120
Think Next!
Looking for more than the obvious
Sphere Focus
Covering the Mass
Building the Foundation
Leverage, Leverage, Leverage
Bringing Value
120 Day Weigh-in
How to matter to a partner
Tracking progress and what to track
No Bullsh#t Approach Cut to it and no excuses!
Brad Roche The Mortgage Planner
KNOW YOUR DEAL The first 120 days to crushing it in the mortgage business 1 | www.elementfunding.com
other words, you need to know your shit. Confidence is the #1 key factor in selling. You also need to be willing to spend $200 per month on your own business. Not the company, you. It cracks me up when people wont invest in themselves and cry about not getting results. Who better to invest in than you! $200 bucks is not a lot, but you get a lot done.
My first 120 days
Notice the title “my” first 120 days… it doesn’t say yours. Start right now with an understanding that I work harder than a lot of the loan officers I have met in my career. This is not for someone who wants the magic sauce or the quick fix, turn key blah, blah,blah…you get my point. You need to be willing to do the work! I mean really do the work. Start earlier, skip lunch, stay late- yes all of that. Where is it do you want to go? We all have the same amount of time in the day, you need to get as much out of it as you can, and for me, more than the guy next to me, period. So now that you know this 120 days is not going to be easy or for the
faint of heart, let me tell you exactly what I would do, and have done, as an Originator new to the market and closed 178 loan my first year! Yes, I know how to do a loan, and you should too. If you stink at programs, debt ratios, how to price a loan, how the market moves and interest rates etc., go back and do some studying! You have to know your deal, rule #1. Be a master of your craft. People do business with people they trust, they can’t very well trust you if you don’t know programs, debt ratios, how to price a loan, how the market moves and interest rates etc. meaning your job. The more “stuff ” like this you know, the better you are and smarter you are than your competitors. In
I am going to map out to you the things I would absolutely crush my first 120 days going into a new company, relocating to a new market, expanding to a new market, and even just starting out in the business. Before you start, you need to know an old rule I learned when I first started in the business, “anything you work on today….expect to get paid on in 3-4 months”. I hate this rule, but it has been handed down from generations in the mortgage business, so if you haven’t heard it, you need too. Meaning if you go to the gym and want to loose weight, you keep going day in and day out. You work your butt off ! You eat right, and keep hitting it, 2 weeks later, you look up and don’t see much or any progress. Still the same you in the mirror! How is that! All the work I have been putting in and nothing! Well, you get it? You have to keep pushing through even if you don’t see the results at first. Some people have this thing called that “fire in the belly” or “purpose” and some fear. Whatever it is, you got to stay with it and know we are about to get shredded in the mortgage business!
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First of all you must have a database! I know, wow this sounds silly and not a good way to get started…entering a bunch of crap into the computer, how is that a good start? Let me explain. You need to know who, what and when all the time. I mean, if we are going to deal with a lot of people and
much what software you use, so many of them offer a lot. I just would want to make sure they have an automated email drip campaign ability as well as reminders and notes for each contact. Personally, I use www.AllClients.com which has a lot of custom options and is not specific to the mortgage
DATABASE you get mixed up at all like I do, you need to have good simple notes on going for a contact. If you are working off spreadsheets for a database, get rid of them. I don’t suggest YOU sitting and typing or for that matter copy and pasting from one format to a database. But I do suggest you hire someone to do it quickly and within days if not hours. You can use a service online for a lot of this that offer freelancers in many professions (excel, data entry, powerpoint etc). The key to a database is the fields. I make sure the “structure” is set, which many programs are now a days. Structure means the basic fields like name, address, email, cell phone, work phone, mortgage rate currently, value of home, birthdays and mortgage anniversary. I don’t think it matters
business, but I like that. I used to use ACT if that rings a bell, same kind of thing. Many of the programs that are provided by the company are great and work effectively, as well as sync with the processing software. It is not the companies responsibility to maintain or upkeep your database, it is your book of business and contacts, sphere of influence! It is worth a ton, treat it that way. MUST HAVE 500 PEOPLE IN THE DATABASE AS A MINIMUM. If you don’t have 500 contacts, get some! Start with friends, family, church directory, kids school directory (if you cant get a directory, add people you know- don’t over think this), chamber, people you do business with personally, small businesses and employees of the businesses.
You have to get creative.
When I relocated I went to business and talked to them about benefits I could offer as a mortgage loan officer connected to people moving into the area that I meet and could send them to there business, promote them, and offer there employees a discount if they buy a home…but really anyone they know I would be honored to take care of on a mortgage. I took some coupons and gave them to people I met that might want to go, then I went back to the business….get it, I went back…they get to know you, so start with some place you already go. The gym, dry cleaner, local pub, coffee shop, the businesses in your companies building etc. ONCE YOU HAVE YOUR BASE- THE GOAL IS SIMPLE “ADD 3 A DAY.” New people you meet, 3 a day. If you are thinking, where do I meet 3 people a day, we just named so many in part one of this. You have to get out and talk to people. Nice shoes, hold a door open, say hi at Starbucks, you have the opportunities, if you don’t, look to create them, maybe even join a leads group or the Chamber to get a start. MAIL TO 25 OF THEM EVERY WEEK. Personal note with your business card. Follow up and call the next week. If you did this every week • 20 mailed per week is 1040 personal notes for the year. • $0.50 stamp x $20= $40 per week x 52 weeks= $173 per month. If you can’t afford to do $173 per month cut back to 10 per week or margin to afford.
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Think Next!
As your working on the database, putting people in, updating, you are also calling. You are telling them about what you are doing, saying hello and thinking NEXT! You need to realize that most people want to help, you just have to let them know how. When you are trying to get rolling or just crush it in general you need there help!
3. Ask them to keep you in mind and if you can send them your newsletter monthly to stay in touch.
1. Ask who they know that may have helped them in the past with Real Estate.
5. Look from one contact to the next contact, to the next contact. Soon you make it easy to add to your database, gather names, talking to people but most importantly, keep notes and follow up! Set reminders every time you leave a contact if needed, keep the call log coming.
2. Ask about anyone they think you should talk too that may be able to help your business.
4. Ask about any business owners, builders, Realtors, Bankers, financial planners, CPAs, Lawyers they may know.
6. Don’t just call and ask how’s the weather. 60% or more of a loan originators business comes from Realtor partners. You need to keep that in mind when looking for introductions. Otherwise, you need to make it a part of day one.
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No one wants to work with someone who is not a master of there craft, aka knowing their shit, and confident. You all have heard it in movies, read it in books, it is because it is absolutely true! ACT AS IF! ACT AS IF you already closed the deal, ACT AS IF you are the best in the mortgage business, ACT AS IF they would be foolish to work without you! I know what your thinking…bring value, heard it before. I agree, and a lot of times it is misunderstood- I bring value! I return calls, I meet with clients when needed…on and on…that is not what I am referring to. Bringing value is another way of saying “I already run hard, want to come?’’ A great partner is someone who can bring something to the table! My way of bringing to the table (among others of course) is the process we deliver the client experience. Notice I said, deliver the client experience. When I explain this to a potential referral partner, my passion! Taking great care of clients on purpose- you have to admit, it is pretty silly if you don’t have that in common…but what is not silly is so many don’t do it intentionally. Let me explain. When you have a purposeful way of exciting your clients, keeping the momentum in the search for a home, tools that make the experience simple for them like a payment app, scanner, great online application and communication you win! I mean, be able to explain the exact steps your clients get excited! Like “just got into contract” or “appraisal came in $5k over value.” We maximize the client experience, meaning we take the climax and put a cherry on top! “Our
clients absolutely love working with us and how the process goes, they tell everyone.” Let me be clear! Selling like above is not done in an email, text, smoke signal, climbing a tall building and yelling it. No, it is done in person
or over the phone. Understand 90% of the way people scientifically take in information and process is from tone and body language. 90%! If that doesn’t blow you away, it should! It means, no one wants to work with a lame ass that has no excitement, no confidence and no value.
Bring Value “Our clients absolutely love working with us and how the process goes, they tell everyone.”
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Covering the Mass You can’t just talk to 10 people hope to get 3 leads and one loan. That old myth is just that, old. While I agree with it if I was selling boxes of candy door to door (which I did by the way, another day lol) I don’t agree with it when we are in the gathering or courting stage. You see, we are in a relationship business. It take a little bit of courting and follow up! I use www.Trello.com a organization board to help me prioritize the courting period as well as shows me where my best time is spent. I have videos in my training on this but it is pretty simple even if you are not a computer tech. It simply organizes who is new, what to do next (system for courting you create), and then putting them in a VIP, A, B or C category based on volume, relationship, and growth potential together. This is not to be confused with my database, this is a visual board that is in my face and on my phone all the time. I don’t want to
be the guy that doesn’t follow up and ask for business. Covering the mass means, getting to a lot of people. 10, 3, 1 no… try we need to get to 300 people in the next 120 days. You want to be great, go to work. For those of you who just freaked out at 300 people introductions in 120 days, let me break it down for you. It is 2.5 people per day and if you do it right, you meet more from who you just met. It is a lot easier to grow as you go versus planting new seeds every time. Lunch and learns, employee mortgage class, group sales meetings and presentations with follow up is leverage. Remember you need to get more in less time… leverage group meetings or bringing a friend. Social media in general as well as groups is a big key of getting in front of a lot of people and my rule of thumb is to post at least 3 times a week.
Realtor Focus
You have to meet some Realtors. Just like Loan Officers there are good ones and bad ones. You need to see how they work, to see if it fits the design you have for your “perfect process” to wow clients, gain trust which in turn gains client referrals for life. I suggest, well depending on your market meeting with at least 200 Realtors alone to start and 50 every year minimum. You need to be able to offer your value to them for them to want to meet with you. Meaning if I don’t have any value, like “I call on some businesses, and wanted to see if you are taking on new clients” New clients you ask? Yes! I have new clients I talk to all the time- remember, every person you are adding to your database is of value when you work harder than most. Every person you are adding
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to your database, you are adding a potential new client. You are building a reputation that is focused on the client and the experience! You need to work with partners who are hungry and get the way you run. You have to go through some meetings to get the core group of your favorites, or it just clicks. The key is getting the face to faces! Literally pound the phones! If you are not good on the phone, dress the part and hit the street. Make a milk route and follow it. Map out 8 offices you are going to visit each week and do it the same day, same time every week. Get to know that group, then change the time, get to know that group, then go back to the first time. Keep showing up. But don’t just deliver the so called milk, ask for the business! Talk to them about how you work and where you can help them in there business. If you are truly doing the work outlined so far with talking to people and working the database, making an experience process, then it is petty easy to sell the value you bring to a Realtor and the contact you can introduce them to. Not to mention you kick ass as a Loan Officer!
Network
Build some groups! As you meet people start being MR. (or MRS) INTRODUCTION. Set coffees to bring people together, be specific in meetings about your goal to do a lot of loans and any help would be awesome! Introduce your Realtors, business partners and sphere to other people in your sphere that you think will click. Maybe just maybe you can get 4-5 of you to meet once a month for lunch to help each others businesses?
Track It ALL Track it all doesn’t mean some of it. Track it ALL! How many calls, how many messages, talk toos and face to faces you have per day. How many thank notes mailed per week. You have to know what you are weighing in at each week during the 120 days. Each week making sure you get the minimums.
120 Weekly Weigh In
20 mailers per week 2.5 new people per day added to database 1.67 Realtors met per day 2 Meetings = 4 Opportunities from meeting (new intro, lead, etc)
The Rest Are Details
Follow Up
Just like investors say location, location, location. A Loan Officer who doesn’t follow up tight wont be great. Following up with partners and leads are going to be essential to your business. You must track your leads and know where they are coming from. I use a lead tracker form in our coaching that allows you to classify them and keep them in front of you. You don’t want to loose someone who wanted a loan because you didn’t call back. They say the average sale is made on the 6th call. I know life happens and people get busy.
I know easier said than done. But here is reality. We all have a lot coming at us. It is the challenge of how you take it and how you run the full 120! You have the opportunity in the mortgage business to have a fabulous life! Both work and personally! Notice I didn’t list a bunch of programs? That is on purpose…no matter what program I have had or app it didn’t get me paid like what I listed in this short read. I mean, I went hard, did the work and I did it and do it before others think to get started as well as stay when they start to fade. Trust me, you don’t have to do this forever, but you do have to want it more. There are just too many choices to get a mortgage or deal with a real estate agent, you have to out work the competition!
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A DIVISION OF PRIMARY RESIDENTIAL MORTGAGE INC
Element Funding 3480 Preston Ridge Road | Suite 150 Alpharetta, GA 30005 770.604.6021
Key downloads recommend as of January 2019
Schedule Once Trello Dropbox Facebook Mobile/ Linklden Mobile All Clients/ Surefire (database) Encompass Mobile (if locking available) Grasshopper (large teams only) Simple Nexus (for push notifications) List Reports (with NEST home search) Mortgage Coach (with rate watch alerts) Mortgage Planner Mobile (podcasts)
www.ElementFunding.com Primary Residential Mortgage, Inc., DBA Element Funding, NMLS #3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Georgia Residential Mortgage Licensee. Department of Banking and Finance 6521.