Achieving a consistent stream of referrals and clients and real state agents is very difficult for a loan officer. If you are one of those loan officers who have a consistent stream of real estate agents that provide you business then you must consider yourself lucky. Building an effective income from referrals based on real estate agents is a real big achievement. But if you are not getting enough or any business at all means you are going wrong some where. There are a few typical mistakes all loan officers commit. Those who learn from these and never repeat them in the future are those who succeed.
A loan officer should never say to a real estate agent that he/she will help build the house on a property. If you consider yourself as a real estate agent and think over it you will realize that all loan officers say the same thing and make such promises, but none of them fulfills them. Real estate agents have grown tired to such tactics and never look back at loan officers who make such lame promises. Building houses is just not your job. It’s the job of the agents and they know there work well.
While marketing there services loan officers often get some preformatted material and start distributing them. This action can ruin your image!! Marketing via emails and newsletters is the most effective way to portray you, but if lousy material is used the damage caused is in repairable. Some officers only send bulk emails to real estate agents over and over and does nothing else accept sitting and waiting. Such a strategy will always cause you to wait. It may happen once in a year that an agent will respond to any preformatted advertisement. But you can’t rely on them to earn your living and reputation as a loan officer.
A loan officer should have all his strategies well planned before contacting the real estate agent. Poor planning may cause you a fortune and harm your image as a loan officer. It’s been observed that many loan officers are afraid to admit and accept their fears. We all are humans and have certain fears. Hiding them worsens the situation but accepting and overcoming them is what gives you confidence. Confidence in you strategies is most important as a loan officer. There is a very simple and a very powerful solution that can make your confidence soar.
If the above mentioned mistakes are avoided and proper strategies are made then your popularity as a loan officer can never be reduced in the mortgage world.