I've been doing this whole real estate and mortgage thing for a number of years- both here in Arizona and also Michigan (where I started). Like most of us, I believe I've seen it all when it comes to marketing. You've got yer door hangers; ya got yer homes magazines in the grocery stores; ya got yer "networking opportunities" and on and on and on. I thought I had seen it all, that is, until a few months ago.
I was working from home that day; I don't remember why. Somebody knocked on my door, which always irritates me when I am in deep concentration and working. The dogs started barking...you know- all the joys of a home office. My friends know that if they stop by when I am working from home, they should never knock. (Please disregard this if you are a burglar.)
But I digress. I stomp over to the front door and yank that thing open. Who dares to disturb me? Isn't it obvious that this ranch home is an office? This had better be something from Tiffany's.
Standing in my doorway, in the Arizona heat, was a stockbroker in a 3-piece suit. No kidding. I've never had a visitor show up out of the blue, wearing a suit before. One usually arranges for meetings with a guy in a suit.
"Can I help you?," I ask cautiously, thinking he could be from State Banking and was here for a special surprise home-office audit.
From the gentleman, and very sincere:
"Hello! I just wanted to introduce myself. We just opened an Edward Jones investments right here on your corner. We set up IRAs, mutual funds and we even do mortgages. I just wanted to stop by and introduce myself. Here is my card and if you ever have any questions or would like me to take a look at your current investments, I'll be happy too! Have a wonderful day!"
I liked him until he mentioned that he was my competition in the mortgage business.
Actually, I liked him anyway. I respected him. He just opened a brokerage office on my "major two cross streets" and here he was, at my doorstep, introducing himself. That's it. He didn't solicit me for business; he wasn't rude in any way; he just introduced himself and he did it in a suit. He wasn't a sleazy door-to-door salesman. He just wanted to give me his card.
I was so stunned, I called the guy a couple of days later. I asked him how that worked out for him. He said, "Oh boy, it was tough. I hit about 1000 houses from Thursday through Saturday evening."
"Did you get any clients?", I asked. At this point, I also assured him that I was not a seller of securities and that I don't have any "series-whatever" licenses. I didn't want to steal his idea and clients, just his idea.
"Oh yes! I have about 30 clients lined up right now and I am trying to schedule them all this week!" He sound stressed: good-stressed.
So I started thinking: Do my neighbors know who I am?
Does every one in your subdivison know that there is a real estate or mortgage professional right in their own subdivision? Do they know how cute you are for goodness sakes?
One of my loan officers has been struggling badly. December and January are always kind of slow in the mortgage business, but by February, a couple of weeks ago, he was getting very nervous. He asked me for help, but I am living on referrals right now. Times are slow in the mortgage business and I can't do much about that. However, I didn't want to see him go down as another Arizona real estate casualty.
I remembered my stock broker friend and I said, "I've got an idea, but you're not going to like it."
I explained that he should put on a nice shirt and tie- if he wants to go full deluxe, he could wear a sport jacket- and I told him to introduce himself to everyone in his 600-house subdivision.
"No, no. I don't want to sell door-to-door! That doesn't even make sense for mortgages Karen! That's a crapshoot. No way." He though I had lost my mind, but I explained:
It's not even close to "door-to-door" selling. It's called "introducing yourself to your neighbors".
I explained to him that all he was to do is introduce himself, make it very clear that he isn't selling anything, and just hand them a magnetic business card. Ask them to stick it to the fridge or filing cabinet and "call me, even if you just have a question about rates." Then tell them to "have a great day" and walk away smiling. Don't ask them questions. (That makes them feel like you are setting them up for a sale.) Just introduce yourself and give them something permanent and cheap- a magnetic business card. We even made up a little script for him and he memorized it.
Important sidebar: All of our cards are magnetic, and if yours are not, you are really missing the boat. We get calls from people (who would have just called any old mortgage company), but called us, because 2 years ago they stuck our business card on the same filing cabinet that is now filling with unpaid bills.
Everyone was polite to him.
"Jim" went ahead and did it. He was desperate, and I'll be honest, I really wanted a guinea pig. If he went out and roped 10 clients, I think I'd go out the next day, skipping down the street. He came back in a great mood. He said that "everybody" was polite to him and most were just even very friendly and happy to meet a neighbor. My guy wasn't looking for donations or trying to sell anything. He just wanted to give a friendly "howdy." (We don't actually say "howdy" in Arizona.)
It worked out great. He actually got 2 good refinances (nice commissions) and one small Home Equity loan for his two, 5 hour "shifts". He earned a little over $400 per hour last weekend and I bet he's going to see a lot more from that very same effort. Remember, this is planting seeds. This is the ultimate farming.
I know most people are going to hate this idea. So don't do it! But Jim made $400 per hour and about 600 families have his magnetic business card- maybe stuck right to their fridge. If you are too rich and overloaded with clients to do this: God bless you! If you are free this weekend, and you'd like a few more clients- give it a shot.
Worse case scenario: You walk your subdivision on a gorgeous spring day- getting some exercise and making new friends.
Ah! Love is in the air, with new clients eager to be met.
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