It’s official. I’m getting my house ready for sale! I know, I know, but don’t worry. I’m not turning this into a personal blog of any kind. That’s actually my tip for the day. Selling my house.
I’ve been wanting to sell for some time now. Been here for over 15 years, which is longer than the norm.
That norm is rising, though. Why, you might ask?
Well, this could be due to several different things. Prices dropped, and people were less likely to sell for awhile. Or no one was up for buying. “It’s possible that no one thought they could get a loan, and they weren’t aware of the different down payment assistance options available to them, says Arnold Allen from Down Payment Assistance of Arizona. All valid reasons. Whatever the reasons, though, this is actually ending up as a fantastic mortgage window.
Ok, ok, so what does that actually mean? Well, after I sell the home I’m in I’ll need another place to move into! Which means I need another mortgage for that house. Which means that the act of selling is generating business for a realtor and a mortgage and loan officer.
So what does this mean for you? Well, it mean reaching out to your previous homebuyers. Reach out to ask more than if they need refinancing. Reach out to see if they might be interested in selling their current house.
When you reach out to people who might want to sell their current house you create an opportunity to set yourself apart from your competitors. You can make a connetion with people before they’re even getting into the mortgage game. Imagine how many more games a team would win if their competition was never even allowed to show up! Keep thinking like this and your business will boom bigger than you ever thought possible.
By thinking outside the box you can build your business far beyond what anyone thought was possible. Since you aren’t using that box, can I have it? I have to start packing!
Sure, sometimes you’ll find a realtor that has a buyer who wants to pay all in cash, but usually you’ll find that their buyers need a loan. This means they need to get in touch with a loan officer. Realtors need loan officers, and loan officers need realtors. They both need potential home owners. Setting up good relationships help both stay in business.
Setting up these powerful relationships can take quite a bit of time and work, but they’re well worth it. Let’s take a look at some tips to help you to get some great interactions with realtors and get a leg up on your competitors.
Step 1: Understand that you both are allies.
Sure, you’ll find that there are people that aren’t exactly great to work with. That’s true anywhere. Maybe they’re pushy or just annoy you for some random reason. Putting that to the side, though, you are both on the same side. Approaching the relatinship like this is a great way to improve your working relationship. Realtors want happy clients, and if you help make that a reality they’ll send business your way. It is as simple as that.
Step 2: Make Yourself Accountable
Working in the mortgage space means that you can’t predict everything. Things are complex sometimes. You might not be capable of getting exactly what you want for the people you’re working with, despite how much you want to. There are limits to what you can do, after all, and even halfway-decent realtors know this. Just be honest and up front, and make yourself accountable. This is what the big realtors look for.
Step 3: Setup a proper communication system
Being able to communicate properly is easily as valuable as being able to be accountable for your actions. Realtors and potential homeowners are always eager to hear any news; the longer you make them wait the more difficult you make it on the realtor. The work you do in the loan space isn’t one that is well known to those borrowing, which means you can easily sidestep any questions from potential home owners, but don’t do it. It just hurts your relationship with them and with the realtor who referred them to you.
Step 4: Make Good use of Social Media
Get yourself a great presence on social media. This is one of the greatest ways both mortgage officers and realtors can build up their business and their brands. Millions use social media every day, and there’s no reason you shouldn’t be using it to stay in contact with them. This is where you can grow relationships and build up great contacts.
In the world of lending, just like those dealing with selling homes, you need to treat everyone as great as you can. This is true for business and personal life as well. Mean what you say and do what you say. Don’t overpromise things that you aren’t sure you can actually do. Keep communicating with everyone and be as helpful as possible. Keeping these great qualities will make you one of the most trusted professionals in the lending space, and will seriously boost your business.
A few years ago a coworker I had was attending a meeting with some a group of the best loan officers all over the United States to see how it was that they were doing what they were doing (achieving top marks across the industry).
Apparently all of them have just one single thing in common between all of them. What is it? A huge network of partners for referrals. This lets them max out their opportunity in the space and get tons of business. Past that, though, they all are fully aware that they need to be different than the competition. They have to stand out. Now, after having spoken with a TON of different loan and mortgage officers, I’m sure I’m onto their coveted secret for succeeding. That secret is that they actually engage and setup events with these partners!
Sure, it sounds simple, and in theory it is pretty simple. However, it’s not something that is automatic. This is something that you have to work at. To get that success going with this, I’ve put together a quick list that I use myself every time I setup an event with one of my partners.
Step One: Grab Some Lunch With Your Partner
Everyone eats lunch. It’s a great place to converse and brainstorm. Your partners are going to be your insurance agents, your planners of finance, your realtors, etc. Pretty much anyone who might build up relationships with homeowners and potential homeowners.
Step 2: Brainstorm Events!
There are no bad ideas. Throw out as many as you can with each other. It should be a fun event that is appealing to potential buyers.
Step 3: Approach Owners of the Venues
Go over costs for the event, either 1/2 or full day. Usually these events help the owner of the venue as well, so you can usually get some costs down by showing off how they, too, can benefit.
Step 4: Go Over Strategy With Your Partner(s)
Discuss a number you can both agree on to invite to the event, be they friends, potential leads, previous clients you’ve worked with, etc.
Step 5: Send Out Invites to Local Business Owners
Grab some local business owners that have related services for your venue. It helps them and you at the same time.
Step 6: Registration is Required
This helps you grab that contact info. Emails, addresses, phone numbers, etc. This is important information for future business, after all.
Step 7: Setup Some Booths
Show off some educational information on the different loan and down payment assistance programs. Realtors can show off MLS access and discuss homes that are on the market. The local business owners you invited can give out some samples, talk their business up, or hold a drawing.
Step 8: Give All Hosts a Registration List
This gives the hosts you invited some value for their marketing and builds the relationship.
Well, there it is. This is the exact way so many of the top guys build up their referrals. This helps you get to the top! Just try it out and see how far your business goes.