Diversity is important, no matter what the ‘flavor of the day’ is

Part II. I had planned to focus entirely on real estate agents this year because I was convinced that the refinance boom was over. Turns out I was wrong. It seems like my turn towards agents was wasted. What could I have done differently?

--Mario from Arkansas

Last week I mentioned the importance of diversity, no matter what the "flavor of the day" is. I also mentioned that purchases can lead to refinances and refinances can lead to purchases. This week I would like to elaborate on this concept. Every application has a sphere – and the key to building your business from within is opening your eyes and understanding the opportunities presented by the sphere of that transaction. Let's take a look at one part of that sphere – the insurance agent.

The insurance agent typically has a large list of present customers. What if the agent sent an email to their customers letting them know that rates are down and recommending you to assess their opportunity for refinancing, or opportunity for purchasing if they are renting? In much the same way, you can send an email to your customer base recommending an insurance "checkup." Insurance agents also know many real estate agents. If you are referring business to them, have you asked them to introduce you to agents they know?

Speaking of real estate agents, when you take a refinance application, do you ask the client what agent they worked with to purchase the house? With their permission, you can give the agent status of what is happening with their previous customer. Imagine giving an agent status on a transaction they did not refer on the same day they are chasing after another loan officer for information and not getting an answer? That is called positive differentiation. Next week we will wrap this series up by talking about the key to this process, which is automation.

--Dave Hershman

Dave Hershman has been the leading author and a top speaker for the industry for decades with six books authored and hundreds of articles published. His website is www.originationpro.com. If you have a reaction to this commentary or another question you would like answered in this column? Email Dave directly at [email protected].