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How Can a Lender Earn My Business?
Because I teach real estate agents how build a business based on their Sphere of Influence (SOI = the people they know and the people they meet) as opposed to marketing-to-strangers, I'm often approached by new or newer lenders asking how they can successfully persuade US (the REALTOR community) to give them a shot.
Frankly, I'm always stumped by the question. Traditional lender prospecting techniques simply don't work - at least in my experience. Offering daily rate sheets or open house brochures won't do it. Nor will weekly newsletters - printed or emailed. Sure, I appreciate (and will use) the information, but it's not going to get a lender on my preferred vendor list.
Even lender-modified SOI techniques probably won't work. Take me to lunch or coffee? Great! But I can't promise you a return on your investment. Pop-by my office to chat? Eh, please don't. Especially if your "chat" has anything to do with "earning" my business.
How about sending me buyers? Well, that sounds fabulous, but I've yet to have a lender do that, so I can't speak to the effectiveness of it.  Hmmmmm... well, stay tuned - I'll share my thoughts on that in a sec.
So, how ... more

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