Every Loan Officer is calling on Realtors at the onset of 2023, and I will share with you how to stand out from your competition in your conversations with them these next 90 days.
Understanding the mind, needs, pains, and goals of your target prospect is rule #1 in sales and the future belongs to the Modern Loan Officer who studies and supports his/her Realtors' business development needs.
Once you fully understand that you don't have to do business with Realtors you don't like and that you just need 10-15 enjoyable Realtor relationships (actively refer you 4+ closed transactions yearly) you will truly enjoy studying their business and helping them. Mix this in with a tight closed database nurture system and another referral pillar (i.e., Financial Planners) and the outcome will earn you a great business.
Unfortunately, most Loan Officers will miss the boat on this and simply think being a good Loan Officer will cut it. Closing loans on time with competitive rates and fees are the standard prerequisite, not an added value anymore.
There are Loan Officers now that are combining the traditional principles of relationship building with the modern principles of direct-to-consumer marketing to help their Realtors earn more money, in less time (more on this in upcoming newsletters).
Well, what do I say to my Realtors?
The biggest reluctance Loan Officers have to call their Realtors are:
"How do I truly add value?"
"I keep getting their voicemail"
"How often should I call?"
"They're not doing much or any business"
I have personally had these thoughts and issues, but fret no more, I have the solution for you.
Here are the five topics I am following on all my Realtor prospecting calls:
1. Gratitude:
It's a shame how difficult it is for some people to express genuine gratitude.
Let's not forget that most of us are 100% commission Loan Officers and so are Realtors, so when we receive a referral from a Realtor, it's literally their paycheck...and ours.
Take inventory of every Realtor that referred you in the past 12-24 months and add them to a "Focus 40" Realtor list.
Start here and make your round of calls:
“Hey [Realtor], I’ve never expressed this to you, but thank you for referring me in the past. This market has reminded me to never take any referral for granted. Every referral you send me is literally your reputation and paycheck. I also love how you’re putting yourself out there with some of the video content, my favorite one was [specific video post]…”
Be genuine, do not deviate too much from the above-recommended script, but put your tone and personality on it.
Gratitude is a gift. Give gifts to receive gifts.
2. Growth:
Understand their 1-2 goals for growth, either personally or professionally, in 2023.
“Hey [Realtor], what’s one thing you’re focused on this year either personally or professionally? How can I support you with [goal]?"
If you can support anyone in their journey for growth, that is the invisible sale that your competition can't ever take away from you, and it's fulfilling.
3. Technical:
Always have one technical or business development topic handy to share with them. As some of you may know, each week I send a "value bomb" to my captive audience of Realtors in advance of my phone power hour.
Past topics have included:
"Top 23 Video Hooks for Realtors"
"Top 5 Listing Presentation Questions for Realtors"
"The Ultimate 'How-To' Gifting Playbook for Realtors"
This can also be something technical such as 2/1 buydowns. I have found that a lot of Realtors are still confused about this concept:
“Hey [Realtor], I find there’s a lot of misinformation or confusion around how seller credits can be applied to help buyers in this market. Can I share with you the top 3 ways seller credits can be applied to help your buyers?
Equip them with one tool to win, but ask them for permission first before sharing it.
4. Experience:
I have solidified many of my Realtor relationships by having them shadow me on their recently referred buyer's initial loan consultation with me.
A few minutes before the scheduled consultation call, I will call the respective Realtor and then conference with their referred borrower (with the Realtor on mute) so they can learn and understand how great of a job I do for them.
“Hey [Realtor], I think it’ll be really cool for you to shadow me on your next referral so you can experience and learn how I conduct these initial borrower/buyer consultations. Can I invite you to the next one? You’ll be a fly on the wall and we can then download together after"
Mix in the "Triangle of Trust" language at the onset of the call where you exalt the Realtor to the Borrower and you're a hero.
5. Empathy:
Last and certainly not least: have empathy, please. Many Realtors are nervous about the market and you calling them and shaking them down for referrals is tacky.
“Hey [Realtor], I know it’s slow right now, and I want to remind you that whenever I call, my primary motivation is to help you. I know that if I lead with that in mind genuinely that when the market turns, you’ll keep me in mind for your next buyer referral"
Be patient, be persistent and play the long game.
… And that’s a wrap!
Thank you for investing a few minutes to read this simple lesson!
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See you in 7 days,
Amir Syed
Co-Founder and Principal Coach
Growth Only Coaching
PS: Whenever you’re ready, there are 3 ways we can support you:
Engage with other top mortgage professionals in our private community [here]
Learn more about our coaching programs that are led by top Loan Officers [here]
Access some of our self-paced, eLearning growth guides from our classroom [here]