The mortgage business overhaul is almost over. From a
Headhunter's perspective, business seems to be improving nationwide. The
dedicated professionals who've weathered the past few years are poised
to reap big rewards. Tens of thousands have left the industry and the
opportunity to grow your mortgage connections is huge. It's time to turn
on your mortgage leads faucet.
I like Loan Officers and Originators. If I were not a Recruiter I would join their ranks. The marketplace has changed. There's no use fighting those changes. Millions of people are ready to sell and buy homes again.
Medium size mortgage companies have been acquiring solo operations and small mortgage groups who could not survive in this new era of regulations. The primary growth strategy for many mortgage companies has been to recruit loan officers vs. training new ones.
Mortgage companies are willing to pay substantial recruiter fees for entire branches, and Loan Originators. Top producing loan officers used to close 3 - 50 million a month (the 90's to 2008). Now mortgage companies are happy if loan officers close a million dollars a month. Folks with a fresh NMLS license are eager to develop their mortgage lead sources to build up their sales base.
In addition to recruiting it's time for the mortgage business to turn within their organizations and start increasing market share by helping each individual Loan Originator grow their circle of Realtor relationships. It's time to turn on the mortgage leads faucet to full force.
The secret to growing a never-ending stream of mortgage leads is establishing relationships with Realtors. Every loan originator can grow their mortgage leads and the time to lay the foundation for a steady stream of leads is now. Make a plan for the next 12 - 24 weeks to visit 10, 20, or 35 realtors each week. Make a schedule and follow your plan. Visit the same Realtors each week.
This routine can feel useless but it's not. The best producers have multiple Realtors feeding them leads. Gather your team members and list all the ways your office adds value to the working relationship you establish with your selected Realtors. I spoke with a commercial Real Estate Broker yesterday about how many visits he's getting from Loan Officers. His answer: None.
Set all excuses aside and get out and visit Realtors. Go in person or cold call to make appointments. One thing is certain. Week after week of placing your face in front of your targeted Realtors will start to bring in business. How you service your clients will keep that mortgage lead faucet on.
Your persistence, your dependability, and your brief announcements of how you can help their business will stick. You are there to help them succeed. You are not a pest. You are their backup plan. Offer benefits and value. Prepare your value added phrases before your visit. Take time to stand there and let your authority and expertise register. Ask questions. Do you know what matters most to your customer? What kind of information will help them with potential home buyers? Prepare a top notch sales script to succeed.
New mortgage leads will flow. Don't settle for a few realtor relationships. Stick with your plan for 12 - 24 weeks. Don't let pretend items on the 'to-do' list distract you. If you need help with sales skills, get that help. If you have anxiety related to cold calling or any part of the sales process, there's help. EFT is a perfect solution. Ask your peers for suggestions. Brainstorm. If each person in the office adds four new apps a month to the loan pool it's more cost effective than paying a recruiter fee.
Loan Originators have taken a beating these past few years and it's time to grow your mortgage business by creating endless mortgage leads. Do it now. Have fun. Ask for a new wheel barrel for Christmas. You'll need it to carry all your commissions to the bank!
I like Loan Officers and Originators. If I were not a Recruiter I would join their ranks. The marketplace has changed. There's no use fighting those changes. Millions of people are ready to sell and buy homes again.
Medium size mortgage companies have been acquiring solo operations and small mortgage groups who could not survive in this new era of regulations. The primary growth strategy for many mortgage companies has been to recruit loan officers vs. training new ones.
Mortgage companies are willing to pay substantial recruiter fees for entire branches, and Loan Originators. Top producing loan officers used to close 3 - 50 million a month (the 90's to 2008). Now mortgage companies are happy if loan officers close a million dollars a month. Folks with a fresh NMLS license are eager to develop their mortgage lead sources to build up their sales base.
In addition to recruiting it's time for the mortgage business to turn within their organizations and start increasing market share by helping each individual Loan Originator grow their circle of Realtor relationships. It's time to turn on the mortgage leads faucet to full force.
The secret to growing a never-ending stream of mortgage leads is establishing relationships with Realtors. Every loan originator can grow their mortgage leads and the time to lay the foundation for a steady stream of leads is now. Make a plan for the next 12 - 24 weeks to visit 10, 20, or 35 realtors each week. Make a schedule and follow your plan. Visit the same Realtors each week.
This routine can feel useless but it's not. The best producers have multiple Realtors feeding them leads. Gather your team members and list all the ways your office adds value to the working relationship you establish with your selected Realtors. I spoke with a commercial Real Estate Broker yesterday about how many visits he's getting from Loan Officers. His answer: None.
Set all excuses aside and get out and visit Realtors. Go in person or cold call to make appointments. One thing is certain. Week after week of placing your face in front of your targeted Realtors will start to bring in business. How you service your clients will keep that mortgage lead faucet on.
Your persistence, your dependability, and your brief announcements of how you can help their business will stick. You are there to help them succeed. You are not a pest. You are their backup plan. Offer benefits and value. Prepare your value added phrases before your visit. Take time to stand there and let your authority and expertise register. Ask questions. Do you know what matters most to your customer? What kind of information will help them with potential home buyers? Prepare a top notch sales script to succeed.
New mortgage leads will flow. Don't settle for a few realtor relationships. Stick with your plan for 12 - 24 weeks. Don't let pretend items on the 'to-do' list distract you. If you need help with sales skills, get that help. If you have anxiety related to cold calling or any part of the sales process, there's help. EFT is a perfect solution. Ask your peers for suggestions. Brainstorm. If each person in the office adds four new apps a month to the loan pool it's more cost effective than paying a recruiter fee.
Loan Originators have taken a beating these past few years and it's time to grow your mortgage business by creating endless mortgage leads. Do it now. Have fun. Ask for a new wheel barrel for Christmas. You'll need it to carry all your commissions to the bank!
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