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  #11 (permalink)  
Old 06-02-2006, 07:04 PM
Thills Thills is offline
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I cold called my first couple of years too . The way I went about doing it, you are right is not going to work for everyone. You have to work what works with your personality. I agree with everything you are saying! Making a name for yourself within your community is an absolute must, then expand out. I vary rarely lend outside of my state(s) Oregon/Washington. When I do it is for clients from my area.

This post isn't about either of us, but I have learned using ones own experiences will help others when they are trying to find the best way to break into this business.

When I do "sales calls" and I still do to this day. It is not to ask for biz right off the bat. It is to inform them of how I can assist them in growing there business, adding 1 extra deal a month in there own personal pipelines (agents)
or getting 1 extra buyer to build a custom home, or assisting them in upselling to better amenities for the home. It will help you get your name out in the community as well.

I am not just taking from them.. THAT DOESN"T WORK. I give a great deal in return. That is what I may have left out of my original post.

Everything you are doing with your current clients and rate shoppers is perfect. I am just trying to add to it with additional means to acqurie new business. Yes I have had alot of time to build referral relationships and they come and go. It is a constant process.

I agree not every LO will hit the ground running. But they can! It's only our own mindset that stops us. He who believes, achieves! Harder said then done, and I speak from personal experience.

As far as your quote, I wasn't referring to just the money. I truly believe the ones that are Successful are successful in life first, everything else just comes along with it.

To your success, all of you!!!
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  #12 (permalink)  
Old 06-03-2006, 09:33 AM
florida man florida man is offline
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Thills

i appreciate your pointers on the professionals, and when i get a little more grounded, i will give it a shop!!!!

Thankyou
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  #13 (permalink)  
Old 06-03-2006, 10:11 AM
waltersadvisors waltersadvisors is offline
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Realtors

Hello! I have found realtors to be a valuable resource. First, relationships are everything. Try finding realtors through family, friends and co-workers. Get referrals. Approach them from that standpoint. "I was referred to you by so and so at my job, at my local grocery store, etc." Try hosting a small gathering for them at your house. Get to know them. Let them get to know you. If they are diligently seeking business, and rely on that business heavily, they will come to you because they know you will get the job done. Convince them you can do the job and quickly, barring any unforseen issues. Convey to them you are reliable and trustworthy. I suggest getting to know as many as you can, you can never have too many. sometimes they make their clients think they know as much as you. This is where you have to let them know that you do the mortgages, and they do the selling. You are the professional, and odn't let them forget it.
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  #14 (permalink)  
Old 06-19-2006, 07:17 PM
Tamilyn718 Tamilyn718 is offline
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I am a newbie too, in the same boat except I am 29 and I am processing loans under my husband's brokerage, but I need loans to process! All this information you all are providing is INVALUABLE! I have been searching through the search engines on ways to get loans being new on the block and I came across this website and I have learned so much already. So I just want to tell everyone that us newcomers really appreciate advice from seasoned loan officers. One thing I will do is try to get to know people who live in my city and just stick with that territory for now, that is a great beginning!

But can you seasoned loan officers expound more on what to say when you go door to door in your neighborhood. For instance, I just moved to a new sub-division and I was thinking about going door to door introducing myself as a new neighbor but I'm not sure what to say? I mean, do people get offended when you come knocking on there door interrupting their evening to tell them you want their business? What are some scripts?

Also, I was thinking to do open houses for For Sale by Owners instead of approaching Realtors for their open houses. But what do you say to them to get them to let you post financing options on their lawn or let you in to do an open house for them?

I would love to have loan officers bringing in loans for me to process so I don't have to worry about this stuff! But for now, I have to find the loans and process them too!
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Old 06-19-2006, 07:34 PM
Thills Thills is offline
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Depending on the state you are in. Hosing an open house unless you are a licensed Realtor is against the law.
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  #16 (permalink)  
Old 06-19-2006, 07:35 PM
Thills Thills is offline
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Hosting...
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  #17 (permalink)  
Old 06-19-2006, 09:29 PM
Tamilyn718 Tamilyn718 is offline
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My husband is a licensed Realtor and Mortgage Broker so would it be illegal then?
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  #18 (permalink)  
Old 06-19-2006, 09:51 PM
Thills Thills is offline
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If you were the one hosting it without a license then yes.

You can sit in with a licensed party, just not do it on your own.
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Old 06-19-2006, 10:21 PM
Tamilyn718 Tamilyn718 is offline
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So can owners hold open houses? What if I was selling my house and I held an open house for people to walk through?
That's illegal?
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  #20 (permalink)  
Old 06-20-2006, 12:19 AM
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Erik Erik is offline
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The underlying principle that Thills is trying to get across is that it's illegal almost everywhere to act on behalf of a homeowner in the act of selling their property, in any way shape or form, unless you are an agent licensed with the department of real estate in your state. Acting for the seller is generally interpreted as establishing "agency", according to most state's real estate laws, and real estate "agency" is highly regulated.

In my opinion, you can probably sit in at an open house and pre-qualify buyers - but giving any advice or recommendations about anything unrelated to mortgages would be a big no-no. Even putting your phone number on the yard sign that reads "for sale" is against the rules in some states.

If you're interested in working with for sale by owners you should check out the FSBO leads system for loan officers at FSBO3k.com.
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