One of the world’s leading mortgage experts shares his plan to generate 100 leads per month with mortgage originators.
And as you’d expect, the plan is not for the faint of heart.
It requires brokers to prospect daily; to beat the phones and remind your existing – and prospective database – to keep you top of mind.
Because the most important aspect of the mortgage business is generating more leads, according to Rick Ruby -- a mortgage industry veteran of 30 years who owns four brokerages, runs a training program for over 300 industry professionals, and is the personal coach for one of America’s top 50 mortgage companies.
Ruby shared his weekly plan for generating more leads with hundreds of brokers in attendance at a national sales conference held by Canada’s largest mortgage network last week.
Ruby, a rambunctious and passionate speaker, is certainly passionate about mortgages.
“This is the best industry in the world unless you can dunk a basketball,” he told the crowd of approximately 600 at Dominion Lending Centres’ national sales conference in Palm Springs, California, Monday. “Where knuckleheads can make a lot of money.”
The key to making that money, according to Ruby, is to generate leads. A lot of them.
“You need to generate 100 leads per month,” he explained. “If you bat .300 you will close 30 deals a month.”
Here’s how Ruby suggests brokers reach that level.
Mondays are all about chatting with realtors.
“You’ve got to learn to love realtors,” he said.
Call 40 realtors every Monday, Ruby commands, from 10am-12pm.
You need to develop relationships with agents; meet 15 of them face-to-face every week. Go to open houses. Within his own brokerage, Ruby forces brokers who make less than 10 deals per month attend six open houses a week.
“Realtors pick you because they like you,” Ruby said. And when you win a referral from an agent, make sure you “close on time every single time and realtors will continue to choose you.”
Tuesday is your status day. On Tuesday, you should be updating clients about the status of open files, ensuring they’re kept up to date and that you’re kept top of mind.
Mid-week, call clients with pre-approvals who haven’t yet found a home. They haven’t yet secured financing, so there’s still a chance they could look elsewhere for their mortgage needs.
A weekly reminder that you’re still there, still interested in their home buying process, will go a long way in winning these clients’ eventual business.
You can’t neglect your current clients. After all, a satisfied client will be more likely to refer you to their friends, family and colleagues.
Thank these clients for their business, Ruby suggests.
Ruby even lays out a yearly plan for contacting your database to ensure they remember you but aren’t bombarded with too many calls.
Call everyone in your database whose name starts with A on the first Thursday and continue on through the alphabet each week. That way each client will be contacted twice a year.
While some may be tempted to slack off and cut out early for a round of golf or drinks, Ruby suggests brokers call 10 VIPs every Friday.
VIPs are your friends, family, and close professional circle – your dentist, your doctor, CPA, finance manager.
Make a list of 50 VIPs and if you get just one deal from them a year, that will be worth the extra calls.