There’s not some big secret way to make more money as a loan officer. We already have everything we need. We know what works. We just don’t do it. Why not? I’ll tell you.
Trying Everything But the ONE Thing
I see loan officers making so much effort, doing so much work, all so they can avoid one thing: phone calls. They’ll set up funnels. They’ll get Zillow and Facebook leads and send texts or emails. They’ll spend all kinds of energy, but they don’t want to push those buttons and call someone.
You want to know how to close more loans every month? You want to know the #1 business tool that will get you more closings and make you more money?
I’m not kidding. It’s that simple. It’s the phone you’re probably holding in your hand right this minute reading this blog post. That’s it. That’s the secret. People ask me for loan officer strategies every day of the year. This is number one. If you’re not doing at least eight loans a month, it’s because you’re not calling people. You’re not being proactive.
Why are we so resistant to picking up the phone and making a call?
That Four-Letter Word
FEAR. The reluctance to make calls is ultimately due to a fear of rejection. We’re intimidated by the person on the other end of the line. We think they’re bigger and badder than they really are. They’re not big and bad. And they’re not rejecting you; they’re just rejecting an offer you made them. They don’t need what you’re offering at the moment, and that’s really no big deal.
Let me give you an example. I love my Jeep. I love the tires I have on my Jeep. If I walk into that little shop where I buy my tires, Dave the salesman might try to sell me a new set. I love Dave and his shop, but I don’t need new tires. Dave just needs to find the person who does. If Dave says, “Hey, let me know if you know someone who needs new tires,” am I going to be offended? Of course not. I’d love to help him out in such an easy way.
Here’s what you need to realize. There are five to seven objections loan officers hear over and over again. If you learn the one answer, the single rebuttal, to each of those objections, you’re good. Your conversion will go up, and your fear will go down.
Call Your Database
Let’s talk about loan officer lead generation for a minute. How many people overlook their current database? Listen, your database is getting calls from your competitors. I guarantee that. You have to get in there and call them too. If you do, you’ll get a high percentage of those deals. Maybe you’re afraid to call because you waited so long. Nobody cares about that, I promise. Just do it.
When we call real estate agents or referral partners, roughly one in five needs help. Maybe they just went through a bad situation. Their lender was late, or they’re not returning their calls. Every time we get a yes, we make an extra $25k a year. We only need four of those a year for $100k. That’s not too shabby, right?
We call everyone in our database four times a year. It’s our magic number. When we called once a year, we closed more loans. Twice a year, even more. Three and four times, even more. But, when we called five, six, or seven times, we saw no difference. Four times a year, once a quarter, is our sweet spot based on a lot of experience.
This is like free money because they already trust you. You already have their information. It’s just prospecting to people you already know. If these people don’t need a loan right now, ask for their friends and family members who might.
The Big Secret
When you find out how easy this is, you’ll wonder why you haven’t been doing it all along. The script has four simple parts:
- Who I am.
- Thank you.
- Can I help you with anything?
- Can I count on you?
First, you introduce yourself. “Hi, Stacy. I’m Carl White here at Carl’s Great Mortgage Company Dot Com. I helped you with your mortgage a few years ago.”
Second, you thank them. “I’m just calling to tell you thank you so much for letting me help you get into that new home.”
Third, ask them if they need anything and if you can help. “How are things going for you? I hope good. I know you’re busy, so I don’t want to keep you. Just want you to know I’m here to help if you need anything: buying a new house, selling, refinancing. Here’s my number. Call me anytime.”
Fourth, you ask them to refer you to others. “One more thing, Stacy, before I go. Can I count on you? If a friend, a family member, or a coworker is looking to buy, sell, or refinance, can I count on you to pass my name and number along?”
And that’s it!
Feel the Fear and Do It Anyway
People aren’t going to say no to this. We’re afraid of that rejection, but we don’t need to be. They’re happy to help. I have a podcast for loan officers, and people are saying nice things about it right now. What if I say, “Hey, could you tell your fellow loan officers about our podcast?” Are they going to say no? Are they going to think, “Some nerve of that Carl guy asking me that!” No. They’re going to say, “Sure!”
You’re going to feel nervous, even afraid, when you start proactively going after more loans. That’s normal. Just feel the fear, and do it anyway. When we click the record button for our podcast, I feel a little bit of apprehension each time. I hope we do a good job. I hope we can convey our message in a compelling way. I feel those nerves and do it anyway.
Don’t wait until you’re not scared or more comfortable. It won’t happen. The confidence—and the competence—comes after you do something you’ve never done before.
Want a FREE Sample Coaching Call?
You’ve probably heard a lot of buzz about coaching lately in all kinds of spaces. It’s not just a trend; it’s here to stay. And it makes so much sense. Instead of taking months (or years) to figure out the tricks of your trade on your own, you hire someone to teach them to you.
We get these questions a lot:
- What does loan officer coaching look like?
- What does it require from me?
- How will these loan officer scripts really change my business?
Let me tell you. We block out an hour to chat. You just need a quiet place, a pen, and some paper. We’ll ask you some questions about what you’re doing and look for the small tweaks you need to make. People are scared they’ll have to change everything, but it’s almost always the small tweaks that get the biggest results. We run through all of that, then ask, “Was this helpful? Would you like to do this again?”
Some people say, “Heck, yeah.” Others say, “No, that’s okay.” And we say, “Great!” either way. Because it’s not a sales call. It’s a sample coaching call. The hardest part of it is just signing up to schedule the call. It’s absolutely FREE, and you have nothing to lose. Feel the fear, click HERE, and do it anyway.