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Mortgage Broker Training: How to Secure Loyalty From Realtors
So you've just returned to your office after delivering an Oscar worthy presentation to a real estate agent. They're impressed and ready to do business with you. In fact, they promised to refer their next buyer to you. Good job, now you can kick your feet up on your desk and wait and wait and wait?. Does this sound familiar? Have you had agents promise you deals that never appear? So what happens after the first meeting? Why do Agents have such short -lived memories of promises they've made to you? Has it reached the boiling point - the point of giving up on Agents altogether? If so, keep reading because you'll find the mistake you've been making that by correcting it could dramatically turn things around. Practice Like a Trial Attorney If you consider it for a moment, trial attorneys are one of the great persuaders among professions. They spend their careers in courtrooms convincing juries if someone should be deemed guilty or not. So why not take a few cues from them and adapt as part of your strategy for building loyalty with agents. Like an attorney's opening argument expresses his point of view, in your first meeting with an Agent, you share compelling reasons for doing business together. After your opening argument is often the place loan officers make their mistake. Once they've heard the Agent remark, "I'll send you my next piece of business," they think their job is done, when in actuality, it's just begun. What the Agent has really said is, "I like you and you're a swell person." Not exactly the sound of commitment, is it? Solidifying a relationship with an Agent comes from building your case, just like an attorney convinces the jury, it happens over the course of the trial. To Build Your Case, Document Your Performance Too often, loan officers have a tendency to make lots of promises, like:
Instead of making promises, learn how to document your performance. Documenting your performance means that you've specifically accounted for your actions and quantified results you've helped achieve with the Agent - your client. It communicates how you've solved a problem for them. Nothing ever speaks louder to a prospect than your track record. Look at the two examples to demonstrate the point: Example A: "I can close your loans on time." Example B: "Over the past 2 years, 99.3% of loan doc's have arrived to Title 5 days prior to close of escrow." Example B uses the S.M.A.R.T. method. The results are specific, measurable, achievable, realistic and time-phased. This method will help shape your documentation so it's powerful in the written form. By reviewing your performance regularly with Agents to document results, not only do you uncover quantifiable intangibles, but also it helps to positively remind the Agent why they chose you instead of your competitor. So the next time your competitor solicits your client, they'll be confronted with some tough-to-answer questions on how they've solved problems for other Agents. With a track record in tow, you can use it to build your case by dripping it to your prospects after the first meeting. As long as you document, you'll always have fresh and continuous results to build your case with a prospect. To Build Your Case, Use Variety of Packaging Why do people believe what they see in writing before they believe what they hear? Because words published in black and white text are considered trustworthy compared to the spoken word. Once you've documented your track record, package it in varieties. This includes, but isn't limited to:
Gift wrap your documentation in varieties because people gather information differently. Some prospects want information in small doses. Sending postcards with pint size content can be easily digested. Then there are prospects that need to know everything. They'll appreciate reading a newsletter or lengthy article. Having variety gives you the chance to build your case by dripping over time. Just because you send a prospect a flyer after a first meeting is no guarantee that they'll read it. It's like a Grammy Award Winner. A musician doesn't win an award after someone has heard his or her song one time. They win because listeners hear the song repeatedly. Send the same information repeatedly, just change the packaging. If your first piece is an article, let your second piece be an audio CD of the article. Or send information at different lengths. A postcard communicates a different message than a newsletter, yet both can include the same message. To Build Your Case, Communicate Single Messages My last trip to the grocery store turned out poorly. My wife called and asked me to pick up some things, she gave me the dreaded grocery list. Upon returning, she graciously informed me that I didn't get half the things she requested. It wasn't my fault - but that's another story. When you communicate a list of things, nothing gets communicated. Agents are more likely to read or listen to information that communicates a single message. Remember, you're competing in a communications jungle that's overcrowded and most messages get lost in the noise. It's easier to get noticed by sending one message than by sending too much information that ends up diluting your case. Besides if you tell the prospect everything there is to know, there's nothing left to anticipate. That's like getting the same prize every time in the Cracker Jack box. After a while, it becomes anti-climatic. As you drip one message at a time, you'll stay in sight and in mind! This establishes familiarity, which breeds attraction. After meeting with an Agent, building your case is the key to solidifying the relationship. A documented track record gives you persuasive material that can be packaged in varieties and dripped to your prospect. It becomes only a matter of time before they are convinced that you're their preferred loan officer. Jeff Nelson helps mortgage companies and individual loan officers increase loan originations by attracting quality relationships with real estate agents from the development of customized relationship-building strategies. Click here to get a free copy of the Marketing Planning Guide, a 20-page workbook designed to help you outline a strategy to becoming an Agent Magnet. Visit us at http://www.loan-officer-marketing.com
MORE RESOURCES: London Ontario Real Estate Information Can I Sell My Private Mortgage Notes? BTB Real Estate Investment Trust announces the acquisition of an office building in Ottawa, Ontario TORONTO , May 17, 2012 /CNW/ - The Ontario Real Estate Association (OREA) applauds proposed legislation introduced today at Queen's Park that, if passed, would facilitate the use of electronic agreements ... TORONTO, ONTARIO-- - Calloway Real Estate Investment Trust is pleased to report strong results for the first quarter ended March 31, 2012.Highlights:-- Maintained portfolio occupancy rate at the 99.0% level for the ninth sequential quarter. -- Funds from operations increased by 14.4% to $54.6 million and 5.1% to $0.434 on a per unit basis compared to the same period in 2011 ... TORONTO, ONTARIO-- - InnVest Real Estate Investment Trust announced today that a distribution of $0.0333 per stapled unit, payable on June 15, 2012, has been declared to the holders of record as at the close of business May 31, 2012. The distribution is $0.0333 per unit of InnVest Real Estate Investment ... TORONTO, ONTARIO-- - Allied Properties REIT today announced results for its first quarter ended March 31, 2012. The results are summarized below and compared to the same quarter in 2011: Q1 2012 Q1 2011 ... TORONTO, ONTARIO-- - RioCan Real Estate Investment Trust today announced a distribution of 11.5 cents per unit for the month of May. The distribution will be payable on June 7, 2012 to unitholders of record ... TORONTO, ONTARIO-- - Allied Properties REIT announced today that the Trustees of the REIT have declared a distribution of $0.11 per unit for the month of May, 2012, representing $1.32 per unit on an annualized basis. The distribution will be payable on June 15, 2012, to unitholders of record as at May ... TORONTO, ONTARIO-- - Allied Properties REIT announced today that it has entered into an agreement to purchase the following property for $61.75 million: Address Total Office Retail Parking GLA GLA GLA Spaces ---------------------------------------------------------------------------- Lang Tannery ... Canadian Real Estate Investment Trust Increases Its Investment in Dartmouth Crossing Shopping Centre TORONTO, ONTARIO-- - Canadian Real Estate Investment Trust announced it has acquired an additional 25% interest in certain components of Dartmouth Crossing Shopping Centre located in Dartmouth, Nova Scotia, ... TORONTO, ONTARIO-- - Canadian Real Estate Investment Trust today announced its May 2012 monthly distribution in the amount of 12.42 cents per unit . The May distribution will be payable on June 14, 2012 to Unitholders of record May 31, 2012.CREIT is a real estate investment trust focused on accumulating ... |
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REAL ESTATE ARTICLES
Build Your Retirement By Investing In Real Estate Most people buy one or two properties. One is their primary residence and sometimes they have a vacation home. Selling Property - Valuing Your Property Selling property privately has many advantages over using an estate agent. However estate agents can provide useful local information not available from the internet. Researching Property for Real Estate Investing Much is being said lately about investments. There are many investments that one could make: stocks, notes, gold, retirement plans, etc. How to Attract Clients in Residential Real Estate Doesn't it seem like everyone you know has a friend, relative, or acquaintance that is a realtor? How could anyone, especially someone new to the industry, possibly achieve success when faced with this much competition?The answer begins to appear when you consider the following questions: How many licensed real estate agents have the talents required for success in sales? How many have been trained in effective selling techniques? How many know how to prospect effectively? How many know which questions to ask to determine the factors that are most important to each prospect's buying decision? How many take their profession seriously and are willing to put in the effort and hours that are required to build a successful business? How many of them regularly sell multiple houses per month? The 80/20 rule definitely applies to residential real estate. In fact, some statistics suggest the ratio is more like 90/10 (where 90% of home sales are made by just 10% of realtors), with the vast majority of home sales by the top 1%!So, how can a novice realtor attract clients? By building his or her credibility and relationships. How Not To Blow Your Build Budget Most people who complete a self build will go on to make a profit if they decide to sell afterwards, but what steps can you take to ensure that you don't totally blow the budget?There are lots of advantages to a totally unique self-build but most important is sound financial planning before and during the self-build, to ensure you stay within budget and make worthwhile savings.Research all your costs carefully and get as many perspectives and quotes as possible. Is An Old Home for You? - The Pros If you prefer a home that is unique and has character, you probably are giving some thought to buying an older home. Before buying, it's a good idea to carefully evaluate the pros and cons of owning the home. Four Reasons To Offer Seller Financing An example of seller financing: Years ago I bought a rental property, and nine months later sold it for 15% more, without fixing or improving a thing. The easy terms are what sold it. 10 Tips for Investing in Distressed or Foreclosed Properties 1. Search on the world wide web for distressed or foreclosed properties as a starting point. Investment Real Estate Made Easy - Make the Most from Each Investment Dollar When it comes to buying investment real estate, there are many schools of thought on how to get the most out of your money. Some say lease optioning your houses is the best and safest way to go. Rehab Your Way to Wealth: The Quick Way to Fixer-Upper Success Completely rebuilding a house is not necessary to make money in investment real estate. Most times, if you have bought smart, you won't have to make a huge improvements on your investment property. 7 Marketing Methods for Real Estate Coaches You shower, shampoo, dress your best, check to see if you have plenty of business cards, drive about an hour, introduce yourself by saying "Hi, I'm Mary and I'm a coach" and the other person says, "Hi, I'm Jack and I'm a coach, too!". You meet more coaches than you knew existed. Before Selling Your Home Here are some important steps you should take before you put your house on the market:1. Home Loan Approval for your next HomeYou don't want to be signing a contract to sell your house before knowing if you are qualified to buy another. Big Discounts With Property Investment Clubs? A stagnant stock market, low interest rates and booming property prices over recent years have lead to more and more personal investors deciding to join property investment clubs.Property investment clubs are organisations that either buy property in volume and resell it to their members at discount prices or negotiate the purchase of large numbers of properties from developers, again ensuring discounted prices. Homebuyer Heaven Can't Possibly Last With interest rates at record lows over the past year, there's really only one way for them to go, the only question is when. Most experts agree that rates will remain fairly stable in the short term, at least until the end of the year, and some believe they will even decrease slightly. Why Use a Property Manager? Most experienced property investors use property managers. Why? Because they make you money. Selling Houses with Curb Appeal and Design Psychology Curb appeal is the most important challenge you'll face when selling your home. You must make home shoppers feel like getting out of their car to see what's behind the front door. Rehab Foreclosed Houses the Right Way and Keep All the Profits! I've been teaching people how to buy foreclosure properties for a long time.And we all make the biggest profits on the deals that we rehab the right way. An Ideal Way to Purchase Your New Home without Strict Banking Regulations You've searched high and low around town looking for that special home for you and your family. Everyone agrees that "this is the one"! Your down payment for the home is large enough, but you know your credit is terrible, or worse, practically non-existent. Property Investing Secrets 8 Property Investing: A Buyer's Secret Weapon When Purchasing Real EstateMy friend, Roger, does property investing and is a licensed real estate agent. Recently he looked at a property in another state that was probably worth $225,000. The Real Estate Cycle The real estate cycle, like the business cycle, refers to the activity of the real estate market as it reacts to the forces of supply and demand.Supply and demand.
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