In any relationship, it seems to be the little things that keep the momentum alive. Little things such as the love notes, the flowers, and the unexpected cards and phone calls will help to nurture any relationship.
Though I'm certainly not a relationship counselor, I am a student of marketing, and I understand the benefits of connecting with your clients. As loan officers, it's vital to your business to continue to do the little things to keep the relationship ongoing.
Meet Matt Elerding from Vancouver, Washington.
2006 Origination Volume: $75 million
2006 Average Loan Amount: $190,000
Referral Source Mix: 60% past client referrals, 40% other
Recently, I read an interview with Matt that I wanted to highlight a few key items that I believe will help to keep your business focused in the right direction.
Q: Matt, What mistake do you think veteran loan officers most often make?
Matt: It is easy to succumb to complacency from time to time. You get kind of comfortable and you don't keep doing what you need to do, such as write those thank you notes, make those follow-up calls, do what you did to get to the level that you're at. But you have to keep doing all that. Once you're "there" you can't just coast. If you get lazy, it will cost you and you will get stream-rolled by your competition who is taking the time to do the "little things" that matter.
Q: If you had a son or a daughter entering the business, what advice would you give them?
Matt: The same advice that I would give to anybody - take every single person in your life and make sure they're in your database. This includes your American Government teacher from high school, your dentist, your wife's Bunco group, your buddies from college, your golf buddies, everybody. If I have met you, you're in my database. My database currently has 12,500 people, and I guarantee you that every single one of those people know exactly what I do for a living.
Q: Is there anything else you'd like to say to other originators who aspire to the kind of success that you've created?
Matt: I think that you need to remember the importance of the level of intimacy that exists in this business. We're not selling widgets from Home Depot. We're not selling washers and dryers. The mortgages we provide our clients are tied to their house, and the house is where your family is. It's where memories happen. It's where birthdays are celebrated and love is made. All the things that represent the sanctity of life are in the home, and as the mortgage lender, you are a significant part of that...