The program for the last day of the California Association of Mortgage Professionals’ annual convention in Newport Beach featured three sales trainers as speakers. Each made several points attendees could take away to improve their business.
Scott St. John, American Pacific Mortgage’s vice president, production/branch development, and who is still an active producer, said that every single business card he gives out has a unique client or event identification number on it. This includes cards being given out by a local butcher who puts them on every piece of meat sold.
In this way he is able to track where the lead comes from and what is the return on investment for that lead.
Joe Stumpf of By Referral Only said a longer origination process is helpful for obtaining referrals.
Rather than ask for referrals after the loan closes, the best time to start is at the beginning of the application process. Consumers tell their friends where they are getting their loan while the process is underway, he said. It is encouraging a referral, not asking for it.
Loan officers need to start planting the seeds for getting referrals at the beginning of client contact. A referral, Stumpf said, is “sending somebody I love to somebody I respect.”
Ron Vaimberg, president of Ron Vaimberg International Ltd., said too many loan officers are doing the same thing over and over because they are afraid of rejection.
Rather, the attitude should be if people are not saying “no” to you, it might be because you are not talking to enough people.
No has a simple meaning to him—it means he did not give the prospect enough reasons to say. This needs to be used as a lesson and an opportunity to improve.
Fear, Vaimberg said, is preventing originators from doing more business.
