Newbie
Hello all
i wanted to know what is the best way to generate business in the loan field? I just started a job part time as a loan officer for this company and they don't give any leads. I just wanted to know what would you suggest to get things started.
Visit all the local RE offices and ask the manager if you can make a pitch at their next weekly - biweekly meeting. Print up current loan info and go - leave your cards. Ask if you can come back regularly. Join the local MLS as an associate member. Go to the meetings - give out goodies.
One thing you might want to talk to your underwriter is to become one of our Lenders in the Lender Finder area on www.TheCreativeInvestor.com
If your broker can work with investors, here is your chance.
P.S. get your broker to flip the bill for the advertising!
sounds like one unmotivated office not generating any leads...
Think of anyone and everyone involved in a Real Estate transaction and let them know you're available to serve them....
If you have a local penny saver or shopper's guide, they have worked great for me in other businesses.
Don't buy a big, page long expensive ad. No one sees those. Everyone starts at the back and reads the classifieds.
If they have a 'special notices' section, that's a good place to place a small, inexpensive ad.
Also, with my fitness club, we had simple flyers made up at Staples and gave them out around town. Most of the shops would let us hang them up or lie them around. Stop by every so often to refresh them. Try hair salons, doctors offices; anyplace someone might sit for a long time with nothing to do but read your ad.
Hang a couple in the supermarket with your phone# on the bottom. 'Exceptional new programs. Low down payment; easy affordable payments."
Just a few ideas. I know some of them are cheesy, but if you get 1sale, you've paid for the printing.
Good luck
Ronnnie
[addsig]
My current loan broker found me because I had an ad in the newspaper as a "home for sale by owner" and he called me!
He went the extra mile and put a sign in front of my home with HIS phone number. So, if someone is interested in purchasing my home, he qualifies them and gets to do the loan!
Also, if they aren't intersted in purchasing my house, he helps them find a different home AND still does their loan.
Hope This Helps!
Mrs. Meltzer
Get in your car and drive to where investors are like the local real estate investors meeting. All clubs have a board of directors or an email list. Find out how you can ptich your story at the meeting or become a member of the club as a VENDOR.
Here is another idea, go the the "Shop" tab on this site. Make a list of the "guru's".
They all have websites or other contact info. Find out when they are appearing in your area (they usually are joining others at some hotel, local college, etc). Contact whoever is sponsoring the event and find out how you can get your local information in front of the participants.
Another suggestion, go to the county clerks office in your area and find out if you can obtain a list of apartment house owners. If you obtain a list, contact them about refinancing or equity lines.
Another idea go to melissadata and buy a list of homeowners in your area and do a mailing blitz.
Here is another one, take five teenagers to the local home depot or lowes. Pay them to stick your flyer on cars.
Hope this helps.
The easiest thing you can do is to buy web generated leads from a lot of different companies. They are not very expensive to buy, and you can even buy leads even 10 minutes old.
Good luck.
Most mortgage companies that give leads give you the following types of leads:
1- internet leads generated from their website - though these may have some good ones in them, please understand that a lot of consumers who complete loan apps online are still shopping all over the place. So the key is get a lot of these leads because they have a low percentile chance of turning into real loans and thus closing and thus you making serious $$$$.
2- Follow up on previous clients that they have closed loans with. These are good, only if it was a good experience for the borrower.
3- Telemarketing leads/Direct Mail Marketing Leas. Now these are really good. Means the company is serious about generating a lot of business. These are leads of potential customers who have responded to a personal or voice message by your company.
When looking to work with a company, especially as a new career, find out about their marketing efforts towards getting you leads and most importantly teaching you how to build your own referral source of leads. By the way, your own referral source are the best leads you are ever going to get. But based upon the three types of leads aforementioned, you can predict your initial success in this industry. You should be looking for a company that take building you up seriously. Leads from your referral sources will be less time consuming and more profitable to you. Versus leads generated by the company will be more time consuming and less profitable to you. Hope I answered your question.
Much success.
[addsig]