Marketing Strategies For Loan Officers

I just heard two crazy stats.

Crazy stat #1:  1 out of every 6 loan officers didn’t renew their license this past quarter.

Crazy stat #2:  2023 is projected to be the 3^rd best purchase market ever for loan officers when measured in volume (how many dollars were loaned out).

So how is it that so many LOs are struggling, yet it’s the 3^rd best purchase market (measured in volume) ever?

I’ll tell you what I came up with…  read on..

I have found that the issue is, they aren’t focusing on their marketing.

You see, they may know about what to do once a loan comes in, but that’s not where the money is.

Think about McDonalds. The person making the fries is likely at minimum wage. 

The person that makes all the money is the one that gets the customer to drive up to the window… the marketer.

Another way to look at it is, there is no award for the “Best Written Book”.

All the awards are for getting on the “Best Seller” list… the marketer…

So while certainly knowing the guidelines are important, whoever masters the marketing will be the king / queen of all the lands.

And while we are on that subject, stay focused on what has worked for years and years and years…

I see soooo many “experts” trying to sell magic beans.

Breaking news:  There are no magic beans.

There’s a reason why my branch is one of the largest ones in the nation…

We spend more time doing what most others avoid doing… prospecting.

While others spend an enormous amount of time and money trying to grow magic beans, we spend 2 hours each day actually prospecting <gasp>.

It literally pains my heart when I see LOs leave this amazing career, and 98% of the time it’s not their fault, it’s because they simply haven’t been shown how to effectively prospect for business.

Almost always, they fall prey to some “trainer” selling them “magic beans”, you know, the ol “this will have agents begging to work with you” sales pitch.

Let me share some breaking news with you, my team and I have literally closed 10’s of thousands of loans over the years.  We bring in those leads in dozens of ways.  

In my decades of being a top producing LO and now branch manager with thousands upon thousands of transactions under my belt, I’ve never seen anybody ever “beg for business” or have people begging to work with them.

People have fallen for that ol’ snake oil pitch since the beginning of time.
Any time someone uses that line, hold on to your wallet.  Some shady character is looking to benefit themselves at your expense.

If you are looking at a plan, and want a 2^nd opinion on how to maximize it, start it, or tweak it, or want to see my proven plan, reach out to me and I’ll hook you up… no charge.

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