Are you a head of lettuce?
Most originators working in the country today suffer from the “head of lettuce” syndrome, according to branch manager and mortgage expert Brian Sacks of Homebridge Financial.
What does that mean?
One head of lettuce is .39 cents and another head of lettuce is .49 cents. They’re identical heads of lettuce, and a customer doesn’t want to spend the extra .10 cents for an identical product. Similarly, why should a borrower use one particular originator versus going opening an app and using Quicken, a bank or credit union, or even another originator recommended by their realtor?
In an upcoming webinar, “Become a Boomerang Expert,” Brian Sacks will tell you why.
The argument is, of course, that originators aren’t the same head of lettuce; they have more value and more to offer than their competition. But do your clients know that?
Originators are having a tremendously difficult time really now more than ever. Everyone says that the key is to differentiate yourself. But how? What does that look like? In this webinar, you’ll get introduced to the Boomerang Expert System and Sacks will dig into the following:
- Three simple sentences that can explode your production
- How to be seen as the Obvious Expert in your area
- Ways to market yourself even if your marketing budget is nonexistent
- How to provide the most important thing a realtor wants
“We’re given a manual and a rate sheet, and some marketing materials, and we’re told ‘go get ‘em, tiger.’ And so we wound up seeing who can scream the loudest saying, ‘we give good rates and have great service.’ Well, realtors don’t care about that. You’re expecting to have good rates, you’re expected to give good service. So you wind up as a head of lettuce. The solution to that problem is in three sentences: pick a niche, become the expert, and let everyone know about it,” Sacks said.
Originators who struggle to compete with in-house lenders and mortgage companies will learn how to become a true problem-solver, and work in conjunction with many in-house lenders and mortgage companies. When someone has a problem getting a mortgage and you can solve that problem, pricing becomes irrelevant, and you can walk in to a closed office with confidence, knowing you can complement their existing model.
Sacks also said originators can overcome the struggles of trying to convert leads and avoid rate shoppers by getting more referrals. It’s not a big deal to get someone a loan with a 780 credit score and close smoothly; anyone can—and should be able to—do that. Learning how to be a problem-solver means that you can help people who others can’t help.
“If you do a loan for someone that’s had a bankruptcy or a foreclosure or another credit challenge, these people will absolutely, unequivocally rave about you to all their friends and family. And so will the realtors, by the way. And guess what? Not all their friends and family have had a credit challenge,” Sacks said.
At the end of the day, Sacks said, the industry method is out of whack: originators market to everyone, get a customer, and then try to figure out where they fit. But reversing that methodology could lead to a better process for both originators and borrowers.
“We originate ass-backwards as an industry. What do we do? We market, we try to get calls, and then we spend all day on the phone with a sore neck and sore eyes trying to figure out where to put these people. Well, the better solution is to meet with several non-QM people, find out what their programs and products are, and then only market to people that fit these criteria. So when someone calls you, you know exactly who they are because you invited them. And no one in this industry is talking about this but me.”
The webinar will give originators insight into Brian Sacks’s tried and true system, which also includes learning about how to get publicity and market yourself as an expert. The program comes with a 30 day-unconditional guarantee, a 12-month guarantee, giving attendees a full year to try the system, and even a day-of guarantee, which will be revealed on the call.
Many people selling things to originators aren’t originators themselves, or they haven’t been for a long time. “We live in a different world,” Sacks said. “So what I am sharing works today. Right now.”
Check out the free webinar on Thursday, September 20, at 4:00 p.m. ET.
