DANGER AHEAD FOR LOAN OFFICERS-
This can be a great time to do business or the time you lose all you have worked for....
I hate hype but we are truly living in an interesting time in our business. “
This is the boom we have been waiting for right?
Last night I went to dinner with a few very close friends -two are agents with Coldwell Banker so naturally the conversation turned to business and the market.
Everyone is busy and their listings are selling for over market price and in just days or even hours.
BUT THEY WERE VERY UPSET
Not only were they not getting updates from the buyers loan officer but they weren’t even getting return phone calls or responses to emails. One loan officer told one of them that closing had to be postponed 2 weeks because he was just too busy..
NOT GOOD !
To be transparent- my current year to date closing figures are 72% purchase and 28% refinances… mostly from past clients and referrals.
When prospects call me to check rates on refinances I offer them the rates- discuss their options and then either schedule application or throw the info in the shredder. I am not going to follow up and I am not going to spend my time in a rate war…
BTW— as a side note- if your clients are shopping 30 year- you might be able to drop them to a 25 or 20- or even a 15… So instead of just telling them what they can save per month and their rate - also include what they will save based on the number of years they are knocking off the loan…
EXAMPLE- a 2500 payment on a mortgage you are knocking off 3 years ( 2500 x36=90,000)
So I will tell them you will save 123 a month but the BIGGER NUMBER is the 90,000 in payment you no longer need to make
We are also coming up on an election - and there may be ramifications depending on who is elected so probably best to get yourself locked in right now…
If they are buying- I will follow up with them for days- weeks -months and even years in some cases until they either purchase and use us or tell us to stop contacting them.
THIS IS AN OPPORTUNITY FOR YOU AND I TO MAKE NEW RELATIONSHIPS WITH AGENTS AND BUILD A SOLID FOUNDATION FOR WHEN RATES GO UP
RATES WILL GO UP AND REFIS WILL STOP!
I know you know that - but what are you doing about it right now..
For me- I continue to send weekly status updates and use my systems to attract listing agents and soldify my relationships with my current partners. I continue to market in ways that attracts buyers and agents to me.
THIS YEAR- I HAVE ADDED 7 TOP PRODUCING AGENTS SIMPLY BECAUSE I COMMUNICATED WITH THEM WHEN THEY WERE LISTING AGENTS…
It’s so rare that they will actually call you - thank you ( that means they call you !!!
( not you begging or asking for coffee or zoom dates— do you see that difference)
One of these agents in particular is a BIG PRODUCER and has worked with a loan officer for the past 10 years.. He got so busy that only his assistants returned her calls and she wasn’t very knowledgable.
He took her for granted— BIG MISTAKE IN BUSINESS AND IN LIFE
So far these 7 new agent relationships resulted in 12 closings for 3.9 million in extra production in 2020 — just by communicating and not bogging my pipeline down with refinancing loans — many of which don’t close or cancel the second rates go down.
BOTTOM LINE:
Take refis but be selective
Update your buyers and the listing and selling agents weekly to show you care
Don’t bog down your pipeline with rate shoppers so that your service levels are affected
Would Love Your Thoughts… and feel free to share this post
Dedicated To Increasing Your Production
Brian Sacks
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