WHAT ORIGINATORS CAN LEARN FROM DRY CLEANERS ABOUT CLIENT LOYALTY

WHAT ORIGINATORS CAN LEARN FROM DRY CLEANERS ABOUT CLIENT LOYALTY

I recently received a flyer from a new dry cleaner in my town that just opened up. The coupon offered a coupon for a FREE SUIT dry cleaning and 50% off the next 4 dry cleaning bills . This coupon had an expiration date of 60 days.

LET’S BREAK DOWN THIS OFFER AND SEE WHAT WE AS AN ORIGINATORS CAN LEARN FROM IT.

We always wonder how to get agents and other referral partners to be loyal to us. It truly is one of the major sources of frustration and confusion. Every originator has done a great job for an agent, even on a tough deal , and then never heard from that agent again.

There are many strategies and tactics that work and that I have taught over the years and personally use. They all work to varying degrees.

BUT HERE IS THE BIG SECRET….YOU HAVE TO BECOME A HABIT.
This dry cleaner understands that he has to do something big first to even get you to come in and try his new business so he is offering a FREE DRYCLEAING.

Now he has you in the store and he is giving you 50% off for the next 4 dry cleaning bills so you will continue to come in drop off your cleaning and pick up what has already been done.

HE HAS BECOME YOUR HABIT…. By getting you to come back in at least 3 – 5 times.
His service may not be any better than current dry cleaners and his pricing may be the same or even a bit higher. But what he has done is truly amazing. You have changed dry cleaners and broken your habit of going there.
He then created a new habit and routine in your head but making his store your new dry cleaning by getting you to come back 3-5 times with bribes.
YOUR MISSION IS TO GET AGENTS TO USE YOU ONCE AND THEN FORCE THEM TO COME BACK AT LEAST 3-4 ADDITIONAL TIMES SO YOU CAN BECOME THEIR HABIT.
Here are a few ideas you can use to get the agents to begin using you.
1. Have other agents in their office recommend you.
2. Bring them a pre-approved buyer and let them know you have additional ones.
3. Offer them incentives they can offer to generate new buyers such as a Free Appraisal or 500 Off Closing Costs or Free Vacation.
Note- I am not an attorney but my understanding is that you can offer your client any incentive you like to do business with you but you are not allowed to offer any incentive to anyone for a referral. So I would suggest checking this with your own compliance department.
4. Show them that you are an expert in a niche their current lender can not handle.
5. Offer them an appearance on your podcast or radio show or an article in your newsletter.
6. Have one of your other referral sources recommend you like attorney, financial planner or accountant.

BUT REMEMBER THAT GETTING THEM TO USE YOU IS NOT THE SAME AS KEEPING THEM COMING BACK 3-4 MORE TIMES SO YO ARE A HABIT.

This probably sounds obvious but you MUST stay in front of your agents and referral sources as well as your buyers. The old saying “Out of Sight – Out Of Mind” is very true.

Send them monthly newsletters and stay in touch with them by phone. If you are able to see them in person that is even better. You should of course also communicate with them by e-mail but don’t the mistake of thinking that e-mail alone will do the job.

Now get to work identifying the agents you want to target and start implementing this right now. You will be happy you did and your bank account will thank you as well.

Dedicated To Increasing Your Production
Brian Sacks

watch this 4 part Free Video Series on How To Close More Loans- Make More Money And Still Enjoy Life at
http://TopOriginatorMastermind.com/tos

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DO YOU KNOW WHY PEOPLE SHOP RATES ?

Why Do Rate Shoppers Shop ?

One of the biggest frustrations we all have as loan officers is the constant
bombardment of callers who want to know our rates , points and fees.
In this article I will explain to you why they ask these questions and
some strategies you can use to deal with them and more importantly
drive prospects to you who will not ask this question .

Whether you realize it or not we are selling money and have become a
commodity very much like the insurance , automobile and other commodity
type businesses. Look around at your newspapers , listen to TV and radio commercials
and open your mail every day and you will see numerous ads for mortgages.
Just the other day I was walking by an H + R Block office and saw a big
ad in their window for mortgages.

If you ever have a chance to drive up I-95
you will see sign after sign offering mortgage loans with some actually having
the rates on them in lights.

So it is no wonder that when a buyer calls you the only question they know
to ask is “What are your rates and fees.” There are numerous scripts and detailed
ways to handle this question , however I would like to devote this article to
attracting buyers who never ask this question to begin with.

While I travel the country speaking and training loan officers I always ask the
question “What do you do for a living?” The common responses are ,
“ I am a loan officer.” “ I lend people money to buy a home” , “ I help people
achieve their dream of homeownership” Etc.
If you were to ask me what I do for a living my response would be “ I help buyers who have
had a bankruptcy or other credit issue get into a home with very little money down
and low single digit rates.” This illustrates one of the keys to attracting serious clients
instead of simply rate shoppers.

The key of course is to pick a niche , and become known as the expert. Take a minute
to think about this. Suppose you have a toothache and are advised by your dentist to
go to an oral surgeon as soon as possible. Now remember you are in a lot of pain
so you have a problem and need to get it solved immediately. I would guess that
you are expecting to pay more for the services of the oral surgeon than the dentist.
I would also guess that you are not going to call 3 oral surgeons and try to find the one
who charges the least or expect to meet that oral surgeon on Sunday afternoon or Wednesday
evening at 8:30 pm.

Instead of being a generalist you must strive to pick an area where people have a problem and
need your help to solve it . Some of these niches could be construction loans, reverse mortgages, alt doc loans and renovation loans..You also maybe able to work with first time buyers who can take advantage of local grant products.

One of the other responses I hear from loan officers is that they provide excellent service and that is what sets them apart from everyone else. Honestly , people do not know if your service is good or bad until AFTER the transaction closes.

Good service is expected or you should not be in this service related business. Going above and beyond with excellent service and over delivering and under promising are the things that will provide you with referals . When you go to buy a car and the
salesman says we have the highest ratings around for our service department do you really care or are you more focused on the bottom line price of the vehicle ?

Staying with this idea for a moment longer think about what happened when Volkswagon came out with the new BUG or Accura came out with their new SUV . These cars where in such demand that when you went to the dealership the salesman came out with a clipboard and said “You can put your name on the waitng list with a $1000.00 non refundable deposit .

Your car should be in within the next 3 months.
Oh , by the way we cannot guarantee you the color “ Well people did give their deposits and waited for these cars. More importantly there was NO negotiation and people were actually buying these cars for over the list price.
When you are a specialist with the ability to solve someones problem than the price issue disappears.

To illustrate this further with an example from my recent past I will share a story with you that happened with my daughter. She needed to have surgery on her ankles . So like good parents we set out to find the best doctor for the job. What we found was an orthopedic , pediatric , surgeon who’s speciality was ankles.

Did we shop his price? Did we take off work to meet him ? Did we travel an hour and a half each way to his office?
Now I know you are saying this really isn’t a good example because insurance paid for it. Well I am here to tell you that the insurance only covered a small portion because we went out of network and had to pay a considerable sum out of pocket. Even if we had to pay 100% out of pocket there really was no other choice in our minds.

So start by picking your niche , becoming the expert , and letting everyone know about
it. You will soon start getting calls from applicants interested in having you solve their problems instead of rate shoppers who will only waste your time.

Interested in Learning More about the Boomerang Expert Niche of 7.3 Million Buyers Now Able to buy?
Watch this on demand presentation now before it comes down
http://boomerangexpert.com/special-offer

Would love to hear your thoughts !
Dedicated To Increasing Your Production
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.

You can get more information and grab your free report on How to Get Agents Chasing You at TopOriginatorSecrets.com and learn more about the Top Originator Mastermind at www.toporiginatormastermind.com/tos

 

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WOULD YOU GO TO A DOCTOR WHO DIDN’T GRADUATE – LESSON FOR ORIGINATORS

Imagine that you aren’t feeling well.  You go to a Doctor and you find out that this Doctor has not yet completed medical school, so he technically is NOT a Doctor at all.

What if you were accused of a terrible crime and you were innocent. Would you go to an attorney who had not yet passed the bar exam.

I could continue on and on with numerous professions but I am sure you get the point right?

WHAT DOES THIS HAVE TO DO WITH ORIGINATING LOANS?

Honestly, this has everything to do with originating loans and closing loans. We all seemed to be so caught up in the changes going on in our industry that we continue to drift away from the basics and fundamentals.

Yes, we need to market ourselves and bring in more business. But the hard truth is that we also must be good at closing loans. Actually, let me rephrase that. YOU MUST be great at closing loans that others may not know because they are not up to date on their own guidelines.


STOP FOR A SECOND AND BE HONEST WITH YOURSELF!

When was the last time you pulled out the VA- FHA- Conv – USDA guidelines and actually read them?  I realize how painful it can be to do this but the truth is that is what will truly give you the edge in your marketplace.

Knowing the guidelines gives you an edge over your competition.
Knowing your guidelines allows your loans to go thru processing and approval smoothly.
Knowing your guidelines makes your clients and agents see you as an expert.
Knowing your guidelines produces happier internal staff.


BUT MAYBE MOST IMPORTANTLY – KNOWING YOUR GUIDELINES MAKES YOU MONEY!

Just recently I had a client come to me who had been to several other lenders and was told they were NOT eligible for a mortgage loan. They had a bankruptcy and were told they had to wait 2 years from the date of discharge.

 

WHAT DO YOU THINK? Was that lender correct?
Now before I go any further, I do of course realize that many companies have overlays and other internal guidelines they follow. But the truth is that FHA says you must wait 2 years from a Chapter 7 bankruptcy discharge unless you can prove there were extenuating circumstances beyond the buyers control and they have re-established good credit. If you can prove extenuating circumstances and they have re-established good credit it may be considered 12 months after the discharge.

Did you know that? Really?
I was able to get this buyer approved and into a home and in the process earn the respect of a new Realtor who is now referring me new business. She has now told several other agents in her office that I should be their go -to originator. The buyer is so overjoyed that she has also referred a co-worker and cousin to me. Neither her co-worker or cousin have any credit issues, but they are working with me because of the strong referral.

 

YOUR TO DO LIST:
Block 1 hour a day for the next 5 days
Grab the FHA /VA/CONV/USDA guidelines and spend 1 hour a day on each
Grab your company’s overlay’s and memorize them.
Grab your company’s product mix and spend 2-4 hours going thru them

Dedicated To Increasing Your Production
Brian Sacks

Want to become a Top Originator?

 

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