6 minute read
Learning How To Make More Money
Learning How To Make More Money
Look at your competition and then do the opposite
BY RALPH LOVUOLO, SR. | CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL
So, here’s a story that happened recently that makes so clear what I’ve been trying to get across to all of you for the last 40 or 50 years … be different. To be successful, get outside of the person everyone is trying to fit you into and present yourself differently, like a chameleon.
Look at what your competitors do and do it better! Do things different and take it up a notch to do things even more differently. Find out what they do and follow the principle of Wall Street brokers: “Buy when everyone is selling and sell when everyone is buying.” It doesn’t take a super genius to know what your real estate agents need, find out what they need and give it to them, and do that repeatedly.
A client of mine, Scott, told me the following story …
When he started in the industry as a loan officer in the early-1990s, Scott went to the most successful real estate office in his area. In his hand, he carried his company rate sheet, as was the custom since getting rates via an app had not yet been instituted.
With only a couple of weeks under his belt, this was an office he had not yet visited. Strangely, he had learned that no other MLO in his company was doing business with any of that company’s agents. He couldn’t understand why. But having the confidence of an alpha male lion, he walked in with no appointment. He told the receptionist that he had an appointment with the broker/ manager. Scott had done his research and knew the reputation of the company and their people— they were sharks. Was he afraid? Apparently not much. He decided that the worst that would happen would be that his butt would be kicked out the door.
“Hell,” he said, “they weren’t doing business with me at this point, so I had nothing to lose.”
USE YOUR TENACITY
The receptionist was distracted and told him where the office was for the broker/manager and he walked right back. He introduced himself, and while standing in front of the desk, handed his rate sheet to the broker/manager. She asked him what his name was and ripped his rate sheet into many pieces and told, not asked, him to leave the office and never come back.
Seriously, what would you do if this happened to you? Do you have the alpha-male lion attitude?
Here is what he told me. “I said, ‘OK, thank you.’ I walked straight for the front door and went to my car. I waited about two hours before I saw her leave. When I saw her drive away, I got a few more rate sheets and walked back in the office and put one copy in the mail slot for every salesperson.
“What, you think I’ve never heard ‘No!’ before? To be successful in the business, at a young age, I learned that a loan officer is going to be told ‘No!’ at times. In the short time before I went to that office, it had already happened to me a bunch of times. But, I also know that they can’t say ‘No!’ forever. Today, I still do business with those people. They loved and still love to tell people that story. They loved my tenacity. I know you teach my salespeople to never give up and that’s why I have you coach them.”
ADDING A TWIST
That conversation took place about 2 p.m. and three hours later, I had another call with another guy I coach, Bernie. When he answered, I said, “Tell me something you did since our last call that you are happy about.”
Bernie replied, “Ralph, you know I love these ideas you give me, but I heard an idea on a podcast the other day that I knew you would love. So, I’m doing it, but I added a little twist.”
“Please explain,” I said.
“I sent a text to about eight real estate agents I would like to do more business with, but with the virus here in New Jersey not allowing me to go to their office, I know I have to keep my face in front of them, so I’m doing the next best thing,” Bernie explained. “Here’s the idea. You know how real estate agents are trying to sell people using virtual videos? Well, I like this idea better and so I texted it. So far, five of them say they love it.”
“I’m dying, hurry up,” I replied. “How long before you tell me?”
“Instead of a real estate agent doing a video of a house, I suggested they call a prospective buyer and tell them to be prepared because they are going to call them back in a little while,” said Bernie. “They are going to a listing they found that the buyer will like When they are in the driveway, they are going to turn on their phone camera, walk up to the house, and then go in a walk-thru in the house while sending a live video to a prospective buyer.
“In fact,” Bernie continued, “if they have multiple prospective buyers, they could show the house more than once and it is such an effective use of time. One guy said he could show the house about three or four times. I can’t believe how much the real estate people I sent the idea to love it. In addition to the five who liked it, one said they didn’t like it and one hasn’t gotten back to me yet.”
DELIVER NEW IDEAS
“Bern, I couldn’t be happier for you,” I said. “The fact that you’ve picked up on this way of getting the attention of real estate people fills my heart. I swear to God, I could not be happier for you.”
We spoke for a little more and just as we were saying goodbye, he said, “Oh, Ralph, wait! I just got a text back from the guy who had not gotten back to me before. Let me read to you what he said … ‘That is actually a great idea!’”
I replied, “Oh! wow, I’m so happy for you. Is this someone who you’ve been trying to get business from?”
“Yes, he gave me a deal already, but now I’ve sent him a couple of your ideas, plus this new one, so we have lots to talk about now.”
If you want to keep talking like everyone else who does what you do, go right ahead. But, if you want to get inside the mind and heart of real estate agents, give them ideas that they need for the environment they are living in. That is what I teach people to do. If you want a coach that will put the fire inside you so you can overcome “No!,” contact me. Or, you could continue to struggle … the choice is yours!
Ralph LoVuolo Sr. has nearly 60 years history in the mortgage business. He was a co-founder/president of the NYAMB and a long-term member of the board of directors of NAMB.
