In my last posting I covered some of the longer term techniques. Since you have to survive until then, here are some short-term tips. I trained a lot of new originators and many of them are still top producers. All of them will tell you these tips work even today as they teach it to their new people!
•Whatever you do, don’t come off as the annoying new loan originator. The real estate agents or builder will shut you down in no time flat!
•Look at what everyone else is doing and do the opposite! Your goal is to stand out, not blend in to the mass.
•It might be nice to mirror the top producers that you see or read about, but remember their techniques may not line up well with your business at this point. So, keep to the basics and as your business starts to grow slowly implement some of the bigger producer techniques.
•Consumer Education: While the real estate agents are warming up to you, do not forget the real business in the equation, and that is the individual consumer. Many of them are afraid of today’s market and all of the media spin that they see. Sitting behind your desk and sending out mailers is not the answer.
Instead, go around to the apartment complexes where the average rent is equal to the average mortgage payment. Invite them to a “Taking the Fear out of Buying a Home” seminar. Use as bullet points for the seminar the items you know scare first time home buyers and make it comfortable for them to attend. Your job is to take the fear out of buying a home and help the client set real expectations for buying a home.
You might only get 2 people the first time, but as you offer them with consistency, your base will grow. After all, it was 2 opportunities that you didn’t have before; right? As your base grows so does your ability to get to the client first.
•Wholesale Reps: Ask them about great products that are under-utilized. Many of the wholesalers have special programs that originators don’t know about. Take those niches and introduce them to your referral sources or at your seminars.
•Partner with the home-buying counseling offices in your area. I will discuss this in more detail in a later article.
Get Creative and Break Through the Barriers!
- Get Noticed -25 years ago I used a candy campaign and small toys tied to a marketing phrase and it still works today.
- Lumpy Mail
- Handwritten Notes
- Overnight Mail
All of these are likely to get opened!
Join the discussion 4 Comments
On a different topic – everyone seems to be confused about the differences between TQMs and QMs and what is required for each.
Is this something you will consider blogging ??
Mylinda Cherneski | Senior Underwriter | Mortgage Lending Center
7800 E. Dorado Place, Suite 100, Greenwood Village, CO 80111
Direct 720-947-8844 MCherneski@MortgageLendingCenter.com
I would be happy to talk about the differences. However, I just want to be clear on the topic. You mention TQMs and QMs. Were you possibly referring to QRMs vs. QMs? If so, please let me know.
I do not believe that it is leagl to go out to apartment complexes and invite their residents to a free seminar on how to buy a home. Not good advise.
I certainly appreciate your feedback. Can you please send me the legal reference for this belief? Mortgage originators and Real Estate Agents do this as normal practice and have for years. However, if there is a new reg. that makes this practice a risk, I would love to let everyone know about it. Many Thanks!