Lead Generation, Part I: The Basics
The life of your business as a loan officer depends on your ability to generate leads. Lead generation is the step just before loan origination. What are the tricks? Why do some mortgage professionals do so well, whereas other struggle, wondering what they are missing? You may have the right tools, and LoanSystems can help, but the tools are only part of the picture. Consider the following:
1.
Why are you in the business? This may seem to be an odd question to ask up front, but it speaks to the core of success. If your primary goal is to make money, you will eventually run into difficulties. Now this is not to say that your business cannot be highly profitable. It can, but something else is essential to truly succeed. Successful mortgage professionals have satisfying the needs of their clients as their absolute number one goal. When you are truly looking out for your clients’ best interest, it will be perceptible. It is perceptible in the way you speak, how patient and responsive you are when they ask questions, and the effort you put into taking care of their needs—because all clients have needs. Taking care of your clients’ needs could mean thanking them for considering you and letting them know honestly that you cannot beat the rate or terms of another loan officer. This happens. In fact, a thank you note when this happens is one of the most genuine expressions of your sincere interest and may very well lead to a future call. Send everyone who contacts you a thank you e-mail message, or, better yet, an actual thank you card with your business card inside.2.
Do you know your business? Ok. Another odd question. But it isn’t. If you are not willing to spend the time needed to know and comply with mortgage industry laws and standards, stay on top of market trends, and really know the ins and outs of the various loans that you are able to offer, then you will eventually run into difficulties. You absolutely must be an expert and stay current with the industry, and the programs you can offer. Nothing is a substitute for mortgage business expertise. And there are a variety of resources that you can access to learn and stay current. Make it your practice to stay knowledgeable of the various aspects of the mortgage business.3.
Are you a mortgage professional? Of course, you may say. But let’s think again about the term, professional. True professionals project professionalism in just about all they do. They dress like professionals, speak like professionals, are organized like professionals, and so on.a.
Your absolutely need a professional business card. It needs to be clean and crisp. A few extra dollars for quality card stock and a color logo is money well spent. Don’t even think about printing them yourself. A visit to a professional printer is a must. Ask to see samples of mortgage or real estate cards that they have done. Ask which ones they liked the most and request suggestions. If you are a LoanSystems user, be sure to place your QR Code in the corner of the rear side of your card. Some people will go to your Loan Concierge Site just to see how this works. That little touch also lets people know that you have your technology together and take your business serious. You will need hundreds, even thousands, of business cards. They should be given to everyone you meet, family, friends, neighbors, the cashier at the grocery store, people at the gym. Be discreet wen handing them out, not pushy. Consider the following possible approach: “Hey, have I given you my business card? (Hand them the card) Be sure to call me if I can ever help you with a loan or a refi or answer any questions you have.” Adjust as needed, but always be ready to make this quick and concise pitch. In some situations, consider giving them two cards. They can keep one and give the other one away.b.
Be punctual. Are you on time for every appointment, or do you overbook and find yourself calling clients to let them know that you’re running late? Do you miss appointments because your calendar is disorganized or kept in two or three places?c.
Mortgage professionals are accessible. Do your clients call you to be greeted by a message stating that your mailbox is full? Does it take several hours or days for you to return calls? This is one of the top complaints concerning loan officers. Stand out by being accessible.d.
Get your act together. When you meet with clients, are your shoes shined, pants and short pressed, and brief case or purse clean and orderly? Will you impress them with your overall presentation? This is not to say that you must follow a specific dress code. Customs and styles vary in different places. But your manner and style should be consistent with financial institutions in your region, even a notch above. This is what you represent—the very bank or lender that will loan your client tens or hundreds of thousands of dollars. You must look and live the part.e.
Give attention to your office. If your client comes to your office, will they be impressed? If not, arrange to meet them elsewhere. If you must use your office, do everything possible to make it a welcoming and professional environment. From the moment they walk in the door, to the water or coffee that you offer, to the chair they sit in, and the pen you offer them for signing, every detail deserves attention. If theirs is a pleasant experience, they will be proud to refer others to you.
4.
Do you have the right technology? In today’s world, you simply will not succeed without the right technology. What are the essentials?
a.
Smartphone – This is the center of your business. Because much of your time is spent on the go, you need to be accessible by your clients and your office. Master your use of a calendar that is accessible on your smartphone. Other essentials include e-mail and text messaging. It is advisable to devise a system to track all of your clients. Insert their name with a system that works for you to know if they are a client, prospect, or business associate. Creating a contact will allow you to greet them by name when they call. Take the time to insert their email address and correctly indicate which number is for home, office, or mobile. A system that identifies clients, prospects, and associates may also allow you to prioritize which calls you will take if you are busy. It may sound basic, but you must give attention to the message your clients will hear if you are unable to answer the phone. “Leave it at the beep” or the generic message simply will not cut it. Your message must be professional, brief, and assure your clients that you are looking forward to speaking with them. The best messages are between 10 and 30 seconds. The following is one example: You’ve reached (your first and last name) with (your business). I look forward to speaking with you but am away from the phone at the moment. Please leave your name, a message, and the best time for me to reach you. I’ll return your call as soon as possible. Thank you. If there is a better way to reach you, such as through a text message, put that on your business card or tell your client or associate that when you speak. You don’t want clients chasing you around to speak.b.
A website and/or a Loan Concierge Site. You absolutely must have a web presence and LoanSystems can help. If you don’t have a Loan Concierge Site, it only takes minutes to set up. A web presence has several objectives:i.
Provides information about you and your servicesii.
Makes you accessible outside of your normal business hoursiii.
Invites prospective borrowers to contact you, ask questions, and request pre-qualification or submit a loan application online, if you have such servicesiv.
Allows you to make a good impression on your clientsv.
Can be used as a reception point for hyperlinks that are placed on your social media pages, or the social media pages of your associatesvi.
Can be used with a QR Code to bring clients to you if the QR Code is placed on your business card and other print adsvii.
Can provide useful information and services to prospective borrowers, such as a Mortgage Calculatorviii.
Can provide client testimonials
c.
Loan Origination Software. It is assumed that you have office support consisting of a loan processor and Loan Origination Software (LOS). An LOS allows you or your loan processor to manage the various documents and information needs as the loan moves through the various steps from origination to funding.
5.
Once you have the basics together, now you need to network.a.
Social media is a great way to network, but you should be certain to establish a professional social media presence. LinkedIn is one of the preferred business networking social media sites. If you are a LoanSystems user, you can easily link to your Loan Concierge Site from your LinkedIn or other social media pages.b.
Start building a database of clients. Start with everyone you know and do business with.c.
Put together a professional mailer. Your printer can help with this.d.
When you help anyone, whether they are applying for a loan or just asking you a few questions, be sure to give them your business card. It is generally best to meet with prospective borrowers in person. This will allow you to make the good first impression and establish a friendship. It will also allow you to get their contact information for your client database.e.
Seek out networking opportunities. These can take place with civic groups, conferences, community meetings, etc. Be careful to be discreet about handing out your card in these settings. You do not want to be ingenuine. When the opportunity presents itself, hand out your card and simply tell the person your name.f.
Send everyone who gets a loan a gift and thank you card. Thank them for allowing you to assist them and request that they share your card with anyone they know who may need assistance with a loan. Be sure to also include 2 or 3 business cards. What gift should you send? Gifts in the range of $25 to $50 are about right for something that will be appreciated, but not be over the top. You may want to adjust up in special situations. This is personal, but anything that will stay with them a while is a good idea. A few examples include:- A wireless phone charger
- A terrarium for small plants
- Two bottles of wine
- A mix of coffee blends
- A pair of nice coffee mugs
- A gift card to a nice restaurant
- A coffee table book
- A gift basket
The above steps should keep you in business and allow for decent growth. But there are a few more tricks that the most successful mortgage professionals employ to stay well ahead of the pack. Learn more.