By Dave Hershman
Special to MPA
Last week you spoke about focusing on the contacts within a transaction. I do understand that there are a multitude of possible relationships to be had, but really the average loan officer does not have time for that when closing loans. I can't call and meet with six people for every loan. While it is a great idea, I don't think it is realistic.
You are absolutely right. You can't contact everyone. Those who are successful understand an important concept which must be applied in this case and in your business constantly. The concept is "prioritization." I am talking about prioritizing marketing activity by elevating it up to the same level of importance as managing your pipeline. But I am also talking about prioritizing what marketing actions you undertake.
Yes, you can't call everyone on every loan. If you close ten per month, that would be 60 meetings a month. That would not be realistic. But if you look at the opportunities within a sphere of a transaction, one will be more important than the others. Perhaps in one case it is a possible relationship with a listing agent. On another it may be an accountant or insurance agent. Making one call and having one meeting with a possible referral source can be accomplished for each loan.
That is one of the differences between those who are successful and those who are not. Those who are effective focus on the more important contacts. Remember, every contact you go after will not click. But if you added one important referral source per month through your pipeline, what would that do to your business in the long run? Take that over a few years and you would grow your business exponentially.
And then most important point is that it costs you nothing and keeps you "inside" your pipeline. Next week I will continue talking about the importance of prioritizing.
Do you have a reaction to this commentary or another question you would like answered? Email Dave at firstname.lastname@example.org.
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.