I run a region, run a branch and yes, I originate loans as well. I spend a lot of time recruiting on top of that. I'm amazed at what I hear from lenders. Realtors want loan officers to help them build their business. They don't want them to create their business. If lenders could do that they'd be realtors, but we've been called into lending and not real estate sales.
I've interviewed well over 200 lenders since I began recruiting folks a few years ago and am amazed that there is such a disparity in lender capabilities. As individuals, there are just some people that don't belong in this business. Not a knock on them. They're good people, but the DNA that they possess is really geared for some other type of profession. Some of the lenders have all the skills, but they still can't conquer the business. In my business, I'm so sick of lenders who buy leads. I hate that. I despise it. For those folks, they can't make a sale unless they buy leads. In other words, they can't build and establish relatinships with realtors, so they get transactional instead of relational. Wow....that leads me to this...
Lenders Need to Add Value to their referral partners!
Good lenders know how to do that. I have to admit when I first got in the business my M.O. was...
"Hey, I'm Larry Bettag, I'm a good guy, I have good rates and I'd like to help your clients. Call me if you need me."
I had a good boss who gave me materials and some good coaching that enabled me to grow. Plus, fortunately, I had the desire to be the best. I wanted to lay it all out on the line. I grew and grew and finally learned a few secrets that have enabled me to work with the top agents in Northern Illinois.
So, What's the Problem?
Mortgage companies don't teach loan officers how to add value to realtors. They don't teach loan officers how to add value to realtors. They don't teach loan officers how to refer contracts, YES CONTRACTS, to realtors.
I'm a substantial part of my realtor partner's income!
- In 2007, I referred 22 contracts to my realtor partners.
- In 2008, I only referred 12 contracts, but they were greatly appreciated.
- YTD in 2009 I've referred 14 contracts.
Pretty huge stuff! We have our ups and downs. Client's come with their own set of issues, but I'm adding value to them. Once I was able to learn how to refer clients to my realtor partners, life became so much more enjoyable for each of us. It's important to me to have good realtors to refer my clients to.
Great Mortgage Companies (and I mean GREAT ones) Need to Help Loan Officers Grow!
Mortgage Companies need to invest in their loan officers. Sure some have better pay plans or some have a great "new" and "niche" product. Even if a loan officer gets paid some ridiculous commission split, but they don't know how to get business, what's the use? Seriously....I'd rather get paid some fair commission and close 10-20 loans per month than get paid 100% and just close a deal here and there.
Until mortgage companies know that they need to invest in the loan officer through coaching, teaching and mentoring, lenders will be all about trinkets, goodies and transactions. Once a loan officer can refer to a realtor, can coach a realtor and can help a realtor become accountable for the things that are important to the realtor, then that loan officer can be on the road to a great and prosperous relationship with their clients and their referral
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