Mortgage Mailbag subscriber Doug's biggest fear is finding loans that will close!
Doug, when I read this comment, the one thing that stands out in my mind is that you're throwing a
blanket over the entire borrowing world and hoping to get someone caught in your net and then hope
they qualify for any program you offer.
That's fine, if you understand that's what you're doing. I believe if you target a particular
market, the chances of getting more closeable deals will be greater in the long run.
If you want to be all things to everyone, then you have to accept that you'll lose potential borrowers because they won't pay attention to your advertising, whatever that would be.
Let me explain, when you hear ads saying "we're the cheapest" or "we have the lowest closing cost"
over and over, they tend to run together and not one really stands out, right?
The same goes for when you are asking for referrals. Most Loan Officers say "If you know anyone looking for a mortgage, send them my way." That usually doesn't register with the person you're talking to
right away because it's not specific enough.
But, if you say something like, "I'm doing a program with people that drive BMW's. Do you know of anyone that may fit that category?" All the sudden, that person can focus better as to what you're target audience is, so you're more likely to get some kind of response, as long as you have a good
report going with that person to begin with?
If you're in a slump, do something completely out of the ordinary and see what you come up.
Targeting a specific group just might do the trick!
Just something to think about.