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 new business. Send a postcard to all the new property for sale listings in your area (whether they...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 care about THEIR interest rate they're going to get and that's all that want to know. Anything else...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 congratulates them on completing the process, re-emphasizes the benefits of doing business with you, and asks...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 cost.As a loan officer, your goal is to become the mortgage source that the FSBO seller will refer...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 problems.As the person between the borrower and the bank, you're responsible for dealing with the myriad of third parties involved in the transaction. You're dealing with appraisers, title companies, attorneys, underwriting, wholesalers, etc. You've already got a lot on your plate, so adding more "things" or "people" for you to deal with in your office, isn't going to help you get any more loans closed. You want to simply your business and your life.How many times have you been bombarded with rate sheets, special pricing offers, free donuts, luncheons, etc. from wholesalers? How much time did these people cost you? Did they help you close any of your "difficult" loans? Did anything come of it? Are they bringing anything of value to the relationship? These are questions to consider before letting another lender's rep into your office. They can suck-up all your time, and leave you with nothing to show for it. Don't go down a road to...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
One question I get asked a lot is "How do I approach Internet mortgage leads?" As you may already know, I generate 90% of my business directly from these types of leads and have found them a great resource for several reasons:* When you call...more
In the past few issues, we've been discussing net branches, and the advantages and disadvantages of this type of loan origination. I covered the reasons why loan officers decide to go out on their own, and what makes one net branch better than...more
One of my goals is to offer you valuable information that will immediately impact the bottom-line of your mortgage business. What I find lacking in many of the "professional" trade publications out there, is real-life ACTIONABLE information you can...more
One question I get over and over again from loan officers is "Are internet leads a good source for new business?" My answer always is "Well, yes and no. Proceed with caution and please be careful." What I about to share with you today, is the REAL...more
Times are tough, there is no doubt about that. Interest rates are inching up and much of the hub-bub of the refinance boom is over. It's the difficult loans that remain, amongst them mostly purchases. It's time to face facts. The A-paper good...more