Ever wonder how some loan officers manage to do 15 to 20 loans per month consistently, while others struggle to get five per month? We always hear that real estate agents are not loyal and are horrible to work with.
Of course there is “some” truth to that, but I would suggest that it has more to do with the way we perceive them and the way they see us. Let me tell you a story about one of the ways I was able to quickly grow my own production.
If you are frustrated by closed offices and tired of begging and scratching for deals, then pay attention because this small shift in how you approach real estate agents will produce big results … quickly.
Years ago when I was first starting out in the business, I wandered in to a new home development. My business was like a roller-coaster. One good month, followed by two or three months of low production. I just couldn’t seem to get any traction. Of course I was working hard, because I had not yet discovered how to work “smart.” My manager at the time was a nice man, but truly provided zero guidance. He simply continued to tell me to go out and meet agents, so that’s what I did.
Now I had no connections and am not exactly the most extroverted person you would ever meet. In fact, I am truly shy by nature, but I kept calling offices or should I say … visiting offices. Due to my shyness, I never truly got to meet many agents. Instead, I would walk in and just drop off my flyers and sheets in the agent’s mailboxes.
It took me a long time, but I finally figured out that mailboxes don’t give people business. People give people business, and they will only work with other people they know, like and trust. Burn that into your memory the next you time you commit to dropping off donuts or rate sheets.
These days, we may feel accomplished after posting on social media and sending out e-mails. Don’t misunderstand me, these methods do work, but they are not the only things you should be doing.
Remember … people give people they know, like and trust business. These days, agents aren’t even in their offices. Most can conduct their business right on their cellphones or on their tablets. But I digress, so let’s get back to my biggest fan. When I met her, I was pretty tired and depressed from begging but not seeing results.
That’s when I met Roberta …
She was a new home consultant but also a very active real estate agent. 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 the participants about me. When an agent sold one of her listings, she told them about me. Actually, she didn’t just tell them about me, she made the introduction to the selling agents and told them they should consider using me.
Roberta was my biggest fan and advocate. She truly helped me grow my business and why? Honestly, I am not sure why other than she saw that I was struggling, but was very persistent. I was passionate about my job and never ever seemed dejected. I did what I said I would do, which, as we all know, isn’t always easy.
If she called me, I called her back. If her client called me, I would let her know. Each and every week, I would give her a written update on her loan files.
Simply stated … I was dependable, honest and knowledgeable.
I realize that our business is complicated, but you must always be honest, dependable and know what you are talking about. Return your calls. Set proper expectations. I realize this all sounds like a cliché you have heard hundreds of times, but it is still true regardless.
Do you have fans like Roberta? Roberta was a loan officer’s 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 that lies within?
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 or a real estate company doing business with a mortgage company. It’s two people doing business together, and the sooner you realize that important distinction, the faster your own production will skyrocket.
Sadly, Roberta passed away and I truly miss her even to this day!
Now go out and find yourself three to five Robertas that you will get to know, enjoy working with and speaking to and watch your production skyrocket.
Brian Sacks is a nationally-renowned mortgage expert who has career closing of more than 5,924 transactions for in excess of $1 billion. He has trained, consulted and coached, tens of thousands of loan officers and company owners over the past 29 years on how to close more loans, make more money and still have a life. You can download his report, “The Four Tools You Can Use to Immediately Grow Your Business,” a www.AgentsChaseYou.com. Brian may be reached by phone at (443) 324-8424 or e-mail [email protected].
This article originally appeared in the April 2015 print edition of National Mortgage Professional Magazine.