Worst advice ever to a loan officer

I think I can pull this off without being too harsh… read on.

I was at one of our Loan Officer Bootcamps a couple of weeks ago and this super nice lady who is a loan officer was openly sharing what was holding her back.

That’s such an important thing to do by the way.  Find out what is holding us back (and we all have 1 if not a few things), then simply find somebody who has overcome that obstacle and do what they did.

Sounds simple… and the good news, it is simple. 
(That’s why I see so much growth with so many of the LOs that I work with, together we simply identify the obstacles and then remove the obstacles)

Anyway, I asked her what her obstacle was and she said “I need to get my scripts down perfect before I start talking with referral sources.”

“Who said that you need to be perfect?” I asked.

“A loan officer business coach told me I have to have them down perfectly because we only have 1 opportunity to get their business.”

That may be the absolute worst advice ever.

I felt the emotion creeping up on me… one of anger, and then empathy for this very pleasant lady who likely has lost literally hundreds of thousands of dollars in closed loans commissions for her and her family, waiting for that ever elusive “perfect”.

Here’s a couple of things you need to know as you are reading this.

1st of all, NEVER wait until you are “good enough”.  It’s my belief (and experience) that you were “born enough”.  You are already there.  At this point, it’s just a matter of getting guidance, from somebody that personally has the results that you are looking for and then immediately taking action.

2nd, the good news is there are hundreds of real estate agents that have closed 8 or more buyer-side deals in the last 12 months (my definition of “closing enough to go for the ask”) in your area.  
What that means is, we have plenty to practice on.  Heck, we could totally screw up on the first 10 or even the first 20 or even 30 and we still have hundreds and hundreds to get referrals from.

Never forget, there are 1,000 of “them” and only 1 of you!

The cost of waiting is enormous.  It’s the #1 enemy of success… waiting. 
The ol’ “Soon as <something> then I’ll take action” rascal raising his rascal head.

By the way, it wasn’t the loan officer’s fault she had missed out on so much and was at risk to tap out of a very very lucrative career that you and I are blessed to be in.  She just hadn’t had the truth shared with her, but now she knows.

So I shared with her an exact script that my personal loan team uses to help fund hundreds of loans each month. 

We overcame her major money-sucking, success-stealing obstacle in a period of about 5 minutes. 

And now she knows the reality of how success is made. 

1. Take action now, don’t wait for perfection.

2. Hang out with people that are already getting the results that you want and then do exactly what they show you to do.

Easy peasy

I suppose it wasn’t the “coach’s” fault either.  He/she obviously isn’t, or hasn’t ever, actually done the work, so can’t have the personal experience to know what it takes to be successful.  It’s not a blind man’s fault to run off a cliff… even if others are following.

When you are ready to discover what may be holding you back and how to overcome that obstacle(s), hit me up here and I’ll hook you up… all on my dime.

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Don’t let your mortgage success be a matter of chance. Embrace the benefits of professional coaching and take control of your future in the industry.

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Rate hike, what rate hike….

I just had to share a text message that I just got from a Loan Officer Freedom Club leader, Tammy Saul.

“I just had my best week of new purchase originations ever.  I got 23 new contracts plus 7 refinances…”

That’s not 23 purchase deals and 7 refinance deals for the month…
that’s 23 purchase deals and 7 refinance deals for the WEEK!

“Holy kicking butt Batman”…

She said that she’s been getting referrals from agents who just started referring to her because their “regular” loan officer is no longer a loan officer.

The takeaway here is to work a solid plan, stick with it, and be consistent while others exit or fall away.

This is a time of great opportunity.

Stay encouraged, do the activity, and stay away from those who choose to watch things happen while winners like Tammy MAKE THINGS HAPPEN.

That’s it.  Just words of encouragement coming from people who are setting records.

There are no magic beans, just proven plans ☺ 
Learn the plans here

I hope this comes across in a cool way

How many times have we said, “Boy, if I knew then what I know now, I’d be rich, and my life would be so different…”  (not that your life isn’t great now, but you get the idea)?

Here’s my question for you today….

Are you using what you know now?

For instance, you know calling your past database would result in a ton of new business… so are you calling them?

You now know that 67% of all purchase loans close with the loan officer that the real estate agent recommended, so prospecting successful real estate agents is a main goal of the top loan officers, are you dedicating at least 8 hours a week doing that?  Doing that activity that you 100% know would boost your loan production and income.

Or are you 3 years from now going to be saying, “Gee, if I would have done then what I know I need to implement today, I would be greatly successful…”.

First of all, it’s not your fault that you may not have implemented the very things that you know would have moved the needle for you.  You see, we ALL have had chains that held us back.

The key is to simply remove those chains.  To free ourselves up to do what we already know to do.  
Usually, it’s fear of failure that holds us back.  Or perhaps, fear of looking stupid.  Maybe it’s ‘call reluctance.’

All of those are solved by simply knowing what to say and who to say it to, which would give you your greatest results.

When you are ready to see how we pull it off in my own personal mortgage team and has us closing hundreds of loans a month, just meet me here and I’ll hook you up <no charge>.

No guilt or anything like that of perhaps not doing it to our fullest in the past.  It’s all about moving forward… now that you know what you know ☺

Let’s make it so that 3 years from now we are going to pat ourselves on the back for taking good care of ourselves and setting us up for success…

Because now we know.

World’s greatest email ever..

A buddy of mine, Dean Jackson, he’s a real estate agent coach, taught me a little trick years ago and I’ll share it with you now.  He calls it the 10-word email. 

I call it the World’s Greatest Email ever.  Read on…

There are many things you can use your emails for…

But only one of those things is the fastest and surest way to turn a short little email into money in your bank account.

It’s this: Re-engagement.

Specifically, using a short, 10-word email to re-engage with the prospects you haven’t been in contact with recently…

I’m talking about all the people who may have inquired about getting a loan, or perhaps they did an application and were out looking at properties and never got a contract, or maybe the “high rates” scared them off when they first started going up and now they are becoming more… ummmm, “normal” to them.

Because the truth is, they may be ready now – for whatever it was they inquired about. And a short email is enough to reconnect them with you.

There’s a study from an inquiry handling service that shows some eye-opening results…

It proved that just over half of all the people who inquire about anything… will buy whatever it is they’ve inquired about within 18 months.

Now, think about it…

Most loan officers, they’re looking for people who are going to buy in the next 18 days. Not 18 months…

And what’s worse, if a prospect doesn’t buy within 30, 60, or 90 days, they declare them as dead leads, tire kickers, or time wasters… When, in fact, they might be sitting on a gold mine without even knowing.

That’s why, when you deliberately go back and check in with people who’ve been on your list for 90 days or more… There’s a good chance they’re now ready, or getting ready, to do whatever it was they inquired about.

And when you take the opportunity to reconnect with those prospects, the results may surprise you. You have no idea how many amazing, and fast results people had with just a simple, 10-word email.

Because here’s the thing. When you’re in communication with your prospects at just the right time for them…

Results happen quickly.

So here’s your action item.

Grab all the “dead leads” that you have gathered over the last 18 months or so.

Some of these may have been internet leads, perhaps Facebook leads, Zillow leads, and of course the cream of the crop… Realtor referred leads.

No matter where you got them, email out this short message:

Subject:  Still looking?

Are you still looking to buy a home in <insert in state>?

<Your name and NMLS number>

Nothing else.  Don’t be tempted to add even 1 word to that.  I’ve tested this message dozens of times and every time I add a word or a “because rates are better now…” kind of thing, it always pulls less.

It’s amazing how many deals we get every time that gets sent out.  If we have their cell phone number, then a text goes out.  Same short message.  “Are you still looking to buy a home in <insert in state>?  <Your name>”

Go send it out and let me know how many “wake-ups” you get from taking action.

Of course, check with your compliance person to make sure what’s cool for your company. 

OK, that’s it for this week.

Be an “action taker”.  People like you and I are the mortgage pros that can actually grow during this market because we don’t just read or listen.  You and I actually “do”.  Learn more here