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Are you tired of putting time, energy and money into mortgage broker marketing just to end up with an agent that never seems to follow through? Let us say you meet with an agent and feel like you have made a connection. But weeks go by without hearing from that agent. You make follow up calls, it all sounds good, but the agent still does not call, return your calls, or send you clients. What is going on?
It sounds like you have just encountered the passive Realtor. A passive Realtor can be incredibly frustrating. But rather than giving up on them, or throwing your valuable time and energy away, by understanding their behavior style, you can develop a positive relationship.
Why They Seem Passive
When you encounter an agent that seems passive, you are really meeting someone who struggles with change. They want to have a stable environment with few or no problems. They perceive any change to be stressful, so they are often willing to continue to work with someone who offers inferior service, simply because they are uncomfortable with working with someone new.
These agents are especially uncomfortable with confrontation. They will go to great lengths to avoid it. They appear to buy in to working with you, but you may not be uncovering their true objection because they go along with anything.
Realtors that are passive also avoid fast decision making. They want to take time to evaluate decisions and mull them over for days or months. When you are working at your mortgage broker marketing, this can be frustrating. It feels like you are investing your time without receiving a timely pay out.
Misunderstanding Passive Realtors
One of the chief problems with working with passive agents is that you take their passivity, their desire to avoid confrontation and general friendliness,as a buy in. You may think you are making progress, when in reality you are not getting anywhere or the agent needs time to process.
Be realistic in your expectations when working with these clients. If they already have a strong relationship with a mortgage broker, chances are they will not jump into another relationship with a broker immediately. It may be a long courtship before you gain their loyalty.
On the positive side, passive agents are great to work with when it comes to unexpected glitches. They can easily empathize with problems that happen and are not likely to go ballistic. And, once you establish a relationship with them, you can count on them to remain loyal.
Communicating More Effectively
When focusing your mortgage broker marketing on this type of real estate agent, you need to pursue your relationship differently from other agents. It is best to incorporate a slow, friendly strategy, with lots of small talk and focus on feelings.
You are more likely to get their attention when you present information gently and then use a questioning technique to draw out their feelings or problems. Passive agents seek out a relationship; they want a feeling of personal attention, problem solving and excellent customer service. They also want proof of your performance, which can be supported by customer testimonial.
The Good News
While wooing a passive agent can feel like a lengthy process, on the positive side, they are great team players. They expend effort to make their client relationships positive. They are the agents that are willing to go the extra mile for clients. These positive relationships trickle over to your business, resulting in a repeats and referrals.
When you understand how to create a positive environment that is not threatening to the Realtor, you establish a productive and positive relationship. Tailoring your mortgage broker marketing to these Realtors result in a loyal partnership with big pay offs.
MGIC Drops After Countrywide Sues Insurer Over Denied Claims
MGIC Investment Corp., the biggest U.S. mortgage insurer, dropped the most in almost two months after being sued by Bank of America Corp.’s Countrywide unit in a dispute over claims.
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There are many ways that many mortgage originators go about producing leads. They talk with realtors, builders, and even try buying leads. However, believe it or not, there are many mortgage originators out there who are able to get leads before they even get as far as their realtor.
The method such mortgage pros use is called direct mortgage marketing and the mortgage professionals using this method are working on a whole different plane than much of the rest of the industry. The best part is that it is exactly what it sounds like it is: simply marketing to consumers, prospects, and clients before they are even thinking of making a mortgage decision.
The pros that use this method were visionary in a way because they knew the direction of the market. If you are like many mortgage professionals, then you have noticed the saturation of the market by builders and agents that control the entire transaction from purchase all the way through the mortgage. This process freezes you, the mortgage originator, out of the entire process. It can be frustrating.
If you choose to market to consumers before they make a mortgage or real estate decision you are getting around this new market trend. You’re creating rapport, a bond, and putting yourself in the position of a trusted financial advisor with your contacts.
Once you are able to pre-qualify them for a loan, you have completely eliminated any competition that may have been lingering out there before hand. Anyone would be out of their mind to suggest that your client start their mortgage process all over again with a new loan officer and a new company just because they made a decision to buy. After all, if you have a pre-qualified client, then you are ready to go and to close the loan quickly, right?
So how do you find the right mortgage direct marketing technique? There are a few things you can do to get potential clients so that they are thinking of you when they get ready to get their mortgage. Here are just a few of the direct mortgage marketing techniques you may wan to consider.
Use What You Have: You probably have a database of potential clients already. Market it hard all the time. Send out timely cards, reminders, and even informational articles to keep in touch. Make the information useful so that they do not feel you are pressuring or pestering them.
FSBO’s: For sale by owner homes offer a great market for you. Offer to help them sell their home by pre-qualifying their prospective buyers. This will get you in contact with the sellers who will likely be buying and also help you qualify people who are in the market enough to be looking at a home.
Write: By writing informative article and information for your prospects, you are giving them really valuable help. While not everyone you supply with information is going to work with you, it is a great way to get the lines of communication open with those who have not yet made a buying decision.
Market to Others: Try marketing your business to those who may know new buyers. Divorce attorneys and financial advisors are great contacts to make that can help you get in touch with buyers well in advance of their first home buying experience or their first mortgage decision. When that time comes, though, your name will be the first of which they think.
Marketing directly to the buyers before they make a decision can be very helpful to your mortgage business. What, though, about mortgage advertising to others with leads in real estate. By talking with a real estate agent, you can get a lot of business sent your way.
With the right system for partnering up with real estate agents, you can help turn renters into buyers. In the mortgage industry, they call those easy to pick fruit or low hanging. Simply put, you need to partnered up with a real estate agent or even a few real estate agents.
Once you do that, you will see your business sore while the amount of leg work and phone time you have to log will go down. It is a good trade off that helps your business.
So find the right system for you and consumer direct mortgage marketing will be as easy as can be. No more being shut out by the contractors and builders. You will create your own database and your own series of leads.
Shane Brooks is a hard nosed business man that doesn’t take kindly to competition. His hard hitting no nonsense marketing techniques constantly makes waves for his competitors regardless of the market he is focusing on. Shane doesn’t mind stepping on the toes of his competitors or ruffeling a few feathers of the so-called gurus in order to level the playing field. Click here for proven mortage broker strategies.
One client relates that it only cost her $6 per name each year in her contact list when she selected to do her promotional campaign using postcards. Best strategy is to simply send your postcards to the names in your contact list. One client used her postcards to bring folks and clients to her store. Just like actors in Hollywood, postcards are very flexible. With a single mailing, you can try for business ventures from possible clients, and maintain repeat business from present buyers. You might also use the postcards as outsized business cards, hangtags for your products, and even mini-information sheets to introduce your business to other clients. Start and stick with a postcard marketing program and you may see that your business gets a rep, if not notoriety.
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