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FOOLISH MISTAKES LOAN OFFICERS MAKE

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Since today is April fools it dawned on me to share with you all of the foolish things we do as loan officers. Here are a few of the most FOOLISH mistakes we all make Becoming An Advertising Victim. This is a common mistake we all have made or continue to make. Never use just brand advertising to “Get Your Name Out There” It’s far more effective to use targeted marketing that can be tracked and accountable to you for every penny you invest. Not Having A System For Automated Follow Up. Let’s be honest with each other- None of us follow up with clients and prospects as often as we should. We get busy, distracted and just simply forget. You must have a systematic system for following up with your prospects and partners that doesn’t involve you each time. Not Marketing To The Easiest Customers You Have. Too often we fail to market to or follow up with the clients and partners we already work with. The best source of new and continued business is referrals because they come to you already pre-sold. Each and every month you need to follow up with these folks and have systems in place to generate referrals. Not Being An Offensive Communicator. Agents care about how much you know but more importantly they need to know you care. Do you contact them weekly with updates or do you simply wait for them to call you screaming? Do you let them know when there are issues or better yet- do you know when issues come up or do days go by? Being A Generalist Instead of A Specialist. I am famous for saying you need to be a specialist and for coining the phrase HEAD OF LETTUCE syndrome. Look at any field and the specialist always is better respected and earns more than the generalists. You need to pick a specialty – become the expert in that niche and then let everyone know about your expertise.   Naturally there are more FOOLISH MISTAKES than these but if you commit to mastering even just a few of these you will quickly see a HUGE spike in your income.

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Brian Sacks – Top Originator

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www.AgentsChaseYou.com

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Do YOU Have a Roberta?

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DO YOU HAVE  A ROBERTA?

Years ago when I was first starting out in the business I wandered in to a new home development and met Roberta. She was a new home consultant but also a very active Realtor. We immediately hit it off and Roberta decided to try me on her next deal.That deal went very smoothly and we developed a great working relationship. But it turned out to be much more than that.


ROBERTA WAS ONE OF MY BIGGEST FANS. She not only used me for her deals but she told everyone in her office about me. When she went to the Million Dollar Roundtables she told all of them about me. When an agent sold one of her listings – she told them all about me.


DO YOU HAVE FANS LIKE THAT?

Roberta was a loan officers dream. Now don’t misunderstand. She was very demanding and we spoke almost every day for 20 years. But we also became great friends. I attended all of her children’s weddings and she attend my wedding and other family functions.


WHY AM I TELLING YOU ALL OF THIS AND WHAT IS THE LESSON?

First- There is no better way to break into an office and get some fast traction than finding the most influential agents and earning their business.

Second- People do business with other People! It’s not an agent doing business with a loan officer real-estate company doing business with a mortgage company. It’s 2 people doing business together and the sooner you realize that important distinction the faster your own production will sky rocket. Sadly, Roberta passed away  and I truly miss her even today! Now go out and find yourself 3-5 Roberta’s that you will get to know and enjoy working with and speaking to and watch your production sky rocket.

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Brian Sacks – Top Originator

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THE MOST IMPORTANT QUESTION YOU NEED TO ASK YOURSELF…. EVERY DAY!

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“What do you do for a living?” This simple question was posed to me recently by a new acquaintance I had met at a gathering of sales professionals. My response was “ I am a juggler.”

HUH?

Think about our job as an originator. We must bring in new business. We must ensure that our current business is taken care of and closes smoothly. We must update ourselves on all current program guidelines, legal issues affecting our industry and financial/tax issues that are related to the housing market. Oh- and of course we must also be building new relationships, maintaining our existing ones, and scouting new opportunities and marketing methods.

I JUST GOT TIRED WRITING ALL OF THIS!

Yes, this is a lot to do. Some of us are better sales people but weak on the other technical aspects. Others are great technicians but are lacking on the sales end. Regardless of which side you fall on you MUST be bringing in new business if you want to stay in business. I realize how simplistic that last statement is. However, there is an important question you should be asking yourself each and every day.

THIS IS THE ONE QUESTION THAT MUST BE ANSWERED IF YOU WANT TO THRIVE.

Ready? I’m only asking because I want to make sure this really sinks in. It’s that important. In fact, I would encourage you to write this one down and tape it to your monitor. WHAT DID I DO TODAY TO GENERATE NEW BUSINESS TODAY?

Yes- regardless of what’s happening in the market , your personal life, your business life or other issues you must always be marketing. Now I know what you are about to say…. “But I don’t have the time” HERE’S HOW I KNOW THAT YOU DO HAVE THE TIME!

Let’s pretend that you have just received a call from a past client. This is a couple that used you for their first home purchase. They have refinanced with you several times. They are so happy with you that they have sent you numerous referrals since they closed their loan. During the call they tell you that they have just inherited a large sum of money and want to finally purchase their Dream home. They put the home under contract at 2.5 million dollars and want to borrow 1.5 million from you. You already know that their credit is perfect and that their incomes will qualify them for this loan. They have NOT asked you about rates or points. You have been assured they will be using you for this transaction. So let me ask you an important question. WHAT WILL KEEP YOU FROM GOING TO THIS APPOINTMENT?

Now of course I know your answer was nothing short of death (heaven forbid) or illness would stop you from going to this 1.5 million dollar loan application. Not a loan blowing up at closing, not 3 messages you need to return, not that post on Facebook or Linked In you want to read. NOTHING WILL STOP YOU!

That’s the same way you must view your marketing initiatives. I constantly tell my coaching members and clients I consult with that they must schedule these appointments in their planners. At least once a week for at least 1 hour ( best if twice a week for 2 hours at a time) you must schedule an appointment with yourself to work ON your business.

We all spend time juggling and working IN our origination business. The true key to success is working ON our business as well.

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Brian Sacks – Top Originator

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Brian Sacks is the President of Loan Officer Tips and Agents Chase You. He has taught thousands of loan officers over the past 30 years how to Close More Loans- Make More Money and Still Have Time To Enjoy Life. You can download his Free Report at www.AgentsChaseYou.com

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