John Keil wrote a blog (Right place right time) about being in a realtors office, and getting a couple of loans out of it. That got me to thinking. Initially, my new business was built exactly that way. I visited realtors offices, trying to build and develop relationships with them to get some leads. While tedious at times, it worked. I built a business that has grown into a very solid income stream from realtors and past clients. Over the course of 9 years however, I have gotten lax with that aspect of my lead generation.
When I realize that, I get my butt back on the street and go see my realtors and past clients. Invariably, I get business out of it every time. It's not only about meeting new realtors, but rather about reminding my realtor friends and referral partners that I'm still alive and in business. I say that only partially tongue in cheek.
No one stays up at night wondering how to send you business. If you aren't there, consistently asking for it, you're not likely to get it. I've seen it with great friends, family, etc. Out of sight, out of mind exists even in the strongest of relationships. Go see your people!
I live this on the other side as well. As the owner of my office, all the wholesalers and AE's want to get my business. If they try to schedule meetings, I blow them off or stall. I'm a pretty busy guy. However, if they are consistently stopping in to see if they can help with any loans, they almost always leave with a deal. I may just not think of them for that particular scenario, or loan.
An AE came by last week. In passing he mentioned his strong ALT-A program. He was right, and will get 4-5 more loans from me every month now. I didn't know they did any ALT-A business, let alone having a great program spread. Was it his fault or mine? If he didn't tell me...it was his, and it cost him! What are you missing out on?
Go see your people. Lenders, go see realtors and closing attoneys. Realtors, go see your lenders! They have business to give...are you asking? Everone should go see their past clients once in a while. Face to face...it's the best way to sell!
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No one stays up at night wondering how to send you business.
So true Bob! You make a great point too about seeing this issue from both sides. As lenders, we forget about our vendors as easily as our agents forget about us. it really is as easy as just getting out and being seen, especially right now when less seasoned lenders are disappearing every day. You gotta let people know you're still available and interested in their business.
I think with the spotlight on predatory lending, ARM resets, and borrowers losing homes because of bad exploding mortgages, good lenders have an opportunity to differentiate ourselves by being visible and doing quality business. A lot of the "green" lenders focused entirely on refi business or made token gestures to the Realtor community. I've been in my market almost 20 years. That of course helps.
I'm interested in knowing how you are responding to the fact that agents no longer control as much business as they used to. I'll read through your archives to see if you've previously commented on that.