a day running your business and two hours a day growing your business; it’s a formula proven to work.
(In all my years managing, training and coaching loan originators, I have never seen someone spend more time selling and write less business.)
Are you willing to do what it takes to grow your business? Mortgage rates remain remarkably low, real estate activity is strong and the economy continues its steady and upward recovery.
If you’re going to do something, now would be the time.
Doug Smith is a nationally known industry speaker, author and sales trainer. For more information, please visit www.DougSmithOnline.com or call Douglas Smith & Associates at 877-430-2329.
