Answer to Kalen
Kalen said...
Being fairly new to the mortgage business what is the quickest way for a new broker to find their first deal? Also, what do you think is the best advertising medium to find clients (direct mail, newspaper, radio, etc)?
Kalen,
You want your first deal? Ok, go ask your parents or relatives. If not, then ask your friends, and get your friends and relatives to ask their friends and relatives. That's how it starts.
The best medium is the one that brings the best results. Your message has to match what your prospects want. The medium is not important. Create a powerful message that will make someone want to call you and you can be successful using any and all mediums.
posted by Ameen Kamadia @ 11:48 AM
4 comments
4 Comments:
ok. i'm also a newbie and the friends and family thing backfired on me. friends and family know you're brand new. why would they want to deal with you?
i sent a mailing to a friends and family list and it generated about 10 leads. They all shopped me and i didn't mind a bit Bottom line i didn't land a single deal. Not one. Two decided not to act. The other eight went elsewhere.
Subsequent followups showed i had come up with programs equal to or better than seven of the eight. In one case by a full percentage point. "They" were at 6.5% while i was offering 5.5% without breaking a sweat. My friend then used my gfe to get better pricing from a 3rd lender.
Bottom line; they were all appreciative for the honest bench to compare strangers against but they just couldn't risk putting a loan in some beginners hands.
So what you are saying is that the friends and family thing worked "10 leads" but your sales skills were not at the level to be able to convert the leads.
In your shoes, I would take these people off my Christmas list.
As a newbie you will also learn not to give out the gfe before you have an application. Give a rate quote. You do not need to waste time on a full gfe.
Thats why care salesmen never put the price they are offering you in writing. Because they know that if you take it to any other dealer, all the other guy has to do is beat the price. That's what happened to you.
My original point was why market to family and friends when you're brand new to the game? They *know!* that you're brand new and are probably not willing to trust something that important to a "newbie".
But your point is well taken. i did get 10 tries. i chalked it up to ten people who knew i probably didn't know what i was doing but your point is valid. It's possible that i have no sales skills. In fact it's quite probable. It's been three months and i've yet to sell my first loan. I've been totally unable to get any realtors to talk to me. Ditto financial planners. i've taken out ads, sent mailings. i drop off flyers at FSBOs. Nothing.
The guy i started with sold three loans the first week.
My boss says i've already set a record for no sales.
But that doesn't mean you should give up either. The market is getting tougher. People are dropping out. Rates keep increasing.
Realtors and financial planners will not work with you because they need someone with confidence. It seems yous is fading quickly.
It doesn't matter who got how many loans when they started.
Talk to the 8 of your friends that went elsewhere. Tell them that you need to know why for your own sake. What was it about you, that caused them to go elsewhere? Get the answers and work on it.
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