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I want you... I want your business..... Pretty please, I am good, trust me......

extra extra

"I want your business! Why won't you give me a try? I promise to do a good job. We should give each other a chance to work with each other because we are both on Active Rain."

This seems to be the theme as of lately, 'asking for business'. I am not here to knock the way people ask for business, but I just wanted to give my .02.

I have read 3 different posts this week all written by loan officers talking about referrals. The problem is not so much asking for the business, but expecting it just because you are a part of AR or another networking group.

I have belonged to several different types of networking groups in my lifetime. Just because you are part of a group doesn't mean that you give everyone a chance in that group. You just can't possibly mesh with everyone. Nor would I feel comfortable, secure, or trust each one of them with one of my clients or referrals. It takes time...... Trust.....

hands in a circle

When I first got into the business, I remember some realtors allowing me to come into their office, but it would sometimes take 6 to 12 months before I got a referral. It's called building a relationship. Think about it, would you hand over your client just at a snap of a finger? Just because someone says that they are good, that they know their programs, etc, doesn't me it comes naturally. Let's be honest with that answer.

Thinking that this happens over night, sorry but you would be a fool if you thought otherwise. Many people like to see not only how you handle yourself, if you seem to know what you are talking about, knowing your job, but also persistence.

Where am I going with all of this? I truly think that people want to see more than your funny side when it comes to marketing yourself. Just as we blog to consumers, hoping that they choose us, don't we want the same from those here on Active Rain or any other networking group? Suggestion : Why not break up your blogs into certain categories. I myself try to write about certain marketing ideas, maybe some little secrets in regards to financing, and sometimes about who I am and my life. I want to show the whole picture.

About 10 years ago I lost a deal to another loan officer after it took me about 8 months to break into this office. I just received 3 deals from this office in just one month. One day I found out that one of the realtors gave a new loan officer a referral because he actually begged for it. He told them that he was struggling and could use a deal. Well, they gave him a client because they felt sorry. Boy, did they learn a lesson. The deal fell apart at the end.

Conclusion : I would love to earn a lot of realtor's business at any give time. I know I know what I am doing and that I am good at what I do. But one thing that I respect 110% are those realtors that have already built up those relationships. Those that have 1 to 3 loan officers that they trust. Am I jealous? Yes! Would I mind if I was number 4 on their list? No, I wouldn't mind. But I would rather be in the top 2. But most of all, I would rather have a realtor tell me that they just don't have enough to go around and or that they only want a select few. What I would not want is for someone to just be nice and lead me on.

Don't get me wrong. You never know until you ask and or try. And there are many ways of going about this. But in all honesty, would you just hand over someone just because? Don't forget if you answer yes, that you are taking a risk of looking bad in front of that client. Or are you just a risk taker and fly by the seat of your pants?

TIP -- Don't assume that if you line up 25 people that you will do a lot of business. Sometimes it's better to pick 4 to 6 people and cultivate that relationship. (just my opinion)

UPDATE : 08/07/07 Here is an update and ending to this particular client : An E-MAIL that made my day.........

______________________________________________________________________________________________________________________________________________

For more information on how you can obtain your dream home, please click here : Mortgage Financing Options

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Posted by Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans on 08/05/2007 08:20 AM

Comments (42)

active rain, referrals, loan officer, realtor, mortgage, real estate, trust, networking groups

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42 Comments on I want you... I want your business..... Pretty please, I am good, trust me......

AUG

2007

Jeff, you know you are on my list !! I trust you and hope you get lots of business from my clients.

I agree you certainly want to know the Real Estate Agent, or Loan Officer or Auto Mechanic for that matter can preform before putting your own reputation on the line with a recommendation. The beauty of ActiveRain is you can develop a good sense of people thru their blog so when the right opportunity comes along it can be referred with confidence.

Missy.... I always want to keep calling you Ann since you have changed around you name. ;o) Missy, I truly appreciate that and I would love to help any of your clients. I am even more appreciative that you would even trust me with your clients when I am many states away. That says so much and means so much to me. Thanks.

Dan..... it was hard to keep this post short. There was so much more that I wanted to say, other points to get across. One thing that you mentioned is that this is the beauty of AR, that you can develop these types of relationships. ... both with the consumer and the realtor or other individuals that participate on here. Thanks for your input.

What I've noticed lately is homes.com has been getting realtors information from Active Rain and contacting them asking for business. And they come right out and say, "I found you on Active Rain."

CLICK

Jeff,

Good tip to consider! We're heading into some tough times and cultivating is something we're all going to have to sharpen our skills for.

I met a new mortgage broker from showing him a home from one of my yard signs (and then subsequent homes) and he was referred me because he liked who I was when I took him and his wife out. However, until I completed a deal, I was reluctant to refer him - and he didn't ask - he just chose me because he know I would get things done for his clients to have his loans go through as he was creating his business. Now I have completed a deal and am willing to refer him. I gave business to an inspector who I had not done much business once because the normal inspectors I refer were busy--I'll never do that again. I want to make sure my clients get the same level of service (and get the deals closed) that I provide.

Yeah, iin my experience the business relationships that take time and effort to build are the ones that are worth having. I've always liked to have a number of different channels of referral sources; realtors, builders, banks, and of course customer referrals. The customer referrals are the easiest to get because they come as a direct result of the good job you did for them and the direct experience they had with you. I remember a number of years ago I had a list of local banks that I contacted and then solicited their mortgage lending departments for their turndowns. I called, faxed program flyers and then called them on a regular basis. I kept a log of when I called and who I talked to. They eventually started sending me their problem deals. Point being, I think you're right on the money about cultivating relationships with your referral network.

Jeff, I don't necessarily want to see the funny side of the people I work with, but I love to see the human side. A caring attitude carries so much weight for me because, if I can see that you care, I'll know that you will work hard to take care of the people that I refer to you. If you don't care, it reflects on me as well. You're right about the time and trust factors. It takes time to build a relationship, with anyone. One thing I've seen so far in my short career in Real Estate is that adversity is the truest test of character. If the character is there, it doesn't matter what a person passes through, the result will be the same. Thanks for the post.

Jeff, I always enjoy your posts and this time you knocked in a home run with this one. I feel the same way as you do. I never joined AR, to beg realtors for business. There is so much to learn from each other, and relationships are not formed that way.

I have visited certain real estate offices for 2-3 years before I start getting a huge buzz in the entire office about my services. Relationship take time and people need to gain each other's trust.

I know that I am very picky these days on who I want to work with, and I do not expect anything less from good professional realtors.

Fran.... lol... I get e-mails and calls from different companies like that, both from the lending side and the homes side. It's sales. I know they need to make a living, but my business plan doesn't include these types of companies. I don't like their business model also.

Lisa.... yes, I wanted to write about this too, but most of us should know this, hence why we don't need to read about it. I think there is more to it than just expecting it. Otherwise it would be too easy, right?

Cathy..... there are so many ways to look at this. My question to you though, food for thought.... why did he choose you if in fact he might work with a few other realtors. This is not a shot at you, but I have seen it happen. If I was buying a house, I would go to my best realtor, the one that I get the most business with.

This was part of the point that I wanted to make. Did this loan officer give up that part of the relationship just to give another realtor business, so they could try to get business also? Again, just throwing this out there, because I have seen this happen. I do thank you for your feedback and for your input.

Seth..... a lot of it is about cultivating relationships. Not all, but many that I have seen when it comes to those that just want someone to give it to them, usually tells me that they don't work well with others. I had a realtor like this. She went through 10 loan officers within a 5 year period. She did a decent amount of business and kept blaming her past relationships with loan officers that failed on the loan officers. Well, she was a little out there and you needed to know how to control her. So, it wasn't always the loan officer.

Business is funny and can be difficult at times. What kills me is the lack of loyalty at times when you actually do a great job....or an excellent job. I think money talks sometimes... which is the sad part. thanks for your feedback.

Jeff,

I agree with you. I would rather build a solid, trusting relationship with a select few. They know what I expect out of them, and I know what they expect from me. Great job on this one!

Andrew..... lol..... yes, I actually meant human side. But I decided to use the funny side because some people seem to just write from a funny perspective.

One thing that I wanted to point out. You make a great point, about wanting to see the caring side. But I think most of us care and show it. But just because you care doesn't mean that you are necessarily good at what you do. Sorry to be harsh on this one, but I have seen this one back fire on so many. "that person is just sooooo nice and soooooo caring, that they get my next deal" Wanting to work hard for my clients is great, but still not good enough for me. You still need to know your product per se. Yes, there is sometimes only on way to find out and that is to test them, try them out. Thanks for your input.

Gary..... well, thank you very much for those kind words. You hit the nail on the head... I know that I am very picky these days on who I want to work with, and I do not expect anything less from good professional realtors.

Hey....I believe in giving people a chance.... I do. But if you already have a few that you work well with, that work well with your clients, then why ruin that, chance that? Being aggressive is one thing, but don't forget about being patient.

Overall, trust me, I could have made this a lot longer and add much of what you just mentioned and some more of my experiences, but I didn't want to lose site of the main topic. Thanks and again, thanks for the compliments.

Ray.... I am sure many of us will agree on this one, that we would want to build a trusting relationship with a select few...that it takes time. My question too so many is, what is your loyalty factor? Do you give new business out to someone new, because of everything that we have mentioned, this person reflects what we are looking for. But you actually have a few good people on your list already? hhhhmmmmm thanks for the polite compliment.

I think we're all out there looking for business. It is better to get closer to 6 people than just have a longer list that's not very useful....

Excellent advice! I couldn't agree more!

uncle sam

So I have used this one instead of the paper reading "extra extra"? Just curious... I had this thought then lost it because I was writing this at 2am....

Al....... Yes, I know this. But how do we go about it? What kind of answers would we rather hear? Someone that you have no chance with, but tells you that they will keep you in mind? Just to be nice? I would rather have someone tell me the truth....to be upfront and honest. Thanks for stopping by.

Bill & Barbara... thanks a lot and for stopping by.

I agree completely. I know many loan officers and it would take a lot to get me to send them business. I would have take business away from one of the trusted professional LOs, I have been working with for a long time.

I believe that timing could not be better for loan officers to connect with Realtors. They are not a busy as in previous years, and are much more focused on marketing out of pure necessity. Sure, maybe they are not selling houses now. But when things turn around, they will remember who was there, interested in getting to know them and help them, when the market was down. Just my 2 cents, Jeff

Jeff- I don't know where you got the idea that a Realtor would have a top 2. ;) j/k You're absolutely right about trust. It takes time to build it I take at least that long to build a relationship with ANYONE! Not just in business. Trust and respect, in my mind, are both things that need to be earned.

I know many loan officers too...and it take time and trust. With things the way they are now in the mortgage industry (re too) it will be hard to move on to new ones who I don't know. Also, the same goes for referrals to other agents...I surely would not pick just any old body. I need to know my client's will be well taken care of.

Randy..... we are on the same page here. Yes, would I love your business, if I was in Hawaii.... but why pull it from those that you already trust. Sure, everyone wants a chance, but why give it when you are taking a risk with something that is already working.

It would only make sense if someone had a niche, to bring them into the so-called circle. thanks for your input.

Janet.... timing now? why, because loan officers might have more time on their hands, because business is slow? It goes back to what Randy and I are talking about. If you have a good relationship with a few lenders already, why would you expect a realtor to give you a chance? Seriously, I would love to hear your feedback on this one.

It's not so much who was there in the down times. What about those that weren't there when they were all busy? That should be the question. thanks and hopefully you will come back to give me your perspective on my first question. thanks

Lisa..... top 15? lol I have seen some realtors that keep entertaining loan officer after loan officer.... telling them that they will do business with them. These are the ones that I am afraid of at times. It goes back to loyalty.

Sally.... I am sure you do... you are such a friendly and nice person. I agree on both, even in regards to referring to realtors. Even if I am going to refer on AR, I want to feel comfortable and I would expect the same. I have seen a few just jump out there and give someone a referral just so they could get on their good side. Not always wise, at least in my opinion.

Jeff, You gotta be in this for the long haul. Did you know that some cacti bloom only once in 40 years. seeds that I planted 20 & 30 years ago are just coming to bear fruit. I can tell by your attitude that you have the "stuff". Keep on keepin on. Thanks,

Jeff, This is an interesting topic. There is a big billboard in town (with two insurance agents) that says "We Want Your Business". Every time I drive by there I just want to say "So what". Seems like they could have said "We want to EARN your business" or something along those lines. Don't know why, but it's always struck me as a bit pompous.

Jeff~ Awesome post, ususal. Although I'm not in the mortgage industry, I could say the same for the virtual assistant industry. Your last sentence was the best one for me. I would rather spend my time cultivating 5 great clients and their businesses, rather than lining up a bunch of clients that I have no real investment with. I love people, I love real estate. And I can't have one without the other and love what I do:)

Fran...... if I had to wait for some referrals for 40 years, I would be in trouble. ;o) But yes, this type of the business that we are in is typically for the long haul. Thanks for those sincere compliments.

Carol..... interesting take on the billboard. I usually ignore more billboards. I did see a realtor with a full billboard before for years. I guess I would prefer the billboard with "ear" in it. Thanks for stopping by.

Laura.... I brought that line up because it's the normal mentality of some lenders and loan officers that believe in large numbers. And with large numbers will get you lots of business. You sometimes see this in small to mid-sized broker shops that are more of the sweat shop mentality. Especially since most people in the mortgage industry are paid commissions.

Even when it comes to the loan officer, I know a few that run around all over the place, trying to talk to every realtor out there. Thinking that if they can get 20 realtors who would each give them 1 deal a piece, that they would do very well. It just doesn't work this way for several reasons. thanks for stopping by.

Hi Jeff,
This might be one of the best and most fitting posts I've read here. You are right on target, I will not hand over my client to just anyone. The lender (s) I deal with definitely must earn my trust and respect and it does not happen by "them tooting their own horn". Thanks, I gave this a "5".

Jeff - building relationships makes a lasting business - I do have an issue with out of area lenders because they almost always use an appraisal pool which is located 180 miles away - we are so remote the appraiser must really know the areas - otherwise you have appraisals too high or too low..... and it makes the transaction go south almost every time.... but I do find most of what you have to say hits the nail on the head.... and if you were closer you would have at least a shot at my business :o)

Cynthia......... I think earning trust and respect is key. Thanks for those polite compliments and for the 5.

Thesa..... I just soooo long for those types of relationships. In my area, it seems that loyalty doesn't exist even when you do a great time over and over. This just confuses the hello out of me. In regards to doing business with you? I guess I have to move to Oregon..... ;o) Thanks for the honest comments.

I was one of those posts you read and responded to regarding referrals. I agree with everything you wrote here - great post!

I would hope, however, that Realtors also recognize the value of seeking out and nurturing relationships with Mortgage Officers as we frequently have referrals to pass their way and we also value the time, effort and trust involved in building relationships as well. :)

AUG

2007

Agreed~! You have to make a good decision for your client when referring them to others. I have been blessed to have found a few really great people on active rain here that were able to do a great job when I have referred clients to them!

I know for me, when I am referred by someone (especially another professional) I take that referral and treat that client like GOLD. If you don't treat people referred to you with priority, where are your business principals anyway?

I totally agree. I send referrals I have to either people I already know first, or other people I have heard about that are good and if I need to try someone new out, then I look for someone that blogs a lot and seems to know what they are talking about. I'll try them out and see how the deal goes once and if it seems to go smoothly and nothing out of the "norm" goes wrong....then I'd use them again.

There are a lot of people on here to choose from, so just 'cause you ask, doesn't always mean you're going to receive.

Instead of them spending so much time writing posts asking for referrals, why don't they write some good posts on helpful info for buyers/sellers?

Okay, I admit I haven't read all the comments because I'm in a rush today - please forgive me if I'm repeating something that has already been said.

Just as an agent has to look at their marketing to confirm there is a good answer to "so what?" or "what's in it for me?" from the consumer perspective, so do lenders have to do that for both the consumer and agent perspective.

If you are the lender who always updates me promptly when the conforming loan limit changes, or there is a new FHA loan reg, or you have a new streamlined approval process - you are giving me something of value. In turn, I will think of you when I have a loan to place. I'm not looking for your refeerrals, I'm looking for your expertise.

Margaret, Bingo and right on. Love your comment Kudos. Fran

Jeff,

Good advice as usual, I am taking notes..

Thanks for the advice and I work for my business, I don't lay around waiting for it to come in, so that should tell you how I work :0)

Tom Weiss

Helene...... I agree with what you are saying here and what you said previously. It just happens to be the other way around in the food group chain when it comes to realtors and loan officers. At least ever since when I got into the business, back in 1992.

I just think that you need to realize that many realtors know that they usually hold the key when it comes to clients and referring these clients out. Overall, more realtors will refer out to loan officers than the other way around. It's just the facts of life. I know realtors understand the concept of building relationships. Sure, you will have some that might look down upon us or talk down. But they for the most part are at the top of this chain. In most cases, numbers show that we get more clients from realtors than we would give out. You used the word frequently, that you have them to pass out to realtors. Just curious...... thanks for your feedback.

Katrina..... that's great that you that you have found a few that have worked out for you. It's nice when this happens. And yes, we should take those referrals as gold, the ones from other professionals. But in all honesty, any referral from anyone should be treated as gold. Just my .02. thanks for your input.

Becky.... I agree with everything that you have mentioned. It goes back to building these relationships. And as you stated, if you don't have one with someone, you do your research and homework. I have seen many that don't do this though, they just open up the phone book. But then they get irked when other's don't refer to them. I don't get that kind of thinking. I call it being like a loose canon.

Margaret.... that's okay, I don't read all of the comments also. It just depends on the time that is allowed and or the subject. I think your last answer is right on.... "If you are the lender who always updates me promptly when the conforming loan limit changes, or there is a new FHA loan reg, or you have a new streamlined approval process - you are giving me something of value. In turn, I will think of you when I have a loan to place. I'm not looking for your refeerrals, I'm looking for your expertise."

I think many of us really appreciate an answer like this one. As Bill Murray said in the movie Stripes. "I want to party with you." ;o) But seriously, in this case, I want to work with you. Great answer and thanks for sharing this.

Fran.... I agree in regards to Margaret's last comment. thanks for your comment.

Tom W. ...... thank you sir and thanks for your compliments & support...

Jeff,

Anytime, Thank you for helping all of us :0)

Tom Weiss

AUG

2007

This may sound a little off for most Realtors but I have only had a handful of clients that needed a loan.....and I must say, I was not happy with the majority of the lenders...

one stated they weren't allowed to talk to me, one messed up the loan so bad, that after conference meetings with us, the Broker, and Escrow they finally got their ducks in order (small town Lending Broker), and my last one took forever and kept losing the paperwork........at least that was the excuse I was given.

I believe in developing relationships. I believe that there are those that can do magic :), and I believe I know just enough to be a pain when it comes to lending......so, how do I pick a good lender?????? and after all it really isn't my choice anyway is it?

Now here is my ultimate question, I have read several posts on choosing a lender that is close to home, but is that really the best????? Shouldn't the best be used if they can meet the needs of the client, and communicate with the Realtor......with todays technology this isn't that hard.

Tom W. ...... my pleasure and thanks for the support.

Kathy...... so, I guess you get a lot of cash transactions? Which would be great... I will say this, there are many that don't belong in this business, that just say yes to many clients without doing their homework, and when things do go south.... they don't communicate this and it creates more problems as you have mentioned.

In regards to local lenders vs out of state lenders? There are going to be varying opinions on this. I think many loan officers that try to drive it home that they need to work with someone local? It's just their sales pitch in my opinion, getting other realtors to agree to them. Yes, I love that handshake, meeting someone in person, and going to the settlement. But I know that I am that good, not trying to sound conceited. But to me, it doesn't matter what state that they are in, because as you mentioned, we have the technology. I think what so many miss is exactly what you mentioned. Communication..... I don't care if you are local or far away, but if you can't communicate, even when something goes south, then you don't belong in this business.

Overall, as you mentioned, developing relationships and to find someone that can pull some rabbits out of the hat is also key. This means that this person is very creative, has most loan products available to him or her, and has an easy personality. So do you pick a lender, when clients bring their's at times.... it's good to have one or two that you can recommend and if something goes bad, for them to get in contact with each other asap. Thanks for your input, it was much appreciative.

Jeff,

Yes, I mostly have cash buyers...that's speaking for me of course, not my agents......and some of our properties are difficult to get finanicing period like Indian leased land....this one you really don't want to mess around with, and only 3 lenders we've found can do it. I met a guy at a Board meeting that swore up and down he could do it, and stated we do a lot of Leased Land (he works the Palm springs area) so we gave him a chance.....

South isn't even where this loan went.......right at the time of the appraisal he states, "Oh I only do certain tracts...." What.......we barely saved this deal, and I was more than a bit P....!!

As far as local vs out of State I may not be in the majority - never am really :) but here's my take on that. My web designer is in Romania...been using him quite successfully for 8 years and have never met him, but we communicate by chat and e-Mail quite successfully....enough to build 4 websites for me, and 2 for my old Broker (referral as they liked his work) who was desperate after being taken in by the nice guys with a good line that they were good at what they did. Wrong again....

My Sign man, and printer is in Florida-never met him either.....and what a great guy.......with great products....at a reasonable price. I have referred him to many many people......so he gets lots of business just because of his great communication, good product, and prices.

Oh, and right now I am days away from closing one of my listings ...client lives in Canada, I live in CA, and the property is in Romania. I researched, called, and e-Mailed back and forth with several agents to find one I thought would work with my style. And the other Agent was referred to me by a friend over there.....great communication...much better than many of the agents I have worked with here.......

These are just a couple examples of long distance, business relationships that work for me.....why because of good communication, and time to build a relationship......then ultimately to Trust....Trust but verify :)

Bottom line....I want to work with people that are flexible, culturally diverse, think outside the box, and have a good product at a reasonable price, and spend TIME with me- wherever they may be!!!!!

Sorry my comment was so long......that's what happens when you are the first person I talk to in the morning.......:) :)

Kathy...... no, not long at all, because I agree with you 110% in what you said.... everything. I am one to say that if you treat me right, respect me, and communicate with me.... that distance doesn't mean anything. Sure, do I like and prefer the old style gentleman's handshake? Yes..... but I don't allow that to keep me from doing business with anyone out of state and I would expect the same when it comes to mortgages. I am working on a purchase in Florida as we speak and a refinance in Wisconsin. Both closing this month..... no hang ups, no missed dates and everything delivered as promised.

Thanks for your input and feedback. I still would like to talk to you outside of this. I'll follow up with your e-mail.

AUG

2007

Jeff - You asked me why this particular loan officer worked with me when he must a few Realtors to work with. He had just taken a buy out from one of the automotive companies and was beginning a new career. He did not have a Realtor he was working with to find him a home so he was calling me on a yard sign. In showing him around, he was impressed with my service so he started calling me. I am very grateful for his business. The point I was making is that, while I am grateful and want to refer him, I wanted to work with him on closing a deal before I do this (which I now have). Most of the loan officers I know already have these established relationships and I have been wanting to find someone in the mortgage business where I can create a referral partnership--but I would never do it without being sure that my clients would get a certain level of service - in other words, as your post suggests - not just because someone asked for it.

Cathy.... that's all that I was curious about. I was trying to make a point. That's if he had been in the business for a while. What you mentioned makes all the sense. Thanks for coming back and clarifying this.

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