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Add You - Loan Officer Marketing - How to Target the Right Agents
It used to be that only the largest multi-nationals needed a Compliance Officer. Today most practices, regardless of size, would be wise to charge someone within their organisation with the responsibility of keeping abreast and managing the compliance process.Take as an example European employment law that has been introduced over the last few years that has changed the face of European businesses. Small businesses in particular are finding that a casual and informal approach to employment issues can now result in statutory fines that have no bearing on the financial health of the individual company and could, without as much as a by your leave, directly result in the demise of a company.Small to medium businesses do not often have the luxury of employing a full time Compliance Officer and although larger organisations can afford a dedicated person they are finding that with compliance issues mushrooming the Compliance Officer no
When dealing with demanding situations, loan officers need to be able to adapt their communication style to match the prospect's communication needs. After all, the golden rule has changed to, "Treat others how THEY want to be treated."
Finally, the most overlooked area and reason why loan officers experience so much grief working with agents is because of values. Loan officers are eager to transact business with Agents and commonly overlook if their values are similar or not.
Have you ever had an agent ask you to cut your commission for no apparent reason? Not learning about an agent's values early in the relationship building process and sometimes lead to disaster, misunderstanding and consequences. Values include, but certainly aren’t limited to:
- Are they honest?- Do they have integrity?
- Are they empathetic, especially when everything isn't going smoothly, like a loan not closing on time?
People are creatures of habit and the best predictors of future behavior are the ones demonstrated in the past. If you want to learn about an Agent
You can spend a fortune on having someone come and tell you how to deliver customer service, or you can do much more, for much, much less. There are three easy steps.It's just that having a tub-thumping guru on hand to do some extraordinary things (though mainly irrelevant - give them a dollar each and tell them the 'buck stops with you' - is an example), is more visible to stockholders, if quite pointless.So bosses seem to be doing something special, when actually what is needed is a simple approach.As Robert Tannehill, an expert on customer service training, comments on what 'gurus' do, as follows:-"These fringy things that some motivational trainers have companies spend money on makes my blood boil. If these people do crazy things to give them the guru touch, they can get companies to spend thousands. Dancing even - huh?You see, management actions ensure that bad service to customers is almost always
...One day he invited an agent to lunch. During the course of the meal, the loan officer told the agent every reason why they should do business together.
By the time they had finished, the loan officer convinced the agent to use his services. At first the agent was reluctent, but eventually acquiesced when they saw the loan officer pick up the lunch tab.
A week later the agent referred a buyer to him. Unfortunately the transaction didn't go smoothly. Although there were several meaningful reasons, the agent didn't want to hear it, and instead, became upset, really upset.
The transaction finally closed, albeit a week after the initial close of escrow. The agent was so disgusted by this, they told the loan officer that they’d never refer another buyer to him again.
It Doesn't Have To Be That Way
Loan officers tell stories like this frequently. In fact, some loan officers refuse to pursue real estate agents because they’ve developed an unfortunate perception - a negative one. Either way, the perception was created from their own personal experiences or they listened to too many loan officers describe their horrific stories.
Don’t let a bad past experience ruin your enthusiasm to partner with agents. Don’t allow what other loan officers have said negatively about agents to interfere with your beliefs. The greatest source of purchase transactions that occur daily are with residential real estate agents. You can’t ignore it. If you do, you're forfeiting too much earning potential.
The Power Of Choice
You have something going for you that’s extremely important when dealing with agents, they need you more than you need them.
See, you can earn income from generating loans from many sources of business. An agent can’t. For a purchase transaction to be completed, an agent needs you to handle the mortgage financing, unless of course, it's a cash sale, but how often does that happen!
This isn’t meant to give you a sudden ego trip. It’s meant to point out the obvious when dealing with agents. You have the power of choice. You get to decide which agents your marketing will attract.
Many Go About Marketing to Agents Wrong
Like a manager hiring a candidate for a job position, you're hiring agents to become your strategic partner. However, like managers who make poor hiring decisions, so can loan officers selecting agents.
To prevent this from happening, what if when you choose an agent as your strategic partner, you implemented the best practices that are used to hire good employees? For example, if you were given the task to hire a secretary, the first thing you would do is put together a list of criteria that the applicant would need to meet. Then you would hold an interview, sometimes several. And finally, you would conduct some background and reference checks before deciding to offer one of the candidates a position.
It’s not that much different when selecting agents. Why waste your time with unqualified agents? You begin with criteria they must meet before having an interview. So when you meet to explore the possibilities of working together, you're speaking with candidates who match your targeted audience.
3 Elements of Criteria
If you agree with the concept of targeting the agents you want to attract to your business, than your first step is to develop some basic criteria that you can use as a baseline for your selection process. Criteria that you can use to instantly screen agents, so you’re only pursuing ones that meet your profile.
Evaluation and criteria is easy to determine. For instance, there's statistical data you'll use to evaluate prospects, called agent demographics. Some examples include:
- Do you prefer working with part time or full time agents?- What type of buyers does the agent work with?
- What type of loan programs does the agent’s buyer use most frequently?
You typically have two objectives in this regard:
- To determine what segments or subgroups exist in the overall Agent population.- To create a clear and complete picture of the characteristics of a typical Agent of each of these segments.
Next, you'll want to attract people who are a lot like you. Doesn't it make sense if you're going to be spending time and great deal of energy working with particular agents that it's with people you enjoy and like?
The four-quadrant behavioral profile, DiSC™, provides a better understanding of yourself and others. Personal and professional success requires understanding people's model of the world, and realizing the impact of your personal behavior on others.
What is the DiSC Learning Model™?
It's a nonjudgmental tool for understanding behavioral types and styles. It provides a tool to help people explore behavior across four primary dimensions:
DOMINANCE
Direct & Decisive. Their focus tends to be on the bottom line and results.
INFLUENCE
Optimistic & Outgoing. They prefer participating on teams, sharing ideas, and entertaining and energizing others.
STEADINESS
Sympathetic & Cooperative. They prefer being behind the scene, working in consistent and predictable ways.
COMPLIANT
Concerned & Correct. They plan ahead, are constantly check for accuracy, and build systematic approaches.
In prospecting, you'll be more effective if you understand the different types of communication styles that work best for each. Some prospects are going to want all of the facts and supporting data and may take a long time to make a decision to move forward. Others will want to know how your service will benefit their team or organization and may even make a decision without hearing an entire presentation.
When dealing with demanding situations, loan officers need to be able to adapt their communication style to match the prospect's communication needs. After all, the golden rule has changed to, "Treat others how THEY want to be treated."
Finally, the most overlooked area and reason why loan officers experience so much grief working with agents is because of values. Loan officers are eager to transact business with Agents and commonly overlook if their values are similar or not.
Have you ever had an agent ask you to cut your commission for no apparent reason? Not learning about an agent's values early in the relationship building process and sometimes lead to disaster, misunderstanding and consequences. Values include, but certainly aren’t limited to:
- Are they honest?- Do they have integrity?
- Are they empathetic, especially when everything isn't going smoothly, like a loan not closing on time?
People are creatures of habit and the best predictors of future behavior are the ones demonstrated in the past. If you want to learn about an Agent'
Are you a recent graduate, just out of school? Are you looking for a career change? Have you recently been laid off and need to find a new job now? Regardless of your current employment situation, you can use these job hunting tips to help you put together a job search that will see you in your dream job in no time.Your job search is your job! Unless you're as lucky as that one in a billion person discovered while waitressing and whisked away to fame and fortune, your job is not going to come to you. You have to go out and find it. And the best way to do that is to treat your job search like a job itself.You need to put together a job search plan. What kind of job do you want? Where do you want to work? What kind of work environment are you looking for? What is your salary range? What about a career path and opportunities for advancement? These are the types of things you need to know about yourself and your
The Power Of Choice
You have something going for you that’s extremely important when dealing with agents, they need you more than you need them.
See, you can earn income from generating loans from many sources of business. An agent can’t. For a purchase transaction to be completed, an agent needs you to handle the mortgage financing, unless of course, it's a cash sale, but how often does that happen!
This isn’t meant to give you a sudden ego trip. It’s meant to point out the obvious when dealing with agents. You have the power of choice. You get to decide which agents your marketing will attract.
Many Go About Marketing to Agents Wrong
Like a manager hiring a candidate for a job position, you're hiring agents to become your strategic partner. However, like managers who make poor hiring decisions, so can loan officers selecting agents.
To prevent this from happening, what if when you choose an agent as your strategic partner, you implemented the best practices that are used to hire good employees? For example, if you were given the task to hire a secretary, the first thing you would do is put together a list of criteria that the applicant would need to meet. Then you would hold an interview, sometimes several. And finally, you would conduct some background and reference checks before deciding to offer one of the candidates a position.
It’s not that much different when selecting agents. Why waste your time with unqualified agents? You begin with criteria they must meet before having an interview. So when you meet to explore the possibilities of working together, you're speaking with candidates who match your targeted audience.
3 Elements of Criteria
If you agree with the concept of targeting the agents you want to attract to your business, than your first step is to develop some basic criteria that you can use as a baseline for your selection process. Criteria that you can use to instantly screen agents, so you’re only pursuing ones that meet your profile.
Evaluation and criteria is easy to determine. For instance, there's statistical data you'll use to evaluate prospects, called agent demographics. Some examples include:
- Do you prefer working with part time or full time agents?- What type of buyers does the agent work with?
- What type of loan programs does the agent’s buyer use most frequently?
You typically have two objectives in this regard:
- To determine what segments or subgroups exist in the overall Agent population.- To create a clear and complete picture of the characteristics of a typical Agent of each of these segments.
Next, you'll want to attract people who are a lot like you. Doesn't it make sense if you're going to be spending time and great deal of energy working with particular agents that it's with people you enjoy and like?
The four-quadrant behavioral profile, DiSC™, provides a better understanding of yourself and others. Personal and professional success requires understanding people's model of the world, and realizing the impact of your personal behavior on others.
What is the DiSC Learning Model™?
It's a nonjudgmental tool for understanding behavioral types and styles. It provides a tool to help people explore behavior across four primary dimensions:
DOMINANCE
Direct & Decisive. Their focus tends to be on the bottom line and results.
INFLUENCE
Optimistic & Outgoing. They prefer participating on teams, sharing ideas, and entertaining and energizing others.
STEADINESS
Sympathetic & Cooperative. They prefer being behind the scene, working in consistent and predictable ways.
COMPLIANT
Concerned & Correct. They plan ahead, are constantly check for accuracy, and build systematic approaches.
In prospecting, you'll be more effective if you understand the different types of communication styles that work best for each. Some prospects are going to want all of the facts and supporting data and may take a long time to make a decision to move forward. Others will want to know how your service will benefit their team or organization and may even make a decision without hearing an entire presentation.
When dealing with demanding situations, loan officers need to be able to adapt their communication style to match the prospect's communication needs. After all, the golden rule has changed to, "Treat others how THEY want to be treated."
Finally, the most overlooked area and reason why loan officers experience so much grief working with agents is because of values. Loan officers are eager to transact business with Agents and commonly overlook if their values are similar or not.
Have you ever had an agent ask you to cut your commission for no apparent reason? Not learning about an agent's values early in the relationship building process and sometimes lead to disaster, misunderstanding and consequences. Values include, but certainly aren’t limited to:
- Are they honest?- Do they have integrity?
- Are they empathetic, especially when everything isn't going smoothly, like a loan not closing on time?
People are creatures of habit and the best predictors of future behavior are the ones demonstrated in the past. If you want to learn about an Agent
Problems with staffing and retention may not be due to bad hires or a low unemployment rate. In fact, they may be related to poor management insight by not recognizing your employees as a core competency in your business strategy. Although employees may not fit the strictest definition of a core competency, it is a fact that your employees are the ones responsible for creating many of your core competencies. It is an undisputable fact that failure to recognize the importance of employee contributions will lead to failure regardless of your business strategy.Recruitment and RetentionCreating a strategic plan and definitive initiatives is the easy part of the formula for success. The difficult part is finding, recruiting and retaining the appropriate talent combination in today’s market to carry out that plan. Recruitment and retention are major issues in the wholesale distribution industry today. These issues are especially critica
It’s not that much different when selecting agents. Why waste your time with unqualified agents? You begin with criteria they must meet before having an interview. So when you meet to explore the possibilities of working together, you're speaking with candidates who match your targeted audience.
3 Elements of Criteria
If you agree with the concept of targeting the agents you want to attract to your business, than your first step is to develop some basic criteria that you can use as a baseline for your selection process. Criteria that you can use to instantly screen agents, so you’re only pursuing ones that meet your profile.
Evaluation and criteria is easy to determine. For instance, there's statistical data you'll use to evaluate prospects, called agent demographics. Some examples include:
- Do you prefer working with part time or full time agents?- What type of buyers does the agent work with?
- What type of loan programs does the agent’s buyer use most frequently?
You typically have two objectives in this regard:
- To determine what segments or subgroups exist in the overall Agent population.- To create a clear and complete picture of the characteristics of a typical Agent of each of these segments.
Next, you'll want to attract people who are a lot like you. Doesn't it make sense if you're going to be spending time and great deal of energy working with particular agents that it's with people you enjoy and like?
The four-quadrant behavioral profile, DiSC™, provides a better understanding of yourself and others. Personal and professional success requires understanding people's model of the world, and realizing the impact of your personal behavior on others.
What is the DiSC Learning Model™?
It's a nonjudgmental tool for understanding behavioral types and styles. It provides a tool to help people explore behavior across four primary dimensions:
DOMINANCE
Direct & Decisive. Their focus tends to be on the bottom line and results.
INFLUENCE
Optimistic & Outgoing. They prefer participating on teams, sharing ideas, and entertaining and energizing others.
STEADINESS
Sympathetic & Cooperative. They prefer being behind the scene, working in consistent and predictable ways.
COMPLIANT
Concerned & Correct. They plan ahead, are constantly check for accuracy, and build systematic approaches.
In prospecting, you'll be more effective if you understand the different types of communication styles that work best for each. Some prospects are going to want all of the facts and supporting data and may take a long time to make a decision to move forward. Others will want to know how your service will benefit their team or organization and may even make a decision without hearing an entire presentation.
When dealing with demanding situations, loan officers need to be able to adapt their communication style to match the prospect's communication needs. After all, the golden rule has changed to, "Treat others how THEY want to be treated."
Finally, the most overlooked area and reason why loan officers experience so much grief working with agents is because of values. Loan officers are eager to transact business with Agents and commonly overlook if their values are similar or not.
Have you ever had an agent ask you to cut your commission for no apparent reason? Not learning about an agent's values early in the relationship building process and sometimes lead to disaster, misunderstanding and consequences. Values include, but certainly aren’t limited to:
- Are they honest?- Do they have integrity?
- Are they empathetic, especially when everything isn't going smoothly, like a loan not closing on time?
People are creatures of habit and the best predictors of future behavior are the ones demonstrated in the past. If you want to learn about an Agent
The most basic answer is the same answer as to the question, how does advertising work? Advertising works through repetition, and Holistic Hometown offers you that repetition.What all successful companies know is that advertising it a process. It’s been stated in marketing files for over 50 years that potential clients, unless they are in need of your services when they initially see your ad, take 5-7 repetitions to recall who you are. What does that mean? Well, if you are only advertising in one source, it could mean you are wasting your time and money.What’s the best way to begin an advertising campaign when the goal is visibility? Find sources that attract your target market AND that you can afford over the longer term (1-3 years) for ongoing products/services and find targets with high repetition for shorter term (1+ months) for events and shorter-term needs.For example, if I am marketing an event and have 2 months
Next, you'll want to attract people who are a lot like you. Doesn't it make sense if you're going to be spending time and great deal of energy working with particular agents that it's with people you enjoy and like?
The four-quadrant behavioral profile, DiSC™, provides a better understanding of yourself and others. Personal and professional success requires understanding people's model of the world, and realizing the impact of your personal behavior on others.
What is the DiSC Learning Model™?
It's a nonjudgmental tool for understanding behavioral types and styles. It provides a tool to help people explore behavior across four primary dimensions:
DOMINANCE
Direct & Decisive. Their focus tends to be on the bottom line and results.
INFLUENCE
Optimistic & Outgoing. They prefer participating on teams, sharing ideas, and entertaining and energizing others.
STEADINESS
Sympathetic & Cooperative. They prefer being behind the scene, working in consistent and predictable ways.
COMPLIANT
Concerned & Correct. They plan ahead, are constantly check for accuracy, and build systematic approaches.
In prospecting, you'll be more effective if you understand the different types of communication styles that work best for each. Some prospects are going to want all of the facts and supporting data and may take a long time to make a decision to move forward. Others will want to know how your service will benefit their team or organization and may even make a decision without hearing an entire presentation.
When dealing with demanding situations, loan officers need to be able to adapt their communication style to match the prospect's communication needs. After all, the golden rule has changed to, "Treat others how THEY want to be treated."
Finally, the most overlooked area and reason why loan officers experience so much grief working with agents is because of values. Loan officers are eager to transact business with Agents and commonly overlook if their values are similar or not.
Have you ever had an agent ask you to cut your commission for no apparent reason? Not learning about an agent's values early in the relationship building process and sometimes lead to disaster, misunderstanding and consequences. Values include, but certainly aren’t limited to:
- Are they honest?- Do they have integrity?
- Are they empathetic, especially when everything isn't going smoothly, like a loan not closing on time?
People are creatures of habit and the best predictors of future behavior are the ones demonstrated in the past. If you want to learn about an Agent
Wondering whether or not an MBA will truly advance your career in business? Read this article to discover what kind of jobs you can expect to get with an MBA degree.What is an MBA?A Master of Business Administration (MBA) degree is granted after one or two years of study at a graduate level institution. Students who are enrolled in an MBA program receive training in the theory and practice of business management. This degree can increase the number of jobs that you are qualified for, as well as your earning potential.Jobs for Grads with an MBA DegreeEarning an MBA degree can make you much more valuable to employers. This degree certifies that you are prepared to handle almost any management role found in a modern corporation or organization. The type of job best suited for an MBA grad depends on the type of MBA degree that was achieved.For example, an MBA grad that specialized in marketing will ea
When dealing with demanding situations, loan officers need to be able to adapt their communication style to match the prospect's communication needs. After all, the golden rule has changed to, "Treat others how THEY want to be treated."
Finally, the most overlooked area and reason why loan officers experience so much grief working with agents is because of values. Loan officers are eager to transact business with Agents and commonly overlook if their values are similar or not.
Have you ever had an agent ask you to cut your commission for no apparent reason? Not learning about an agent's values early in the relationship building process and sometimes lead to disaster, misunderstanding and consequences. Values include, but certainly aren’t limited to:
- Are they honest?- Do they have integrity?
- Are they empathetic, especially when everything isn't going smoothly, like a loan not closing on time?
People are creatures of habit and the best predictors of future behavior are the ones demonstrated in the past. If you want to learn about an Agent's values, ask them about past experiences dealing with other loan officers. Listen for stories that get repeated, but with different loan officers. Although there are two sides to every story, when you develop a perception, it most often leads to reality.
Remember, if it walks like a duck, talks like a duck and acts like a duck…it must be a duck!
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