Top of Mind Networks

Loan Officers Selling Hot Air…

Are you selling hot air? Odd question I know. I get asked at least 892.7 times per year (Ok, so it’s a made up number to illustrate how often I’m asked this) what is the best way to get business from high performing real estate agents. At this point, I am then treated with examples of how hard this loan officer has tried to get referrals, but ultimately failed.

I empathize with this situation, as I can recall the many doors I’ve had slammed in my face when I first got started in outside sales. It wasn’t fun, and at some point the rejection gets to be a bit much to deal with. I learned early on that I had to change my approach if I wanted this negative reaction to stop… So what’s the key to getting appointments with these heavy hitting agents?

- STOP SELLING HOT AIR -

What is hot air? Imagine you’re buying a car. You drive out to see the vehicle, and the only thing waiting for you is a smiling salesman. He tells you there is no car to see today, but he’s going to tell you all you need to know. He says:

- The car is comfortable

- The car is good looking

- The car handles well

Are you ready to buy yet? No? Why the heck not? Because these 3 statements tell you nothing of importance. How do you know if you’ll find the car comfy? You could be taller than he is, or have a bad back. How does he know if the car is good looking? Looks are subjective! Good handling? What does that mean? Good handling compared to what? A 25 year old Ford Escort, or a Ferrari F430?

No. This is definitely not the ideal way to purchase a car. Why would the salesman even bother trying? In the same way, tens of thousands of loan officers are out there calling up Realtors giving them “hot air” sales pitches that tell them absolutely nothing!:

- I give great service (Never had a loan officer claim otherwise, so what’s the point?)

- I’ve been a loan officer for 15 years (Yea? So? And?)

- I’ll give your client the loans that are best for them (Uh-huh… Sounds good – Where’s the substance?)

- I have fast turnaround time (So does the current loan officer I use. Why is this worth me switching?)

- I have low fee’s (There are cars out there with low price tags as well – Are those the vehicles you want?)

See? Sales talk. When a real estate agent switches to a new loan officer, there has to be a reason, and a darn good one! None of the above is a good enough reason in 99% of the cases. The agent is risking his/her paycheck to try out a new lender, so you better have something good… What is it?What do you bring to the table? What makes you so special?

In the car buying scenario above, what would make you purchase? Seeing the car first hand might help, as would a test drive and the opportunity to sit in the car, try out the stereo, the seats, the performance… In other words, you want proof this car is going to be to your liking!

Can you see from the realtors perspective just a tad now? In my 90 day crusade to land 40 realtors in 90 days for my office, I did a few things differently than most.

1 – I brought printed “Testimonial Cards” from realtors who were using my services now – Phone numbers and all (Social proof with the permission of the agents of course)

2 – I had a website setup just for the local realty community (Would send the agents over to spend hours downloading the tutorials and info I provided – They loved it. Established my credibility)

3 – My script was very different from the “traditional” approach. The first words out of my mouth? “I know you probably get tons of phon calls from loan officers begging you for business these days but…” See what just happened? I began the call by addressing the most frequent objection first! I took the objection right out of their mouth and addressed it.

This one little change to my scriptkicked things into overtime for me. So why not give this topic some thought today? What makes you so special? What are you willing to bring to the table? It’ll only make you into a better loan officer. (With bigger paychecks of course)

May 26, 2009 by · Leave a Comment

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About Chad

Chad Weber is the founder of Loan Officer Marketing Lab. Chad provides loan officers with unique marketing strategies such as: online marketing, realtor referrals, and self-generated leads.

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