Being a salesperson is never easy. To sell effectively, you must to be willing to do things that challenge you. No top producer has ever reached the upper ranks without first moving outside their comfort zone. Someone recently sent me this poem and I wanted to share it with you. I hope it inspires you to keep challenging yourself and be willing to do whatever it takes to succeed.No one ever said that sales was easy, but a little bit of...more
In my last article, I covered the two main ways to start your own mortgage company. One way, was to go it completely aloneÂ…apply for your own broker's license, set-up all the relationships with the various lenders, handle all the back office stuff like accounting, compliance, etc. All of this, giving you your independence, but being extremely time consuming.An easier and more productive way for the loan officer wanting to go on their own, is...more
I got a call from a loan officer in Lansing, Michigan recently and he called to tell me that he was an avid reader of my newsletter but was giving-up and throwing in the towel. He said he was burnt-out, tired of chasing realtors, and dealing with customers that play games. He had had enough!When I asked him what lead to his decision, he said that he had only been in the industry for about a year, and had to learn everything himself along the way, but didn't feel confident in himself because he wasn't closing many loans. He said that business became a lot tougher and more cut-throat and he just couldn't compete with everyone else out there. (His wife was all on him too!)When I asked him why he had gotten into mortgages, he said he did it because he heard that there was "big money to be made" and he figured a couple loans under his belt would be more than he made in a year. He said he always had a passing interest in "real estate" but had never bought or sold a home before and didn't know much about the finance side of things. He quickly found-out how complex and difficult this business is. I had little sympathy for him. With chasing "big money" and having absolutely no...more
A couple of weeks ago, I mentioned the idea of approaching "for sale" properties (both FSBO and MLS listed ones) as a lead generation strategy. Here is a quick excerpt from the article entitled "Double Dipping Just Like The Real Estate Agents Do":---------POSTCARD MARKETING IDEA"Here is a quick marketing idea you can use immediately to generate...more
How many times have you answered the phone and heard "What's your rate?" from a customer? I guarantee it comes-up on every phone call, usually within the first 30 seconds of the conversation. Customers ask it because they don't know any better. To them you are just like every other loan monkey out there. They don't care about you, they just...more
You have three choices you have in getting your mortgage site up and running. To recap, they are:1. Go it alone and design it yourself.2. Hire a web design firm to custom build a mortgage site for you.3. Use a ready-made instant website from a design company that specializes just in the mortgage industry.My suggestion was that your time is far too limited to waste on trying to go it alone, and your money is far too valuable to spend on hiring a web design firm to custom build a site for you. Your best option is number 3, using one of the ready-made instant websites from a company specializing in the mortgage industry.Here is my list of some of the best firms out there, and ones you should consider before making a decision.READY-MADE INSTANT MORTGAGE WEBSITE PROVIDERS:* LoanBright.com* FireComm.com* FreeLOWebsites.com* Avicy.com* DigitalOrigination.com* FindTheLowestRate.comAny of these firms can provide you with a very professional looking site and help you create the company image you are looking for. Although pricing and services vary, be sure to evaluate each to determine the type of features you want your website to have. Things such as an online 1003 application, rate...more
Let your customers know that the best compliment they can give you is a referral.Here is a sample follow-up letter (I pulled out of my personal files) you can use with customers who have recently closed a loan with you. You'll see that it...more
Again the Fed raised interest rates. And if you haven't felt the noose tightening yet, you certaininly will now. With rates continuing their gentle climb and the refinance market now nothing but tumbleweeds, you MUST TAKE IMMEDIATE STEPS NOW if you...more
At one time, borrower procrastination wasn't a common problem, but has now become one, as more and more people got into the mortgage industry. Many of them were bad apples, incompetent or worse. Bad experiences and bad memories are what you are...more
For sale by owner properties, or FSBO's as they are commonly refereed, are some of the best places to look for new clients. If done correctly, they can provide a steady stream of interested and motivated new home purchasers. And at very little...more
As a mortgage broker, one of your main advantages is that you have access to many different lenders and hundreds of loan programs, which you can offer your customers. Having too many lenders to deal with--however--can become one of your biggest...more
FSBO's are a great source of new customers for you, and are an often overlooked demographic. Put yourself in their shoes. (If you've ever tried to sell property yourself, you know what I mean). FSBO's are:* An un-tapped resource that many loan...more