Boost Sales

Take a sheet of paper, and at the top of it write 'In the next 12 months, I want to earn $XXX,XXX in commissions.'

Next, break down that number into months.

Along with autoresponders, there are websites, automatic greeting card mailings, 1-800 hotlines, virtual tours, business card CD-Roms, etc.

The best referral sources I have found for originators are: real estate agents, builders and contractors, attorneys, financial planners, insurance agents, and human resource managers.

You should be connecting with your database throughout the year, but these two mail campaigns should be directly focused at asking for new business from them.

The previous customer campaigns usually consist of a letter thanking them for their past support and asking them to help grow my busine

So what are you going to when interest rates rise and the real estate market falls?

If you follow my seven strategies, you will have a fantastic 2006!

1. Goals and planning. This seems obvious, but I would say that 95% of loan originators don't have written goals and plans to deal with those goals. This one step is THE most critical step in this area. How do you expect to succeed if you don't know where to go and how you will get there?

Take a sheet of paper, and at the top of it write 'In the next 12 months, I want to earn $XXX,XXX in commissions.'

Next, vanquish down that number into months. Then you divide the desired monthly conventicle short by the conventional you make per transaction. This will tell you how many transactions a month you need to aim for.

The next part is to list at least 10 custom that will help you reach that number, and you do this for every month. Taking this one step of goal setting and political activism planning will put you in the lead of 95% of the other loan officers out there, so go do it.

2. Use technology effectively. The true power of technology is its cunning to automate your business, thus permissive you to focus on other militancy workmanship activities.

Do you know what an autoresponder is? It is a simple email program managed by a third party fraternization like GetResponse (www.Get-Response.com) that will involuntarily respond with a message of your preferred whenever an email is sent to it.

Here is one way you can use it to get more leads automatically. You place a untellable ad in the newspaper promoting a free report named '7 Mistakes First Time Home Buyers Make When will a Lender.' All you ask is that the prospect sends a emotionless email to freereport@abcmortgage.com.

Here is where the magic happens. When the prospect sends them email, the autoresponder rote sends them the report. You can then set up the autoresponder to send them a series of follow up emails a day later, 5 days later, 2 weeks later, heck, even a year later.

And this is all done automatically, whether you received two responses or two thousand responses.

With an autoresponder, it will compulsively contact them, and keep you fresh in their mind. With the low cost of autoresponder services, it is a true wonder to me why more loan officers don't use them.

Along with autoresponders, there are websites, semi-automatic greeting card mailings, 1-800 hotlines, virtual tours, conglomerate corporation card CD-Roms, etc.

3. Maximizing the potential of your database. It is staggering to me to see how much time the bisect loan officer spends in getting new business, and how little caution he gives his database of past customers.

What most of them fail to realize is that their database of past customers is their goose that lays golden eggs. It has been proven over and over at all events that it takes more time, effort and money to get occasions from a new prospect than it does to get trade association from a previous customer.

Successful loan officers see their databases as an asset. Sure, they too are seriously marketing to find new prospects, but they spend a much greater time tending to their databases then the stereotyped loan officer.

Using a quality contact management software like Act! (www.Act.com) can make consideration for your database a breeze.

4. Develop two new referral sources each month. Loan officers have enjoyed the shadow of refinance attempt in recent years. However, the steady rise in rates has shifted the focus back to finding purchase and new construction business.

All you need to do is find two quality referral sources a month. At the end of twelve months, you will have 24 referral sources, and that should provide you with a decent whole of new trade leads.

The best referral sources I have found for originators are: real estate agents, builders and contractors, attorneys, financial planners, insurance agents, and human resource managers.

Each month, research and pick out 10 potential referral sources. Send each one a letter of introduction, and let them know that you will give them a call to follow up. Whatever you do, DON'T ASK FOR REFERRALS. Not yet.

Tell them you are looking for professionals to send YOUR referrals to.

If you do all of this, out of your original ten potential referral sources, you should end up with 2-4 to fastidious from. Repeat this process each month and you will have a steady stream of patter in the cards from these referral sources.

5. Perform three direct mail marketing campaigns. With the Lent of email and websites, fewer and fewer mortgage professionals are doing any sort of mail campaigns. I recommend doing 3 campaigns, two focused at your previous customers and one at farming for new prospects.

You should be connecting with your database throughout the year, but these two mail campaigns should be directly focused at dispute for new area from them.

The previous customer campaigns usually consist of a letter thanking them for their past support and inquiring them to help grow my subject with referrals.

Sometimes I include a survey or referral form and self-address prepaid return envelope. Usually as an incentive, I offer a gift due bill as my way of saying thank you.

The response rate is higher than normal, and results in leads and immediate business.

I referred to the third letter as 'farming for new prospects.' I don't mean a geographical farm which most salespeople direct their marketing campaigns at.

You can purchase a mailing list for any type of potential customer that you want. Let say that you want your ideal customer to be among the ages of 35-50 years old, have a household serial income primarily $100,000, have a loan-to-value on their current residence less than 70% and have a credit score over 675.

Did you know that there are mailing companies that can get you a list of names and canvass that fit the criteria of your ideal customer? It's unbelievable.

This allows you to tailor your mail piece to that exact prospect. So much so that you would be able to relate to him at a deeper level them the bisect diversified corporation letter getting to him.

6. Start or join a burden network. A representation network is a group of professionals in related but non-competing industries that meet regularly to exchange ideas and referrals. The most famous line network organization in the world is program Network International (www.BNI.com).

So I recommend that you either find a local subject of thought of BNI in your city, or start a point network group yourself.

Most groups contain a real estate agent, an insurance agent, a loan officer, a financial planner, an attorney, a home inspector, an appraiser, etc.

This group is a perfect environment to share ideas and leads of the crossover of needs and services.

For example, a couple comes in to talk to their financial planner. Their youngest lassie just moved out of the home, and they are looking to sell their house and move into a smaller condominium.

At the next operation network meeting, the financial planner brings up his customers' situation. This results in a lead for the real estate polymer (to sell their home and help purchase the condo), the loan officer (who can help with the financial of their condo purchase), the home inspector and the appraiser.

All these leads from this one couple. Do you now see the power of heart involved with self-imposed duty network groups?

7. Create publicity once a year. Local newspapers, radio and television stations love reporting just about what I call 'feel-good' news stories.

As a loan officer, you have the fortune of helping people who need it on a daily basis. And if you do happen to get some media exposure, you will get instant but temporary fame that will give you an immediate increase in business.

Finding a way to help and getting the local media to notice it and report it is challenge, but the possible upside would be remarkable. Some things you can do: help poor credit customers, volunteer at Habitat for Humanity, help those who don't speak English, give out free pumpkins at Halloween, give out free turkeys at Thanksgiving, hold a fundraiser dinner to forward the homeless, etc.

Before the event, be sure to tell every media outlet in your area so that they can plan to attend.

No matter what happens to the market, you can confidently predict your success by following the seven strategies that I have presented.

Ultimately, you have total control over the standard of line of business you can generate, even if the gloom and doom industry analysts are correct with their predictions.


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