Loan Officer Marketing

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

There was a trick that a professor pulled on her college class that taught me a great lesson, and this lesson has served me very well over the years, and now, perhaps it will serve you well too. Read on… it’s important!

She handed out a sheet of paper to each of her 30 students. On the sheet of paper was 3 words.

She told the students to look at the first word and give an anagram of it. That’s where you take all the letters in 1 word and make another word using all the letters. For instance, “Bat” is an anagram of “Tab”.

Once they had written down the solved anagram, they were to raise their hand indicating to the teacher and other students that they had solved the puzzle.

Here’s the trick…
The students all thought they had the same 3 words, but, they didn’t.

The students on the right side of the room had an easy one to solve, “Tab” to become “Bat”.

On the left side of the room, their first word was “Whirl”, which apparently has no anagram and is “unsolvable”.

So when she said “go” to solve the 1st word, the right side of the room all had their hands up in about 15 seconds because it was an easy puzzle.

On the left side, with the unsolvable word “Whirl”, none of them had their hand up even after about a minute, again, because it’s unsolvable.

You could see the frustration of the students on the left side of the room as they didn’t know they had a different word, and they saw how quickly some of the other students had solved the puzzle (those on the right side who had the easy word “Tab”).

The professor told them times up on word #1, and to now do the same thing for word #2.

Same thing, the right side’s 2ndword was again, an easy word, and the left side had an unsolvable word. Within 20 seconds, all the students on the right had their hands raised, none on the left side.

Again, keep in mind, that the students thought that they all were working on the same words.

So here again while watching the video of this study, you can really see the students on the left feeling frustrated, rolling their eyes, slumping their shoulders, and embarrassed that they couldn’t solve the puzzle when apparently many of their fellow classmates could.

Ok, follow with me here for just a minute, this is a big message. Read on…

When she told everybody to stop working on the 2nd word and to work on the 3rd word, and now for the first time all the students had the same word, an easily solvable word, well something amazing happened…

The right side of the room solved it pretty fast, but the left side, well, most of them couldn’t solve it, even though it was the same solvable word for everybody.

On the left side of the room, students had “learned” that they weren’t successful at solving anagrams so they just gave up and didn’t even try, which was totally inaccurate information they had “taught” themselves.

In a period of 5 minutes, they had radically changed their opinion of themselves that they weren’t smart, they couldn’t do “thinking” puzzles, others could and would be successful but not themselves, that they had acquired “Learned Helplessness”.

So what’s the take-home message here, for us as mortgage pros?

3 things.

1. It’s critical that you hang out with positive people that encourage us to do “good work”, “smart work”, and work on solvable things… strategies that are proven to work over and over.

Because if we don’t work on proven methods, we may be working on an unsolvable issue and teaching ourselves lies about how we aren’t smart enough.

For instance, make sure when you are working with referral partners and using methods and strategy to get their referrals, that you actually are using those strategies on agents that actually have referrals to give to you.

Otherwise, we may teach ourselves that we are helpless to use this strategy for success and that we are going to fail, so no reason to even try.

2. It’s critical that we know what to say to get referrals; and that we use the right words and the correct conversations that get results.

Otherwise, we are at risk of teaching ourselves that we are helpless and people are rejecting us because we aren’t worthy or not bringing enough value.

3. It’s critical that you recognize the fact that you are worthy. Period.
You are worthy of great success, you are worthy of agents and friends referring you business.

I believe that “Learned Helplessness” is one of the primary reasons that most LOs don’t reach out for help or guidance from those who have achieved great success. Instead, many are attracted to other “helpless” business people to agree with them that “it” won’t work.

They are attracted to others that say things like “you aren’t enough, they won’t refer to you, and “nobody is doing well”.

That, my friend, is the senseless poison to success.

The narrative of “Learned Helplessness” is powerful because it highlights a fundamental human tendency. However, with awareness and the right strategies, mortgage loan officers can steer clear of its pitfalls.

It’s crucial to guard your mindset and influences zealously, ensuring that you’re continually setting yourself up for success.

Surround yourself with positivity, refine your communication skills, and always, always believe in your inherent worth. Let us help here.