Your Two Options for Success…
By · CommentsIn a difficult market, the smart loan officer (And reale state agent) will take a step back to review his/her options. No matter how difficult things become, the fact remains that millions of loans close each and every year. You have two options available:
1 – Improve your conversion ratio and make more out of the database and leads you already have
2 – Find a reliable way to generate more leads
It’s that simple. You either make more money with what you have through improved sales skills and follow-up, or you find more sources of quality leads. Regardless of how simple this concept is, no one said it would be easy. There’s a reason it’s called work.
With this in mind, let’s take a quick snapshot of 3 skills that every loan officer should be working to improve to accomplish at least 1 of the goals listed above.
1 – Writing: The fine art of writing is one that is neglected by most in the sales field. I’ve always been stumped by this because there are many instances where a customer will move forward, or go elsewhere based on what he/she reads. You website, your emails, blogs, follow-up letters, advertisements and more all demand a well thought out message.
On the web, with thousands of other options only one mouse click away, the potential borrower will form an opinion in mere seconds based on what is read. A large majority of originators seem to rely on canned text from website service providers.
Sure, much of that text sounds glossy and professional right? In my own personal opinion, within this industry, “glossy and professional” might as well be “large and faceless.” Most people want to do business with a human, not a large and untouchable organization that conjures images of endless voicemail navigation just to reach someone.
Why not add a personal touch and let your personality shine through? Show your prospects that there is a person behind the ads, websites and emails. This doesn’t mean you have to become a professional writer. Rather, spend a few hours refining your writing skills. Even a minor improvement can equal a much higher conversion ratio. Sounds good to me!
2 – Sales: Yes, I do realize that I’m playing Mr. Obvious here. Sales skills are certainly needed in todays market. The sad truth is that the average sales professionals in the U.S. spends more time planning their vacations each year than they do on improving their one major professional asset!
As a top loan officer, I ask nearly every originator I meet how they rate themselves on a scale of 1 – 10 when it comes to sales ability. It’s rare to hear anything less than an 8 or a 9! So are we all just that good, or are we just afraid to admit that there is room for improvement?
No one ever said that we all need to be ‘super closers,’ but if you choose a career where your primary function is to sell, then how can you go wrong by giving this area some much needed attention? It’s time to stop assuming that people buy the logical choice, because it is simply not true.
Emotion, timing, calls to action all play a major role in who goes home happy with an extra loan in their pipeline, and who just goes home. If you improved your closing rate by 10%, what would that do for your paycheck?
3 – Follow-up: I consider this category a bit of a hybrid. It involes sales, writing, technology and more. I couldn’t leave it out of this list though, as there is a gaping hole in most lenders business plans that tends to treat follow-up as an after-thought.
Sure, it’s easy to knod your head and agree that follow-up is important, but let’s be honest with ourselves. Most loan officer’s follow-up ends as soon as they find out the prospect is no longer a prospect for an immediate closing.
Anywhere from 10 – 15% of your standard database will need the services of a loan officer each year. Refi, purchase, debt consolidation. There’s a lot of need out there, and unfortunately, most loan officer’s are not there at the right time simply because they failed to follow-up at regular intervals. A drip email campaign, occasional notices, a phone call placed at strategic time periods all would drastically improve the average loan officer’s closings per year.
Who wouldn’t want that? Give a little extra attention to these critical skill-sets, and you will find that great things can happen even in a “down market.”
Chris Hallmark – http://www.loanofficermarketinglab.com/chrish
Welcome to 2010
By · Comments
Hello there! Chad Weber here to welcome you to 2010! All I can say is “WOW!” I distinctly remember sitting at this very same desk early in the morning as I typed out this post here: http://loanofficermarketinglab.com/blog/how-to-get-mortgage-leads-in-2009
It was still a few days before 2009, but I was scrambling looking for a great image to place on that post with “2009″ on it. I finally found the image using the photo Stock Xchange. Free images, and a great resource for anyone who blogs. Anyhow, I really am finding it difficult to wrap my head around the fact that 2009 is done and gone.
The holidays are over and it’s time for me to get to work on making 2010 better than 2009. Throughout 2009 I heard a lot of loan officers ask me if I”timed” my entry into the training industry because I knew things were going to get rough in the mortgage industry. That’s a thoughtful question, but there is one major point that is being missed: I’m still in the mortgage industry. That’s right,my entry into the training industry full time had absolutely nothing to do with me gazing into a crystal ball, and everything to do with me identifying my strengths and my passion.
See, if I were looking at the crystal ball with anything other than shades on, I’d have seen that logically speaking, jumping from originating to training originators would not be the wisest of career choices if I were trying to avoid being impacted by the changes in the market – seeing as how my primary clients – Loan Officers shrank dramatically in 2007 and 2008. Just to give you an example of how this impacted my business, I’m going to show you what my archives say I had in my database of loan officer leads at the beginning of 2008:
January 13 2008 – 13,641 loan officers (These are loan officers who had requested information from me, or to be on my newsletter)
December 4 2008 – Out of those 13,641 loan officers, I received 4,907 emails throughout the year telling me to stop sending the newsletter as they were leaving the industry. That’s more than 1/3 of my database just zapped and gone in less than a year do to loan officers leaving. That was not a fun turn of events for me at all. Especially if I viewed this as an ongoing trend. National statistics also showed that mortgage professionals exited the idustry that year at an incredible rate!
My point? That this turn of events allowed us to go back to the drawing board and refocus our marketing efforts. The result is that the Loan Officer Marketing Lab has continued to grow and each year has been better than the last. This isn’t some ego-maniacal horn trumpet blowing here. This is simply a real live example of using your know-how, brushing up on what gives you an edge, and doing a whole lot of ignoring of the media!
In 2009 my most successful marketing effort was the Loan Officer Project. Prior to launching this, I was advised by no less than 5 other trainers to avoid doing this, as “it would never work!” I was told that I was giving away too much, and people would take advantage of that. You’re darn right they took advantage of it! That was the whole point! I rebuilt my email database of loan officers to the largest it’s ever been, and I did not spend a single thin dime on advertising to do it. Worst market ever in recent history? Maybe, maybe not… Sure wouldn’t know it by looking at my email list!
So to all of you reading this, please take a look at yourself and the business you want. Let’s make this year count. Let’s get busy, and let’s get profitable. You can make it happen. There is absolutely no one who can stop you but yourself. I know the market changes, I know certain rules and regulations seem to make things harder than they need to be, and I know that interest rates will likely go up this year based on what we’ve heard so far.
But you know what? There will still be millions of loans closed this year as well. What marketing plan do you have in place to capture your piece of that pie? Let’s make it the best 2010 possible – Before it’s gone like 2009…
PS – Did you miss the free Loan Officer Project Marketing series? We resume this month – January 2010! Register HERE
A Word about Free Advertising and the Internet
By · CommentsBusiness owners and entrepreneurs know that success breeds success. When you surround yourself by successful people and do what they do, you increase your chances of being successful. You become almost successful by association yourself. And what do these business owners have in common? They all use the Internet! There is a saying that goes: “If you’re not online, you’re out of business”. This couldn’t be more true, especially today. I remember back in the early 1990′s ( I was like 8 years old haha) people were considered “special” if they had a website. Now, if you don’t have one, customers will look at you like you’re from the stone age.
The Internet has EASILY replace costly newspaper advertising. Newspaper ads these days can cost upwards of $200.00 for one 4 or 5-line ad! Ridiculous, being as how less and less people are using them. There are so many FREE mortgage marketing and real estate marketing resources online, who WOULDN”T want to use them?!?! You’ve got articles sites, blogs, forums, the list just goes on.
One reason the internet is such an effective marketing tool is your ad contains a hyperlink to your website. So, when people read your classified ad, they can immediately go to your website to learn more. Newspapers do not have this luxury. The customer cannot instantly click to get more information. They have to physically pick up the telephone and call, or boot up their computer to email you, NOT cool at all! Convenience goes a VERY long way when you are any type of business owner. People enjoy a pain-free experience.
There are many internet classified sites where you can post free classified ads. The idea is to use sites that show up on the first page of Google when people are searching for your product or service. The hottest classified sites today are Craigslist, BackPage, Kijiji (owned by eBay) and Hoobly You can find many more sites just by doing a Google search for “free classifieds.” You will literally get TONS and TONS of search results when you do this. You can even make your own mine websites on Wetpaint and Weebly. Forums are also totally FREE to join, and are great places for mortgage and real estate marketing. Or type in “mortgage lead generation” and see what comes up. TONS of free resources right before your eyes!
Post as many classified ads as the site allows. Change the headings to use different keywords and market areas that you service. Experiment with your working in different ads, and trach which ones pull the best. An easy way to do this is with Google Analytics. You need to track your marketing efforts in order to make any progress, other wise you’re just spinning in circles.
Newspapers and other “traditional” or conventional forms of advertising have all but totally lost their luster. They are just not “sexy” ways to advertise anymore. Albeit, every form of advertising does have its place, but the Internet has pretty much taken over as the preferred method of advertising. The customer wants a better shopping experience. In fact, they downright DEMAND it! Out with the old, and in with the new!
Chris Hallmark – http://www.loanofficermarketinglab.com/chrish
More Mortgage Marketing Website Necessities
By · CommentsCredit goes to Chad Weber for the following ideas. These were some of the first ideas I implemented on my own website, to make it a lead generating powerhouse!
Hey all, Just a few tips you might want to consider applying to your online marketing efforts. If you’ve followed my posts and newsletter in the past, then you probably already know that tens of thousands, and in many cases, hundreds of thousands of searches are performed every single month in large metropolitan areas for mortgage loans, loan officers, and homes for sale. If you’re serious about generating more business online, here’s what you need to consider:
1 – Contact Info – Do they have to hunt you down? In the past year, I’ve personally reviewed over 800 loan officer websites. An interesting situation I ran into while reviewing these sites is most loan officers darn near hide their contact information! Don’t make your prospects work to find you! It’s not an easter egg hunt. Your main phone number should be placed on the home page above the site belt-line. (No scrolling down to find the site) This simple change can have a significant impact on the number of inbound calls you receive.
2 – Lead Capture – My website has 7 lead forms on it. Every major page on my site has a form, and a spelled out reason to fill it in. How about you? I often here: “Well I have a contact us page, that’s good enough.” No it is not. Don’t just take my word for it, go visit the DMA, Marketing Sherpa, Click Z and any of the other major marketing data resources to see that what I’m telling you is true. Just as in selling someone on doing a loan with you may take several phone calls and repeated asking for the business, the same applies to capturing leads from your site. The visitor must see multiple benefits, sometimes repeatedly before they’ll take action and give up their personal information. WHy make it more difficult by hiding your contact forms?
3 – Traffic – Do you know how many people have visitied your site this month? Do you know where these people came from? If the answer is no, then you’re not taking your online marketing serious enough. You need to be on the front page of Google, optimized for local keywords. The only way you’ll get a steady flow of qualified leads is if you get enough visitors to your site. More and more people are using the search engines to find local businesses, can they find yours? If you’re not on page #1 when they search for your ideal keywords (loan officers, mortgage broker, homes for sale etc. – Local region of course) then you’re missing out on a lot of business. No one wants that! (Other than your competition) So are you ready to get serious about your online marketing efforts? These three points of consideration are a great way to get started!
A Reality Check for Loan Officers!
By · CommentsI credit Chad Weber with the following piece that changed my entire reality about how I conduct my business….
NOTE: This article is very direct, and pulls no punches! If you are serious about making a change for the better, you should read the entire article now!
In today’s article we’re going to deal with cold hard facts and nothing else. No opinions, no fluff, and no candy coating the truth or pulling punches! This article is going to give you a close look at the reality of your current situation. Then let’s get started!
With picky underwriters and lenders putting every loan underneath the microscope, it seems almost as if you’re rolling the dice as to whether a loan (Even those with 720+ scores and good appraisals) will be approved or not. When you face a situation such as this, there are 3 things you can do:
1 – Generate more prospects (Of a higher quality)
2 – Close higher dollar loans
3 – Complain about the market (And remain stressed, broke, and angry)
Which would you rather do? If you’re serious about remaining in this business, then you must choose now between closing a higher volume of loans, higher dollar loans, or do nothing? Do you have a preference?
The business of sales is not rocket science. While the process of sales and marketing may be difficult at times, there are only a certain number of challenges you will face, and a finite number of mistakes that can be made. (Often, it’s the same challenges over and over again right?) If you feel as if you’ve tried everything, and absolutely nothing seems to be working for you, then the problem is not with the market, and it’s not with the customers… The problem is most likely with your marketing/sales process. (This can be a bitter pill to swallow – But take heart in the fact that there is a solution!)
It’s that small and elusive 10% that is missing and wreaking all sorts of havoc with your paycheck. Let’s see if we can help you to identify the culprit by reviewing a series of essential elements that absolutely MUST be present within your current marketing plan and sales process. (No exceptions or excuses allowed here. If even one of the following elements is missing, then you are slowing down your ability to close more loans)
Here’s what you need:
- Drip email
- Automated marketing elements (Auto-responder, web forms, etc.)
- Network of referral sources (Realtors for example)
- A minimum of 2 self-generated sources of leads (Not purchased leads, but self-generated)
- A database/lead management/CRM
- A way to establish credibility and differentiate
- A call to action you can add to your marketing
Now let’s see what you’re giving up if any of these elements are missing:
Drip Email
More leads are lost through lack of consistent follow-up than any other reason. If you do not have a drip email campaign in place for your database, past clients, current clients, realtors, FSBO, and any other niche you may be marketing to, then you’re leaving money on the table. It’s as simple as that. Email is quick and free.
Most common reason this element is missing: Procrastination, lack of confidence in writing an effective series of messages, lack of time management, lack of technology. (These should be automated, not delivered manually)
Automated marketing elements
You’re a busy person aren’t you? Chances are you don’t have a spare 10 – 15 hours available each week to complete the tasks necessary to create an effective prospecting, touch point, and follow-up campaigns needed to increase your closing ratio by 20 – 30%.
However, even with an average auto-responder or lead management system you can delegate those tasks to your PC so that a huge chunk of your day to day marketing activities get done even when you’re at your busiest. It’s like having a personal assistant that never takes a break!
Chad Weber – http://www.loanofficermarketinglab.com/chrish
Generate Local Mortgage Leads First
By · CommentsThe best audience to go after in the beginning of your mortgage marketing venture, is to target those who are local to your county or state. You need to incorporate the following mortgage marketing tactics to get the attention of everyone local, seeking a mortgage loan:
1. Get a Website
The Loan Officer Marketing Lab can help you create a website for FREE! We know exactly what the consumer wants to see in a mortgage website. And we know how to properly optimize it so you can generate a truckload of mortgage leads!
We can also help you start a WordPress.com blog. It’s free and Google Search loves blogs. By adding new content to your blog on the regular, your mortgage marketing and mortgage lead generation efforts will increase exponentially!
Another advantage of having a blog is managing the customers’ expectations. Online customers often want the opportunity to engage and interact with businesses before they call or buy. A blog allows you to demonstrate trust, personality, and give the customer some value before doing business with you. This is mortgage training for the customer!
2. Get Listed in Google Local
Google Local is like the yellow pages online. TONS of Internet searchers turn to Google Local because they prefer to work with a local business, rather than a company that is halfway across the country.
Joining Google Local takes only 5 minutes and you can be up and running in no time flat! You can target a pretty nice radius, so don’t worry about not having enough “reach” with your customers.
3. Submit Your URL to Local City Directories
Local city directories are also often neglected, but very powerful local search results.
Submit your website to local directories. Directories are not totally dead yet 
They still have value, but DO NOT pay to have your business listed, as there are too many FREE resources to get listed in. If you do a simple search for business directories, you should get LOTS of results that come up. But first, go with the names you recognize, such as the Yellow Pages or Localism.
4. Put your URL EVERYWHERE!!!
Your website URL should go everywhere you advertise. If you want to generate traffic, you need to advertise in all possible places. Your email signature, your e-fax, text message footer, I mean everywhere. Try to make it a local household name.
Chris Hallmark – http://www.loanofficermarketinglab.com/chrish
Every LO Needs an Autoresponder!
By · CommentsEvery serious Realtor, Loan Officer doing mortgage marketing, or salesperson in general should have an email autorespnder in place. An autoresponder is a pre-written email, often times a series of emails, saved online and then used when someone opts in to your website. The purpose is to utilize it to stay in touch with you clients. an autoresponder can be used to broadcast TONS of emails to your target audience, with out have to do it all manually. Talk about efficient mortgage lead generation!
Often times, the emails that you send will be “touching base” types of emails. You can list facts, market conditions, reports, special links, virtually anything you want, in your autoresponder emails. Just make sure that you use solid information and add VALUE, otherwise your cleints will OPT OUT.
Always be sure to include an unsubscribe link in your emails. You don’t want your contacts to opt out of your emails, but you do need to provide the option to stop receiving autoresponders from you. It is now a RULE that you have to have an unsubscribe link in your emails, or you can be banned form certain companies or servers and get put on a “blacklist”.
Having a good autoresponder campaign is like having clients work FOR you, without having to pay them. Imagine having to manually touch base with them all the time? You would go insane. Autoresponders take all that pain out of the equation for you. You can not only use emails, but also set up text message autoresponders.
In order to really harness the power of autoreponders, you should get a professionally designed autoresponder program. There are many out there. Some allow you to pay a monthly fee. Others charge per email and/or bulk email. Still, there are companies where you can purchase an autoresponder “script”, and have it installed on your server, with only a one-time setup fee!
Chris Hallmark – http://www.loanofficermarketinglab.com/chrish
1) Too Much Information – I see too many agents and LO’s giving away the farm when they make up an ad. Wether it is in the newspapers, online, whatever, agents are divulging so much information that the customer has no incentive to call anymore. That = NO SALE! Stop giving away the fam, Realtors! Leave something to be desired, and give the reader just a little taste, so they have to inquire further.
2) Font that is Too Small - Don’t use print that is way too small in your ads. People can’t squint to see property descriptions and such, without getting a headache. If they are driving by and looking at a sign on a lawn, they CERTAINLY won’t be able to see what it says! Make you print bold and exciting!. Wake the reader up a little bit.
3) Over-Using Images - People are naturally visual by nature. They like to be able to see or touch things. Pictures are good for catching the attention of prospects as they are driving by. However, the picture or image should not be the core element of the sign. You still need to use creative verbiage when you are making ads. The image should represent something, but not be the be all end all of your advertisment. Pictures are a great supplement to your message that you are conveying.
4) Over Selling Your Company or Service - It’s okay to brag a little, just don’t overdo it! People like to know that they are dealing with a great agent or company, but bragadocio needs to be kept to a minimum. People really just want information about the product or service that you have to offer, not a flashing billboard about how great and wonderful you are. Benefits, benefits, benefits!
5) Wrong/Too many Colors - Make the colors simple. Red, Black Yellow, White, you know, NORMAL base colors. It’s not graffiti time when you are doing real estate ads. Don’t make your ads an eye sore, make them easy on the eyes! People pay more and longer attention to things that are easy to visualize 
Chris Hallmark – http://www.loanofficermarketinglab.com/chrish
My 4 Favorite Social Websites for LO’s
By · CommentsFacebook Review
Simply put, Facebook has over 250 million users, and has totally eclipsed Myspace. Facebook is an awesome site to market your business in the “Groups” area. You can gain “fans” or “friends” and start a cult-like following. Think of Facebook as a much more mature version of MySpace, with more features and applications. There are TONS of high profile business people on Facebook. When you make posts, you can insert your URL into the bottom. YES, Facebook is link-friendly
Twitter Review
Twitter is the latest craze to hit the micro-blogging world. The term “Tweet” has VERY quickly become a household catch-phrase. Using Twitter to engage with others and provide frequent updates about your life and business can prove to be extremely beneficial. It is merely a super cool way to keep your inner circle or SOI, updated into your world! With Twitter, you gain”Followers”, as opposed to “Friends” like on other sites. Twitter is a blog, NOT a group-type site like Facebook or Myspace. You can make promotions on your Tweet posts, but they have to be kept relatively short. And the more often you make Tweets, the more followers you will gain. YES, Twitter is link-friendly!
YouTube Review
Everyone knows that YouTube is THE place to go to see videos about anything your heart desires, so I won’t even start to rave about it, as it’s been done to death. You also probably know that if you’re trying to promote yourself or a company, video is the way to go these days. Now, it’s becoming a necessity to have a web video for your business, not just a normal website. Youtube already has a HUGE captive audience, so there is no need to worry about generating traffic. The most effective videos are kept 5-7 minutes in length, as viewers do have a short attention span
LinkedIn Review
LinkedIn is the most notorious site for professional networkers, period. EVERY professional, wether an employee, business owner, investor, should be on LinkedIn! With over 200 different industries covered and close to 65 million memebers, Linkedin is an amazing, easy platform for networking and connecting with other professionals. Lots of deals originate through LinkedIn! It is also a great social network for recommending job seekers to employers through the use of your Linkedin contact list. There is also an incredible LinkedIn marketing guide for beginners. YES, it is link-friendly!
Chris Hallmark – http://www.loanofficermarketinglab.com/chrish
Two Major Reasons Why YouTube is Awesome!
By · CommentsThe web has revolutionized the field of real estate like no other niche. Video Marketing has become THE staple in promoting a product or a service online. It has impacted real estate and mortgage marketing tremendously. The Internet and video has made it so simple for people to shop online. However, there is much more to it…
The video revolution has arrived. You can find almost anyone or anything on any topic, on YouTube. YouTube is THE major video online site. The benefits for real estate sellers and buyers is un-ending. Many others have tried to imitate YouTube, but it hasn’t happened, at least not so far. But there are really two major benefits you get from using it:
Let’s imagine that you put together a short (or long) video of your property that you are looking to sell. If you do things the same way that every other seller is doing them, you will get virtually the same result…SQUAT! Why? Because there is no traffic coming to your site. But if you leverage the power of YouTube, you already have a huge, steady stream of buyers looking for homes…probably just like YOURS!! You don’t have to go looking for traffic.
The second thing you need to remember, is that YouTube videos come up higher than ANY other videos, in Google rankings. In essence, Google LOVES YouTube, especially when you advertise your video with lots of key words and link to it on other authority sites. That is a video marketing double-whammy!
Try Marketing your listings on YouTube today…you will be utterly amazed by the results! It does not matter whether you use it for mortgage lead generation or real estate lead generation.
Chris Hallmark – http://www.freerealestatemarketinglab.com
