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Master
the Art of
the Follow-up!Let’s face it, 2004 will be a year that you will come
up against your competition in a way that you have not seen in over
3 years!
Most experts are projecting a drop of over 60% in loan origination
volume yet a drop of only 30-40% in loan officers and companies.
Something has to give. And I take the view that I can not control
what the industry does nor what my competitors do, I can only control
what I can do. If there is one glaring opportunity, one area where
even the largest lender in your marketplace falls short, one area
that Realtors complain about the most-it is in following-up. Our
industry is pathetic at following up with leads and therein lies
an awesome opportunity. Leads are precious, they are valuable. All
leads need to be followed up with up to 5 contacts! If you
pre-qualify someone-they should get a follow-up mailed or e-mailed
to them followed
a few days later by a follow-up phone call. Then a mailout, then
a phone call until you have touched base with them 5 times. Why 5?
Because the Law of 5 in Sales says that 80% of all business happens
after the 5th contact. 80%! So if you convert 20% of your leads now
and you just do this one thing–you can quadruple your income!
Our Top Producer training DVDs teach you the system we use (see page
20) but you can come up with your own. The key is to alternate your
phone call with something of value whether it be a report on homes
in the area or a letter from you. Your competition rarely even calls
back 1 time, let alone out to 5. This one thing will eliminate your
competition! It’s hot! |
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After graduating from Florida
State University in 1989, I began a short and trying career in restaurant
management. Although I liked the business, the upside potential was
weak.
In 1991, after a failed business attempt in multi-level marketing,
I found myself $50,000 in debt and had my car repossessed and my
home foreclosed on. It got so bad, I actually had to sleep on my
best friend’s couch in his dinky 800 sq. foot apartment. That
was only until I could afford to pay rent to a complete stranger
and live in his garage. Humility was starting to take on a whole
new meaning to me. I felt like I was failing at life and I was beginning
to search for answers.
Why was this happening to me? Where did I go wrong? I had drive,
a good work ethic, people skills, but nothing seemed to work. By
accident, I came across the mortgage business in 1992 and my life
has been forever changed. Starting with a nationwide lender, I became
the top producer within 3 months. One year later, I was promoted
to manager and given the challenge of training others. Being humbled
by my past, I set out to learn from others with the goal of creating
the best training plan possible. This was the key which unlocked
my potential. During a 15-month period I went to every major seminar
I could to learn from the giants like Greg Frost, Brian Tracy and
Joe Stumpf, to name a few. Additionally, I studied the systems from
some of the biggest producers in the history of the mortgage industry.
After several months of study, reflection and testing these ideas
on my own, I began writing the training plan. I knew the key for
me would be to model after the most successful marketing systems
and closing techniques and to weave them into one simple method that
I could teach and our brokers could use. |
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