How many times have you found yourself sitting at a conference, or in front of your computer screen looking at the latest and greatest marketing strategy to fill your pipeline and thought, “This is the answer!”
Well, you’re not alone. With how fast technology moves and markets change, it can feel like once you’ve got a lock on your existing methods, everything has already shifted.
The problem with consistently shifting tactics and strategies is that you don’t actually learn the process that works for you and your prospects. Here are a few of the most popular trends that keep mortgage originators chasing their tails for clients.
Preoccupied Realtors
You can use software to figure out which real estate agents are the best producers, then target them to build relationships so they’ll bring you more clients. This sounds good in theory, right?
Brilliant, until you realize it’s what everyone else and their brother are doing. Think of the highest producing Realtors as the cool kids on the playground. They get all of the attention and when they look at you, they’re trying to figure out if you’re on the same playing field as they are.
All of this indicates a high barrier to entry, which means a low success rate for actually developing a meaningful partnership. A successful referral relationship is created through trust, connection and service to the client.
So, how do you create a win-win-win with real estate agent partners? Stop trying to win favor with the top-echelon agents and look at people who are either up and coming or simply need a little support to become mega-producers. Relationships are only as strong as what you invest into them. That’s why it’s easy for top producers to jump ship whenever they feel like it, because there’s not a large investment in the relationship.
When you use the same software to find Realtors who aren’t star producers but show promise, you have the ability to build that relationship through service, helping these partners become high producers and fostering loyalty. As you sit down to use tech tools to hone in on the perfect partners, look at who you can make a difference for and go from there.
Endless lunches
Do you ever cringe when someone asks you to do lunch or coffee? Endless lunch and coffee dates lead to fruitless relationships.
First, this is one of the strategies everyone learns from the beginning of their career in order to develop business relationships. The problem with that is, every time you extend (or receive) a lunch or coffee invitation, there’s an assumption made about why you’re meeting. This immediately leads to defensiveness and distance in the relationship.
Instead, you want to build actual relationship skills. Get to know the person you’re thinking of doing business with. Show up on their social media with likes and comments. If you feel like going the extra mile and it makes sense for your audience, you can share their posts. Learn what they like and what they don’t like. Do they love dogs? If so, maybe you can suggest a puppy play date or get them a book about their favorite breed.
The relationship is built by listening, caring and taking a genuine interest in them as a person, as well as an interest in doing business together. When your referral partners understand that you will look out for them and take care of them, doing business together only makes sense. Where else would they want to send their business? Practice building relationships and enhancing your communication skills, and you’ll see it reflected in your business partnerships.
It’s vital for you to understand that the more you show your leads that you care, the better your relationships and closing rates will be.
Mishandled leads
Many mortgage originators use customer relationship management (CRM) software automation to keep their leads in one place, follow up with previous leads and close deals with existing leads. Not a bad plan.
Here’s where it goes sideways: A CRM system is built with a general structure for the average user. That general structure is intended to be personalized and used intentionally.
When you use CRM software generically, you lose a lot of the functionality that actually makes a massive difference in your lead flow. For example, you can separate different leads in your CRM system with tags that let you know what they’re interested in, what part of the process they’re in, how you met them and all sorts of other details that help you stay abreast of how to move forward with these conversations.
By engaging in the personalization process, you also can set up custom sequences based on the unique needs of your leads. Maybe some leads need tools for credit improvement, while others need information on how to compile a downpayment.
Some of your leads may need resources that tell them the best school systems in their areas, while others need information on the fastest routes to work. Whatever the needs your leads have, it’s vital for you to understand that the more you show your leads that you care, the better your relationships and closing rates will be. CRM systems are built for automation. You just have to make sure you’re automating the right way.
Listen to the needs of your prospects and wisely choose which messages you send them. Don’t forget to add your personal touch and be memorable — you don’t want to sound like everyone else in your conversation.
