Nurturing consumer, Realtor relationships is key to success
What was the difference between the best and the worst originators? The short answer: work ethic.
The best of the best spend a vast majority of their time involved in almost three times or four times as many acquisition strategies, meaning they are out doing seminars for first-time homebuyers, seminars for retirees, meeting people at settings like Rotary Club meetings, writing articles, and getting their name in the local press. In short, they are marketing more and maintaining a client "interface."
Secondly, the organizations behind the top performers have alleviated one of the most time-consuming headaches -- the vast amount of paperwork that has to be completed for mortgages -- using underling staff members to handle the mundane administrative duties.
Top-tier performers are focused on keeping their clients happy and let the back office manage the loan process, assembling the paperwork, gathering proof of employment and similar time-intensive duties.
Why is this important? According to a Mortgage Bankers Association study, 50 percent of the consumers surveyed, after 180 days, didn't remember the names of their loan originators, and 68 percent end up doing their next loan with someone else.
"It is very important that originators stay in front of their current client base to get that next loan," Fournier says.
Before I let all this go, I should add that the No. 1 marketing strategy across the board for all loan originators is trying to court the top Realtors in the marketplace. Think about it: Every market has three or four top performers and every originator wants to develop a relationship with those men or women.
It's extremely important then for the originator to set himself or herself apart from all the other originators.
Fournier concluded that originators can do that by bringing to the Realtor value and information that would be of value to their clients.
Steve Bergsman is a freelance writer in Arizona and author of several books. His latest book, "After the Fall: Opportunities and Strategies for Real Estate Investing in the Coming Decade," has been ranked as a top-selling real estate investment book for the Amazon Kindle e-reader.
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