Mortgage Marketing Animals

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

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.

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.

“What’s working now?’, you may ask, well it seems like it’s what has always worked.  Check out this interesting case study.

Doug Adamson and his wingman Reid Thompson (2 of the leaders in our Loan Officer Freedom Club) started reaching out to their database for the first time ever.

In the last 90 days, they have called everybody from A-Z.

Now most LOs wouldn’t do that because of the fear of “I haven’t called in forever and I don’t want to sound weird…” kind of crap.

Well, they pushed through all those fears and just followed the script.

The results of this case study?

$1.4M in closed volume.  Let’s just assume 100 basis points for this study.

That would be somewhere around $10,400 in the LOs pocket.

Wait, it gets even better…

They have another 10 loans that are likely coming from it because they have an additional 10 pre-approved and looking buyers that came from it already too.

That should shake out to another $3M or so in volume or an additional $30,000 in loan officer pay on top of the $10,400 they already have for a total of $40,400 from just the 1^st round of calls to their database.

Keep in mind, this is something that I have found maximizes the number of closings for you if you call them 4 times a year.

This case study was just from 1 round of calls to a database that had never been called before… that’s like a worst-case scenario.

It’s just a simple set of calls with a proven script.  Nothing more, nothing less.

I call it “Good sales activity instead of wasteful busy work”.

Keep this case study in mind as you journey through your work day.

When you are ready for the details of who to call, when to call, what to say to them, what voicemail to leave, and how to push through any call reluctance, I can help you with that.

Just Go Here and I’ll hook you up to walk through all the details for free.

After all, every $40,400 helps…

Carl “Your Wingman” White