Rebecca from Wisconsin asks: “I work from inside a real estate office under a joint marketing agreement with the real estate company. I was just assigned to the office recently, but the agents don’t seem to be open to working with me because of the poor job the previous loan officer did in that office. How can I change things around quickly because I don’t have much time financially?”
Dave: This is a common question I receive, and it reminds me of my first job in the industry. As a rookie, I was thrown into a real estate office that had a really bad taste in their mouth from the previous loan officer(s) serving that office.
First, concerning your statement that you don’t have much time financially, you need not abandon your present previous business sources. On the contrary, these sources will help you with your new office.
However, you must become more efficient in targeting outside the office. That means dealing less with time wasters and having an efficient database marketing system.
Secondly, you must perform what I call a “blitzkrieg” on the office. That is an intense marketing and service campaign. Remember that the first impression they get about you lasts forever. That means you must live in the office for the first few months. That is also why you must be efficient on the outside–using the phone and email and database marketing.
Meet with clients inside the real estate office–not in their office. Attend every sales meeting delivering value. Have “lunch and learns” on a regular basis as well. You can bring in speakers such as an appraiser and underwriter. Develop an introductory package that emphasizes your reputation.
It is true that some agents are open to use you because of loyalty to the company and just because of sheer convenience–you are there so often (or all the time). Others will be loyal to outside loan officers and actually be reticent to use you because they feel it is as if they will be associated with your service if something goes wrong.
Thus, there are two keys here. First, is to make sure the service factor is taken out of the equation. This is not easy to do because if something goes wrong, bad news travels at the speed of sound within a real estate office. That means you must have excellent proactive communication skills and the public relations machine must be turned on at all times. For example, when you do a good job, do you get testimonials from the agents and consumers and post them, as well as using them in marketing? The second key? Differentiation. You need to show them that not only do you give great service, but you are there to help them do more business.
Real estate agents are used to loan officers approaching them and trying to get referrals. If you are inside a real estate office, you have a unique opportunity to differentiate yourself from “outside” loan officers acting as salespeople. You want to elevate yourself as a partner to the office.
Your focus? Not only getting deals closed, but helping each agent increase their business.
How can you do that? Start with quality education–sales meetings, “lunch and learns” and seminars. This includes education, which is not only focused upon home financing, but also focused upon helping make them better agents.
Go the extra mile by hosting open houses and broker opens for the listing agents so that you can help turn their listings into lead machines. When I was in a real estate office as a loan officer, I helped agents write contracts, especially the financing segment.
In some respects, I was seen as the “assistant” to the broker. He even introduced me to potential recruits as an asset they would have access to. The more you help the broker recruit, the more they will help you within the office. Staying active with your outside agents will be helpful in this regard.
Dave Hershman is Senior VP of Sales of Weichert Financial and the top author in the mortgage industry. Dave has published seven books, as well as hundreds of articles and is the founder of the OriginationPro Marketing System and Mortgage School – the online choice for expert mortgage learning and marketing content. His site is www.OriginationPro.com and he can be reached at [email protected].
Source: themortgageleader.com