Any good advice? (for a new LO)

holious · Joined: 18 Jul 2006 Posts: 16

Hi it's me again.
I've been an LO for 1 month
till last week i tried to get apps by referrals,
those will eventually come through as soon as they are ready.
My company offers leads from telemarketing Dep
but Im not getting them yet because i guess they think
I need more experience, so I started calling off the
title companies, firm pkgs, which do not work,
I'm talking to vms allday and when some one picks up
they are not interested. Also I've done other sales for 5 years
and I've been very successful at it. I don't like to bother people
when they are not interested or don't know anything about their needs.
I need to do something to generate some business. any advice?

Mgilmartin · Joined: 21 Jul 2006 Posts: 3

Listen the best way to start off your business is to get on with a good lead company. I have been using (link deleted) for over 6 months they have great service and a very easy retrun policy. I would never go elsewhere.

Once you make some money than you can do your own advertisement and generate your own leads. But in the beginning let a lead companie get your started.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Quote: Also I've done other sales for 5 years
and I've been very successful at it.

Keep in mind that just because you're good at one kind of sales, doesn't mean you'll be as good at other types. This is very important to know. You can be great at selling cars, but stink at selling lemonade. Ya know?

Back to the point. In the beginning a lead company can be helpful, the problem being you have to make that initial investment, and not every new LO has loads of cash to drop into that. You need to make contacts. You need to ask the people you already know who they know that can help you. Whether they know someone that's buying a home, selling a home, or someone that would be a good referral partner. The #1 thing that I can say about what I do is that every single person I talk to knows what I do. They may not remember my name (hey, it's not that easy!) but they know what I do and where I do it, and frequently they have a card to refer back to.

This is not a business you're going to jump in and make a million dollars, it takes time.

A+ActionLeads · Joined: 23 Jul 2006 Posts: 7 Location: Huntington Beach

Travis ,

You must close lots of deals.You have a way with words and expressing yourself and getting to the point. I couldn't sell household cleaners.

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

I do alright.

chow · Posted: Wed Jul 26, 2006 12:22 am Post subject:

Actually he is underpaid for his talent-but that is just my "mentor" personality speaking. :D

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Coincidentally, you're right ;) That being said, our branch is going to have another record breaking volume month this month, and out of 5 of us, I'm > 1/2 the volume. I can't complain too much ;) It's taken a couple years to really pull our branch out of the depths of the garbage heap, but now I can start focusing a little bit more on *my* paycheck and a little less on the branches profitability ;)

Course, the way things are going right now I get both. Yay go me :)

BECCA9892003 · Joined: 20 Jan 2005 Posts: 400 Location: Altoona, PA

hey haplo..with tacie gone now theres an empty office....lol

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

=D

I don't think putting you and me in the same office would be a very good idea 8) 8)

BECCA9892003 · Joined: 20 Jan 2005 Posts: 400 Location: Altoona, PA

would help with some motivation..

Johnnyboy38109 · Joined: 05 Oct 2006 Posts: 24 Location: Lexington, SC

holious wrote: Hi it's me again.
I've been an LO for 1 month
till last week i tried to get apps by referrals,
those will eventually come through as soon as they are ready.
My company offers leads from telemarketing Dep
but Im not getting them yet because i guess they think
I need more experience, so I started calling off the
title companies, firm pkgs, which do not work,
I'm talking to vms allday and when some one picks up
they are not interested. Also I've done other sales for 5 years
and I've been very successful at it. I don't like to bother people
when they are not interested or don't know anything about their needs.
I need to do something to generate some business. any advice?

What you need to do, very simply, is to put yourself in front of people whose situation COMPELS them to act. Then initiate a tasteful campaign, with a follow-up phone call.

Best wishes,

chow · Posted: Fri Oct 06, 2006 12:22 pm Post subject:

BECCA9892003 wrote: would help with some motivation..

oh, he would be motivated alright.....all kidding aside-

People need to work on one or just a few types of loan business. Become an expert in that type of loan program. Find out what people are lacking in the product selection in the area, and market it. You can't be the answer to everyone's needs. If this was an easy business right now, lenders wouldn't be closing down offices that staff the UW part of the process. The people who are doing well are the people who have adapted to the needs of the area they work in.

I had a Wells Fargo AE call me the other day with some Manufactured home questions. She was laid off as an UW and decided to go the AE route. She's signed up many brokers in her area because FHA has decent programs for MF housing. That's one smart lady. She makes money, the brokers make money, and the customers get a good loan. She said she had been trying to read up on every thing she could so she could educate the brokers who she signs up, and she can communicate with the UW, and the broker to make sure the loans fund.

I preach this train of thought all of the time and I noticed one thing. Those who follow it-usually are very good LO's! I only learned this from someone who's done it for 30 years. I think he's gone one pay period without a paycheck in those 30 years.

darkstar · Joined: 27 Oct 2006 Posts: 58 Location: Hodgenville, KY

>>>>People need to work on one or just a few types of loan business. Become an expert in that type of loan program.

That being true, I'd like to add that you must always remain flexible to shift with the market, what's hot today, may be illegal tomorrow!...Learn how to track and follow the market, read as many industry pubs as you can and try to be step ahead of the curve as the market bends...It's also the nature of the beast to be in a constant state of change, don't get so tied down that you can't!...

dj_laugs · Joined: 10 Nov 2006 Posts: 36 Location: Lake Luzerne

I agree with Darkstar. As a new loan officer myself I am focussing the coming months on refinance. As a former employee of a car dealer I have over 1,000 previous customers with whom I staid in touch for a long while.

The leads I am using are coming from my personal agent website; from previous customers in the automotive branch and from real estate agents. Because I own a web design company as well and I have real estate customers I offered cross linking to my site.

That all results in a decent amount of traffic to my site, online requests and a strong position in my local town. I have been doing this for a couple weeks now and I have more work than I can possibly handle.

beglobal · Joined: 20 Nov 2006 Posts: 1

Mgilmartin wrote: Listen the best way to start off your business is to get on with a good lead company. I have been using (link deleted) for over 6 months they have great service and a very easy retrun policy. I would never go elsewhere.

Once you make some money than you can do your own advertisement and generate your own leads. But in the beginning let a lead companie get your started.

I agree with you, its the best way to start!! :)

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