Part II: I have a few real estate agents who give out my name with two other loan officers, but I never seem to get the deal. When I do speak to the prospect, I usually have a chance, but I rarely hear from them.
--Richard from Michigan
Last week we mentioned a real estate agent "singling you out" among the other loan officers they recommend. Do not assume when they give out three names that they do so equally. It would not be unusual for an agent to say, “Here are three cards for loan officers, but I have used Jake from State Farm Loans for ten years and he is really good.” How do you find out how the agent is referring to you? When you do get a call from their referral, ask them what the agent said about you.
When you receive a referral, it is important to show a connection to the agent because this is a commonality you have with the prospect. You both know the agent. Thus, in the conversation I would start on that topic. “How long have you known Mary? We have worked together for several years and our children attend the same school.” Stay on that topic to develop rapport with the prospect. The key is to develop a relationship so that you can gain their trust. It is only then that you can dig deep enough to find their real needs.
The next question is, what if the agent is not signaling you out, which is likely why the prospect is not calling? They may be using the excuse of "three" just to keep loan officers off their back. If the agent is serious about using you, then you will need to teach them how to refer you. More on that next week.
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.