Marketing Strategies For Loan Officers

About a dozen top producing LOs and I were meeting at my house a couple of weeks ago and we were discussing where to get the best leads, you know, those that turn in to actual closings (not the time wasting TikTok type leads).

One of them piped in that he had a source of leads that cost almost nothing and gave him about 7 closings each month… month after month…. Year after year…

We all leaned forward to hear this secret source of money producing mortgage leads…

Then he shared with us something that we all know, but I had never heard it put this way…

“Remarketing to existing leads, past database, on “old’ leads costs almost nothing and brings me in about $21,000 in personal income each and every month” he said.

I was once again reminded of the old song lyric:  “Oz never did give nothing to the Tin Man, that the Tin Man didn’t already have…”

You see, he’s raking in 21 Thousand dollars per month from simply reaching back out to leads / people that he already has talked to or leads that he didn’t hook up to in the first place.

For today, let’s just go over a quick way to cash in on the “old leads” that you just didn’t hook up with, maybe they ghosted you, maybe you got busy and ghosted them.

Here’s the simple 10 word script….

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

Now, you may remember me sharing this before, but I know that 98% of those that read it, probably didn’t do it.

This time, well, go do it.

Remember, don’t change a thing and don’t add on to the script.  Every time we changed it up, it converted less… every time.

I’ve done this one as text messages and as emails (and both to the same person).  All 3 ways worked very very well <translated as:  a bunch of new business with virtually zero marketing dollars spent>

So many LOs are chasing 101 ways to “create leads” while ignoring the leads that they already have.

I get it, the “hunt” is sexy, and the cleaning of the hunt isn’t as sexy, it just pays very very well.

Focus on what actually works and not on the distractions.
So the take home message this week is:  Before doing anything else, Remarketing To Existing Leads Costs Almost Nothing And Produces Great Results For Us (measured in closed loans).

That’s it.  Short and sweet.

My first branch manager told me one time, “Don’t market to your past database if you hate money, because it will make you a bunch of money”.

25 years later I have discovered he was soooooo right.

I have brought in probably between $50,000,000 to $75,000,000 in income revenue by simply marketing to my databases in recent years.

I’m seeing a lot of loan officers really ramping back up by simply doing that, marketing to their past database.

For example, John Fortener, a loan officer in a small town in Georgia.  Get this, he currently has:

1. 4 pre-approved and looking from his past database

2. 1 past database that let him know today during a phone call that he is looking to sell a couple of his properties, so now John is referring those listing referrals to an agent that refers to him

3. 1 past client referral that is under contract right now and that client has sent John another 2 leads

4. Oh, and did I mention John has 3 new referrals from agents that started referring to him because of the Daily Success Plan that John is now implementing.

5. And he has 3 new deals in the loop to close this month that has listing agents that John hasn’t worked with before, which is yet some more opportunities for John by working the Just Ask Campaign.

See how all of this snowballs?

“From 1 deal we get 2 more” kind of thing.  It’s really just that simple… well, assuming we are following the Daily Success Plan…

Congrats John for taking action and leading by example.

So for all of us, we need to make sure we are marketing to our past database, because it’s likely the easiest loans to get with minimal marketing costs…
… and that’s a beautiful thing!

Inspiring you to achieve what you deserve!