368,326
over selling and low performance versus what they sold you about them, i was a loan office for 9 years , i know there are lots of reasons why a deal can go slow,but the reasons can not be they did not ask the right questions at the start,not asking for the right documents and asking for them with one day of coe. exp, so you know you have a client with a bk, ask for all the bk paper upfront ,same for divorce paper and so .good question John
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Barb Lanis
Schaumburg, IL
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Chris Mamone
Tacoma, WA
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John Meussner
Fair Oaks, CA
863,807
Educate me. Many stop in. None actually say something to the affect of "Did you know that this new program also applies to VA loans. It just kicked in last week and if you like I can go over it with you." I don't have time to keep up with all the ins and outs of lending business. It would be nice to be kept up to speed in the shorthand version. Mark
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Chris Mamone
Tacoma, WA
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John Meussner
Fair Oaks, CA
3,988,013
Promising the moon or a closing in 7 days. We know that is not going to happen especially if they don't know the buyer or the buyer's history. On the flip side, tell me the truth, communicate, tell me how long the processing will take and don't blame everyone else if it doesn't close on time.
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Chris Mamone
Tacoma, WA
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Barb Lanis
Schaumburg, IL
1,278,466
Friend request me on Linkedin and then when I accept send countless emails......
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Chris Mamone
Tacoma, WA
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John Meussner
Fair Oaks, CA
357,907
Tell us why we should use you, not about your company. Everyone has competitive rates, everyone has a cell phone, everyone has a website, etc etc...
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Chris Mamone
Tacoma, WA
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John Meussner
Fair Oaks, CA
921,504
Barb Lanis
" I have trouble finding agents that accept my contact requests because I want to add them to my list of preferred agents."
During your vetting process take note of the highest priced listing for that agent and send an email with that address in the subject line. That will certainly bypass the RAS and get your message read.
By the way, agents receive way too many Linkedin and FB requests to respond to, especially from folks who are distant and unknown.
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Barb Lanis
Schaumburg, IL
443,220
Approaching me with their hands out without offering me anything in return, Also, most all of them talk my ear off promising all sorts of things. Never once has a loan person asked me what they can do to help MY business.
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John Meussner
Fair Oaks, CA
634,532
Too many emails trying to get my referrals.
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Kathleen Luiten
Princeville, HI
3,986,308
It is a two way street and in 16 years I have had only one send me a referral...and I have worked with him for the last 12 years.
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Debbie Laity
Cedaredge, CO
4,800,132
They don't actually give me any reason to choose them other than vague promises.
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John Meussner
Fair Oaks, CA
6,426,155
4,319,873
They sell themselves and not their service or how they help my clients.
279,878
648,525
And Annette Lawrence stated another major peeve very succintly...bring something to the table and let me know your availability, don't answer your phone evenings and weekends?
648,525
Assuming that I want to receive rate updates by email every day and their other nonsense newsletters, just because you asked for my card doesn't mean I want you to SPAM me to death!
3,007
I'm thinking this will be a long thread. So here's another twist in my quest to find agents to refer business to. I received a call today from someone in my area that is buying a FSBO. I know, I know, that's simply stupid. However, the property is unique, the seller could just break even, and I can't even determine whether the property is worth what the offer may be. I don't think it is. However, the property is in my area, but I have not one agent to refer to for a CMA. Since this is a FSBO, it must remain so because of equity reasons. I have nothing of value to add to an agent on this particular transaction, but I may in the future. Looking forward to comments as to how to appropriately engage unknown realtors...
105,987
Debbie - I agree with your comment! We have a mortgage company out here that promises to close a loan start to finish in 7 days. I've still been trying to figure that out because even on my easiest loans they take two weeks.
I struggle to fight against LO's that promise the moon and under deliever on their promises. It really gives me a bad rap when I market and I don't even do those things.
As a loan officer, I offer one opportunity for us to work together, see how we like working together, and if so, continue to build our relationship together. I under promise and over deliever because even I can't predict what the client doesn't tell us. I also call more than I email. I call once or twice a week to check in and see how things are going, I offer to co-market and brand, visit open houses on the weekends, and work on your time.
This thread was very helpful and I appreciate everyone who responded! Thank you for tell me what not to do!
1,078,551
Thanks for all of the GREAT answers here. Any loan officer that wants a beneficial relationship with a real estate agent would do well to read this thread - many are reasons I was previously aware of, but there are some new ones here as well.
368,326
921,504
They bring NOTHING to the table!
When the only currency most LO have is service, or, exceptional service, that simply won't get my attention and will prove to be the most disrepectful exhibition of disregard from my most precious resource..my TIME.
Bring something to the table!
- A REFERRAL
- SOLUTION
- BENEFIT
- RESULT
- OUTCOME
Or
Help us do what we already do:
- Faster
- Cheaper
- Easier
- Better
A LO would be well advised, to abandon for a moment, the urgency to sell themselves, and focus on being interested instead of being interesting. Listening well produces the outcome a LO wants.
5,117,178
They all want to have coffee or lunch with me to introduce themselves. I really don't have time for this.
1,547,441
2,224,473
Be consistent. Don't expect me to hand you business if I only see you once a year. We have lenders that come by our office on a regular basis. They show me they are there, and they really want my business.
1,683,912
Most of them remind me of a vacuum cleaner salesman. They want your business, but don't have the personality to get them inside my door.
2,443,250
3,350,764
Asking for business without giving anything back by way of cross-marketing, referrals, etc. They just want to take ... toot toot toot their own horns and not deliver.
3,007
Great question, John. All the replies are so very true. Having been in the mortgage business for many years, I would say that the ability to reciprocate referrals is number one. Although I can do loans in all 50 states, I can only confidently refer agents in the area that I truly know - Chicago. I have a few agents in the area that I refer my clients to because some actually come to me first before house hunting. I have trouble finding agents that accept my contact requests because I want to add them to my list of preferred agents. I read their reviews, I check out as much info that I can obtain and essentially vett them. When I attempt to contact them to say I need their services, they assume that I am a loan officer that sends out endless emails, over promises, under delivers, new to the biz, etc. Realtors?
818,695
I'm glad I'm not a part of the lending world anymore. Sometimes I felt like I was a beggar. Ultimately it is a 2 way street where relationships and trust matter. I never tried to keep score but rather tried to add value, communicate and work together.
1,078,551
All very common mistakes, so far it seems marketing and a lack of adding a mutual benefit seems most frequent.
Ron & Alexandra Seigel I can attest to the difficulty in the lender-financial advisor referral relationship because I work with advisors frequently. The most common problem I see there is lenders either don't understand all of the things a financial advisor can do (perhaps incorrectly assuming they need to hand them clients with millions sitting in a savings account, when a client in need of an insurance product could make a perfectly good referral/introduction) OR financial advisors don't want the clients we encounter most often (regular Joe's without a ton of assets or a ton of disposable income) ---- both sides often fail to realize there are other ways to benefit each others business aside from referrals alone, although a healthy referral relationship is very possible, too.
1,308,963
John Meussner ~ most don't make too many mistakes, but the ones that do seem to always be too cocky
5,773,367
One of our friends who is a financial advisors has sent numerous referrals to lenders, and has gotten zero referrals back to him.
When we had our commercial practice, it was very rare that a lender sent a referral back. so we stopped doing that. A