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   ARTICLE   |   From Scotsman Guide Residential Edition   |   December 2007

Make Contact to Make Deals

Keeping business up requires keeping up your communication with numerous parties

When starting the business-development process, many in this industry forget that this is a people business.

To generate loans, we must be in constant communication with our customers and potential customers. There is far too much competition in place for brokers to have the luxury of deciding to wait until a loan presents itself or is forwarded directly to them without a direct effort on their part.

For sustainable success in today’s market, you must use a highly proactive approach in contacting existing customers, new prospects and real estate agents continually.

Here’s a look at how to communicate with them.

  • Existing customers: There is ample information in the financial news about the number of refinances scheduled to take place across the country in the next year or two. These refinances could serve as a prime source of business, but it is surprising how little information brokers retain on their closed deals. Deals you have worked on present the opportunity to contact these borrowers and possibly do repeat business. 

    If you haven’t already, create a simple schedule of loans closed. This would include each borrower’s name, contact number, interest rate, prepayment penalty and maturity. In turn, you can build a great source of leads. 

    Brokers should contact these customers six months before a loan matures — or right now, if no penalty is in place and the existing rate can be improved. A simple hello, a reminder that you are still in the mortgage industry and the assurance that you still have the contacts in place to help can go a long way to obtaining repeat business. 

  • New prospects: It’s important to not limit your communications with new prospects. For instance, if a loan transaction with a new prospect fails, it doesn’t rule out the possibility of a future transaction. 

    In other words, treat prospective borrowers with the same enthusiasm and energy if a loan transaction took place or not. You may have planted a seed for a future transaction or a possible referral may be in place. 

    Also avoid placing geographical limitations on the new prospects with whom you work. Notwithstanding the high cost of gasoline, many brokers who map out different areas outside of their usual geographical coverage find success. Remember that licensing can vary by state, however.

  • Real estate agents: Working closely with agents can prove beneficial for both parties. But the process does require an open and honest line of communication at all times. 

    Part of this honesty may mean performing prequalifications for prospective purchasers and telling the real estate agent when proposed buyers cannot afford the property they are contemplating purchasing. 

    By communicating this information early in the process, brokers can save agents’ time and help them move purchasers toward more-reasonable sales-price ranges. 

    Another important thing to communicate to agents is your understanding of available loan programs and your ability to place prospective loans through them. With more lenders consolidating or closing, those remaining moving to stricter guidelines, your knowledge of what is available and which lender offers what is of great value to real estate agents. 

Unfortunately, there are no quick answers to finding success. Properly communicating with your existing customers, new prospects and real estate agents will require time and effort, but it can guide you to the leads you need. 


 


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