Yesterday I had a meeting with a title rep who has been trying to meet with me for about 5 weeks. He says he wants to meet me to learn more about my business but of course we all know that he just wants to get some referrals from me right? Stay with me here and the title of this article will make sense. Heck- you may even have one of those “AHA” moments.
THE MEETING LEFT HIM SPEECHLESS.
I met him and we talked about all of the people we knew in common. He told me about the great service his company has. Then he proceeded to try to separate himself by telling me how his company will pay for the appraisal for any client that closes with them.
He tried to offer the opportunity of sponsoring events together or possibly a happy hour where I could invite my agents and he would invite his. Then he dumped about 5 pounds of give aways on me including pens, a stress ball in the shape of a house and 3 or 4 brochures and flyers. Nothing seemed to be working and he started getting a bit frustrated.
EVER HAVE THIS HAPPEN TO YOU? OF COURSE YOU HAVE!
You are polite. You listen. You then thank heavens when the person leaves and you can get back to what you were doing. But they leave feeling like they have just started a relationship. Few will ever follow up and try to build the relationship. Sure , they might put you on an e-mail list or mail you from time to time but that’s about it.
Then they sit back in their office and wonder WHY? Am I right? I’ll tell you why he was speechless in a minute but let’s stop and think about this for a minute.
ISN’T THIS WHAT WE DO WITH REALTORS?
Most of the strategies we employ and are taught to us are all about ways to build to partnerships with realtors and other referral sources. Yes, some work and some don’t. All of them however have us at a HUGE disadvantage and leave control of our incomes to others which takes me back to the conversation I had with this title rep. I explained that
– Everyone MUST give good service. This is not a separating statement but is expected. Besides the fact that no one will truly know you give good service until the work with you.
– You will NEVER ALWAYS have the best rates or prices.
– Yes , you can pay for a desk rental, joint marketing, have cocktail hours, and give away pens and other creative premium items but that still won’t get you more business.
THERE IS REALLY ONLY ONE “THING” THAT ALLOWS YOU TO BUILD BUSINESS AND CONTROL YOUR OWN INCOME AND PRODUCTION.
That “One Thing” is pre-approved buyers who are now ready to buy and who you can then refer to your agent partners. Please RE-READ that I’ll wait. Ready?
Realtors want to sell more homes. Title companies want to close more deals and we want more loans. If your business only comes from Realtor relationships then your income depends on these relationships. Don’t misunderstand me here. Realtors and Builders are a vitally important part of your success but it should NEVER be the ONLY way you generate business.
Here are a few ways that I am able to generate these pre-approved buyers and you can too.
- Targeted Direct Mail to buyers who I know have a challenge and are under the impression that they are NOT eligible for a loan. I target buyers who are renting and fit the guidelines for the FHA BACK TO WORK program or others.
- I work closely with a credit restoration company that needs a referral source for their clients who pass their program and are now eligible for a mortgage.
- I have radio show on our local CBS Station every Saturday that is focused on real-estate and financing.
- I am the in-house expert for our local NBC station and go on TV live to give mortgage and real-estate tips.
- I send targeted apartment mailings to renters who are paying rent that is comparable to what mortgage payments would be in this particular area. I then have a very extensive follow up sequence that converts these cold leads into prospects and eventually pre- approved buyers I can refer to agents.
- I network with accountants , attorneys ( particularly divorce attorney) and others. I write for their newsletter and allow them to write for mine so we are exposed and endorsed to each others clients.
WHEN I EXPLAINED THIS TO THE TITLE REP HE BECAME TOTALLY SILENT.
It was almost as if he had an epiphany and finally realized why all of his work chasing Realtors and Loan Officers was not working as he had hoped. The bottom line is that “HE WHO CONTROLS THE BUYER –CONTROLS THE TRANSACTION”. To take it even further, the person who controls the buyer controls the income of everyone in the transaction.
Shouldn’t that person be you? Implement some of the ideas I have shared and you will be able to go into a Real-Estate office and say, “I am looking for a partner to refer my pre-approved buyers to – would you be interested?”
Let me know how that works out for you !
Brian Sacks is a nationally renowned mortgage expert who has career closing of over 5924 transactions. He has trained tens of thousands of loan officers and company owners over the past 29 years on How to Close More Loans – Make More Money – And Still Have A Life. He has put together a FREE REPORT on The 4 Tools You Can Use To Immediately Grow Your Business at www.AgentsChaseYou.com