Imagine your Realtor is working with a new buyer who is in need of a mortgage. Then, ask yourself this question; "What makes me the best lender choice in the eyes of my Realtor?" If you don't have an answer to this question, read on...this could be the most important new product for loan officers this year.
After spending 12 years in the mortgage business both as a lender and a broker, we've learned one thing that has remained a constant throughout the years - real estate agents refer their buyers to loan officers whom they trust. I know what you're thinking…"It took you 12 years to figure THAT out?" Realizing that we needed to convey a sense of trust wasn't so difficult. The tough part was figuring out HOW to convey something that is as intangible and fragile as trust (from a Realtor, no less). Four years later, after creating and modifying our systems we finally figured it out. We tested the effectiveness of our system. We focused on marketing ourselves to a specific target market (Realtors) and tracked our results…they speak for themselves:
Average Number Of Loans Closed,
Referred By Realtors in 2003 = 4 loans per month ($11,200 in gross revenue)
Average Number Of Loans Closed,
Referred By Realtors in 2004 = 13 loans per month ($36,400 in gross revenue)
That's a 229% increase in Realtor referred business in less than 12 months! I think it's safe to say that our system is working very well.
In a nutshell, here's what our system is all about - communication that makes an impact. Consider the current status quo for today's mortgage companies; they hire their loan officers to go out into the field and originate loans. They hire processors to process the files and make sure they close. Who's communicating with the Realtors? Who's delivering the kind of communication and service that makes the Realtors say "WOW"? Just like you, we've worked in the field as mortgage brokers and have completed extensive research on what influences Realtors to refer their buyers to one mortgage broker over another. In fact, the surveys we conducted showed us that there were 3 important things that our Realtors wanted:
- Closing loans on time
- Clear and accessible information (loan status)
- Client referrals from their mortgage broker
As you'll see, our system is tremendously effective in helping our Realtors achieve all 3 of these goals.
The main objective of "our product" is to assist loan officers in growing their purchase loan business. As we all know, refinance booms come and go with interest rates, but purchase loan business is the bread & butter of successful loan officers. Therefore, it is critical that loan officers differentiate themselves from their competition by providing more value to their referral sources - namely Realtors, CPA's, Financial Planners, Attorney's, etc... With the most recent refi boom coming to an end, THIS IS THE MOST CRITICAL TIME FOR LOAN OFFICERS TO GROW THEIR PURCHASE LOAN BUSINESS. We can help you accomplish this by showing you how to create the kind of transaction experience that makes your Realtors say "WOW!"
