Do you know who the easiest person to sell to is? Someone who already knows you, trusts you, and likes you. Let's face it, people only buy a house every five to seven years in a normal market, and when rates go up very few are refinancing.
That leaves you always looking for new business.What if your clients could do the selling for you? Everyone you have done a loan for has family, friends, co-workers, neighbors, and people they hang out with. What if you could have them talking about you and referring your services.
There are many ways to communicate with them. You could do an online e-mail newsletter or a written newsletter they get monthly. Let me share a scary statistic with you. For every month that goes by without contacting a former client, you lose ten percent of your influence with them. After about ten months, they don't even remember your name. That's such a shame especially since there are so many effective yet inexpensive ways to stay in touch with them and even "force" them to refer you.
Let's not forget all of the other sources of "easy" repeat business. Let's start with Realtors. One of the keys to my success was having a stable of Realtors who consistently sent me new business. I know what you're thinking. "Brian, I'd rather have a root canal without anesthesia then deal with those nasty Realtors." Well let me give you a news flash, they are not all evil. Most are out working hard, just like you, to generate new business. Think about it for a minute.
When a Realtor gives you a deal they are really giving you their hard earned commission check and hoping you don't screw it up. When you look at it from that perspective it makes sense when they call you concerned, doesn't it? Let them know what's happening on their files. Call them back. Do what you say you are going to do and everything will be just fine.
Even though the market has turned tough, homes are still selling and you must get your fair share of their business. Remember, you must stay in touch with them and that means listing and selling agents. Get yourself a stable of ten nice producers and you will be set for many years to come.
There are about two dozen strategies I have developed to build and grow these relationships that I simply don't have the room here to cover.
For now, just start identifying the nice Realtors that are high producers you can connect with, and build a partnership. Trust me, they need you as much as you need them right now! Don't forget referral partners like insurance agents, financial planners, accountants, and attorneys. Same rules apply for them. Make sure you are regularly (monthly) staying in touch with them and doing things to help them build their business, like sending them referrals, too!
In your next Loan Officer Formula Marketing Tip I will talk about how to avoid being constantly distracted and who you should and should NOT listen to !
Brian Sacks is the CEO of
