Going to Closings

by 21 May 2012

The sure way to develop new business

(TheNicheReport) -- “What are you doing here?” There it was again, the question I loved to hear. It was posed by the buyer’s attorney whom I had met at a mortgage showcase about a month before.


On this particular day, he looked up at me as I walked in the door as if I were an alien from some faraway planet. His quizzical look, followed immediately by that surprising but not shocking question, was a reaction I was not only used to hearing, but embraced with fervor. The query had been posed to me so often that I was unusually ready with some quick retort. But, as I worked my way past the bodies seated at the closing table, I resisted any attempt at humor. I knew the attorney was a serious person, not prone to having amusing conversations; at least that’s been my experience so far. When we met at the showcase, we had been introduced that night by a member of the staff of the state banking department. I knew his reputation as a knowledgeable and integrity-filled attorney, but somehow we just never seemed to cross paths. Additionally, the night of the showcase, we didn’t really get to spend much time together. He was not on my target list that night.


As he turned to tell his clients that we had recently met, my mind reflected upon the many times I had been to a closing; how often I had told my sales reps what the advantages are, and what would usually be said when they walked in the door.  Most often, when I go to a showcase, I do so with the intention of meeting certain people. I’m pretty focused on my goals. Those goals don’t leave me much time for chit-chat. I usually want to meet a specific number of people, usually three to five, and sometimes even specific people. My intention is to engage them in conversation, get them interested in my business philosophy, ask a pointed question (“would you be interested in growing your business?”) and then specifically state that I have ideas that can help them do just that. The night I met this attorney, he was not one of my targets. He would be approached some other time.


“I go to all my closings. It’s one of the best things I do to develop new business.” This was said in such a voice that everyone in the room could hear me. Today, since I was the last one there, the listing and selling realtors were already sitting. Of course, my clients, the applicant/borrowers, had been told by me on the day we met that it was a practice I always exercised. My explanation of the need for me to show up at the closing was simple, at least to me. If I do the right things during the process of the application, then I want to be there for two things: when you leave the closing table and you say “thank you” to me, I want it to be sincere; and secondly I want the others in the room to see my face, be able to ask me questions so I can help them accomplish their own goals.

I also had brought with me 10 letters and envelopes to use as my specific marketing for closings.


When I received the verbal approval for the closing of the loan, I called the borrowers. As was my habit, I also asked them to bring the names and addresses of their 10 closest family members and friends. When they asked me why, I told them I would produce a special letter for them to send to that list of people. The letter is very simple, it says that the buyers are very proud of their new home, and they wanted to share their delight with the addressees and let everyone know how happy they were with the service that had been forthcoming from the realtors® and the Loan Officer. So I had prepared the ten letters, by putting the name and address of the new buyers in the upper left hand corner of the envelope. I had also included in the letter the names of the two realtors involved along with their respective contact information, plus my personal contact information. The letter said, in effect, that the buyer is so happy with their new home they wanted to share a photo of the home with everyone. Oh, I forgot – it was also necessary to include in the envelope a photo, easily copied from the appraisal.


So, as I often do, I ask you to think of this, “who wins with this strategy?” And then I’ll tell you, “everyone!”


The realtor® wins because the Loan Officer has created a marketing strategy for them. The borrower wins because they get to thank everyone involved in their transaction who did something they could never do for themselves. The Loan Officer wins because they have established a closer relationship with everyone in the transaction. Then the final question is, “What is the cost?” – “Almost Zero!”

Is there any reason why you wouldn’t do this?

If you need the procedure, just ask me, I’ll send it to you for free.

Ralph LoVuolo, SrRalph LoVuolo is Sr. President, Mortgage Motivator, a consulting firm on the cutting edge of the mortgage business to help people achieve their true potential. LoVuolo Sr. is one of the founding fathers of the New York Association of Mortgage Brokers and a two-term president. Additionally, he served as Parliamentarian for six years on the Board of Directors of the National Association of Mortgage Brokers. LoVuolo, Sr. can be reached at ralph@mortgagemotivator.com, or visit him at http://www.mortgagemotivator.com


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