The # 1 Way To Generate More Loans! This is a BIG MISTAKE!

The NUMBER 1 WAY TO GENERATE NEW BUSINESS?

When I travel around the country speaking and consulting I am always asked what is the # 1 way to generate new business ? When I respond, many of the loan officers and company owners seem a bit confused. Of course, there must be some “fairy dust” or magic potion that they think I simply refuse to share.

THIS CAUSES MANY TO MAKE “THE” BIG MARKETING MISTAKE.

The reality is that there is no such thing as a “best” way to get clients. While there is no one way to get 100 new clients there are 10 ways to get 1 client and I will share some of them here. You should be trying at least 4-5 of them each month.

But before I go into that I want to make sure that you avoid one of the biggest mistakes that has the potential to destroy your career and earnings. Ready?

YOU MUST NEVER EVER RELY ON ANY ONE SOURCE FOR YOUR BUSINESS.

I have seen many originators rely on one or two agents or 1 office for the majority of their production. Over the years, I have also seen loan officers rely on 1 marketing method for generating new business which is equally dangerous.

Think back to the days of faxing. Think back to the phone rooms before the DNC lists. Think back to the days of pay per click on line. Think back to the beginning of Facebook ads.
Yes, I know that’s a lot of thinking but it’s critical that you never ever be a one trick pony with your marketing or your sources of new business.

SO WHAT SHOULD YOU DO?

I will share some tactics that are working for me right now but before I do let’s just jump into 2 more issues that are important here. In addition to being asked what the number best way to generate business , I am also asked if on-line is better than offline marketing.

The truth is that you should be using both. I am by nature a contrarian. While everyone is now using social media, and on-line marketing my system involves both.

HERE’S THE SYSTEM THAT WORKS BEST TO GENERATE A CONSISTENT FLOW OF NEW BUSINESS !

Have you looked into your mailbox recently? It’s not as full as it once was is it? There are way fewer direct mail pieces right? Well that’s good news if you are now using direct mail since it’s easier for your piece to get noticed.

Here’s how the system works.

1. Target the buyers you want to do business with. This can be renters or folks who have had a credit challenge ( my favorite) like a bankruptcy or foreclosure.

2. Send them a direct mail sequence of 3 pieces of mail. In my case I send them a post card then a letter then another letter. Most originators send one piece of mail and then declare mail doesn’t work. But it’s the sequential mailing that makes this successful.
If you were going to send 3000 pieces of mail it would be better to target 1000 people and send them 3 spaced out pieces of mail than to send one mailing to 3000.

3. The mailing sends them to an on-line website that captures their e-mail and offers them a “FREE REPORT”

4. The Free Report is the entire conversation you would be having with them on the phone and also includes testimonials and answers to their questions.
The report offers them a Free No Obligation Consultation.

5. If they grab the report but don’t call for a consultation we are able to “drip” on them with e-mails that have been pre-programmed to go out until they do call.

THIS SYSTEM IS ALMOST LIKE HAVING A SALES ROBOT WORKING FOR YOU 24/7.
As you can see this system is powerful and once it’s set up can work on auto-pilot generating new deals on a consistent basis for you.

But as I mentioned earlier in this article you should NEVER rely on any one method so here are a few additional ways to generate new business.

Let’s start with referrals from other professionals.
Realtors- Get active in your local Board of Realtors. Teach classes there and show them your expertise. You can also get active in local Builder Associations.
You should also connect with Attorney’s – CPA’s and financial planners. That goes without saying right?

SOME OTHER CREATIVE SOURCES OF BUSINESS YOU MAY NOT HAVE CONSIDERED.
HOSPITALS– Every city has a number of hospitals. These hospitals always have new residents and specialists coming into town. Get to know the human resource people in these facilities and they can send you business.

CREDIT UNIONS AND SMALL BANKS– Many small credit unions don’t offer mortgages or may have very strict guidelines. Some may offer loans but don’t handle Government loans or Jumbo’s.
As I write this article I just finished speaking to a borrower who was referred to me by their Credit Union since they don’t handle Government loans. You may have the opportunity to also refer car loans, equity lines or other types of loans back to them.

CHURCHES /RELIGOUS GROUPS– Many churches have Financial Ministries who would welcome you and allow you to educate their members. Probably would be a few Realtors who are members you could also build a relationship with.

OTHER LOAN OFFICERS- Be honest, I bet you didn’t think of that one did you? I have breakfast every quarter with my “competitors.” They each do a different type of loan like Reverses, Construction /Perm, 203 k and other specialty programs. I refer them for the loans I can’t do and they refer me.

SOME OTHER CREATIVE WAYS TO GENERATE NEW BUSINESS.
Before we jump into some of the tactics here I want to tell you that I prefer to control my income and my destiny and I hope you do too. The best scenario is when you can generate a lead directly from the consumer, get them pre-approved, and then use that as leverage with your referral partners.
First I must also tell you that I barely graduated high school and do NOT have a college degree. I tell you this because of the little voice that will go off in your head once you continue reading this that will tell you that you can’t do this.

Free Publicity– Become a resource for your local tv, radio and print publications. There is ALWAYS something important changing in our industry and the market itself is always in flux. Contact the media and offer to be their resource and expert.
RADIO SHOW-Every town has talk radio and sports radio stations that will allow you to have your own show. I don’t have room to go into all of the details in this article unfortunately, but I have personally helped over 2 dozen originators with their own successful radio shows.
If you don’t want to have your own show you could always go on as a guest on existing shows that are running in your town.

Webinars and Seminars– Want to meet new realtors, Attorneys’, Accountants? Of course you do! Each of them have an Association that would welcome having you come in and teach on a particular subject.
Instead of meeting these partners one at a time and building a relationship , you could now have a room full of them who already see you as the expert, since you are educating them.
All of these professionals need continuing credit hours so it’s best to check with the Association and get your courses approved. Oh, and each of them also has a publication just like this one. Why not write for them as well?

WHAT ELSE?
A marketing conversation would not be complete without discussing social media. You must have a presence on You Tube, Facebook and Linked In. They are important pieces of a comprehensive marketing plan.

The key to success in marketing is making sure that you are being found wherever your client is searching. At the same time, it’s easy to get distracted by any one of these methods and forget about the others. Don’t let that happen to you.

My suggestion is to pick 4-5 tactics to work on. Make sure they are working and generating business for you before you move on to more. If you choose to do everything you will often wind up overwhelmed and doing nothing. Please re-read that!
Brian Sacks is the president of Loan Officer Tips and Agents Chase You. He has taught thousands of loan officers over the past 30 years how to Close More Loans- Make More Money and Still Have Time To Enjoy Life. He currently is the resident expert for NBC Channel 11 and has a radio show Your Home Your Money on CBS radio 1300 am
You can view his Free Report at www.AgentsChaseYou.com He is also the founder of the Loan Officer Tips group in Linked IN

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Question To Ask Your Self Today Will you let your business dictate what you do or don’t get done Or Will you set aside time to work ON your business?

National Mortgage Expert|Speaker|Author|Coach |Consultant|Radio Show Host Top Contributor

It’s easy to get very busy and never get the “I know I need to do this” items done. I was speaking with a company owner this week who was concerned about the production in his company. I mentioned to him that most originators only ORIGINATE 6 months out of the year.

He was confused and truly didn’t understand what I meant.

So I explained- and think about this in your own production…..

You bring in a bunch of loans- you originate.
Then you spend the next 30 -60 days dealing with the files and the fires that arise. Once everything you originated gets closed – you look up and say.

“OH NO- MY PIPELINE IS EMPTY”

I better start originating again…
Then you go out and repeat this cycle over and over again…

BUT THERE IS A BETTER WAY…

You must have a system- doesn’t even matter if you have a good staff- but it helps if you do.

1. Make sure you get all of the documents you need up front

2. Take the time to turn in a complete app and docs needed.
Have your client sign a document that tells them what items are still needed and when they must be turned in. This way they can never say that “Why Are You Asking For This Now?”

3. PAY ATTENTION TO THE DATES IN YOUR CONTRACT-

We all manage our pipelines by closing date and who is screaming the loudest
But – your contract has 2 dates in it

The closing date and the financing commitment date.

If you get your loan approved by the financing commitment date you won’t have any issue with the closing. I go a step further and created a SUBMIT BY date which is 10 days before contract financing commitment.
That is the time I am looking at the file- seeing what is needed- I am calling the agents and borrowers and telling them that if the items are in by___ they wlll need to get a contract extension.

4. I meet with my processor every Friday at 10 am to go over all of our files and update the listing agents and selling agents on what is needed and the status of the loan. This allows me to also have a game plan so I don’t need to bother my processor all day everyday…

THE REST OF THE TIME CAN NOW BE SPENT ORIGINATING!

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Do you have the Dr. Phil Syndrome?

You may know that my Loan Officer Tips Newsletter is one of the fastest growing groups in our ​industry on LinkedIn. But as I watch the posts on social media, I am starting to see something that is very disturbing.

There are lots of “Gurus” in our industry providing advice and I see many originators who are struggling to find ways to consistently grow their production with purchase deals.

So who do you listen to?
Over the years I have learned a few important things:

1. If you try to do everything you will wind up doing nothing.
2. You MUST be careful who you listen to.

WHAT DOES THIS HAVE TO DO WITH DR PHIL? …. EVERYTHING

If you have ever watched the Dr. Phil Show you will see he is not exactly skinny right? But he offers weight loss advice.

For years I studied Napoleon Hill who is the author of Think and Grow Rich. This is supposed to be the manual on how to build a business and lead a successful life. One day one of my high level coaching members gave me a special present. The Napoleon Hill Autobiography.

GUESS WHAT- Napoleon Hill lived most of his life broke and with a family that absolutely hated him.

So who should you listen to? Here are some criteria.

1. Does the person DO (not did) what they are telling YOU to do?

2. Can they show you the success they are having or mistakes to avoid?

3. If they are selling a program or system- Do they guarantee it?

4. Are they true to their mission and acting and speaking consistently with it.
Often you will find “Guru’s” just saying a number of things- none consistent with each other just to see what resonates with their group.

So what am I ABOUT?

  • I originate every single day just like you.
  • My beliefs are built on 30 years of originating and here’s what I have learned.
  1. You MUST control the buyer- when you do agents will chase you and you will control your income – not put it in the hands of someone else.
  2. You must Pick a Niche- Become the Expert – And let Everyone Know about it so you are not always price shopped. Stop trying to be everything to everyone which only turns you into a commodity.
  3. You must have systems in place that provide a consistent flow of new leads who are already sold on using you BEFORE they even speak with you.

If this is resonating with you – leave us your thoughts.

In fact- the two systems I am working on right now- and using successfully in my own business – meet all 3 of the criteria above and will be guaranteed and showing real life samples of what works ( today!) and what mistakes to avoid.

I hope to have the first of these systems available soon…so stay tuned.

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