ACRES OF DIAMONDS FOR LOAN OFFICERS

We have a difficult job don’t we? The truth is that all sales jobs are difficult. When we are doing well we can feel like we are on top of the world. But when things slow down or a deal goes sideways we can often feel as low as a snail on the bottom of the ocean.
WORSE YET WE ARE OFTEN JUDGED ON THINGS TOTALLY OUT OF OUR CONTROL.
I remember a few funny stories that illustrate this point.

One day I received a phone call from a buyer I had approved who was waiting for his new home to be completed so he could settle. He called me screaming about the delays and demanding an explanation as to why the home was not done yet.
I told him that I would grab my hammer and some nails and get out there right away and that I was sorry for the delay. That of course made him laugh and diffused a tense phone call.
Another time I had an agent call me screaming at the top of her lungs wanting to know why her buyer’s loan was not approved and what the heck was wrong with us.
To be fair, I had already told her at application and during weekly status updates exactly what I was missing from this buyer.
As she screamed I told her that I would pick her up, we would together break into the buyers apartment and search for the paystubs and bank statements we needed to get the loan submitted.
Unfortunately my response only made her angrier and she just continued screaming until I finally had to hang up.

WHAT DOES ACRES OF DIAMONDS HAVE TO DO WITH US AND ORIGINATING LOANS?
It actually has EVERYTHING TO DO with originating loans. So let’s start first by telling you a little more about this book. The title of the book is ACRES OF DIAMONDS and it was written by Russell Cronwell many decades ago and has become a sales classic.
After you finish this article you should immediately go get a copy on amazon and if you are a manager make sure you share it with all of your sales team.

HERE IS THE READERS DIGEST VERSION OF THIS CLASSIC BOOK.

Two farmers live next door to each other and are always working their fields. One is doing well the other is struggling. One day the struggling farmer gives up and the neighbor buys his farm from him. The farmer starts working on the new field and after a short time plowing the field he sees something shiny on the ground.

He digs down just a bit further and discovers that he now owns an entire diamond mine that has made him an instant multi millionaire.

THE MORAL OF THE STORY.
The moral of this story of course is that we often give up and stop right before we would have succeeded. Does that strike a familiar cord with you and how you market your business and make new relationships?
We all live in a time where everyone wants/needs instant gratification. Unfortunately building a business and creating meaningful partnerships and relationships takes time and effort and will not happen instantly.

Years ago there was a very big Real-Estate office that I was trying to get business from. They had some great lenders already working with them and were not very interested in anything I had to offer or even say for that matter.

But day after day turned into month after month and then year after year. I would occasionally get calls from some of the agents and about six months in I actually got a loan application from one of the agents.
Yet I continued to visit that office at least 2 -3 times every week for 10-15 minutes just to be in front of them.

THEN ONE DAY IT HAPPENED.
Their preferred lender truly messed up a loan and word spread around the office like an out of control forest fire. Instead of fixing the problem this lender, who took his business for granted, actually got into a verbal shouting match with the agent.

From that day on I became the preferred lender ( not in house) and did about 80% of the business in that office for the next 13 years before they merged with a larger company.

THINK ABOUT YOUR OWN RELATIONSHIPS AND MY FAMOUS SAYING.
No one get’s married on the first date. I say this so often that my bet is they will put this on my tombstone.
But it is the truth isn’t it. We all think we are going to meet an agent and instantly get all of their business and be there immediate go to person. When that doesn’t happen we get very upset and maybe even a little angry.
We do a great job on a loan and expect that agent to use us for every new deal they get. When that doesn’t happen we also get angry and discouraged right?

What happens when you try multiple times to start a relationship and get blown off with excuses. The successful originator just keeps trying while the struggling originator just gives up and moves on.

READ ACRES OF DIAMONDS AND AS WINSTON CHURCHILL SAID “ NEVER GIVE UP NEVER EVER!”
Go ahead right now and read that book. Give a copy to your staff. Heck you can even give a copy to some of your Realtors and referral partners to read. But then think about the sources of business you have given up on and start making a conscious effort to stay in touch with them.
You can do this by simply calling them or sending them a video. Make sure you also add them to your newsletters and any other communications you send regularly to your spheres of influence.

One day- you will see the ACRES OF DIAMONDS in your own production !!!

Dedicated To Increasing Your Production
Brian Sacks

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