The worst call is a past client calling you to refi. The reason it’s the worst call is because you should have called them first.
(standby, I’m going to give you my $1,000,000 past database script)
Think of how many of our clients could use our help, but they don’t know what you know.. or another LO is calling them and helping them with their new purchase or refinance…
… and cashing “your” commission checks in the process (ouch).
… and what about all their friends, family members, or co-workers that they would refer to you, if they were simply called on from time to time. (there goes even more of those commission checks)
So why don’t most loan officers do that?
Less than 3% do…. Oh, and the 3% that do, well, they close 84% of the loans…
The issue most the time is the LO doesn’t know what to say.
I’m going to help you with that right now by giving you a script that has made myself and other LOs millions of $$ in commissions.
Let’s just call it another random act of coolness.
Because, you see, for every 100 people in our past database (or list of friends and family members), that we are calling 4 times a year with “Carl’s past database script”, we close an additional 1 to 2.7 loans EACH MONTH for each 100 people.
So that means if you have 300 people in your past database, I would expect you to close another 3 to 8 loans EACH MONTH.
So let’s just use as an example that you make $2,000 per loan, that would be an extra $6,000 to $16,000 PER MONTH… EXTRA each month.
It’s like paying $16,000 NOT to call your database.
And if you have a past database of 600, well, you can see the numbers get crazy.
I mean after all, a Rolls Royce Dawn convertible goes for about $5,000 per month. For many LOs, simple by calling their dataset, it’s like getting a free Rolls Royce convertible… or even 2 of them… one for you and one for your best friend… (I need a new one if you are looking for a new best friend).
OK, back to the script. It’s super simple. Here’s the basic 3 things in it:
1. Remind them who you are (it may have been years since they last heard from you)
2. Purpose of call is to thank them
3. Call to action
Here’s what that sounds like:
“Hey <insert in their name>, this is Carl White with ABC Mortgage, I helped you with your mortgage last time. How are you guys doing?”
<let them respond>
“The reason I’m calling is I simply wanted to thank you for letting me help you last time with your home financing, so thank you for letting me help. I also wanted to let you know when you have any real estate or mortgage questions, you can call me. Do you have a pen to write my number down or do you just want me to text it to you?” (this gives me a chance to get their cell phone number if I don’t have that yet)
<let them respond and give them your number the way they want to receive it>
“OK, well, I want to be respectful of your time, so I’ll let you get back to it. One more quick thing if I may. Can I ask you a quick favor?”
<let them respond, they always say “yes”>
“Can I count on you to give me a call any time a friend, family member, or co-worker is looking to buy, sell or refinance, can I count on you to give me a call, would that be ok?”
<they always say “yes”>
“Ok, thank you so much, again thanks for letting me help, and I look forward to hearing from you again soon.”
Imagine making thousands and thousands of dollars, just that simple.
We try to overcomplicate things and buy all kinds of widgets that likely have much less results than that simple script.
So put on your big boy or big girl pants on and let’s see what an extra $16,000 or more per month could do for you ☺
… by the way, I like the Pearl White color on the convertible Rolls best…. Just saying…
Do me a favor, reach back out and let me know how many new loans you get in the next 90 days using that simple script…
Set up your 1:1 coaching call here: http://wrgo.io/TheMarketingAnimals/18309