DO LISTING AGENTS SELL HOMES TOO?

DO LISTING AGENTS SELL HOMES TOO?
You finally get that Realtor to speak with you and the first thing that comes out of their mouth is the infamous “I’m just a listing agent.” If you are a seasoned originator or just someone starting out your first week it’s likely that you have heard this comment.

Many years ago, when I first heard this from a Realtor I didn’t realize that this was just a script they have to avoid being pestered by loan officers. But let’s dig a bit deeper and I will share with you how to respond to this comment and turn this agent into a loyal asset.

I REVIEWED MY LAST 100 LOANS AND HERE’S WHAT I FOUND.
To prepare for this article I actually reviewed my last 100 transactions to see who the referring Realtors were. By the way I hope you keep these records too because it’s always important to know where your business is coming from.
We tend to ignore and take for granted those agents that refer us regularly and just focus on adding new partners which is a big mistake. Keeping records and reviewing them allows you to focus your efforts properly.
What I found when I checked my last 100 loans was that 21 of them came from agents I had met because they were the listing agents on my transaction. Think about that for a minute. You could be increasing your production 21% or more per year by what I am going to share in this article.

THERE ARE A NUMBER OF WAYS TO HANDLE THE “I’M JUST A LISTING AGENT” OBJECTION WHEN YOU HEAR IT
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On the surface the comment itself is a silly one. Don’t most people selling their homes also look to buy either a bigger home or downsize from their existing homes. You could simply say that you would be happy to qualify their sellers so they are pre-approved before they even list their home for sale. This way they can be comfortable moving forward the home sale process and know that they will have a loan in place when their home is sold.

I once met with an agent who used this excuse and I said “ WOW , I am so sorry to hear that because I wanted to share a pre-approved buyer I am working with who is in need of a Realtor. But I guess since you are just a listing agent you won’t be able to work with them right?”

The look on this agents face was truly priceless and yes, I did give him the referral and he did sell them a home.
WHAT CAN YOU DO TO ASSIST THEM WITH THEIR LISTINGS?
There are a number of ways that you can assist Realtors with their listings and assist them with obtaining listings. For example there are lists of FSBO’s and EXPIRED listings available that you could provide them on a daily basis. This will help them get more listings and help you get more buyers.
Sponsor and Promote Broker Open Houses. This allows the agents to expose their listings to other agents in their office and other offices in the area. The benefit to you is that being there allows you to meet other agents in a non-threatening and casual environment.
PROVIDE A WEBSITE AND SOCIAL MEDIA TOOLS.
There are a number of programs on the market that allow you to provide a website and mobile site for the agent’s listings that is branded with the agent’s information and yours. There are also a number of home search apps on the market that can also be co-branded and allow you and the agent to get the leads that are generated.

SPECIAL PROGRAMS AND EXPERTISE
Do you offer any special programs or do you have any specific area of expertise that can help your agents sell the homes faster?

As an example, the company I work for, HomeBridge Financial services has special expertise with condominium projects and approvals. There are several challenging condominium projects in the Baltimore area that we have been able to get approved because of this while some other lenders in the area aren’t able to lend in these projects.

I did a bit of research and found that 3 agents controlled most of the listings in these buildings that are all located very close to each other. I contacted them and explained to them that we are able to lend in these projects and they have since referred me to the agents and buyers who are purchasing their listings.

DO YOU HAVE ANY SPECIAL PROGRAMS THAT WILL HELP THEM SELL THEIR LISTINGS FASTER?
This is very similar to expertise but let me share another example with you. There are a number of agents who specialize in working with bank owned homes and foreclosures.
These homes are often not in great shape and with sellers who will not make any repairs. This obviously limits the amount of buyers who might buy the home since FHA and VA financing would not work.
That’s where you come in if you offer Renovation loans. Contact these agents and let them know about your expertise in the renovation program. Let them know that they can now offer FHA and VA and Conventional financing on their listings and that it will allow them to sell that listing faster.

I marketed to these Listing agents and they now hand prospective buyers and their agents my contact information. They tell agents who sell their listings that they strongly suggest using me for the mortgage since the home will likely come back with repairs and their seller will not make those repairs.
By the way- this doesn’t only go for bank owned homes. There are many homes on the market that need work with sellers who simply do not have enough equity or cash to make them.

HOW CAN YOU IMPRESS THEM WHEN THEY ARE THE LISTING AGENT?
Every loan you originate provides you with the opportunity to speak with the listing agent. In my top originator mastermind program ( toporiginatormastermind.com/mmm) I recently provided our community with the entire sequence of how to turn the listing agents into referral sources. Here’s what this process looks like when a new loan is turned in.
1.An e-mail is sent to the listing agent introducing us and letting them know we have taken the application on their new listing.
2.A letter is sent to them stating we have taken the application and a packet of information on programs and tools we offer.
3.Every week the listing agent is sent a status update.
4.When the loan closes the listing agent is called and wished good luck at closing and also tells them how much we enjoyed working with them and suggesting a meeting.
A package is sent to them with our programs and tools and again thanking them for working with us. We also suggest in this letter that they call to schedule a meeting with us to see if it would make sense to work together going forward.

BOTTOM LINE- Don’t accept the “I’m just a listing agent” excuse. You now have many reasons to pursue a relationship with these realtors and you should ! Think about what increasing your production 21% in the next 90 days would look like in your business.
Try this and let me know your thoughts by posting below.
Brian Sacks
www.TopOriginatorSecrets.com
Brian Sacks is a nationally-renowned mortgage expert who has career closing of more than 5,924 transactions for more than $1 billion. He has trained, consulted and coached, tens of thousands of loan officers and company owners over the past 31 years on how to close more loans, make more money, and still have a life.
Brian is the host of Top Originator Secrets which can be seen weekly on Mortgage News Network and on his blog. For Your FREE 4 PART VIDEO Series on How To Finally Close More Loans , Make More Money and Have the Time To Enjoy Life visit
http://toporiginatormastermind.com/mmm

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Not All Agents Are Created Equal

When I first started originating many years ago I was told to go visit Real Estate Offices and meet and greet agents. Of course this is much easier said than done these days, but back then you could walk into a Real-Estate office and there would be agents there.

The first challenge instinct we all have is to plaster the offices with flyers and hope for a phone call. This is a huge mistake that took me many years to figure out.

MAILBOXES DON’T GIVE YOU LOANS- PEOPLE DO!

Stuffing rate sheets or informational flyers will not get you new business. Sending e-mails or social posts is today’s version of this same mistake. You must meet Agents and get to know them as people. They must come to know, like and trust you before they will give you any new business.

REMEMBER THEY ARE TRUSTING YOU WITH THEIR INCOME AND REPUTATION.
This is a critical piece of information to keep in mind and it’s worthwhile for you to go back and re-read this headline and write it down. Agents are literally trusting you with their commission checks and reputation when they refer you.

BUT NOT ALL AGENTS ARE YOUR TARGET MARKET.

I have identified three different levels of agents. Two of which I stay away from generally and one that I suggest you target like a laser beam.

LEVEL 1 AGENTS
These are the Realtors that are either very part- time or are really just selling real-estate to get out of the home and be active. Many are financially well off and are simply out there to keep themselves busy and active.
These agents are generally very friendly and will always be happy to have lunch with you or speak with you. That’s because they are simply trying to kill some time. The part timers are always looking to gain knowledge but 8 out of 10 will not succeed long term in this business.
My suggestion is to avoid these agents as well.

LEVEL 2 AGENTS
These agents are the TOP PRODUCER agents with large teams and large volume. Most will not give you the time of day. But if you somehow are successful in getting to them and something goes wrong with a transaction, they will dispose of you like an old and used Schik razorblade.
They generally are NOT loyal and work with whoever is willing to spend the most co-marketing with them. Of course, ,there are exceptions to every rule but I would suggest staying away from these agents.
LEVEL 3 AGENTS
These are the agents I love working with and spend my time focusing on. They may be full time or part time but working towards transitioning to full time. Level 3 agents will generally do 15-20 transactions per year.
So they are not the top producer but they are also not at the bottom either. They are right smack in the middle. They will generally be reachable and loyal and will truly appreciate working with a great lender who can assist them with getting to the next level.

BOTTOM LINE: Don’t simply go out with the goal of meeting agents. Identify the level 3 agents in your market and use the tools and tactics you have at your disposal to make them long term referral sources.

Dedicated To Increasing Your Production
Brian Sacks

4 part Free Video Series SHOWS YOU How To Close More Loans- Make More Money And Still Enjoy Life at
http://TopOriginatorMastermind.com/mpa

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WANT TO REACH MILLENIAL BUYERS – STOP HIDING AND FORGET EVERYTHING YOU THINK YOU KNOW ABOUT THEM.

What I am about to share with you will likely shock you. Why?

Because the average loan officer is me, a 53 year old male who has been in the business for 3 decades. Wow, it hurts just seeing that on paper.

We think about millennials constantly going on line to transact just about every type of transaction possible from having food delivered, to an uber to work, to saving money on an app.
I have 2 of my own and they mostly do not even use the phone but prefer texting and Facebook messenger to communicate with me. So it’s very normal for us to think they want to get their loan on line as well.

That leads us to create Facebook ads and other on-line lead generation tools to reach them. If you have been using any of these methods than you already know that they continue to become more expensive and in many cases less effective.

BUT WHAT IF EVERYTHING YOU “THINK” YOU KNOW ABOUT THEM IS WRONG?

The reality I am about to share with you will shock you so I will provide actual evidence to support what you are about to learn.

The reality is very counterintuitive and maybe that’s why it works so well. If you want to reach millennials you should be sending them direct mail. No, that is not a typo I did say Direct Mail.
Stop for a minute and think about it. Most of us in our 40’s , 50’s and 60’s are used to be bombarded with direct mail solicitations most of our lives. But that is not true for millennials who hardly ever get direct mail offers.

According to a survey by the USPS –
The U.S. Postal Service found that, on average, Millennials spend more than 9 minutes per day sorting through their mail, more than any other generation. They also are more engaged with their mail than the average consumer, taking more time to scan, read and organize their mail. In fact, 50 percent of Millennials say they like to discover what the mail brings every day, and consider scanning their mail time well spent.

Though they prefer to pay bills online, 83 percent of Millennials still use hard copies for bill management. They’re also open to certain types of direct mail: 54 percent said that businesses in their neighborhood need to do a better job of using mail to keep them informed.

BUT I’M SURE THEY PREFER TO JUST DO THEIR APPLICATION ON -LINE RIGHT?

Once again you would be incorrect. Millennials actually prefer to meet and/or speak with a live person so they can get educated on the process and have their questions answered.

According to a study by Ellie Mae 2017 Borrower Insights Survey found that 57 percent of homeowners applied for and completed their mortgages fully in person, while 27 percent interacted with their loan officer both in person and online. Millennials were the biggest group who reported using this combined approach (30 percent), followed by Gen Xers (28 percent) and Baby Boomers (20 percent).

THE BOTTOM LINE
: In order to succeed with Millennials you must be reaching out to them both on -line and off line. You must make an effort to come out from behind your computer and speak with them by phone or meet with them in person.

Dedicated To Increasing Your Production
Brian Sacks

Brian Sacks,is a national mortgage expert, with Homebridge Financial Services Inc. located in Owings Mills, Maryland. He has compiled over 30 years of mortgage experience and career closings of 8000 loans in excess of 1 billion. He is a recognized leader in the mortgage industry, and is the resident expert for NBC Channel 11 and has also appeared on the CBS and ABC stations. Brian has appeared nationally in over 42 states.
He is considered the national expert on working with credit challenged buyers. Brian is also a respected coach, and speaker and the founder of the Top Originator Mastermind. You can watch his 4 part Free Video Series on How To Close More Loans- Make More Money And Still Enjoy Life at
http://TopOriginatorMastermind.com/mpa

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