Previous prospects can still be good referral sources

by MPA05 Apr 2016
Part II: Why didn't anyone predict that rates would fall in January? All the predictions had me geared up for purchase business and I was taken by surprise and missed many opportunities. Why can't we get better data?

--Written by several loan officers.

Last week we emphasized being ready for any possibility with regard to changes in the markets. Part of this is having your entire sphere locked, loaded and ready in a content-rich CRM. I have found that the average loan officer's data base is 300 to 400, over 90% of which are previous customers and Realtors. Why is it not three or four thousand? The real question is: what about the rest of your sphere? There are several other segments of someone's sphere that must be accounted for. For example, previous prospects you have spoken to but have not done a loan for.

Whether these previous prospects were someone you could not finance or they were someone who chose to go somewhere else, they can still be a good referral source and come back to you the next time they are purchasing. When I speak to experienced loan officers, they can usually talk about at least one unconverted prospect who turned out to be a great referral source. My point is, this will happen more often if you have a plan to make it happen. It starts with delivering value through your database marketing efforts. What kind of value might be delivered? Next week we will talk about value before we return to other "missing" segments of your sphere.

--Dave Hershman

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 dave@hershmangroup.com.

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