Part II: Rates have increased so much in the past month that I am concerned as to how it will hurt my business. For the past three years, my book of business has been close to 80% refinances and I purchase refinance leads and get referrals from previous customers. How do I break into the purchase market quickly?
--Kip from Buffalo
Last week we talked about meeting agents, which leads to a second question. Once you meet them, how you are going to differentiate yourself from the many others who will be approaching those agents? We will start with what not to do. Do not start with asking them if they have a loan officer and if they are open to doing business with you. You should hopefully know who they are doing business with already by accomplishing the research step. Your questions should be more about their business and their needs. The more interest you show in them, the more likely you will move forward with developing a relationship.
These questions will start the process of differentiation. And as you are able to go deeper, the agent is more likely to open up. Unfortunately, they are not likely to think outside the box when delivering their requests. You are likely to get requests for rate sheets, financial spread sheets for open houses, and program flyers. Why? Because that is what they are used to getting from loan officers, along with promises of availability and great service. The problem is, these materials and claims will not help you differentiate yourself from the competition – quite the opposite. So how do you take the next step? Stay tuned for next week's focus.
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.