One of the biggest mistakes I see newer real estate agents make time after time, year after year, is being discouraged from December through February. What their lack of vision fails to tell them is that December through March is the time I develop the contacts, leads and systems that will make me money the next March through October.
I simply cannot believe it’s any different for loan originators. Todd posted earlier this week about sending a couple of L.O.’s to a top REALTOR’s seminar on what it should be like to garner an agent’s business. Take advantage of that. But if you cannot make that workshop, who cares?
Sit down and get to thinking. Here are some ideas to wiggle your way into the heart of an agent:
- Make an appointment to stop by his/her office and introduce yourself. No lunch or stupid warm-up gift is necessary. (Most of my gifts go straight into the trash or I give them to my 10 year old.)
- Follow up. Follow up. Follow up. But be gentle. Chances are if you are going after a producing agent you will find they have a lender or two they already refer to. You need to send a letter, an email or make a call periodically. But be respectful of their time and lack of attention. Remember, they are already working with someone and are focused on their clients and goals.
- Be prepared to pick up the table scraps. We all have egos. And we like to feel important. But you cannot imagine the word-of-mouth press you will receive around an office when you come through where others haven’t. Word spreads quickly in a real estate office. That’s either good or bad.
- Ask to co-market. Real estate agents are just like yourself. They have more month than money sometimes. Now be compliant with RESPA, but if you can lift some of the cost of his/her marketing and simultaneously help yourself, why not?
This is by no means a comprehensive list. Networking at agent events could be included. So could stopping by open houses with a cold Coke or bottle of water. How about hosting “new agent” events for the different real estate offices?
You are creative. Now get to work.
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6 responses so far ↓
1 Paul // Jan 4, 2008 at 12:44 pm
Chris,
IMO option #4 to co-market is the best.
We set the appt in my office not theirs. There are a ton of past top producing Realtors that are now looking for new means to generate more biz.
It’s funny, I used to do two-hour-long interviews before hiring new LOs. I stopped that in early ‘06. Now I find myself doing two-hour-long interviews with my already hired LO and his/her ‘Realtor to be’ and future co-marketing partner.
If you have a plan that is already working with other Realtors and FSBOs then picking up more Realtors is easy.
But no matter what option you choose, avoid the eagle statue.
2 Robert D. Ashby // Jan 4, 2008 at 12:46 pm
Back to the basics is the way to go and this is exactly that. If you want to grow your business, take the “down time” and turn it into a time for renovating your business model to prepare for the next year’s increase in business.
While I have never been one to go and “market” myself to realtors in the past, you can bet that will be in my business model this year, so you realtors better be prepared for some good stuff, and I don’t mean donuts.
3 Chris Lengquist // Jan 4, 2008 at 1:17 pm
Paul - I’ve received some of the stupidest gifts, including no less than 3 eagles, over the years. Great service is all I want.
Robert - Many, many, many LO’s are going after the agents now. Many of us still remember when we couldn’t get a return call. And some of those same LO’s now want my business. So if you ignored someone before you’ll have big fences to mend. Might be better to move on to someone else! But everyone in this business is looking to make money. Figure out how to help each other and who can say no?
4 Robert D. Ashby // Jan 4, 2008 at 1:36 pm
Chris - Fortunately, at least as far as I can remember, I never failed to return calls regarding realtors, I just never “marketed” to them in the past as it didn’t fit my old business model. My plan is exactly as you mentioned, provide value to help them and hopefully “earn” their business in return.
5 chris // Jan 4, 2008 at 1:57 pm
Great post. For the brokers: run your business like a great wholesale rep. That’s the way to do it. “Is there anything that I can take a look at,” and then sell into conforming products. I made the switch and had a good december when I began it with a bad pipe.
6 Wade Young // Jan 5, 2008 at 5:02 pm
Going after realtors is great. In addition to realtors, I’m going to focus on accountants and financial planners followed by architects and divorce attorneys. My primary focus is to help them build their businesses, so I am putting together information to help them do that. Good luck to everyone.
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