This blog is directed to all those loan officers out there who have the fortunate opportunity to sit an open house with a professional realtor.
Many questions arise (or should arise) for the loan officer about to embark on a full day or days sit in with their business partner, the realtor. The primary question facing the loan officer is: "How am I going to market myself?"
This question must be asked on at least two fronts; Primarily you must question how best to market to the realtor and secondly, how to properly and effectively market to the client who comes in off the street. Let us address the first matter of issue: effectively marketing yourself to the realtor.
If you have sat open houses and have experience working with realtors, then this information is old hat and will come as no surprise. If you are new at this game, and wish to make the most of your first impression, please take the following recommendations to heart as they may lead to many referrals and ultimately increased revenue.
Aside from maintaing the highest professional appearance (that goes without saying),
Let me start off by saying, as frequently quoted and instructed by my wonderful mortgage broker,
"People do business with people they know, and people they trust."
That said, sitting in an open house with a realtor isn't going to guarantee you lead referrals instantly! It takes time to develop a trusting professional relationship with the realtor that will grant you that priviledge. You must get to know the realtor, invest in the realtor and their current business and possibly even suggest ways to improve it.
What is the realtors business problems? What type of clients do they usually work with? How long have they been in business? Do they have kids, a dog, hobbies...etc. You get the picture.
Become friends and win them over with a confident handshake and sincere interest in their business and personal lives. A good real estate sales book is always good to have on hand to "loan" out to your newly found realtors. Handing them a sales tool shows that you are interested in their success and care about them.
Other types of sales tools to hand to realtors include; Motivational CD's such as Les Brown, Barry Habib or Mike Ferry, trade journals and magazines, information on how to close clients faster with your loan products, internet marketing (or any kind of marketing) tips,...etc. The point is to add value to the realtor, sincerely show you care and make the absolute most of your first impression. (You only get one!)
Ask yourself, "What would make me 'remember'... me?" I can guarantee you wouldn't remember yourself if you just sat the open house asking for referrals or watching tv, or drinking the cokes. (You may be remembered that way, but for the wrong reasons.)
What else can you do? Don't forget to always have your sales tools on hand ie. business cards, flyers, brochures, websites, niche product flyers etc. If you are focusing in on how service oriented you run your business, have a brochure with your picture and possibly some testimonials that details your level of service. If quick turnaround is your focus, hammer down on that...The point is, find an angle and direct your promotional materials accordingly. In other words, market your expertise! (Realtors want quick turns & fast qualifications!...Don't we all!?)
I will conclude this current writing with possibly one of the biggest tips of them all. Show eagerness, a willingness to go the extra mile, and show that you take your business seriously!
Earnestly remember the one phrase sums it all up: "Dogs don't chase parked cars."
I will finish the open house marketing to realtors in a subsequent blog, as well as delve into marketing to the walk-ins. Until then...Total Regards & Many Closes. ~Aaron
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