Marketing within your pipeline: The most effective and least costly strategy
By Dave Hershman
Special to MPA
The final segment of the answer to this question: My Pipeline is the largest it has been in a year. I thought it would be easy to get things closed, but it seems like everything is backed up -- from appraisers to underwriters. I feel like I am drowning and can't market. Please help!
--From several loan officers.
In the past few weeks we spoke about setting the proper expectations and marketing while closing loans. This week we will focus upon marketing within your pipeline, which is the most effective and least costly marketing strategy. The opportunities are basically under your nose. To do this, you need to change the way you think.
In this case you must think of a loan as a living thing with its own sphere. When you open your eyes, you will see so many opportunities. For, example, at what junctures within the application process can you ask for a referral? Here is a short answer: anytime you give value or deliver good news. So a major focus should be adding more value throughout the process.
A referral from the client is only one opportunity. If you are meeting them face-to-face, where do you meet them? If you do so in your office, what type of marketing opportunity are you wasting? How about meeting in their office or in the real estate agent's office? Speaking of reaching out -- does your processor get the insurance policy or tax returns or do you reach out and try to meet their insurance agent or CPA? Even settlement is a special marketing opportunity and the entire loan process should be lined up for you to gain rapport with the listing agent. I could go on and on here -- but I think you get the picture.
Dave Hershman has been the leading author and a top speaker for the industry for decades with six books authored and hundreds of articles published. His website is www.originationpro.com. If you have a reaction to this commentary or another question you would like answered in this column? Email Dave directly at email@example.com.