Ask the Expert

Part II: Dear Dave, I am a struggling loan agent. Since May, my business has slowed down tremendously. I am really worried about my bills and my family. I have been trying to get new business by driving to open houses on the weekends and talking to agents. Also, I am a real estate agent and I have been mailing letters to "for sale by owners," so that I can get business out of them. In addition to mailings, I am using Zillow for leads and I am also working with three other services and I have been putting up flyers and business cards in local businesses. Please help me with some advice to get new business. —California Loan Officer

Last week we spoke about doing less, but going deeper with each activity. We also mentioned that cultivating referrals from your sphere is more effective than purchasing leads. Your sphere is really a compilation of your life. My goal is always to get my students to open their eyes wider so that they can see the opportunities right under their nose. Let me give you an example.

Take a look at every transaction you closed this year. Did you mine the gold from these transactions? This is the topic of my latest webinar and an important topic within my Building Business Success Course. Here are some examples:

• Did you attempt to cultivate relationships with the listing agent on purchase deals?
• Did you find out what agent they used to purchase the home on refinance transactions?
• Did you meet any other part of their sphere during the transaction -- their accountant, financial planner, insurance agent, etc.?
• Did you train them to send you referrals early in the process, when their selective perception towards real estate purchase was the highest?

Busy loan officers are closing loans. Often, they don't have the time to mine gold. But if you are ignoring your pipeline while purchasing leads, to me that is an absolute waste of time, money and energy—your precious resources.   —Dave

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].