Foolish Things Originators Do – Part 2

Every year on April 1st I have had the ritual of sitting down and reviewing my business specifically to see what opportunities I might be missing. I think it’s foolish not to have a goal and plan, but more importantly, you need to have the strategies in place to achieve them.

Even the best plans sometimes run into bumps in the road that we need to pay attention to. Unfortunately, most originators and salespeople in general, just move on to try other things when they hit a bump.

Some even give up totally and throw in the towel. What I have found in my own business, and from training and coaching thousands of originators is that success is generally found right around the corner.

In fact, I gave all of my Top Originator Mastermind Members a copy of a classic book called Acres of Diamonds that is long out of print. It’s all about a farmer who gave up way too soon. If he had only dug 1 inch deeper and hung there he would have discovered that his farm had Acres of Diamonds.  It’s worth reading if you can get a copy, especially if you are a manager.

It’s a lesson worth keeping in mind because we are all human and no one like to struggle. So I want to point out to you some areas of your business that it’s foolish not to pay attention to.

I would prefer to quote the motto I heard from Winston Churchill which is
“Never Give Up – Never-Never” Those are much better words to live by if you want to be a successful originator. We will all face setbacks and failures and how you handle them will determine your success.

LET’S MOVE ON TO THE FOOLISH MISTAKES WE ALL SOMETIMES MAKE AND HOW TO AVOID THEM!

( BEFORE WE MOVE ON – YOU MIGHT WANT TO CHECK OUT THE LO UNFAIR EDGE PROGRAM BEFORE THE 300.00 DISCOUNT GOES AWAY- It would be foolish not to save 300.00 right?)
http://lounfairedge.com/fool/

TAKE AGENT BUSINESS FOR GRANTED.

We are all in a very competitive business and at a very competitive in the business. You should never ever take an agents business for granted. You should treat each relationship as if it could be lost at any time since it can be.

Make sure you are always staying in touch with your agents and providing value. Call them just to see how they are doing. Send them notes letting them know you appreciate them and their referrals.

FORGET TO ASK FOR REFERRALS.
A person who is referred to you is 90% more likely to use than someone who has just found you on -line or from some other marketing method. You need to be constantly asking both your buyers and your agents for referrals.

Try asking when you first meet. Then again during the application process. Once again at closing. But wait you are not done just yet. You need to be asking for referrals after settlement which is the time most originators rarely ask.

ASSUME BUYERS WITH ISSUES SHOULD BE AVOIDED.
I have truly built my business being the expert in a niche. Buyers that have issues are rarely rate sensitive. But they do become your biggest referral source and cheerleader after you help them.

There are buyers with income, asset and of course credit challenges. Each of these areas now have specific programs and investors that deal with each of these issues.

Not every loan can or will be an easy slam dunk. Make sure you become the expert in a specific niche and let everyone in your market know about your expertise.

ONLY USE SOCIAL MEDIA FOR MARKETING.
Using any one method exclusively for your marketing is an ENORMOUS mistake which you have probably seen me speak about often. The rules set by Facebook, Linkedin, Google and other sites are constantly changing.

What is working today could be prohibited tomorrow or simply stop working. Think of all the people who lost their income when Google changed their algorythms 3 times in one year.

Instead you would be much better off using various types of marketing methods and media. For example, I use TV , Radio, Print and on-line tactics. But I also use direct mail extensively as well as in person seminars and on-line webinars.

Using multiple media will make all of your marketing efforts much more effective but it will also protect you from any major changes.

NOT FOLLOWING UP WITH PRE-QUALS.
This is something I have truly never understood in my 35 years in the business. We all work so hard to get a client to call us or get referred to us.  The buyers contact us and we get their information. Then we get them pre-approved and then explain the various programs and answer their question.

We then wait for them to contact us and wonder why we aren’t closing as many deals as we would like. Or we wonder why they went to a different lender.

I have an entire system for dealing with pre-quals after I speak or meet with them. They are put into a database. They are sent a letter thanking them for meeting. They are sent a monthly newsletter. They are also called each and every month to check their status and see if they have any questions they want answered.

THINKING GOOD RATES AND GOOD SERVICE WILL GET YOU BUSINESS.
I saved the best one for last, but trust me that there are many additional mistakes we all make that are not listed here.

I constantly hear originators moaning about their rates or the service they get from their support teams. If I am being totally honest I do as well but rarely.

The truth is that good rates and good service are just basic in this day and age. If you aren’t able to provide competitive rate and provide good service you are simply in the wrong business.

Stop and think about all the reasons someone should use you without saying its about the rate and service. There are so many other ways you are able to provide value to your partners and clients.

There are 2 big issues with thinking that service and rates will generate new business for you.  For service, the buyers, only see the service AFTER the transaction closes. In terms of the rates, there will ALWAYS be someone cheaper than you in the market so you MUST find other ways to show your value.

Now I want you to take out a sheet of paper or pull up a new google or word doc and start thinking about these mistakes. How many of them are you foolishly committing? How will you correct them?

Brian Sacks is a branch manager with Homebridge Financial in Owings Mills Maryland. He has been originating for 35 years with career closings over 1.5 Billion Dollars and 5833 transactions.
Brian is also the creator of the Top Originator Secrets Blog and has recently published an originator success manual on 48 PROVEN WAYS TO IMMEDIATELY Grow Your Production. You can learn more at https://48waysbook.com/sales-letter

PS– If you are interested in avoiding foolish mistakes – and being able to get whatever you want – whenever you want it.. and save 300.00 visit LO UNFAIR EDGE before the discount goes away!

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Foolish Things Originators Do – Part 1

Next week is the 1st April which is the kick off the big spring market for us.
But it is also April Fools Day so it got me thinking of all the foolish things we do as originators.

Over my 34 years in the business I have done almost all of them but I did learn from many of them and was able to grow my production. But what I love is sharing these proven strategies with other originators so you can grow your production too and have a short cut knowing what does and doesn’t work.

My note pad has almost 100 items of foolish things I have done and seen other originators do so over the next few days I will just break them down into categories ok?

Today let’s focus on Agent business:

Do you REALLY  know why agents choose you over any other originator?

Be honest- deep down in your gut you realize that a “script” won’t work… who wants to sound like a robot. It’s always best to JUST be who you are. Some will love you – some won’t – so what?

Just focus on the ones that do like you !

In order for an agent ( or anyone for that matter) they must:
KNOW YOU 
LIKE YOU 
TRUST YOU

But there is even more to it than just that of course.
When an agent gives you a deal they are actually giving you their reputation and their commission checks and trusting you with them. Let them know you realize that.

For many years I tried cracking the agent code but mostly wound up just begging and delivering donuts or having coffee or lunch with agents I didn’t feel like being with and actually I am pretty sure they didn’t want to be there either.

SO I DECIDED THERE HAD TO BE A BETTER WAY!
and of course you know there is right?

I became a serious student of Influence and Persuasion because that is truly what matters.
Influencing and Persuading and even Manipulating ( no it’s not a dirty word) — all matter because at the end of the day we all have comparable rates and we all should be doing a decent job.

Last year I sat down and compiled all of my underground tactics and strategies into a system called the
LO UNFAIR EDGE
  I called it the UNFAIR EDGE because that is exactly what it has given me and my members so far.

At the end of the day- it’s not social media or bots or any other tactic that matters.
Those come and go as we have all seen.

What matters is KNOWING WHY AGENTS CHOOSE YOU AND STAY WITH YOU VERSUS YOUR COMPETITION and that’s all about human nature – persuasion- manipulation and influence.

In honor of April Fools and our upcoming hot spring market- I decided to make this a no brainer and have taken 300 off the investment – which at full price is still a steal!!

I hope you check it out and more importantly put the ideas to use to explode your own production
http://lounfairedge.com/fool/

Dedicated To Increasing Your Production
Brian Sacks

BTW- Once you implement these ideas be kind and share your successes!

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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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