My company sponsors breakfast at a large real estate office every other week for their sales meeting. They give us a few minutes each time and lately it's been getting a little boring. How many times can you say LOW RATES and expect them to get excited.
Last week I was inspired by Mike's candy story-board, but didn't have time to be that creative. So I came up with 10 questions and threw out a frisbee with $10 attached to each winner. The broker LOVED it as it got everyone excited and pumped up. After the meeting, one agent texted me this: "You R AWESOME!!!!"
I spent about 10 minutes thinking up questions and that was it. If you want to see what I did, check out the questions below the picture.
1. What is Utah County FHA's loan limit? $271,050
2. According to NAR , in 2011 what percentage of homes sold were FSBO's? 10% (then I shared this tidbit - Typical FSBO sold for $15k vs $215k for agent assisted)
3. How much can you borrow on the Utah Housing second mortgage? 6% of base loan amount (this has caused issues recently as some Realtors think it is unlimited)
4. Who is the best looking LO at SHM? (I was feeling old and needed a warm fuzzy)
5. What type of loan is a 5/25? (can you believe NO ONE got this one. One agent said "Creative Financing" so she won.")
6. How many underwriters does SHM have? 2 (I wanted to reinforce that we have two fabulous underwriters in our office that get loans out in 24 hours)
7. What is the income limit in Utah County for a family of 4 for USDA? $77,200
8. What is the down payment requirement for VA loans? Zero
9. According to NAR what is the average years experience for Realtors? 10
10. What is Jon Chamberlain's middle name? Andrew (Jon owns our company and is a fabulous person)
This post is for me. Call it what you want... A gentle reminder. A kick in the fanny. It's all good.
For a short time, I was in the habit of giving out a Credit Do's and Don'ts flyer to help clients know how to protect their credit while they were shopping for a home and then while their loan was in process. For some reason I stopped. Why did I stop, you ask. Could have been I needed that extra 30 seconds for my afternoon chocolate break, but I'm really not sure.
This information can keep a deal from falling apart. I feel pretty strongly that this is more important than my afternoon chocolate break, but I guess I just got lazy. So I am recommitting.
What about you? Is there something you KNOW you should be doing, but have let slide? Think about it for a minute and share in the comments if you dare. It's confessiong time... I feel better already. Recommitting can do that to a person.
Mike Giddons recently shared a creative idea with me. His is offering a $1,000 promotion for VA buyers in July and he wanted to announce it in a creative way at the Realtor sales meetings. Mike took the idea of a storyboard poster made with candy bars used for birthday's, Father's day etc. and created his own. Here is what he read to the agents. Candy was thrown out as he read each type of candy.
The agents LOVED it and clapped when he was done.
Fairway is dedicated to supporting our troops, both active duty and veterans. I would like to Take5 minutes to tell you about a major Skor for all your military borrowers!
In honor of a mo –Mentos holiday called Independence Day, the best mortgage company in the entire Milky Way will be offering a little something Extra for all VA loans applied for or closed with us, during the month of July!
We would love to give every VA borrower 100Grand, but that would put us in a Crunch. So to keep our Big League CFO from becoming Red Hot and blowing his Bottle Cap, we need to keep the amount reasonable so we can stay in business Now and Later!
Fairway has always been known for charging Zero origination points to all VA borrows, however this month, we are going a step further, we have decided to contribute Mounds of cash towards every VA borrowers closing cost and pre-paids! By the way, did I mention it’s an amazing amount? It’s one thousand Whopper’s?
Our ultimate goal is to help every client experience a Carefree closing and if we’re lucky, we may even help them enjoy a Snicker or two throughout the process.
If you are Fortunate enough to have a VA client, be Good and Plenty ready to have them Rolo-on over to me, Mike, and my trusty Sunshine “Ike” for a little Starburst treatment! I promise to never pull any Twix, but I will Shock them with an incredibly low rate! So if you will trust your next Pay Day to me, your client’s will think you are a Sweettart and shower you with Kisses!
I don't know that you even need to have a special deal. You could simply use this idea to talk about rates, your company, service etc. It's all about being creative and having fun with your marketing!
Things are busy and many loan officers are going to be getting a nice paycheck. Perhaps a few nice, plump ones over the next month or two. I hope this is you and hope you will bear with me (or you can just stop reading) as I do a little mothering.
I've been in this business long enough to see a few refi booms, boom-lets, min-booms etc. I've also been around long enough to see a lot of loan officers crash and burn after a refi boom. Usually because of poor planning. Everything is great when you are getting a healthy paycheck, but life can become quite stressful if you don't plan for the day when loans will slow down. AND THEY WILL SLOW DOWN.
Here are my tips to help you make your future a little less stressful:
Take a look at your closed loans last month. How many were purchases? Can you live on the income from just those loans? If not you have a PROBLEM. You absolutely need to pick up your marketing and deepen your referral relationships. Even if it means working more hours to get it done. Your future pipeline will thank you.
Make sure you have a six month cushion. One of the questions on my coaching paperwork is "Do you have a 6 month reserve". The answer is usually no and that concerns me. Having a cushion makes living on an income that can fluctuate much easier. When you get a nice big paycheck, it is tempting to go on a trip, buy some new toy or even chunk down on debt (all good things) but I am begging you to not do anything until you have 6 months of living expenses in a saving account. I personally use smartypig.com because it is a little more difficult to withdraw so I am less tempted.
Do not change your spending habits long-term. What do I mean by this? Well, if you can't pay cash for it, don't buy it; unless you can qualify for it based on your purchase business only. I know one loan officer that purchased a big house and fancy truck during one refi boom. Financed as much as he could and then almost lost everything when business slowed down. DO NOT TAKE ON MORE DEBT BASED ON YOUR CURRENT ABILITY TO REPAY.
Lecture done - thanks for listening. Have a nice day.
On the first Monday of each month, I plan to post a goal of the month. This will cover a range of things to help your business grow and flourish. You probably know all of these things, you may even be doing some of them; but this gives you a chance to EXCEL at one thing each month.
July 2012 - Realtor Marketing.
Over the years, I’ve noticed many loan officers slow down in July with their marketing. They use excuses like these: Realtors are on vacation. It’s too hot. I’m too busy in the office. My dog has gas. My answer to this: Would you like some cheese with your wine?
I wanted to give each of you a challenge to reach out to as many Realtor as often as possible in a variety of ways. Here is a short article on using this Realtor Contact Form.
1. Print off 4 Realtor Contact forms for each week of July
2. Set a goal for how many lunches, drop ins, phone calls etc. you will be making each week and write it at the top of each page.
3. Keep this VISIBLE on your desk so you can reference it throughout the week.
Most loan officers feel too busy with refinances right now to spend time marketing to Realtors. This gives you an opening to be one of the few that is actually marketing to Realtors in your area. Don't miss this golden opportunity.
I just wanted to tell you how much I enjoy your website and how I get lost in all the fun blogging and interesting articles. When people do a good job, as you do, I think it’s important to tell them. Thanks for encouraging me in these trying times.
Charles G. HauserHauser Financial
Your marketing blog, titled Great Example, featuring Sandra Scott was great. I found it very educational and inspirational, in fact so inspirational that I printed it out and hung it by my computer so I can read it every morning. Thank You very much for all your hard work and time you put into helping us become better Mortgage Planners.