Over the years, I’ve interviewed hundreds of top producers and analyzed the behaviors and traits that set them apart from the rest of the pack. One significant differentiator? The best in our industry have the most real estate agent referral sources. This is probably no surprise to sales leaders. Top originators are relentless in developing […]
Sales Success is About Having the Most Realtor Friends Read More »
In my recent conversations with senior executives, many sales leaders are panicked about their drop in sales volume and how tough the remainder of the year looks for their organizations. While the refinance boom’s record profits are quickly fading in the rearview mirror, the traditional purchase money market looms large on the road to success
During Volatile Markets, Referral Relationships Matter More than Ever Read More »
There’s a common truth in selling that a salesperson’s job is to deliver the right message to the right people at the right time. Over the years, countless sales trainers – myself included – have tackled this topic in sales training sessions, blogs and podcasts. While it seems like such a simple directive, actually implementing
Prospecting is THE Most Important Job for LOs! Read More »
As we start the new year, senior executives are focused on planning for significant volume changes, based on mortgage banking forecasts. Many managers feel that it’s nearly impossible to plan because our industry’s success is tied closely to external factors like interest rate fluctuations which are beyond their control. While this is true to a
Start the New Year Off the Right Way! Read More »
Last week, I surveyed the top 50 mortgage sales executives on how effective their originators were at marketing to realtors and expanding their referral base. The results were eye-opening. The majority of survey participants rated their originators less than 5 on a scale of 1 to 10 (with 10 being the highest). I simultaneously surveyed
Executive Survey Results: How Effective are Your LOs in Marketing to Realtors? Read More »
Last week, mortgage interest rates rose an average of 13 basis points, according to Bankrate. While mortgage rates are still historically low, many lenders were caught off guard, thinking that interest rates wouldn’t increase until later in the year. Likewise, refinance applications dropped 7% to 68.5% of the total volume. Freddie Mac also reported
Are Your Originators Ready for a Purchase Money Market? Read More »
In the current marketplace, with borrowers still coming to originators in droves because of low interest rates, losing referral sources or former customers doesn’t seem like a big deal. There is always someone else to replace them in a hot market. But if the MBA 2021 forecast is correct, lenders and originators will experience
The Real Reason Why Originators Lose Customers Read More »
Originators know that their database of closed transactions and referral sources represent a gold mine for future business. Obviously, people with whom you have already done business are easier to sell to than prospects you don’t know. This is not news. In fact, I would argue that originators who have the largest number of people
The Answer to “What Have You Done for Me Lately?” Read More »
During a recent sales audit for a mortgage lender, I asked originators if they marketed to previous customers. They responded that their company sent out birthday and anniversary cards automatically through a CRM system. Everyone felt this effort was enough to generate referrals. Many of the producers also said they didn’t have time to do
Are You Marketing to Past Clients Effectively? Read More »
Last month, Inman had its annual conference for Realtors. One of its sessions was on what the Realtor market will look like in 2020 — less than 600 days away. The panel included representatives from Zillow, Warburg Realty and Keller Williams as well as a Wall Street analyst. Two of the Realtors said that the
What Realtors’ 2020 Projections Mean for Mortgage Bankers Read More »
