When marketing to real estate agents, many originators make the mistake of talking about what they are interested in -- when they should focus on the agents' interests
Part III: I’m a new originator with less than one year in the business. I came into loans after 10+ years as a Realtor. I have several Realtor friends that have sent clients to me so I am doing better than most others I know that are new in the business. My problem is that the three companies that I have worked for have promised training but they can't seem to give me more than a couple of minutes at a time. They are busy working their own business. Basically they know where to place the loan based on the information I provide, but they do not have time to explain the reasons for going to a particular lender. I can't get strategic advice on setting up and maintaining my business. They are interested in the business I bring in, but not helping me grow. I need some direction.
--Karl from South Carolina
Last week we focused upon ferreting out one important segment of your sphere -- real estate agents. Keep in mind, that this is one of several sphere segments. But we felt the emphasis upon real estate agents was very important because of your background. We ended with the statement --- your unique value comes from within. We always talk about delivering value to our sphere, yet most of us focus upon what we are interested in, rather than what our targets are interested in. True value can only be delivered when we are focused upon what our targets are interested in.
In the case of real estate agents, they are interested in increasing their transactions and thus income. We may be tempted to teach them about mortgages and show them rates; however, financing is not their primary focus. If they ask about programs and rates, it is because they have been programmed to do so by all the other loan officers. Value is also a function of being unique. Imagine how less valuable a rare coin becomes if someone finds 100,000 of them.
Your unique position as an experienced real estate agent enables you to help other agents increase their business. You have been in their seat. When you help them increase their business, there is no question as to whom they will be referring prospects. Again, focus upon what they are interested in and what you are uniquely qualified to deliver.
--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].
--Karl from South Carolina
Last week we focused upon ferreting out one important segment of your sphere -- real estate agents. Keep in mind, that this is one of several sphere segments. But we felt the emphasis upon real estate agents was very important because of your background. We ended with the statement --- your unique value comes from within. We always talk about delivering value to our sphere, yet most of us focus upon what we are interested in, rather than what our targets are interested in. True value can only be delivered when we are focused upon what our targets are interested in.
In the case of real estate agents, they are interested in increasing their transactions and thus income. We may be tempted to teach them about mortgages and show them rates; however, financing is not their primary focus. If they ask about programs and rates, it is because they have been programmed to do so by all the other loan officers. Value is also a function of being unique. Imagine how less valuable a rare coin becomes if someone finds 100,000 of them.
Your unique position as an experienced real estate agent enables you to help other agents increase their business. You have been in their seat. When you help them increase their business, there is no question as to whom they will be referring prospects. Again, focus upon what they are interested in and what you are uniquely qualified to deliver.
--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].
