Conversation With A Stuck LO

I had an interesting conversation yesterday with an originator who is stuck.
He worked for a big NAME bank company and had a special niche where all of the other originators in the company sent him deals since they did not like to do these loans  or understand the program.

Well this big bank company stopped doing this program one day- out of the blue and he was forced to go elsewhere. He went to work for a big independent mortgage company. But to his horror his deal flow has slowed down to a trickle since he is no longer getting these referrals from other LO’s.

He scheduled a one on one session with me and invested his time and money – so I do respect that since he does want to succeed.  During our meeting he explained that he has been calling realtors and visiting open houses and doing lot’s of the things he has been told to do.
Btw- he’s been originating for almost 10 years!!! So he’s not exactly a rookie right?

THERE ARE A NUMBER OF TAKEAWAYS FOR YOU HERE…SO PAY ATTENTION!

1. Calling realtors or going to open houses uninvited is chasing business and DOES NOT WORK!!!
Your goal needs to be getting them to chase you not the other way around.
You can do this by teaching classes, or having pre-approved buyers you can connect them with, or even by being the CELEBRITY originator in your town. ( I do ALL Of these and you should too)

2. He is a perfect case of someone having all of their eggs in just one basket which never ever ends well.
You must diversify and multiple sources of business that come in at all times and you must have a plan and track where they all come from.
Here’s an example from the Top Originator Software and 48 Ways Book Program I developed.
Realtors
Past Client Referrals
Professionals – Like accountants and attorneys
Direct to consumer via Free PR and direct mail.
Other Loan Officers – YES- other originators can help you if you have  a specialty niche!

3. You can only achieve to the level of your own self image.
He’s frustrated and truly can’t even see the forest thru the trees so he is simply going out and begging!

Make sure your business is well diversified – that you have a plan – that you track your progress and that you have multiple tactics/strategies and sources.

Dedicated To Increasing Your Production,
Brian Sacks

BTW- After our 500 session he immediately invested in the 48 Ways Book and Top Originator Software
and I am sure he will succeed if he creates and follows the plan. I will keep you posted on his progress and if you are interested in seeing what this is all about head over to
http://48waysbook.com/special

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DO YOU HAVE THIS DISEASE THAT AFFECTS ORIGINATORS?

DO YOU SUFFER FROM PRODUCTIONITIS?

Many years ago when I was just starting out in the mortgage business I had a dream of becoming a top producer. With no special relationships or advantages, I did what any normal person would do.

I looked around at what everyone else was doing and started doing it too. Please take a moment and read that sentence again, because it will help you understand an error most of us make in our marketing efforts.

Back then it was visiting offices, trying to get past the receptionist and saying “Hi” to agents. Of course there was also the stuffing of rate sheets in mail boxes and the occasional drop off of food, mostly doughnuts.

LISTEN TO WHAT JIM ROHN SAYS ABOUT THESE ACTIVTIES
If you want to be successful in any field simply look at what everyone else is doing and do the opposite.”

So stop now and take a look at what you are doing to generate new business. Too often I find that we are all doing exactly the same things. We are saying the same things. We all look exactly the same.

LET’S LOOK AT SOME OF THE ACTIVITIES THAT WE ARE BEING TAUGHT TO DO!
Use a script to meet agents for coffee or lunch.

-Visit open houses and meet agents.

– Stalk agents on Facebook and Linked In.

– Send cold direct mail to untargeted prospects.

-Buy social media ads on Facebook and Twitter and Instagram.

THERE ARE MORE OF COURSE!
But how are they working out for you? Don’t worry – I tried them all so I already know the answers. It leads to a disease that affects originators called PRODUCTIONITIS. This is the term I coined and created that explains what it feels like at the end of a month when you have worked your tail off but only closed 1 or 2 loans or maybe even no loans.


HERE’S WHAT IT ALL BOILS DOWN TO! READ THIS BECAUSE IT’S VERY IMPORTANT!
There are a few cold hard truths about selling regardless of what it is you sell.

It comes down to “WHO IS CHASING WHO”
Your job is to get business chasing you because when you use the tactics above you are actually chasing business instead of being in control.

Since I don’t want to tease you, let me share just a few ways that will getting agents and buyers chasing you.

  1. 1. Become the expert in a niche. There are actually 3 niches I work on daily and love.
    Boomerang Buyers, Clients going thru a divorce and renovation loans.
  2. Become the Celebrity Originatortm in your current market.
    You do this by being a sought after expert on TV- RADIO and in print. You can also use social media and other media like webinars and seminars to just dispense great advice that is helpful to consumers and referral partners.

3. Control the buyers.  If you are able to create systems that generate buyers that you get pre approved then of course you will be the one agents are chasing!

I would suggest printing out this article and really giving it some thought and as always I would love your comments and feedback.

Brian Sacks is an originator with Homebridge Financial in Baltimore Maryland with over 35 years of experience and closing of over 1.5 Billion with 5977 loans. He is also the author of
48 Proven Ways To Close More Loans https://48waysbook.com/special

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DOES YOUR ASSISTANT DO THIS?

DOES YOUR ASSISTANT DO THIS?

I am often asked if I have an assistant and the answer is yes. But before we even can go into a discussion of what he/she does it’s important for you to understand the logic of why you need one.

Yeah, I know that little voice in your head telling you “Of course Brian Sacks has an assistant because he is a big producer.” Go ahead and admit it. That’s your first step in fixing your issue.

LET’S LOOK A THE ISSUE FROM A DIFFERENT PERSPECTIVE FIRST.

Now I want you to answer these questions honestly and don’t try to fool yourself.

1. Is your production where you want it to be?
2. Could you be doing a better job with follow up?
3. Are you really making relationships with all parties in the transaction?
4. Is a good percentage of your business referrals and are you doing everything you can to generate those referrals?

THE NEXT QUESTION IS THE MOST IMPORTANT ONE!

Do you know what your hour is worth and are you doing the tasks consistent with that value?
Let’s say you want to earn 100,000 a year and you want to work only 40 hours and take 2 weeks off like normal people do.
40 hours x 50 weeks =2000 hours /100,000 dollars
Your hour is worth $50.00
Good hope you are still with me here.

NOW THE BIGGER QUESTION.
Is what you are doing daily 50.00 an hour work or more clerical things. Or even worse, you may not be doing the follow up and other tasks at all and losing opportunities. Sorry, but here is some additional math.

Since I know you may “think” you can’t afford an assistant let’s play it out.
You have an assistant and you pay her 20.00 an hour for 40 hours a week which is
800 a week which approximately 3500 a month.
But because you are now freed up to market more you generate two additional 250,000 loans that you earn 100bps on.
Do the math. You are now 1500 positive and of course your business is running smoother and you are happier.

SO LET’S TALK ABOUT THE SPECIFIC TASKS MY ASSISTANT PERFORMS.
I think it will probably be easier for me to just list them out for you right here but I do cover most of them in my lounfairedge.com course as well.

  1. She sends letters to everyone I prequalify right after our first meeting.
  2. She files them and puts them into our CRM.
  3. She calls each of them monthly to check on their status and notifies the agents.
  4. For buyers who have issues she follows up with them and their agents to see how they are progressing.
  5. When a loan application is taken she enters both agents into my CRM and sends a nice introduction e-mail and letter to the agents.
  6. When a loan closes she
    -Sends both agents another letter.
    – Enters the file in the CRM as a closed loan.

– Sends out a survey to the buyers requesting a Zillow and social media review.

– Follows up with the buyers 2 weeks later and sends additional information and tools and requests referrals.

  1. Creates and sends out monthly newsletters.
  2. Creates and sends out quarterly letters to referral partners and closed loans asking for referrals.

There are actually other tasks she performs as well.

BUT STOP AND ASK YOURSELF!
Do you believe that all of these activities could help you generate one or two  additional loan each and every month?

By now I hope you understand why I have said you truly can’t afford NOT to have an assistant regardless of your current production levels. This position will truly help you break that real or imaginary glass ceiling that is preventing you form taking your business to the next level.

ONE MORE IMPORTANT POINT!
The key to a good relationship with your assistant is communication so I want to give you a quick recipe for making it work.
1. Tell them what to do

  1. Tell them how to do it
  2. Tell them WHY to do it that way.
  3. Verify that It’s being done!Dedicated To Increasing Your Production,
    Brian Sacks

Brian Sacks is an originator with over 34 years of experience and over 1.5 billion in career closings. He is also the creator of the LO UNFAIR EDGE System and author of the 48 Proven Ways To IMMEDIATELY Grow Your Production available at https://48waysbook.com/special

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