HOW TO RECOMMEND YOUR COMPETITION AND STILL CLOSE MORE LOANS
I know this will sound strange to you and is probably not the best way to start an article but here goes.
Are you selfish or generous?
Do you have scarcity thinking or do you think prosperously?
Let me tell you about a situation that happened to me last week. A buyer called me who was referred to me by one of the top agents I work with. I went thru the qualification process with them and found out that they really didn’t fit into any of the programs we currently offered.
They told me that they had already spoken with another lender a friend recommended and that they did not qualify for any grant assistance or other program types. He then suggested that they search for a rental instead.
After learning what their situation was I told them that there was in fact a program available to them but unfortunately we did offer that particular grant program.
WOULD YOU REFER A LOAN TO YOUR COMPETITION?
The other company simply told them to go rent. While I am now perceived by this agent as a resource, honest, and a deal saver.
See the truth is that there are very few companies that offer everything. Those that do may not really do a great job with certain products or programs.
THIS REALTOR NOW LOVES ME AND HE SHOULD.
When you are viewed as an industry expert and resource you will always be able to generate new prospects and deals. Try to be up on all of the available programs offered, even if you don’t offer them all.
EVER HEAR THE EXPRESSION PIGS CHOKE AND HOGS GET SLAUGHTERED?
What I am about to tell you will seem strange on the surface and maybe even a bit “foofy”. For those of you that know me you know I am a black and white person. No gray even exists in my mind.
When you do the right thing it comes back to you. When you do the wrong things they come back to you as well.
But the conversation needs to go even deeper than that because you either have prosperity thinking or scarcity thinking.
WHICH ONE ARE YOU? STOP AND BE HONEST WITH YOURSELF.
Someone who has scarcity thinking would never ever recommend a competitor to a client or an agent. But someone who has prosperous thinking would.
Here’s my view on this. If there are 200 deals done each month in the 3 counties I cover, well I only need 20 of them. My competition can divide the other 180.
THERE ARE OTHER WAYS TO GIVE BACK AND GET NEW DEALS AS WELL.
Why not get active in local charities that have causes you believe in. When you do get active you will gain exposure to others who are also active. I have met many of my top agents, financial planners and many clients through my involvement in doing good.
Please don’t do this just to meet people though. You must be active in something you truly believe in. You can also take this one step further and actually donate to the charity for every member that uses your services.
I actually make it a point of contributing to different charities on a rotational basis based on the number of deals I close each month.
This gives you a great chance to do something good while at the same time getting some great FREE PR for you and your brand.
LET’S BACK TO YOUR COMPETITION FOR A MINUTE.
Two or three times a year I have breakfast with my competition. HUH?
Yes you read it correctly. First, I view them as peers and friends and not competition because I have prosperity thinking not scarcity thinking.
But this meeting accomplishes a number of important functions. First we all get an update on any new programs or products coming into the marketplace. These competitors work for banks, credit unions, brokers and bankers.
Second, we get to catch up with each other and mastermind about what’s working and what challenges we face and how we are dealing with them.
Try this for yourself.
First- Take stock of what your thought process. Is it prosperous or scarcity thinking and fix it.
Second- Get active in a charity and start doing good
Third- Find out who your competition is and set up your own quarterly lunch or breakfast meeting.
Fourth- Be A Resource to all who contact you.
By the way- that agent and their client did find a home and settle. The agent has since told several other agents in their office about what I did and they have referred clients to me. Finally, the person I referred them to was not someone I knew very well but they are now part of the “breakfast club.”
It turns out that the credit guidelines are pretty high for this particular grant program and they are only able to settle about 40% of the people who apply for this grant. Guess who will be getting the referrals for the other 60% they can’t help?
Would love to hear your thoughts !
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Proven tactics from a street originator just like you