Follow four tips to generate client leads and build on past ones
Shawn Von Talge, president and co-owner, Professional Mortgage Group Inc.
As published in Scotsman Guide's Residential Edition, December 2008.
With mortgage lenders and brokers going out of business or folding into other companies, the market is reeling. Confidence within the industry is at an all-time low. Although mortgage rates are still respectable, they have definitely been better.
So how do brokers survive during an economic correction like the one we are seeing right before our eyes? The answer is through client and lead generation.
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You may not realize it, but as brokers, we have two jobs: We have our mortgage careers on one end and client generation on the other. We cannot do the first without a continual stream of clients.
Here are four tips for generating new client leads and building on old ones.
1. Current-client management
Managing and keeping in touch with current and past clients is an absolute must to compete, thrive and build your revenue stream. If you do not have an efficient and proven method for doing so, you are missing out on the No. 1 way to get, maintain and work new business.
Using resources such as birthday cards, anniversary letters and call reminders, for instance, can help you build upon the loans you have closed. By using this relationship-based model, you likely will earn referral or repeat business. There are many efficient software programs out there that can help you in this endeavor.
2. Realtor relationships
Working with Realtors is another great way to get new client business. In fact, many brokers are still in business right now because of these relationships. Homebuying may slow down, but there are still people looking for homes to purchase with their Realtor’s help.
You can’t just make phone calls or send e-mails to Realtors and expect them to send you business. Developing these relationships takes hard work, time and creativity.
For them to keep you top-of-mind, however, you not only must have a relationship but also must add value. You must give quality ethical and professional advice. You must make sure that deals close on time and without hassles and that Realtors’ clients have a stress-free, enjoyable experience.
Meeting and finding the right Realtors is not rocket science, but it does take some networking, persistence and time. Consider joining a local Realtor network or affiliation. These associations often have social functions, networking events and educational seminars that will allow you to meet Realtors. These associations also often have rosters that will give you access to other members’ contact information.
Another great way to develop Realtor relationships is to join your local chamber of commerce. It likely has many networking functions through which you can meet other real estate professionals and showcase your business.
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