My Past Customer Just Listed Their Home For Sale, Now What?

dorsini · Joined: 07 Jan 2009 Posts: 13

I would like to introduce a strategy to the Mortgage Forum faithful that our clients have seen a lot of success with. One of the many benefits our clients see with our Surefire System is that we notify them when a past client has listed there home for sale. I would like to outline how we recommend our clients utilize that data to add a loan to the pipeline.

The first thing you need to do is obviously call your borrower. If they are selling their house odds are they will be buying a new one as soon as it is sold. And of course they will need financing on that home. So why not go ahead and offer to get them pre-approved for their next deal?

Then we also recommend using whatever resources you might have to help the borrower get their home sold. Some of our clients do so by offering for them to use their Call Capture line if they have one. Some of our clients also have marketing packages they have created to help out in occasions like this as well. But most importantly, when offering your assistance ask your borrower to set up a meeting for you with them and their realtor. You can position it by saying all of this stuff you are offering them also effects the realtor as well. This is a great way to develop a relationship with a new realtor.

The last thing is that if someone is buying their home they will also need financing. Being in the loop here will also help you to possibly capture that deal as well.

So by utilizing the information that one of your past clients has recently listed their home for sale, you can turn a past client into 2 new deals and a new realtor relationship. There is more information on this strategy and how Tim Davis of Titan Home Loans has seen success implementing it here - http://blogs.wannanetwork.com/mortgagecrm/2008/10/27/success-story-winning-a-new-realtor-over/

EricJ · Joined: 09 Jan 2009 Posts: 321 Location: New Jersey

Thanks for the post Dave. One of the ongoing issues I run into is most of the larger real estate agencies have their own in-house mortgage company. The agents are forbidden to refer the loans outside of the building and are also measured against how many loans they are able to keep in house. It is a struggle.

dorsini · Joined: 07 Jan 2009 Posts: 13

Thanks for the response Eric. I understand the challenge you are facing. In situations like that, sometimes the best you can hope for is to be someone’s second choice. Be it an in-house brokerage, a brother who is an LO, a long time friend who does loans, most agents already have someone they prefer to work with and winning them over is never an easy task. All you can do is show exceptional service all the time like the above described strategy. There will come a time when their preferred mortgage buddy is either sick, on vacation, or severely drops the ball on them; and you need to be first on that agent’s list when it comes time to think of who else they can call. You can be there as the rebound guy (for lack of a better term). When all is said and done, realtors are in this business to make money; and if you can prove to them that you can facilitate that better than the guy they are with now they will ultimately opt to work with you. Earning the opportunity to prove that though; is where the challenge lies.

AnnAnderson1015 · Joined: 30 Mar 2009 Posts: 46

EricJ wrote: Thanks for the post Dave. One of the ongoing issues I run into is most of the larger real estate agencies have their own in-house mortgage company. The agents are forbidden to refer the loans outside of the building and are also measured against how many loans they are able to keep in house. It is a struggle.

I think is a violation of RESPA and those RE broker can get in some trouble for doing that. It is clearly a convict of interest because the agents are suppose to be advising and looking out for their clients best interest. This counters that. I think those brokers are just asking for it.

dorsini · Joined: 07 Jan 2009 Posts: 13

I think you are right. Back in the day I remember seeing the Countrywide office right there inside the Keller Williams office and always thinking there was something wrong with that. But, just because something is in violation of RESPA doesn't mean people aren't doing it. So unfortunately Eric still has to compete against that.

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