Loss Mitigation Leads Rainbow
I will share seven very cheap tricks to having those needed clients without going through any serious marketing efforts. These tips will lead you to the pot of gold at the end of the rainbow.
R-Tip: Join an Association
People join associations for one of three reasons: (1) Social - they want to build or maintain friendships and influences that may have taken years to build; (2) Promotional - they want to offer their own products or services to others in in a cost effective and positive way; (3) Educational - they want to see what their competition is up to, and find out about the latest developments within their industry.
Grow your network and your database by joining groups of already established people. By socializing with people who have something in common with, it makes it easier to generate business. People like to do business with people they like and trust. Most people like others who have the same interests as they do.
O-Tip: Use Book Stores
One of the most frequently asked and most important question is "How can I tell if someone is getting ready to need loss mitigation? What do they do? How do they act?" This is the million dollar question. If you can answer this question, you can easily be rich in the loss mitigation business. By being able to identify that they want loss mitigation before they start looking for one, you can get a jump on all the other loan companies. This is one area of our business that very annoying. Most other businesses, have a way to identify when someone will need their service and can market to them accordingly. Like when someone buys a new home, they most likely will be buying furniture, blinds, home accessories, etc. So if we were selling any of these items, all we need is a list of new homeowners to market to. And that list is easily available. But how the heck do we figure out who is "thinking" of getting loss mitigation?
Some of the common practice people came up with is that they might go to the bookstore or library to read books on home buying, or loss mitigation, or real estate in general. And that's true. Every bookstore has a real estate section. And most of the books are for consumers who are buying and selling real estate.
So the next question is, "Now that we have identified what they do, how do we get our message in front of them?"
And some would say; "Go to the bookstores and libraries and insert a business card into each book."
After doing this for a couple months, one could normally come up with these simple observations:
First, that the best place to put the card was somewhere in the front. Try for the first chapter because not everyone reads the whole book.
Second, pick the books with the best covers and graphics inside- they sell the best.
Third, not all books sell and some are sent back to the publishers.
Fourth, having a USP on the card will help boost response.
Fifth, it takes about 10 minutes per bookstore.
Sixth, the average result is 3-4 calls a month, and one loan per month.
Seventh, the people who call are in search of more information, so offering them unbiased advice and more resources will really turn them on.
If you have the time, and are brave enough to be seen doing it, try it and see what results you get.
Y-tip: Orphan Files
When a loan officer leaves a company the clients he brought to the company are called orphans. These clients now belong to the company. Ask your manager to see if you can contact any orphan files in your office to see if they need any loss mitigation or real estate help. Be nice enough and they will allow you to add them to your database.
G-tip: Tradeshows
Another trick is going to tradeshows. But not the ones related to your business. Go to unrelated trade shows: electronic shows, design shows, car shows, and his favorite: women's trade shows. Most of the time, you will be the only mortgage company there. And you may average about 2-3 loan applications per show. The trick is to tie in your business with the show. If it is a car show, you can advertise that you can help anyone buy any car in the place.
If you can pre-approve someone at a car show for cash out refinance, they can go and buy that hot car they have been salivating on for the last few hours. And there you have it, instant gratification for you.
V-tip: Join A Local Real Estate Investment Group.
Every major city has one real estate investment group. And they are full of people buying and selling houses. They need money to buy houses, and they need money to help others buy their houses.
I-tip: Realtor Open Houses
Stop by at realtor open houses on the weekends. Offer to leave some financing materials.
When you get to know a realtor, you can offer to do open houses for him where you sit in the house instead of him. It is not a fun way to spend an afternoon, but you might get some good leads out of it.
If you decide to go this route, make sure the house is in a well trafficked area and easy to get to. And make sure the agent does some advertising and lends you signs and balloons. You do not want to sit in a house, where no one shows up because it is hard to find or no one knew about the open house.
Another tip is to meet the neighbors of the home you are holding open. See if they know anyone wanting to move or buy. Chances are someone will know of a family wanting to move into the neighborhood.
B-tip: Realtor MLS
Want a source of thousands of people who will be getting loss mitigation within the next couple months?
Try sellers. And the Multiple Listing Service used by Realtors is full of them. Do a search of homes for sale, get the owners' name from the tax records and you have yourself a good prospect list.
Mail them something about you or an offer for free information. Call them if you can get their phone number and they are not on the Do Not Call list, or just drop by their house if you have the guts.
This is exactly what some people do. They call Realtors who have listings and ask them if they can market their services to the home sellers. Many Realtors say yes. When they do, they contact the sellers, and tell them that their realtor said it was ok to call on them.
The majority of home sellers they talk to are often willing to talk to them and they get several loans a month using this trick.
If you want the easier and faster way of getting loss mitigation leads turn to CallComLeads
Also get your Insurance Leads at CallComLeads.
R-Tip: Join an Association
People join associations for one of three reasons: (1) Social - they want to build or maintain friendships and influences that may have taken years to build; (2) Promotional - they want to offer their own products or services to others in in a cost effective and positive way; (3) Educational - they want to see what their competition is up to, and find out about the latest developments within their industry.
Grow your network and your database by joining groups of already established people. By socializing with people who have something in common with, it makes it easier to generate business. People like to do business with people they like and trust. Most people like others who have the same interests as they do.
O-Tip: Use Book Stores
One of the most frequently asked and most important question is "How can I tell if someone is getting ready to need loss mitigation? What do they do? How do they act?" This is the million dollar question. If you can answer this question, you can easily be rich in the loss mitigation business. By being able to identify that they want loss mitigation before they start looking for one, you can get a jump on all the other loan companies. This is one area of our business that very annoying. Most other businesses, have a way to identify when someone will need their service and can market to them accordingly. Like when someone buys a new home, they most likely will be buying furniture, blinds, home accessories, etc. So if we were selling any of these items, all we need is a list of new homeowners to market to. And that list is easily available. But how the heck do we figure out who is "thinking" of getting loss mitigation?
Some of the common practice people came up with is that they might go to the bookstore or library to read books on home buying, or loss mitigation, or real estate in general. And that's true. Every bookstore has a real estate section. And most of the books are for consumers who are buying and selling real estate.
So the next question is, "Now that we have identified what they do, how do we get our message in front of them?"
And some would say; "Go to the bookstores and libraries and insert a business card into each book."
After doing this for a couple months, one could normally come up with these simple observations:
First, that the best place to put the card was somewhere in the front. Try for the first chapter because not everyone reads the whole book.
Second, pick the books with the best covers and graphics inside- they sell the best.
Third, not all books sell and some are sent back to the publishers.
Fourth, having a USP on the card will help boost response.
Fifth, it takes about 10 minutes per bookstore.
Sixth, the average result is 3-4 calls a month, and one loan per month.
Seventh, the people who call are in search of more information, so offering them unbiased advice and more resources will really turn them on.
If you have the time, and are brave enough to be seen doing it, try it and see what results you get.
Y-tip: Orphan Files
When a loan officer leaves a company the clients he brought to the company are called orphans. These clients now belong to the company. Ask your manager to see if you can contact any orphan files in your office to see if they need any loss mitigation or real estate help. Be nice enough and they will allow you to add them to your database.
G-tip: Tradeshows
Another trick is going to tradeshows. But not the ones related to your business. Go to unrelated trade shows: electronic shows, design shows, car shows, and his favorite: women's trade shows. Most of the time, you will be the only mortgage company there. And you may average about 2-3 loan applications per show. The trick is to tie in your business with the show. If it is a car show, you can advertise that you can help anyone buy any car in the place.
If you can pre-approve someone at a car show for cash out refinance, they can go and buy that hot car they have been salivating on for the last few hours. And there you have it, instant gratification for you.
V-tip: Join A Local Real Estate Investment Group.
Every major city has one real estate investment group. And they are full of people buying and selling houses. They need money to buy houses, and they need money to help others buy their houses.
I-tip: Realtor Open Houses
Stop by at realtor open houses on the weekends. Offer to leave some financing materials.
When you get to know a realtor, you can offer to do open houses for him where you sit in the house instead of him. It is not a fun way to spend an afternoon, but you might get some good leads out of it.
If you decide to go this route, make sure the house is in a well trafficked area and easy to get to. And make sure the agent does some advertising and lends you signs and balloons. You do not want to sit in a house, where no one shows up because it is hard to find or no one knew about the open house.
Another tip is to meet the neighbors of the home you are holding open. See if they know anyone wanting to move or buy. Chances are someone will know of a family wanting to move into the neighborhood.
B-tip: Realtor MLS
Want a source of thousands of people who will be getting loss mitigation within the next couple months?
Try sellers. And the Multiple Listing Service used by Realtors is full of them. Do a search of homes for sale, get the owners' name from the tax records and you have yourself a good prospect list.
Mail them something about you or an offer for free information. Call them if you can get their phone number and they are not on the Do Not Call list, or just drop by their house if you have the guts.
This is exactly what some people do. They call Realtors who have listings and ask them if they can market their services to the home sellers. Many Realtors say yes. When they do, they contact the sellers, and tell them that their realtor said it was ok to call on them.
The majority of home sellers they talk to are often willing to talk to them and they get several loans a month using this trick.
If you want the easier and faster way of getting loss mitigation leads turn to CallComLeads
Also get your Insurance Leads at CallComLeads.
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