IS GOOD PRICING – GOOD PROGRAMS AND GOOD SERVICE ENOUGH?
You see this scene repeated day after day. An originator works hard and finally gets a meeting with an agent or a referral partner. During the meeting the originator tries to convince the agent or other referral partner about how wonderful their service is and how many great programs they have along with great pricing.
THE ORIGINATOR LEAVES THE MEETING FEELING GOOD BUT NEVER GETS A CALL TO WORK TOGETHER.
There are 3 things that make this old age scenario problematic and having you leave without the business relationship you want. Unfortunately, no script will fix these issues until you understand fully what you may doing wrong.
1. YOU DON’T REALLY UNDERSTAND THE RELATIONSHIP.
Take a step back for a second and think about what happens when an agent gives you a buyer to work with. In reality, they are actually entrusting you with their commission and their reputation. If they refer you and the deal doesn’t close they don’t get paid. In addition, if they referred you and you did a terrible job then it reflects on them as well.
I actually mention this to agents and referral partners when I am first meeting with them so that they realize I understand the relationship. Try this because agents love to know you “get it” and will become a valuable partner.
- YOU ARE TALKING WITHOUT LISTENING.
As sales people we all like to tell everyone why they should be using us versus the competition but you must resist this urge when first meeting an agent. I once heard a rule that said you should listen 80% of the time and speak 20%.
But the bigger issue is that by not listening you really have no idea of whether you could or should be working together. Just because someone is an agent or referral partner doesn’t necessarily mean that you would be a good fit to work together.
Start by asking some questions about their business and goals.
Learn about their backrounds. How do they market themselves?
Who do they currently work with as an originator? What do they like or dislike about working with that person?
What programs are they missing from their current lenders that you might have access to?
You have to always remember that this is not an originator /agent relationship or a company to company one. It is a person to person one. Not every person is a good fit for you and you are not always a good fit for them either.
Some of the best conversations I have with agents are ones where we left friends but decided that doing business was not in our best interest. That may sound strange to you but trust me when I tell you that it will save tons of time and frustration in the future.
3. YOU ARE COMING FOR A POSITION OF WEAKNESS.
Go back and re- read that last sentence in the previous paragraph. You are not a fit for every agent and not every agent is a good fit for you. So instead of trying to convince them to use you treat the meeting like an interview.
You are interviewing them and they are interviewing them. This will not only take the pressure off of you but also make the whole process easier. We all want what we can’t have right?
But you must also keep in mind that you can’t just show up and say you give you good service and have great programs and prices. Honestly, if you can’t give good service or have competitive programs and pricing than you should not even be having a meeting in the first place.
Agents are meeting with you because they want to sell more homes and most of those buyers will need a mortgage. You are meeting with them because they generally control the buyers and you want them to refer those buyers to you. I cover this in the Renters Into Loans Program in great detail and also which agents to go after and which I avoid like the plague.
( please note that the Renters Into Loans is not always available for new members)
But what if you were able to flip that scenario where you controlled the buyers and you could then interview the agents to see if they could be a potential partner you refer them to?
Always be thinking about how you can assist the with selling more homes. What can you do together to help them grow their business and thereby grow yours! When you keep these mistakes in mind you will get more referrals from agents you actually want to do business with.
Dedicated To Increasing Your Production,
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