Parrots and LoanOfficers Part 5 - marketing budgets
How to close loans without Desk Fees and Zillow Costs
Parrots and LoanOfficers Part 5 - marketing budgets
How to close loans without Desk Fees and Zillow Costs
MYTH # 4- You Need to make sure that you have a budget so you can co-market with agents and also pay a desk fee to be in the house guy/lady.
A few months ago I received a call from a lady at Zillow. The first few times she called and emailed me I just simply ignored it. But this lady was persistent so I agreed to finally speak with her.
She told me about her program which was getting leads that were more qualified than the typical zillow time wasters- shoppers and tire kickers. These leads went thru 15 different questions they had to answer and were “better”
I told her again I was not interested but she continued so I just sat back and listened. After she was done I told her that I would be able to take 5 a day and that she would need to pay ME 100 per lead for my time.
At first she said ok- but then it finally dawned on her that she would be paying me-
That totally was NOT in the script she was reading from so she hung up.
DOES THIS SEEM STRANGE?
I know what my hour is worth- do you? ( see the post about time and working 24.7)
I know that people who come from Zillow are shoppers or dreamers and that I might be able to close 1 out of every 15-20.
But to even get that 1out of 15-20 I need to be available 24/7 - have the best rates and stay in touch with them constantly hoping the agent they wind up with doesn’t talk them out of using me.
SO I DON”T BUY ZILLOW LEADS OR ANY OTHER FOR THAT MATTER?
When an agent approaches me I simply tell them that is not my business model and that I can’t allow my response and service levels to drop while off on wild goose chases with these leads.
Instead I help them generate new business at zero costs with many of the strategies I have perfected and am happy to partner with them to use these ideas together.
DID YOU READ THAT-?
You become the source of the leads not zillow- if you think agents are NOT loyal this is a great way to go.- You show your support and YOU control the relationship and you are not spending ( wasting alot of your hard earned money)
I will be sharing these tactics in the underground.
SO Let’s move on to the second part of this - what I call extortion..
PAYING A DESK FEE TO BE THE IN-HOUSE ORIGINATOR
There is a large KW office right down the street from my office with 400 agents in it. Most are part time but there are a number of great teams and top producers.
They have 3 in- house title companies and 3 in -house lenders each paying a ridiculous amount for the privilege of being in that office.
I just found out that for the past 8 months I did 36% of the business in that office- no desk- no payment - no nothing… just used my proven strategies with some of the top teams that actually do consistent business and ignored the other 390 agents.
THE PROBLEM IS MOST AGENTS DON’T COME TO THE OFFICE - especially now
But the bigger problem is that it’s expensive and you are again expected to be there 24/7/365
How in the hell can you close more loans make more money and still be able to enjoy life?
Did you know that the in-house loan officer only does about 25% of the deals
That is a national statistic… and of course once you have that 1 “deal that goes south” that we all experience once in a while- you are MF ed all over the office.
Forget about offices- focus on people and relationships
30 top agent partners that each do 4 deals a year - is 120 loans for you !!!
Let that sink in- ——- no desk fees- no lead fees- just a true partnership where you each help each other do more business.
If you missed any of the past articles on this topic of how loan officers simply act like parrots and just repeat the so called truths in our industry go here now and start with Parrots and loan officers part 1
https://toporiginatorunderground.substack.com/
MYTH # 1- To Succeed You Must Be Available 24/7/365
Myth # 2- You Must Have The Best Rates Or Rocket or Some other competitor will clean your clock.
MYTH # 3- You need to go out and meet people and “beg” - call it what you want- for business …. let everyone know who you are and what you do.
MYTH # 4- You Need to make sure that you have a budget so you can co-market with agents and also pay a desk fee to be in the house guy/lady.
Dedicated To Increasing Your Production
Brian Sacks
Would love your thoughts
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My goal is to provide you with on proven tactic a month and the tools to implement them
So that you can accumulate your successes and let them build and not be overwhelmed
There are 2 months already in the library and then each month on the first Wed a new one is added
THIS IS YOUR BIG TAKEAWAY
YOUR JOB- IS TO GET BUSINESS AND PEOPLE CHASING YOU !!!
That last sentence is why I created the Top Originator Underground-
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Since I started with nothing - did great- lost it all - now doing great again-
Almost all of these proven strategies cost next to nothing to implement yet are extremely effective.
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the tools to copy and implement it.
One a month-
Why? - because wanting to do something- agreeing to do something- seeing the benefit of doing something IS NOT DOING SOMETHING
So my hope is to give you 30 days to implement 1 simple proven strategy that WILL help you Close More Loans - Make More Money and Still Have Time To Enjoy Life
Imagine- doing that 1 addtional tactic each month -integrating it into your marketing and then seeing what your income and production is 12 months from today..?’