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Mortgage Industry Training 10/6/17 11:20 AM
Hot Buttons for Mortgage:
-Time Management
-Follow Up Systems
-How to Build Referral Partnerships
-How to get Commitments from your Referral Partners
Techniques in a Workshop:
-CLASP with Referral Partners (1-1’s)
Key Companies:
Wells Fargo Home Mortgage
Fairway Mortgage
PrimeLending
Primary Residential Mortgage
Big Names:
John Brawner, PrimeLending, Memphis, TN
Keith Bice, Interlinc Mortgage, Birmingham, AL
Josh Dutton, Caliber Home Loans, Broomfield, CO
Nick Barta, Primary Residential Mortgage, CO
Carrie Gusmus, Fairway Independent Mortgage, CO
Financial Support Options:
Tanner Allen, TJC Mortgage, Birmingham, AL Full Support
Kelly Allison, Academy Mortgage, Atlanta, GA, 50/50 Split
Tammy Balentine, SWBC Mortgage, Baton Rouge, LA, 50/50 Split with Payroll Deduct
Mike Bower, The Mortgage Company, Allentown, PA, 50/50 Split through Reimbursement
Basic Overview:
Here’s a great article for some more insight:
http://www.forbes.com/sites/learnvest/2013/07/17/secrets-of-a-mortgage-loan-officer/
What are the things they need to do (that they don’t want to do) to be successful?
They need to be in front of new and existing referral partners regardless of their
relationship. Just because they have a solid relationship with one doesn’t mean they don’t
have to call on them anymore. If they’re not calling on them, someone else is.
The second part of the question is to forget about the way business “used to be” and start
hitting the streets for new business again.
What are their key challenges?
Closing loans based on new underwriting guidelines. Credit that would have passed
without issues 5 years ago, are now very difficult to close due to documentation that
borrowers are required to provide.
LOs work really hard to get a loan approved and the smallest things can make it fall
through right up to the closing date.
What is the state of this overall industry?
Most will tell you it’s improving, but there are still some that will say it’s in a state of hurt.
Rates are great, but the number of people able to get approved has dropped significantly.
Govt estimated 2011to have 1.1 trillion in market revenue, but then backed down to
900 Billion, so that shows the market is very strong.
Which of our techniques are most directly applicable to this industry?
Aside from all of them… Positive self talk (Staying positive in a challenging market), Pre-
Approach and Referrals, Student of the Game
What are the emerging trends of this industry? What is everyone talking about?
The Dodd-Frank Financial Reform and Dept of Labor Laws.
Rebuilding branches after losing a significant number of employees due to licensing
regulations. Most companies did not pay the licensing fees, so branches lost huge
numbers.
Industry Terms 10/6/17 11:20 AM
1. Adjustable-rate mortgage, or ARM -- A home loan in which the interest rate changes
periodically based on a standard financial index. Most ARMs have caps on how much an
interest rate may increase.
2. Annual percentage rate, or APR -- A standardized method of calculating the cost of a
mortgage, stated as a yearly rate, which includes such items as interest, mortgage
insurance and certain points or credit costs. Because it includes these other items, it is
higher than the interest rate a lender will quote.
3. Appraisal -- A written report by a qualified appraiser estimating the value of a property.
4. Closing costs -- Expenses incurred by buyers and sellers when transferring ownership of
property. Closing costs normally include an origination fee, attorney's fee, taxes, escrow
payments, title insurance and sometimes discount points. Lenders must provide good-faith
estimates of closing costs to prospective home buyers.
5. Collateral -- Property pledged as security to a debt. If the borrower fails to repay the
loan, the lender may gain ownership of the collateral and sell it to recover the money.
6. Down Payment -- The amount of a property's purchase price that the buyer pays in
cash and does not finance with a mortgage. Most mortgage lenders require a cash down
payment of 5 percent, 10 percent or 20 percent of the sale price, though some lenders
have zero-down mortgage programs. You can often lower your mortgage payment or
afford a more expensive house by putting more money down. If you come up with less
than 20 percent of the buying price, you may have to obtain private mortgage insurance,
or PMI, to protect the lender before your loan is approved.
7. Escrow -- An account in which a neutral third party holds the documents and money in
a real estate transfer until all conditions of a sale are met. Also, an account in which
money for property taxes and insurance is held until paid; money is added to the account
every time a mortgage payment is made.
8. Fixed-rate mortgage -- A home loan in which the interest rate will remain the same
through the life of the loan, most often 15 years or 30 years, but sometimes 10, 20, 40 and
even 50 years. Forty- and 50-year mortgages make monthly payments more affordable,
but come with considerable drawbacks. F
9. Foreclosure -- The legal process by which a homeowner in default on a mortgage is
deprived of interest in the property. This usually involves a forced sale of the property at
public auction with the proceeds of the sale being applied to the mortgage debt.
10. Good Faith Estimate, or GFE -- A written estimate of expected closing costs that a
lender must provide a prospective home buyer within three days of the home buyer
submitting a mortgage loan application. Brokers and lenders are required by law to make
as accurate an estimate as they can.
*This can be a huge opportunity to gain more business!
11. Interest-Only Mortgage -- An adjustable-rate mortgage that allows borrowers to pay
only the interest for a specified period of time. Interest-only mortgages are considered
risky.
12. Jumbo Mortgage -- A mortgage that exceeds the conforming limit. The single-family
limit changes annually and the current limit is always posted online.
13. Margin -- The amount of percentage points, or spread, added to the index to come up
with the rate your adjustable-rate mortgage will charge after each adjustment.
14. Point -- Factored into the loan's APR, a point equals 1 percent of a mortgage loan.
Some lenders charge "origination points" to cover expenses of making a loan. Some
borrowers pay "discount points" to reduce the loan's interest rate.
15. Prepayment Penalty -- This is a fee charged to borrowers who pay a loan off faster
than the prescribed payment schedule. Some prepayment penalties can add up to
thousands of dollars, so they're worth asking about. Many states place limits on
prepayment penalties. Make sure to call your state banking commission to see if
prepayment penalties are allowed where you live and, if so, how large they can be.
16. Principal -- The amount of debt, excluding interest, left on a loan.
17. Title Insurance -- A policy that guarantees that an owner properly has title to a
property and can legally transfer title to someone else. Should a problem arise, the title
insurer pays any legal damages. A policy may protect the mortgage lender, the home
buyer or both.
18. Basis Points -- how people calculate their commission. This is complicated and
changing.
19. The Dodd-Frank Financial Reform
(http://www.investopedia.com/terms/d/dodd-frank-financial-regulatory-reform-bill.asp)
A compendium of federal regulations, primarily affecting financial institutions and their
customers, that the Obama administration passed in 2010 in an attempt to prevent the
recurrence of events that caused the 2008 financial crisis. The Dodd-Frank Wall Street
Reform and Consumer Protection Act, commonly referred to as simply "Dodd-Frank", is
supposed to lower risk in various parts of the U.S. financial system. It is named after U.S.
Senator Christopher J. Dodd and U.S. Representative Barney Frank because of their
significant involvement in the act’s creation and passage.
Dodd-Frank established new government agencies such as the Financial Stability
Oversight Council and Orderly Liquidation Authority, which monitors the performance of
companies deemed “too big to fail” in order to prevent a widespread economic collapse.
The new Orderly Liquidation Fund provides money to assist with the liquidation of
financial companies that have been placed in receivership because of their financial
weakness. Additionally, the council can break up large banks that may pose a risk to the
financial system because of their size. It can also quickly and neatly liquidate or
restructure firms it deems too financially weak. Similarly, the new Federal Insurance
Office identifies and monitors insurance companies that may pose a systemic risk.
The new Consumer Financial Protection Bureau (CFPB) is tasked with preventing
predatory mortgage lending, improving the clarity of mortgage paperwork for consumers
and reducing incentives for mortgage brokers to push home buyers into more expensive
loans. The CFPB has also changed the way credit card companies and other consumer
lenders disclose their terms to consumers. It requires loan terms to be presented in a new,
easy-to-read-and-understand format.� �The Volcker Rule, another key component of Dodd-
Frank, restricts the ways banks can invest and regulates trading in derivatives.� �The goal of
the new SEC Office of Credit Ratings is to improve the accuracy of ratings provided by the
agencies that evaluate the financial strength of businesses and governments.
Designations and Certifications 10/6/17 11:20 AM
Certified Mortgage Planning Specialist
• �CMPS is a training, examination, certification and ongoing membership program for financial professionals who provide mortgage and real estate equity
advice.
�
Certified Foreclosure Specialist
• The Certified Foreclosure Specialist shows that you have demonstrated a high level of proficiency in dealing with foreclosures and each of it's respective
niches relative to the real estate and mortgage professional. �
Certified FHA Credit Examiner
• The Certified FHA Credit Examiner (NAMP®-CFCE) training & certification program will teach students the basics of mortgage credit analysis as well as
how to complete a mortgage credit review of FHA insured mortgage types.
Students will also gain an understanding of mortgage credit underwriting
guidelines, where they relate to FHA insured mortgage types.�
Certified Ambassador Loan Processor
• Considered in the mortgage processing industry as the most prestigious certification program the National Association of Mortgage Processing has to
offer.
Business Plan 10/6/17 11:20 AM
Please Note: Do not share this is a template to use WITH your client. Use this as a
template to help you help them create their own ideas. There are some ideas already on
here that could work for Mortgage.
MISSION:
ELEVATOR PITCH:
GOALS:
*Make these SMART Goals! Break them down.
1.
2.
3.
FARM:
Target specific geographic area which is convenient (allowing for enhanced customer
service, ease of cross-marketing and execution, capitalize on market knowledge and
expertise) with a mix of town homes and single family homes that will generate 12 listings
with an average sales price of $500,000.
MARKETING PLAN
Some Ideas:
Direct Mail and/or Door Hangers:
Goal:
How?
E-mail:
Goal:
How?
Social Media:
Goal:
How?
Door Knocking:
Goal:
How?
Home Parties:
Goal:
How?
Sponsorships:
Goal:
How?
Networking:
Goal:
How?
PROSPECT LIST
Who?
Establish 8x8 (8 touches/8 weeks) for each lead:
Some Ideas:
1. Notecard
2. Handwritten note with personal brochure
3. E-mails
4. Customer Service Call
5. Monthly e-newsletter
6. Market update emails, holiday/fundraising emails
7. Postcards
8. Market update, holiday/fundraising emails
9. Phone calls
How Often?
PROSPECTING ACTIVITIES
Some Ideas:
1. Open Houses: on Sundays from 2-4 PM, at least 2 times/month
2. 1-1’s
3. Past Clients
PAST CLIENTS
Goal: To maintain relationship and generate referrals
How?
1. Gifts
• Closing Gift and pre-printed change of address cards with house photo
• Thank You gift (Christmas for Current Year Clients)
• Thinking of You Gift (November/Thanksgiving for Past Clients)
2. House Warming Party
• Offer to send invitations and help host
3. Annual Holiday Party
• Invite to Home Party
4. E-mail
• Monthly E-Newsletter (Home News)
• Holiday, Market Update, Fundraising e-mails
5. Postcards
• Market Update, Holiday, Fundraising
6. Phone Call
• 1 week after move (any challenges?), then next month
• Every six months to stay in touch
SPHERE OF INFLUENCE
Goal: Maintain relationship, mind share and generate referrals
How?
1. E-mail
• Monthly E-Newsletter (Home News)
• Holiday, Market Update, Fundraising emails
2. Postcards
• Market Update, Holiday, Fundraising
3. Annual Holiday Party
• Invite to Home Party
REFERRAL PARTNER
Goal:
How?
OTHER SOURCES OF BUSINESS
FUNDRAISING
Goal:
How?
PERSONAL GOALS
1.
2.
3.
CSF’s 10/6/17 11:20 AM
At a minimum, all LOs should be closing 2 loans per month.
The ratio for an application to a closed loan is about 4 to 1. Based on that, all the numbers
need to be worked backwards. Calculate closed loans on a monthly basis and then
weekly. More loans close at the beginning and end of the month rather than all month
long, but LOs should be taking applications EVERY DAY!
A solid referral source should be sending 2 applications per month.
Sample CSF’s
Calls to New Referral Partners Goal: 2/10 (per day/week)
Names of New Referral Partners (MR) Goal: 2/10 (per day/week)
New Referral Partner Meetings Set Goal: 3 (per week)
New Referral Partner Meetings Goal: 2 (per week)
Commitment from New Referral Partners Goal: 3 (per month)
Calls to Existing Referral Partners Goal: 6 (per week)
Meeting w/ Existing Referral Partners Goal: 5 (per week)
New Applications Goal X (per day/week)
Closed Loans Goal: X (per week)
Networking Events Goal: 2 (per month)
Referrals Goal: 5 (per week)
You do not need to use every category above. These are just ideas of what you may want
to track.
Time Management 10/6/17 11:20 AM
Challenges you can expect to run into with a Loan Officer on this topic: 1. They babysit their files to make sure they close. 2. They are chasing paperwork down because they hand in incomplete files and then they blame the underwriter. 3. They think they are special and there is no way they could control their day.
These are excuses! You can help change their life here by doing a few different things. They are: 1. Review Control, Influence, Accept with them 2. Help them understand how much their time is worth and what that is costing them over an entire year 3. Help them understand ‘Daily To Do’ vs ‘Block and Tackle’ 4. Help them set boundaries and understand why this is important They tend to focus on what is right in front of them and not the big picture. You will see that many LO’s are inconsistent. They will have a big month then a low month then a big month, etc. The best thing we can do is to help them see the importance of consistency and help them create a schedule that allows them to be consistent. Techniques: Control the Controllables! Work Night! What Should a LO Do during Work Night: -E-mails -Return Calls -Chase Down Paperwork -Agent/Client Updates -Prospect List -LinkedIn Searches -Schedule Tool for the following week
Lead Generation 10/6/17 11:20 AM
Lead Gen can be overwhelming for people. Here are the steps to teaching this module:
1. Ask them:
• What are they currently doing?
• How is this working?
• What else would they like to do?
• What else can they do? 2. Challenge them to come up with 10 different ways to generate leads
• Use the above illustration to help them if they are struggling 3. Explain to them if they tried to do all of these that it wouldn’t be effective
because their focus would be diluted. Have them pick 3 to focus on.
4. Once they pick their 3, help them create a plan on how to work these
effectively. See below for a few ideas.
5. Have them read chapters 5-8 in Gettin’ In & Gettin’ Out.
1. Past Clients:
They should be doing 2 things with their past clients. One,
they should have a system to stay in touch with them. Two, they should be
reaching out to them to ask for referrals. If they are not doing either, it is your
job to help them create a follow-up system that they can automate to stay in
touch with these people. Refer to the Referrals tab for specific verbiage.
2. Referral Partners:
This can be really one of the most effective ways to gain business. Some other
professions that would be great referral partners for Loan Officers are Realtors
(most common), Financial Advisors, CPA’s, Divorce Attorneys, Estate Attorneys,
Insurance Agent, Carpet Cleaners, Builders, Property Managers, Real Estate
Investors, Hair Stylist, Large Employers etc. Refer to the Referrals tab to learn
how to create these relationships.
3. Social Media:
LinkedIn is an incredible tool for Loan Officers to use for lead generation.
Another great one is Facebook. Refer to the Social Media tab for more
information.
4. Bank Leads:
This only applies if the loan officer works for a company that is linked to a
bank. An example would be Wells Fargo. They should be carving out time to
seek these out and follow-up on them.
4. Networking:
The more people see you the more they begin to trust you. They need to be
getting out into the community and meeting people on a consistent basis!
5. Website
If they told you that they want to be known for _____, they need to build a
brand for themselves. They need to have a website. Many people shy away
from this because they don’t know how to do it or they think it will cost too
much money. Encourage them to post an ad or put up a request on FB for
someone to help them with this. Often times, they will have younger family
members that can assist as well. They can start off using ‘Wordpress’ for free.
6. Referrals
They should be generating referrals from many directions! Refer to the Referrals
tab.
7. Advertising
This should be an ongoing basis. Help them create unique headlines that will
capture attention. They can advertise in the local paper, radio, chamber, etc.
8. Farming
This one takes a very specific plan to be effective. They can implement door
knocking, door hangers, fliers, community events, etc. It is also one of the most
effective ones if they pick a neighborhood that is ideal to them and they can
discipline themselves to follow the plan they create. Have them come up with
what they would like to do and on your next call fine tune it. They need to
answer the 5 W’s (who, what, where, when, why) and their coach needs to help
them figure out the How.
9. Builders
These are great referral partners. They will be teaming up with a realtor to sell
what they build so there will definitely be business to be had. Many loan
officers are intimidated by calling them and have stopped because of the turn in
the market. Builders are reappearing and doing business again, they have to
reaching out to them!
10. Seminars
Host local community events with Referral Partners. Create topics around your
ideal clientele. IE First Time Home Buyers.
Other Ideas:
1. Fundraisers
2. Home Parties 3. Networking
Referrals 10/6/17 11:20 AM
They need to be getting referrals to real estate agents (realtors) and to consumers (home
owners or prospective home owners). They ask for referrals from realtors and past
clients. The reason they don’t ask for referrals is because they do not want to make an
agent mad and they do not know how to ask. Most loan officers should have referral
partners already that they may or may not use well. Some great referral partners are
realtors, title reps, divorce attorneys, builders, CPA’s. Best techniques for Mortgage
would be cell phone referral techniques and LinkedIn for agents. For Consumers (past
clients) best would Facebook and 7-step referral technique. A conservative referral goal
would be 3 self-generated referrals a week.
Referrals can be completely out of people’s comfort zone. Here are the steps to teaching
this module:
1. Ask them:
What are they currently doing?
How often do you ask?
What are your results?
Do you think there is room for improvement?
Why do you say that?
2. If they have their verbiage written out, have them send it to you. If not, have them say
it so you can specifically hear what they are saying.
3. Share a Technique.
When teaching a technique it can be a challenge to get them to understand it to the point
where they feel confident using it. Here are some steps on how to do this:
-Teach the Technique
-Show them how you would use the technique.
-Have them wing it. Let them know that this is just to see what they naturally come up
with.
-Have them create their own script and send it to you. Do not give them a script. It will
be more natural for them to say something that they come up with. Tell them that you
will edit whatever they come up with.
-Role-Play their Script. They need to get comfortable with this!
-Give them a Referral Goal. This is most likely a new skill for them so start with a low
number such as 2!
7-Step Referral Technique
This technique is great to use when calling past clients, current clients, sphere of influence
and referral partners.
Here is an example of a realtor script using this technique:
1. Transition Statement
Thank you for trusting me and I want to make sure you know how much
I value you as a client. I truly enjoy working with you. In fact, I wish I had 10 more
clients just like you. Perhaps you can help me another way.
2. Clearly Ask for a Referral without using the word Referral
It was a pleasure for me to serve you and I look forward to serving you
again in the future. I’m not sure if you know this about me but I really
like to do business with friends and friends of friends or even family of
friends. I’m really looking to work with more great people like you who
share similar values and beliefs. Based on who you are, who would be a
good person for me to talk with?
3. Paint the Picture
I’m looking to connect with ______ who really share our passion and values in
business and personal lives. I’m looking for people who really value their client and
are willing to work hard for them…
4. Isolate the Faces
Basically I’m looking for anyone who has been in business for at least 3 years, you
would think of them as highly motivated, are respected by their peers. If you were me,
who would you connect with?
5. Write down the Referral
I know that you are actively involved in the community, think of who you
know from church or people you may have seen on Facebook…. Who
should I be reaching out to? Who do you enjoy working with?
6. Ask ”Who Else?”
Great, thank you! This is really how I love to do business. Who else
should I reach out to?
7. Get Pre-Approach
Perfect, thank you so much. Do they go by ___ or do they have a
nickname? What’s the best time to reach them usually? Is it best to call
their house or cell? What’s that number? What kind of decision maker is
____? Is _____ straight to the point, extroverted, analytical?
*Steps 2-5 should be free flowing. You should not pause between those. They are all
meant to help jog the memory.
Cell Phone Referral Technique
This technique is wonderful to use when you are at a high point with someone,
particularly a client. They have just signed a contract or closed a deal.
Here is an example of a loan officer script using this technique:
1. Thank and Compliment
Thank you for trusting me and I want to make sure you know how much
I value you as a client. I have so much fun working with you! I wish I
had 10 more clients just like you.
2. Customer Service 100%
Now _____, as you know, I pride myself on giving top notch service to
my clients. It is definitely a priority for me. I hope you can see that!
3. Bring Out Cell Phone
And with that said, do you happen to have your cell phone on you?
4. Enter My Number
Good. What I would like you to do is go ahead and pull that out. I would
like for you to program my (number/e-mail/other number/some form of
contact that they don’t necessarily have) into your personal cell phone so
you can have easy 24/7 access to me. My number is --------. (Wait for
them to enter this information)
5. Business with Friends
Now ____, I’m not sure if you know this about me but I personally only
like to do business with friends and friends of friends or family of friends.
6. Based on Who You Are
So I’m just curious, based on who you are ____
7. Who in Phone?
Who in there on your cell phone would be someone I should be reaching out to?
Really, I like to work with folks who have been in the business for at least 3
years, who are respected, who are highly motivated, who can you think of from work
or soccer club or from facebook… who sticks out to you as you scroll through your
contacts?
Golden Nuggets
After they have self-generated at least 3 referrals, share this technique!
A golden nugget is crucial to your success with the referee! In fact, they are going to want
to add this to their referral process. A golden nugget is a piece of random information that
only friends of the referee would know. Some ways to ask for a golden nugget are:
1. “Does ____ have any unique hobbies? Do they travel to cool places,
compete in triathlons, addicted to Hot Dog Competitions?”
2. “What does all of _____ know them for? Like when you think of _____,
what is the first thing that pops into your mind?”
3. “How did you meet? What is your favorite memory of ____?”
Circle of Influence Exercise
Once they are attempted to ask others for referrals and have actually received referrals,
move on to the Circle of Influence exercise. This is to help them create a targeted list of
who they are going to reach out to. I always tell them that this list can always be
replenished once they go through it but it is used to give them a focus vs looking at
hundreds of people at a time! For loan officers, here are the different lists you may want
to consider having them make:
1. Family Members
2. Friends
3. Current Clients
4. Past Clients
5. Power Partners/Referral Partners
6. Community Events
7. Contacts through their Kid’s Activities
8. People who left Mortgage that they have a relationship with.
How to Create Power Partners
Power Partners is taking Referral Partnerships to the next level! Here are the steps to
teaching this:
1. Start off the conversation asking, “Do you have Referral Partners?”
2. Gain a better understanding by then asking, “Do you reciprocate?”
• Typically, they will have a reason why they do not.
3. Learn More.
“How often do you make it a point to meet with them or get on
the phone to exchange referrals or is it whenever you can get around to it?”
4. Start helping them see the light.
“What would it be like if you had a goal to meet with someone over the phone once a
month or once a quarter and you know exactly who they know that you want to know
AND you can help them be introduced people that they want to know that you already
know. Just imagine, if you had 4 people like that a month, that you spoke to one a
week, once a month which lead you to having 5 new referral introductions a week,
what would that mean to your business?”
5. Get them to Quantify this.
“Northwestern Mutual did research on this and found that the average person will
close 60% of their referrals but only 20% of their non-referrals. Do you know that data
for yourself? Do you close more referrals than non-referrals for yourself? Does that
sound like something that would help your business?”
6. Get their Commitment.
“If this works for you, how would you make sure you would make time for this? It
sounds like this is an activity you would want to part of your routine so you would
need to block time out for this once a week. What day and time would work best for
you to implement this?”
7. Warm Introduction E-mail Template
“The first thing we need is an e-mail template that you can have people forward on for
you. Here is an example of one could look like:
___________,
I was just talking with (my name), and when I learned about what he/she does I
immediately thought of you! At least worth a phone call!
He/She is CC’d here so he/she can connect with you directly.
My Name – My Number
Their Name – Their Number
It may or may not be a fit - but you'll love him/her regardless! Expect a phone call
in the next few days, and feel free to call me if you have any questions.
Your Name
Your Number
Would you feel comfortable using something like that?”
8. Teach them how to find these people
• Step One: Send a LinkedIn invite to every person you set an appointment with and every person you do business with currently
• Step Two: Go to the profile page of a connection with whom you have an appointment with
• Step Three: Click on their ‘Connections’
• Step Four: Click the magnifying glass in the upper right corner and type in a target, like ‘Realtor’ and hit ‘Enter’
• Step Five: The words ‘Advanced Search’ appear to the left, click on this
• Step Six: In the new screen, look at the left column for ‘Location’ and check the box with your city and hit ‘Enter’
• This will give you a list of connections that you want to know. Take a screen shot of these and paste into a word doc OR transfer information into an Excel
Sheet
• Repeat this using other ‘Targets’ until you have 10 connections you would like to ask Power Partner about
• Make sure to find out how they know them, coach them on how to introduce you using the e-mail intro, ask that they CC you on this and let them know you
will contact that person within 1 week
9. Assign Action Items
• Create your own Warm E-mail Introduction Template and send to Coach
• Goal: Set up 2 Power Partner Relationships by next call
• Goal: Get 5 Warm Referrals using this technique by next call
Facebook Referrals
The search bar on Facebook is amazing. If you take time once a month to run a variety of
searches on here, you should definitely be able to self-generate quality leads. Here are
the steps to using this effectively:
1. Delete anyone that you are not actually friends with and that you do not know
2. Add people that you are friends with, are referral partners with or do business with
3. Have a list of 3-5 searches that you want to run with specific criteria
‘Friends of friends who live in Philadelphia that went to Temple and are engaged’
‘Friends of friends who work for Pfizer’
‘Friends of friends who are married and live in Harrisburg’
Note: By searching ‘Friends of Friends’ you are getting to who your friends know that you
don’t know which will allow you to reach out to your mutual friend and ask for the
Introduction. It will even show you who ALL of your mutual friends are.
4. Keep this list organized in an excel spreadsheet and call them!
Approach 10/6/17 11:20 AM
Mystery Message:
Hi ______, this is ________ ______. My name probably doesn’t ring a bell to you but I was
actually giving you a call today because I was told that you were probably the best one
over there to answer a very quick question I had. If you can, please give me a call back
today on my cell phone at _____. You can reach me most of the day but if we happen to
miss each other I will try you back tomorrow.
Realtor Approach
Hi xxxx, this is ________. (PAUSE! ALLOW THEM TO THINK! ) If you’re having a hard
time putting a face and a name together that's because we haven’t met yet… so you’re off
the hook! By chance did you get a heads up that I was going to be giving you a call? Oh!
No big deal! Actually I don’t know if my name is familiar or not but I was talking with
(insert name) recently and he had a bunch of really great things to say about you.
(ALLOW THEM TO RESPOND!) How do you know _____?
Well how I know_______ is that ….. (FILL IN HOW YOU KNOW _____)
So that’s actually why I was calling today. I was hoping to run an idea by you, it may be a
fit, may not, but did I catch you with a quick minute?
So like I mentioned, I am a loan officer with ________ and I specialize in helping -------.
Based on what_____ told me about you, it sounds like that may be something worth
learning about, is that right? Perfect! Now if you are like most of the folks I talk to, you
probably already have a lender relationship and that's completely okay. Like I said, it may
or may not be a fit! However I was hoping to pick a time where we can meet for about 30
minutes to learn more about your situation and share some of our programs that are
unique to _______ for buyers like you. Would it be best to meet up this week or next
week?
Another Sample Approach
Hi xxxx, this is _______. I don’t know if my name rings a bell to you but I was talking
with XXXXX XXXX recently and he had some really great things to say about you. I’m
almost sure they can’t be true!) Allow them to Laugh
How do you know XXXXX XXXX?
Well how I know_______ is that ….. (FILL IN HOW YOU KNOW _____)
So that’s actually why I was calling today. I was hoping to run an idea by you, it may be a
fit, may not, but did I catch you with a quick minute?
I appreciate that. Well how I know XXXXX XXXX is I’m actually a loan officer with
XXXXX and I was hoping I could meet with you. Now I understand you may already have
a lender and that’s ok. As I’ve been talking to other agents a common concern is that no
lender can offer all things to every buyer. I’ve been able to help quite a few buyers in
__________. Would there be any reason you wouldn’t be open to learning about what
_____ can offer?
Great, would it be best to meet up this week or next week?
Handling Objections 10/6/17 11:20 AM
Understanding Objections:
All Objections are one of three things:
1. Condition
• A valid reason why the customer cannot move forward 2. Stall
• A vague reason to avoid a selling situation or making a decision 3. Objections
• An obstacle to overcome and create a positive selling situation o Identify Early and Move Forward
o Do not dismiss as a Condition
Condition:
• This is a NO! Move on.
• Ex: No money, no credit, no need, family business.
Stall:
• Ex: Send me info. I’m no interested. I want to think it over, sleep on it, pray about it. Call me back in a few weeks.
o That’s fine ___. Obviously you wouldn’t want to think it over unless you
were seriously interested, would you?
o Since you are serious about this, may I assume then that you’re going to
give this investment very careful consideration?
o You’re not telling me this just to get rid of me, are you?
o Just to clarify my thinking, what is it about ___ you’d like to think over?
o Is there a possibility that I forgot to cover something?
Objection:
• Bypass or Shelf the Concern o This is an excellent point and I’m glad you brought it up. Let me make a
note of that and I’ll be sure to answer it during my presentation.
o If it’s substantial, they will bring it up again.
• Brag about it in your Presentation o Find an area that is typically an objection and brag about it
§ Whoever brings it up first, wins
o Money:
§ “Most people look for three things when making a purchase.
They want the very best quality, the very best service and of
course the lowest cost. What I have learned is that I have yet to
find a company that could provide all 3 at the same time. They
can’t give you the best quality with the strongest service for the
lowest price. For your long-term happiness, which of the three
are you most willing to give up… quality, service or price?”
Principles to Keep in Mind:
1. Validate their Objection by Repeating it
• This also buys you time 2. Sell More by Talking Less
• Ask Questions! 3. If they are Talking, YOU are Selling
• It is building rapport and they will give you more information than they mean to which allows you to use it for selling
4. Use THEIR Words, not Yours!
• They believe 25% of what you say, 75% of what you get them to say… back to asking questions!
5. You must get them to commit to being open-minded first before you can
commit them to doing business with you.
Most Common Objections for Loan Officers:
Client has already been “Pre-Approved”
-Train them on how to Train their Realtors to Educate their Clients on why getting a 2nd
Opinion is Important. Some stats:
• 55% of Homebuyers use a Mortgage Provider that the RE Agent Recommends
• 32% of Homebuyers come Pre-Approved to the 1st Meeting with an Agent
• 16% of Pre-Approval Letters turn out to be Invalid
• 14% of Pre-Approval Letters cannot be verified by a phone call to the Mortgage Provider
• 9% of Transactions Fail because of Invalid Pre-Approval Letters
• 3% of Transactions Result in Reduced Commissions because of Invalid Pre-Approval Letters
o Survey data published by Campbell Communications
“I already have a Lender”
“I send you my business!” … but they haven’t gotten anything from them!
-Question whether or not this person is a solid referral partner. Are they actually a
producer?
-If yes, how often are you reaching out to them?
-Humble Yourself.
• “I appreciate you and really admire the way you do business. I’ve been evaluating my business and looking for ways to grow not only my business but
as a person. If you could pinpoint 1 or 2 things that you feel that I do that adds
value to your business, what would you say those would be? Now what would
be 1 or 2 areas that you feel that if I started doing or was more consistent in
doing, would add value to your business/our relationship?”
TECHNIQUES
Before teaching a technique always find out:
1. What objections are they running into?
2. When they get them, how do they feel?
3. Why they believe them are getting them and why they make them feel
that way.
4. How do they respond to these objections currently?
1. 6-Step Answering Objection Formula
• Sample Empathy Statements o Boy, that does sound tough.
o I can see why that is challenging.
o Seems like they are really asking you to do a lot.
o If I were in your shoes, I could see why you feel that way.
• Example of a Soft, Savvy, Service-Minded and Open-Minded Question such as: o “Well let me just ask if there was a ______ that you ____ would you be
open-minded to letting me do some of the legwork for you?”
2. Feel-Felt-Found
• “I completely understand how you feel, in fact when I was working with (client) from (location), they said the same thing, but what they found was that they
just wanted… (insert their objection and how they found a solution to their
concern, then go back to the script)”
Action Items:
1. Write down every objection you receive between now and our next call
2. Create responses using the 6-Step Objection Answering Formula and send
to Coach
C.L.A.S.P. 10/6/17 11:20 AM
Thanks for meeting with me. [Referral name] had so many good things to say
about you, I just had to meet you. I really admire what you’ve accomplished in
real estate, and I’m really honored you took 15 minutes to meet with me today.
I have found that the way I partner with Real Estate Agents is a little different, so
the first thing I want to say is that my goal for today is not to beg for, or to earn
your business. Instead, my goal for today is to ask you a few questions, and then
see if there’s an opportunity for me to help your business. Is so great, if not, no
big deal. Does that sound good? Great.
C - Current Situation:
• Who are your ideal clients?
• Who is your current lender?
• How did you get into real estate?
L - Like:
• What do you like about working with [current lender]?
• When you work with a lender, what do you look for?
• What’s really important to you about partnering with a Loan Officer?
A - Alter/ Change:
• Is there anything you would change about your relationship with [current lender]? Let’s pretend you had a magic wand... Is there anything you would
change if you had a magic wand?
• What are your business growth goals for the coming year?
• Have you ever had ended a relationship with a lender before? What happened?
S - Signer/ Decision Maker:
• I don’t want to step on anyone else’s toes, besides yourself, who is usually involved in deciding what lender you send your business to?
P - Paint the Picture:
• I take pride in providing real value to each of my referral partners. In fact, if I can’t provide value to you or to your clients, then I would never expect you to
do business with me. Would you agree with that?
• In our time together today, I learned that in a lender, you need [list hot buttons
from your notes]. I also learned how important [list pain or deal breakers] is to
you. I’d like to set some time up you next week where we can talk about our
business plans and goals for the coming year. I believe that I could provide
value to your business and would like to share some of my ideas with you. If I
were able to share some ideas with you that would not only help our business,
but put more families into their dream homes, would meeting with me next
week be something that would interest you? Great!
• Next week I have time on Wednesday or Thursday at this same time. What day works better for you?
For a Customer:
C – Currently:
• Have you been educated on this process?
• Who is your realtor?
• What size loan do you need? Do you currently have monthly payments on another home?
• What is your timeline?
L – Like:
• What do you like about your realtor?
• What are you most excited about with this?
A – Alter:
• It is common for many people to have concerns and questions with this process; do you have any off the top of your mind?
S – Signer:
• Who else will be living in this home?
• Is there anyone else helping you with this process?
P – Paint their Picture
• If I could lock you in at x interest rate and also keep your monthly payments below y then is there any reason why you wouldn’t want to move forward with
that today?
Marketing/Follow-Up 10/6/17 11:20 AM
What to Do for 1 Year with Referral Partners:
The plan should be a mix of practical and also creative. There are some things they should
always do and some they should have fun with.
When You Set a Meeting with a New Referral Partner Prospect:
1. Send a Handwritten Thank You Card
2. Send an Outlook Calendar Invite
Post Meeting with Any Referral Partner:
1. Send a Just Wink Greeting Card via Text
2. Follow Up with a Phone Call about 1 week later
3. Have them pick an idea for each month of the year with one real creative one every
quarter. These can range from calls, e-mails, events, mailers, etc.
Other Ideas:
November – Invite them to do a Turkey Trot with you. Put together a team!
February 11th: National Peppermint Patty Day
Send a bag with Peppermint Patty’s and a quote by Peppermint Patty from Peanuts. This
one says, “Subtraction? Oh yes, ma’am, I can explain it. Subtraction is the awful feeling
that you know less today than yesterday.” The note said, “Today is National Peppermint
Patty Day! Enjoy!
March 14th: National Potato Chip Day
Send a bag of this person’s favorite chips with a note that says, “I look forward to
crunching the numbers for you!” or “Thanks for letting me crunch the numbers for you!”
Thanksgiving Frames
Print from here: http://eighteen25.blogspot.ca
(Sorry it’s sideways!)
If they seem too busy to call you back, send them a Snack Pack!
August 3rd: National Watermelon Day
“Insert Company Name…. Seed Spittin’ Good!”
July 15th: National Cow Day
Rent the Chick-Fil-A Cow and Deliver Chicken Sandwiches to the Offices
NOTE: If they haven’t responded after all of this they are probably not a prospect. Move
them out of your calendar and into the mass marketing file.
National Chocolate Day
Past Client Follow-Up Ideas:
1. Create a Magnet with the 15 Restaurants in your Market and Phone Numbers. Put your
company name, your info, and picture on it! Send these out to clients or give it to them in
closing packet.
2. Birthday Cards: automate this at the beginning of every year. You can hire someone
PT to go ahead and do this for you!
3. Holiday Cards: include a business/life update to build that relationship
Month One: Send an Evaluation/Customer Service Survey
Month Two: Call them and Complete the 4 Steps (Service, Remind, Number always
Handy, Anyone Else)
1. Call them just to check in as a courtesy call and see what they thought of your service?
Specifically what they thought of your professionalism and how you helped them with
your services. (remember you may have to dig a little here so that you can get a good fully
explained story for your notes)
2. Remind/Restate that you are there for them if they need anything, and really make
them feel good about working with a professional like yourself that really cares about
them if issues come up.
3. Make sure they have your number/email address always handy with any questions
they have or may have about their program you have set them up with. Get them to write
it in their address book, install it into their cell phone again, write it on the fridge, etc.
Where ever they keep their names and numbers you need to be there.
Then immediately when they are in front of their “circle of influence”/names and numbers
4. Ask them if there is anyone else that you should be speaking to that they know that
would love to experience this tip-top level of service you provide? (do not talk and write
down names, emphasis on the DO NOT TALK)
Month Three: Connect with them on Social Media Completely and Inform them of the
Content you will be putting on there
Month Four: E-mail something Educational (Working with a CPA, Market Updates,
Events in the Area, etc)
Month Five: Touch for Referrals. Always Give to Get!
Month Six: Social Media Update!
How to Stay Organized:
Use your Outlook Calendar to manage your business. Schedule a reoccurring
appointment with yourself (I like to do the First Friday of the Month) and mark this as your
‘Business Management Day.’ You can schedule one hour, 4 hours, all day, whatever it
takes and use this day to execute your plan for the upcoming month.
Tools to Use:
1. www.americangreetings.com
• Automatic e-cards that can be sent for birthdays/holidays. It is $13 for a Yearly Subscription. Take a few hours in the beginning of the year and schedule out
all cards for the entire year.
2. Microsoft Outlook
3. Pages 101-105 of Gettin’ In and Gettin’ Out
4. http://www.brownielocks.com/month2.html
• This site tells you ALL of the Daily, Weekly, Monthly “Holidays” going on that you can use to put together creative marketing pieces to grab people’s attention.
Social Media for Real Estate 10/6/17 11:20 AM
HootSuite: Social Media Management Tool Great Apps 1. Just Wink: Authentic greeting cards that you can post to Facebook, e-mail, mail direct or send via text 2. ReFresh: This app syncs with your calendar and finds common ground with the people you meet. It will search the web and social networks to deliver insights about your contacts, mutual interests, shared passions and important moments. FACEBOOK How to Use it to Create Leads for Yourself: The search bar on Facebook is amazing. If you take time once a month to run a variety of searches on here, you should definitely be able to self-generate quality leads. Here are the steps to using this effectively: 1. Delete anyone that you are not actually friends with and that you do not know 2. Add people that you are friends with, are referral partners with or do business with 3. Hasve a list of 3-5 searches that you want to run with specific criteria
• ‘Friends of friends who live in Philadelphia that went to Temple and are engaged’
• ‘Friends of friends who work for Pfizer’ • ‘Friends of friends who are married and live in Harrisburg’
o Note: By searching ‘Friends of Friends’ you are getting to who your friends know that you don’t know which will allow you to reach out to your mutual friend and ask for the Introduction. It will even show you who ALL of your mutual friends are.
4. Keep this list organized in an excel spreadsheet and call them! How to Use it to Market Yourself:
It is no secret, that as a real estate professional you must make social media and social networking a fundamental element in your business marketing plan. With almost 750 million active users globally, Facebook can be an effective marketing tool if you use it correctly. While there are hundreds of real estate agents posting on Facebook, few grow their LIKE-base (or fans) beyond family, friends and former clients. Why? Almost all salespeople make the big mistake of only posting their business updates and selling themselves and past awards and accolades: “#1 LO in the State of XX”! While this may be fine to put on your website, on Facebook this is just a sure way to lose followers or never get any followers (or LIKES). You need to use a different approach. DO NOT use Facebook and other social media sites solely for marketing your business and sharing your awards! You wouldn’t go to a networking event or party and start handing out copies of your listings or mention you were voted #1, walk away and not otherwise socially engage, would you? Of course not, and you shouldn’t do it with social networking either. So, what DO you talk about and post on Facebook? Here are a few tips: 1. Share community news. Real estate is all about location, right? The location is the neighborhood or community; so make your page about the communities you live and sell in, not about you. On Facebook, people LIKE things they love and are passionate about. Sharing knowledge and relevant events about the community will help a real estate agent to develop deeper and more reliable connections with community members and those that want to be part of the community. Being aware of the community’s surroundings and being aware of what people are interested in, is a way to capture the attention of prospective buyers and more importantly, it’s a way of becoming noticed as a community resource and as a caring, knowledgeable LO and
makes you a great referral partner for an agent! EXAMPLE:
This post is an enthusiastic and non-pushy way of advertising the sale, redirecting followers to more housing information on your website and sharing some community news. 2. Share good news about the economy. The poor economy is obviously making it more difficult to sell homes. However, when there is good news of any kind, share it. As a professional, posting good news about the economy on your social networking sites does two things: it inspires faith in the market and encourages people to reconsider buying. Plus, being positive is an all-around good attitude to adopt because other people tend to gravitate towards positive people. 3. Integrate social networking into your everyday business. For all self-promotion, it is
important to always include your social networking sites. If utilizing Facebook to grow your following is the goal, prospective clients should always be directed to your Facebook page. There, you can capture their e-mail address for future email marketing campaigns, ask clients to post a review on the page, ask questions and more. The more emphasis you put on your page as being a contact and informational resource, the more integrated it will become in your business. 4. Encourage comments and answer questions. Now that you are providing information that is of interest and people are beginning to “LIKE” your page; you need to keep them engaged and build a relationship with them. Remember, you want them to get to know you and trust you so they will buy from you. To do that you need to talk to them. Here are a few ideas to solicit comments: a. Post pictures of the most decorated house in the neighborhood during the holidays. b. Ask people their favorite community hangouts. Actually visit some of them and take your picture at the location, post on you page and ‘tag’ the person who mentioned the hangout. c. Post a funny picture and add “guess the caption”. d. Post a statement with a fill-in-the-blank: “My dream house would have _______. Please add and post.” PROFILE OR PAGE? “Why can’t I use my personal profile for business? Do I really need a Facebook Page?”
YES! You need a Facebook Page for business. I have heard the objections and know that when it comes to loan officers, your personal network is your business network and it may seem logical to use your personal profile to market your business, but I strongly suggest you keep your personal profile personal - only for your family and friends; if you have a personal profile at all. You DO NOT have to have a personal profile on Facebook to have a page. In the past, it was required to have a personal profile first to create a page; but that has changed. Why you should use a Facebook Page for Business vs. a Profile: 1. It is against Facebook’s Terms of Service to promote a business on your personal profile. Facebook could pull down your personal profile at any time and you would lose all of your „friends‟ and contacts – then what would you do? 2. Facebook pages do not limit the number of people who can LIKE your page. Personal profiles have a maximum limit of 5,000 ‘friends’ that you can have. It sounds like a lot; but once you begin connecting with everyone that is interested in your community, business contacts, business leads, other colleagues, etc., you can easily reach 5,000 and more. 3. Facebook pages are public, so everyone can see them and Google and other search engines can use the public data to rank your page in searches. Personal profiles are private; so even though Google and other search engines “see” them, you don’t get the benefit of all your content and hard work in the search engine listings. 4. Facebook pages allow you to capture email addresses for future email marketing campaigns. Personal profiles do not have this option.
5. Facebook pages allow you to customize your navigation labels and add tabs to add more information to your page (your Twitter feed, LinkedIn profile, your blog, etc.) and make the information easier to find. So, remember, most people in the communities you market and sell in will not care about your recent awards and achievements, your upcoming closes, but what they do care about where they live. Become the trusted online resource for the communities you represent and you will benefit from social networking. People will do business with those they know and trust. Make that person YOU! How to Create a Facebook Fan Page: 1. Go to www.facebook.com and Do Not log-in yet! 2. Create a Page by clicking on the link at the bottom of the home page that says ‘Create a Page’
3. Alternate ways to find the ‘Create a Page’ link
• If you already have a personal account, it may not show up where it shows above. You will have to log-in and go to:
o Account o Help Center o Pages for Business o Creating and Administering your Page o How Can I Create a Page?
4. Select a Business Type
• Now, select the option that fits your business. The type of selection you make here will categorize your account and affect the type of interactions your users can have with you. For most businesses, you will either be a Local Business or Place or a Company, Organization or Institution. Complete the fields that show up, these vary depending on which options you select.
• Click ‘Get Started’ once you completed the form
5. Complete the Form The next screen will ask you to complete a form if you don’t already have a Facebook account.
• If you DO already have a personal Facebook account, you can log in using that account, and you will then become an administrator of the new Business Page you’re creating.
• If you DON’T already have a Facebook account, fill out the form. Facebook will create an account for you that makes you an Administrator only of the new business page. As an Administrator, you have very limited permissions to do anything else on Facebook other than administer the business page.
A Facebook business page administrator profile is NOT the same as a Facebook personal Profile. If you have a personal profile on Facebook, use that one to administer your pages. People will NOT be able to see your personal profile, personal photos or personal information on the business page, they are separate types of
accounts.
Last Step, click “Sign Up Now!” button.
Your account should now be created and ready for you to add a picture and content! 10 Steps to Create the Ultimate Facebook Brand! 1) Open Page – As a company, you should open a Facebook page. I have often seen the mistake of many companies opening a group or a personal profile for a
company. Facebook has created Facebook pages for commercial companies to be able to carry on conversations with their consumers. Pages (unlike personal profiles or groups) enable brands to view insights such as fans demographics, number of interactions with fans, etc. Insights which are a necessary part of evaluating and assessing your brand’s marketing activities. 2) Content is King – When you’re initially building your Facebook page, fill it up with interesting and relevant content. Content doesn’t need to be specifically about your brand. Find insightful articles that have to do with your company’s vision and perspective and post them. Add dynamic content such as screenshots of highlighted areas on your site, videos of explaining your service, stuff that people would be able to look at when they make the decision of joining your fan page or not. You want to make sure that before you start inviting people to your page, you’ll have good high quality content to show them. Make sure to continuously upload great content to your page on a daily basis so that fans will want to see your page on their news feed when they open up their Facebook in the morning. 3) Networking – After you’ve uploaded enough interesting content, suggest your page to relevant members in your network. Obviously the more of a social networker you are and the more connections you’ve already managed to attain in your personal network, the easier this step will be. Keep building your network of connections for the future. 4) Find your target audience - Finding the people within Facebook that will take an interest in your brand and in your campaigns and make sure they know your page exists. Are you a social network for animators? Are you offering a new, healthier product for coffee lovers? Find your relevant audience who’s already on Facebook and let them know that you’re there. In today’s world wide web, people are getting more and more used to information finding them and not vice versa. Those brands that have understood this point and are reaching out to their target audience within Facebook and creating relationships with these individuals, are already placing the competition at a huge disadvantage. 5) Keep the conversation awake – Create live discussions on your page by both utilizing the status feature and also the discussions app. Get your fans involved in your discussions, ask for their feedback, show them you care about what they have
to say. Enable a free flow of conversation even if you don’t like to hear what is being said by some folks. Use this opportunity to listen to what people have to say and take control of the conversation. Be happy for the opportunity you’ve been given to win them back as customers. Always make sure to be attentive, patient and answer as quickly as possible. Remember that Facebook doesn’t sleep. Utilize the information of the crowd to learn more about how to lead your brand forward in the market. 6) Excite people about your brand again and again - Create frequent contests and special campaigns for fans to take part in and reward them for their participation with either social or monetary incentives that have to do with your brand. In this manner you are ensuring that those people who enter your contest are potential future clients who take a true interest in your product. 7) Create a Welcome tab – A Facebook page that says “Howdy” to all the new comers is both welcoming and a good opportunity to let them know what they can find on your page. Utilize it to express the benefits of joining your page, promote special campaigns you’ve got going on at the moment, anything you like. Welcome new fans to your home on Facebook. 8 ) Bring Value - Create other tabs that are relevant to your brand – for example, a “fashion tips” tab if you’re a clothing brand, a “book reviews” tab if you’re a publisher. Build fun applications for fans and potential fans that will not only help you create exposure for your brand but will also give added value to the users who install it. 9) Utilize Facebook’s Insights - How many interactions did you have with fans this week? How many people commented on your posts? Where are your fans located? Are they mostly female or male? The answers to these questions will of course enable you to make better use of your page plan of future activities. 10) Increase your exposure - Promote your Facebook page on your email signature, on your homepage, in other social networks that you’re a part of and in all outgoing materials to bloggers and journalists. Let your employees and customers know about your page so that they can become a part of the conversation.
Building a good, solid Facebook page may look easy and it is the best Facebook pages that excel at making it look so easy, however, maintaing an online community is not at all easy. Just like any community, it has needs and thoughts and opinions and as administrators of a Facebook page we are responsible for keeping its interest and shall I even dare say turning the members of your community to patriots of your brand. LINKEDIN 1. Testimonials
• Connect with all the people you do business with and after something good happens, request a Recommendation from that person!
2. Presentations • Create ‘How To’ Presentations and post them. For example, “How to get
a pre-approval” 3. Content 4. Groups TWITTER 1. Schedule tweets for each individual open house or showing ahead of time so you can focus on getting the place read 2. Create a Campaign
• Login to your Twitter Ads Account • Click the ‘Create New Campaign’ button in the top right-hand corner and
choose ‘Custom Campaign’ from the drop-down • Choose to run Keyword targeting on this campaign • Enter phrases that a good lead would be looking up, such as ‘Home
Loans’ or ‘Philadelphia Real Estate’ • Choose the place where you want your viewers to be located
Now whenever someone looks up ‘Real Estate’ in your area of choosing, they will land on a page that prompts them to follow you
GOOGLE + Google + is Google’s social networking platform … its answer to Facebook, and then some. On Google +, you have a profile, you connect with people, and you post and follow content, much like Facebook. However, on Google you put your
connections in “Circles” or groups. You name the circles by what they have in common, and you can post to limited Circles. So you can have friends, family and professional, and keep them all straight. Picnic photos to family, professional articles to your professional network. The reason Google + should be ahead of Facebook is “authority.” When you have a Google + page, Google considers you the “author” of that page. You can then make your Google + identity the “author” of your blog and other social media platforms. All of this tells Google that you have “authority,” and that makes your Google + account and your blog rank higher in Google searches. That gets you found when people search for “Mortgage,” which is what this is all about.
How Do LO’s Make Money? 10/6/17 11:20 AM
Turnover is incredibly high because most LOs don’t make it to 6 months. A first year LO will make around $40K. Based on the market, TPs make well into 6 figures and higher (even millions). Salespeople are typically paid 100% commission. There is a Department of Labor Law that applies later this year, but since the industry was turned upside down with the Dodd-Frank Financial Reform, most companies are changing their pay plans now. LOs are not paid on an account. They are paid on closed AND funded loans. The Dodd-Frank Financial Reform changed the way LOs are paid. LOs cannot steer clients into a specific loan to get paid more, so now they have to pay the same regardless of the program. LOs are paid at a tiered level based on the number of closed loans and total loan amount. Based on that, commissions can fluctuate significantly. For example (at Wells Fargo), a $200k loan amount would be paid between $900 and $1300 commission depending on their tiering level.
Sales Cycle 10/6/17 11:20 AM
What is this industry’s average sales cycle length? There are 2 types of transactions for Residential or Commercial: Purchase: Purchase of a new home Refinance: Refinance of current property Regardless of transaction type for residential, once there is a contract, the sales cycle takes on average 30-60 days. Commercial transactions can take over a year for approval. Please describe a sales cycle process start to finish for this industry. Purchase: Preapproval for new home, sell current home or write a contingent offer based on the sale of your current home, find a home. The cycle is completely based on the market and price. Lower home values tend to sell quickly because first time home buyers are purchasing and so they don’t have anything to sell. The more expensive the home, the longer it takes and there are fewer buyers the more expensive the home price.