ALPH LOVUOLO
THE MORTGAGE GODFATHER
Solving The ‘Call Reluctance’ Issue Give what people want and you’ll get what you want BY RALPH LOVUOLO, SR. | CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL
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t is not an exaggeration to say that the answer to this question has been a lifelong quest that has consumed every competent coach or trainer. It is not just in the mortgage business that this situation exists. But since this is my home, I’ll address it here. It starts with the concept that has been postulated by every past and present motivational speaker. I heard it first from a video I saw 3540 years ago that had the speaker Zig Ziglar addressing a group. He spoke to me and it struck a chord; “Give people what they want, and they will give you what you want.” I practiced it to some extent when I started as a loan officer (then known as Mortgage Solicitortake notice of the capitalizations). In the ‘70’s and ‘80’s when I visited a real estate office, it was my practice to inquire as to whether or not they had any new listings. When they said yes, I asked if they wanted me to visit the property, acting as if I was a potential buyer.
The potential buyer act was if the property was occupied. If the property was vacant, I’d just ask for the key and take a ride over. The real purpose was to see if I noticed anything that might not pass muster when the appraiser was there. Although most real estate brokers had some experience at that time, they were reluctant to tell the seller of faults they saw. For the most part they were so happy to get the listing, they hardly spent any time in looking the property over.
HOW TO MEET GREAT REALTORS Helping real estate people make money outside of the basic reason for my wanting to do business with them was accomplished through this slight subterfuge. It was a given that doing as instructed, I would approach most real estate people and discuss my extensive knowledge. (I spent years studying and learning the basics of the rate/bond market, processing and underwriting and closing mortgages, the secondary market, the functions of the FHA and VA and every intricate detail I could learn.) Let me address some of the highlights of the entire concept of selling the most powerful thing in the world: An idea!! As an MLO, you struggle
with the oldest two questions in the mortgage industry, “Who am I supposed to see?” - and if you’re lucky enough to be directed to anyone who actually does business, the next thing you ask is “What am I supposed to say?” The answer to the first question is almost always the same, “Go see Realtors.” The answer to the second question is, “Tell them about our service, our programs and our rates.” But these don’t help very much. In fact, they are negatives to establishing that you are knowledgeable, interested in helping people get good advice, service oriented, and serious about making what you do a career. Think of this. The Realtors you want to do business with are struggling with all the complexities of the real estate transaction. They are trying to find clients who they can convince to list their house with them. They are trying to find people who want to buy a house. What I’ve always believed is that you, the MLO, have an obligation to speak with the Realtor/salesperson with a voice of encouragement and to help them think of ways to market their services. Remember, all of your competition has been told the answers above. But this will lead you to the secret I have discovered.
HELPFUL TEXTS ARE THE ANSWER The answer is so simple, many people will pass it off as too
