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The Most Important Loan Officer Marketing Tool

Are you keeping up with technology, or are you just letting it pass you by?� If you want to make more loan commissions in less time and with less effort, then I suggest you learn more about what I believe is the most important loan officer marketing tool: the autoresponder.

What would you say if I told you that for under 20 bucks per month, you would have access� to an amazing marketing tool that not only responds automatically to your prospects, but then also follows up with these propects whenever you want, for as long as you want.� And again, it does this automatically.

Autoresponders can do this and much, much more.

An autoresponder can effectively automate a large part of your marketing and follow-up process.� When someone is subscribes to your mailing list by submitting their name and email address, they are instantly sent a response from your autoresponder.

But not only that, but the autoresponder will now send a series of follow up messages to your prospects.� You choose the message.� You choose when you would like them to receive them (Day 1, Day 29, Day 365, etc).� The autoresponder does the rest.

An autoresponder service basically serves two main functions: email database management and automatic email marketing.

Email database management:� We’ve all heard that money is in the list.� The problem is that most loan officers don’t know how to add subscribers to their list effectively.� And once they add customers, they don’t contact them nearly enough because of the cost and time in doing a mass mailing.

Ignorance is bliss they say. However, do you find this practical when you read so much about loan officer?

Using an autoresponder as a mortgage broker tool, you don’t face these same issues.� Autoresponder services are up to date on all the CAN SPAM legislation and show you how to legally add prospects to your mailing list.� Also, because email is free, the cost and effort will be the same whether you contact one prospect, 100 prospects or 1000 prospects.

All you are paying for is the monthly autoresponder bill (which will cost you between $17-20 depending on which company you use).� Compare that to the cost of mailing your message via the United States Post Service.� Sending out a thousand letters is going to cost you $390 just in postage (not to mention letterhead, envelopes, ink – not to mention the time involved to prepare the mailing).

Can you now see how powerful a mortgage broker tool that autoresponders can be?� It will save your hundreds, if not thousands, of dollars in postage over the next twelve months.� You can now use that money on other marketing strategies.

And the automation that autoresponders provide will also free up many hours of your time.� You can use that time to working on your business, or maybe to spend a little more time with your loved ones.

Loan officers are always looking for an edge.� If you are not making enough commissions or feel that you are working all of the time, then I suggest that you do more research on autoresponders and how to efficiently use them as a loan officer marketing tool.

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How Loan Officers Can Make Good Relationships with Real Estate Agents

As a loan officer you would always have noticed that real estate agents mostly dislike loan officers. They either try to avoid you or hang you up with lame deals and only talks. Have you every thought of the reason behind such an attitude that has increased the level of dislike and frustration in real estate agents against loan officers to the borderline of hatred? Many a time real estate agents makes promises to give you business only to put you off for a while but never return with a single useful deal.

The competition in loan officers is rising day by day. In such a situation where earning bread and butter gets difficult, you must take strong steps into solving this big hurdle in your way of getting good relationships with new realtors.

Every month there must be hundreds of deals being closed in your city. Some loan officer is probably handling them, so why not you? When a realtor asks you about your previous experience and the current amount of deals you are closing, give them solid answers and not your personal thoughts.

If you are dealing with only one realtor then tell them so. Don’t say that you are working with one agent because you hate working with agents. Before any significant increase can be enjoyed in your business, the excuses have to disappear completely, and be replaced by accountability.

A normal working real estate agent is probably contacted by loan officers at least 30 times a week. All the loan officers have the same thing to say and same old deals to produce. In such a situation it is obvious of every real estate agent to get fed up and frustrated. How many times do you think that realtor has heard “I’m here to help you build your business,” or “I have referrals I would like to give you?” These sentences start sounding like crap to realtors after being heard so many times.

But just give it a thought if the loan officers had such business would they actually be calling up realtors? NO..!! The situation would have been opposite and all real estate agents would be queuing at the loan officer’s door steps.

It doesn’t matter how good your marketing strategy is. If you sound like all other loan officers you will get the same response as everyone. The objections we are running in to are a direct result of the approach we are using.

A fruitful access to real estate agent is when you stop making dumb promises and telling tales of what you can do. Instead take a practical approach and discuss the technical details, pros and cons with them. Tell them that you understand their policies and make them understand yours. Make them realize that you can understand the frustration of getting bombarded with lame deals all over the year.

You will get good results if you approach them in a way that’s different from other loan officers. Always make advancements to stand out from others and you’ll fruit the rewards.

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Getting Your Foot in the Door..Literally! Two Loan Officer Marketing Tactics

Sometimes it’s all a matter of being different, and truly standing apart from the crowd.

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As loan officers, we tend to get the same advice from our managers, we read the same books and listen to the same audio programs.

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We want to find new business, but we are all being told to find new business from the same sources (so the effectiveness of any marketing that we do is diminished to some respect).

I love watching salespeople take bold actions when it comes to marketing and prospecting for new business.

I knew of one loan officer who ordered 100 pumpkins a few weeks before Halloween. He had made an arrangement with a local supermarket to use a portion of their parking lot to give out the pumpkins.

He placed an ad in the paper, put a few flyers in nearby grocery stores, diners and laudromats, and was lucky enough to have the local newspaper cover the story the morning he gave out the pumpkins.

It was a huge success!

The turn out was overwhelming. He ran out of pumpkins with two hours of starting, but he met 100 people and couples that day, and he walked away with 8 good leads for immediate business.

Was it hard work? Sure it was, but it all paid off many times over. And the reason why it paid off was because the average loan officer just wouldn’t have done it.

Another young and ambitious loan officer really pushed the envelope.

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He had just started out and was looking for a way to break the ice when meeting new real estate agents. So this is what he did:

He went to the local discount shoe store, and purchased 5 pairs of plain black shoes (they were about $5 a pair).

He printed small labels to put on the shoelaces that read:

Hi. My name is John Smith and I am trying to “get my foot in the door.” I will be back to your office next Tuesday morning to meet with you.

He then went to a real estate office that he was going to focus on this month, and place one shoe in each of the mailboxes of the agents.

Was this a little much? Possibly. And I wish I could have seen the real estate agents’ faces when they pulled their shoes out of their mailboxes.

But the young loan officer did break the ice and he did get a very productive referral source from that office. And even till this day, whenever someone from that real estate office seems, they say
“Hey, you’re the guy with the shoes.”

So think creatively with your marketing efforts. Stand apart from the average loan officer. Be different and be remembered.

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Loan Officers Beware: Exposing the Loyalty Myth

It used to be that when you closed a loan with a customer, you “earned” that customer’s loyalty for life. That’s just the way it was. People didn’t really shop around looking for the best rates or lowest fees. They would ask family or friends who they used for financing assistance and used them as well. Loan officers were basically guaranteed to get all the future business from that customer. Forever.

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But things have drastically changed.

Today’s customers are more financially intelligent then ever before, mainly because of the use of the internet. There is no more mystery of the whole mortgage process. More and more individuals are doing their mortgage research long before talking to a lending professional.

Because today’s customer are so well informed, they have a lower value on the mortgage knowledge you have. This view causes them to be less loyal to you.

Not only that, but your customers can hop online and find twenty other loan officers in a matter of minutes.

So what can you do?

First of all, you need to go beyond just adding customers to your database. Don’t laugh. I have seen too many mortgage professionals who either don’t have a formal database of previous customers or who do have a database but never contact their customers. Your database is your goose that lays golden eggs.

But I believe most loan officers are not contacting their database enough because they mistakenly believe that when the customer needs financing or knows someone who does, that that customer will automatically call them. But most won’t.

And how do I know this? When I was working as a marketing assistant for a high producing loan officer, we got a good percentage of business each month by telemarketing. The key phrase that we used that was so effective was this: “I won’t take much of your time. I just wanted to know if your loan officer has informed you that interest rates are at a 25 year low, but that the window to refinance and take advantage of these rock-bottom rates is quickly closing. Has your mortgage professional informed you of this?”

Of those prospects that had not refinanced yet, I’d say about 6 out of 10 of them could not recall who their loan officer was without having to go digging through the documents of their last closing. Many of those prospects became our customers because it was simply easier to get the information from me right there then it was for them to go searching through boxes to find out who their loan officer was. There is no loyalty.

So what can you do about it?

1. Don’t end the sales process with the closing. Contact that customer the day after closing, seven days later, a month later, etc. Make sure that they are fully satisfied after leaving the closing table. Make yourself unforgettable. This would also be a good time to ask for referrals.

2. Contact your past customers more frequently. If you want to be the first person your client thinks about when anyone mentions the term “loan officer” then you need to touch base with them more than once a year or even quarterly. I recommend, at the minimum, a follow-up system that contacts past customers on a monthly basis.

3. Become their friend. How loyal are you to your friends? I know that you want to portray an image of professionalism, but if you want to keep your customers loyal (ie. earn more money on referrals and repeat loan transactions) then you are going to need to become a friend in their eyes.

Although loyalty is becoming a rare commodity these days, it is not impossible. Just don’t continue to believe that loyalty is earned because you closed a loan. You need to do much more than that. The good news is that if you follow my suggestions and actually do form a strong bond with your customers, you truly will have customers for life.
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7 Reasons Why Loan Officers SHOULD NOT Market to REALTORS

I know it goes against what the top mortgage marketing experts and even your manager is telling you, but I would like to make a case against marketing to real estate agents.

Now don’t get me wrong. I am not implying that there is anything wrong with real estate agents. A competent agent can help many, many people in his or her career. I just don’t think that marketing to REALTORS should be our only option when trying to find purchase business.

What I typically see happen is this: you beg and plead to get an appointment with this particular real estate agent that you would like to start getting referrals from. After five letters and six phone calls, he finally agrees to have a lunch appointment with you.

You get all ready and when you meet him for lunch, you give him your best performance. You go on about how great you and your company are, and how you can give him the best service around. You beg and plead for his business, but he gives you a “we’ll see” and you are happy with how the meeting turned out.

Six weeks later he sends you a referral. It is a very complicated lead. The referral just started a new job, he filed bankruptcy a couple of years ago, and has no reserves.

You bust your butt trying to close this loan because you want to look good to the REALTOR that sent you the referral.

You do your best, but the loan falls through. You don’t get any more referrals from that agent and all the time and energy you put in to get him as a referral source is now wasted.

There has to be a better way to get purchase business, and here are seven ways to do it.

1. Market to For Sale By Owners. The FSBO pool is always there and when marketed correctly, can generate many loans. You see, working with sellers directly creates a win-win situation for both of you. They need to sell their home, but don’t want to lose a bunch of hard-earned equity paying a real estate agents commission. You can help them with handling the buyers that are interested in the home. When you get an appointment with a seller, you explain to him that a majority of FSBO deals fall through because the buyers can’t get qualified. Convince him to let you prequalify all buyers, and you have a referral source for the next 30-60 days.

2. Market to financial planners. I knew this loan officer that got ALL of his purchase leads from a very busy financial planner. And the great thing about those leads were that they tended to be with people that had their finances in good shape (they have a financial planner). They also had larger assets and income, and were therefore looking to purchase investment properties, vacation homes, or bigger primary homes. Establishing a financial planner as a referral sources will give much higher quality leads than you can get from a real estate agent.

3. Market to credit counselors. This is going in the opposite direction of the financial planners leads. You will many more leads, but you lose much of the quality. These will be complex and challenging loans that you would probably charge extra on. An option for many people who are going through financial difficulties is to sell their current home, and buy something smaller. I saw this a lot with women who were housewives and the got divorced. Now they have a home (and a mortgage) that they just can’t pay on their income. You can help them with the financing of a smaller residence. Keep in touch with them because when they become established again, they are going to want to buy a larger home, and will need your assistance again.

4. Market to human resource managers. I read somewhere that employees that own their own homes have fewer instances of being late to work, work harder, and are much less likely to quit their jobs than their renting co-workers. And this is the selling point you are going to present to the HR Manager. You want to express that you can help their company and their employees but helping them ALL own their own home. Emphasize that you will be handling all the work, and that it won’t interfere with employees on the clock. Here is a GREAT TIP if you can convince the HR Manager to allow you to put inserts along with their paychecks. The insert would be for a free consultation and $250 closing costs. All you would need is for 2-3 HR Managers to agree, and you would have a strong purchase referral source.

5. Market to renters. Many renters that I have known were unaware that they could be living in their own home right now. For whatever reason, they were given a lot of mis-information about what it takes to qualify to purchase a home, and have never really looked into it. Here is another idea that worked well for me. You are going to do a postcard mailing to a targeted apartment complex near you. It will simply state, “For what you are paying in rent right now, you could be living in a $120,000 home. Call me today for a free consultation, and I will tell you the steps you need to take to own your own home.” Trust me, you will get a ton of calls. Many people won’t people to qualify at this point, but you can give them a plan on how to improve their finances and possibly qualify them later when they are ready. But you will get another group who can qualify, but never thought they could.

6. Market to your past customers. In this instance, I would use a direct mail campaign with a checklist letter. Many of your customers may have thought about purchasing more real estate, but it wasn’t a strong enough concern to warrant calling you for advice. In this letter, you are going to ask them to call. You are going to say something like, “Right now is the perfect time for buying a home. If you have questions about any of the following topics, please give me a call this week.” You will then have a checklist including several reasons why someone who need financing assistance like: buying investment property, buying a vacation home, buying a second home, purchasing a smaller home because the kids have moved out, purchasing a bigger home because the family size is increasing, etc. And please make it easy as possible for them to contact you to get the largest response.

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7. Market to builders. This is similar to marketing to FSBOs except that this would be on an ongoing basis. Most builders that I know don’t really like dealing with the selling and financing of their homes. They want to focus on what they do best, which is building more homes. Being able to partner up with a successful builder would provide you with many, many leads. Not only will you be helping those who want to purchase the new construction home that the builder is selling, but you will be helping many MORE of the people who aren’t interested in that particular home, but are still want to purchase.

So do I think that you should never market to real estate agents? No, I just believe that it shouldn’t be the first or only option that mortgage professionals turn to. As you have seen above, there are so many other possibilities to find referral sources for purchase loans. And once you establish these referral sources and can develop working relationships with buyers before the REALTOR does, than you will now have control of the situation and you will start to get real estate agents calling YOU for business.

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Blogging Strategies for Loan Officers and Originators

For Loan officers mortgage marketing is of utmost importance. They earn not only bread and butter but also a reputation from it. As a loan officer always keep in mind that you keep up with the competition via new marketing concepts and techniques. Marketing can be done in many ways; e.g. through networking. Business cards, mailers, flyers, billboards, radio, television, etc.

The main use of the above named marketing methods is to get yourself and your products in front of your potential clients. Marketing your services has become very important these days. And effective marketing is of much more importance and usage. Internet has now become the most powerful tool of marketing. So it is very important to keep up with the pace of the world via internet.

Almost all mortgage companies have websites that tell people about their services, rates and benefits people can obtain by hiring their company.

But as websites have become a trend everyone uses them. What can you do now to make yourself standout in the crowd? Probably create a personal blog, portraying your servicing as a loan officer. This way, you can direct your potential customers here to learn more about you and your products and services.

This way you can also deal with customers far away. You can get clients from other countries as well. Blogs are free to build on the internet so you don’t have to worry if you are unaware of the basic html and website stuff.

There are blogging websites that offer free personalized blogs in just a matter of minutes. You can then add your photograph, biographies and also probably a detail of customers you’ve managed to get in the past along with the status reports. The advantage of blogs is that you can add something new everyday. To catch the interest of clients you can give daily tips on mortgage dealing, useful interest rates and technical aspects of different deals.

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To advertise your blog you can put your blog address on your business cards and make it as a signature in your emails. After closing each deal you can ask your customer to give a feedback there. End conversations with customers by asking them to visit your blog, it is a great way for them to get to know you better, which is very important when it comes to building relationships.

Building a blog is very easy and very fun. And it can really be beneficial to you when it comes to building your book of business.

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The Biggest Mistake Originators Make in Their Marketing Campaigns

If you ask the average mortgage professional what the most important aspect of a mail piece or advertisement is they would tell you that it is the headline. And they would be right. The headline can make or break a marketing campaign. But because of it’s obvious importance, loan officers do tend to spend time making sure that they have a effective headline.

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What they don’t spend much time on is ensuring that they have the best call to action. The main goal in any marketing campaign is to get the prospect to take some sort of action (going to a seminar, setting up an appointment for a free consultation, getting them to request your special report, etc).

Most loan officers just stick a phone number at the bottom of their marketing piece with a quick little blurb to “call me for more information.” This in itself isn’t bad. But it can greatly improved on.

You see, the goal in your call to action is to make it as easy as possible to for the prospect to take the action that you desire. You want to decrease the resistance to act as much as you can. By just stating “call me for more information” you are creating a certain level of resistance. There is only one option you are giving them, and you are asking the prospect to call you directly.

And you will lose a ton of leads that you really shouldn’t. All the potential prospects who just aren’t ready to talk to a loan officer yet won’t respond. They have questions that you can definitely answer, but they aren’t serious enough yet to overcome the resistance to action that you have established.

But here is the key. In about 3 weeks, they may be serious enough to take action, but you will be the furthest thing on their mind. They will read a marketing piece by another loan officer and then take action.

So your goal is to have the prospect take action at the earliest stage of the buying process as you can. You want to establish a relationship with them BEFORE they become serious, but the only way for this to happen is to have them respond to your marketing piece early in the game. And you do this by lowering the resistance to call to action.

One thing that you can do to lower resistance is to give them more ways to contact you. Give them your mailing address, cell phone number, email address, etc. Some people are more comfortable writing letters. Some prefer email or phone calls. And some like the face to face meeting. If you limit your choice to just one, you will exclude a large percentage of potential leads.

Another thing you can do is make it as easy as possible for them to take the call to action. For example, you send out a direct mail campaign to your former customer base. Your call to action in this campaign is for them to fill out a survey and mail it back to you. How do you make it easy for them? You provide them with a preaddressed envelope. You put a stamp on the return envelope. You make the survey a multiple choice form where they only have to circle the appropriate action. You perform all the steps that you can so that they are basically required to just circle a few answers on a form, and place it in the mail.

Also, give the prospect a little incentive to performing the desired call to action. In the example above, you can offer a gift certificate to everyone who completes and returns the survey. That will definitely increase your responses. Another idea is to give them a coupon (ie. $150 off closing costs) if they perform your call to action.

I believe that after the headline, the call to action is the most critical part of any marketing campaign. Be sure to remember that you want to get your prospect to raise his or her hand as early in the process as possible, and the only way to do that is by making the resistance to taking the call to action minimal. Give incentives. Give choices. Make it easy.

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Tips on How To Be a Likeable Loan Officer

People try to self sell their homes to avoid the cost of a real estate agent. But when they come across people who put offers blindly and get stuck with low standard offers they go in search of a loan officer. As normal people are usually unaware of the mortgage lending standards, you as a loan officer can benefit a lot from being in the scene. A good loan officer should always maintain relations with property owners, so that when they decide to sell their property they know that they have a good loan officer on their side. They can offer the buyer to get the loan via that officer.

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Loan officers working for mortgage companies are always willing to help the sellers in dealing with the buyers as that helps them create a relation with the buyer. These increase the chances that they will get to finance the home loan. Always remember that as a mortgage loan officer you are on commission basis. All that you earn is only when the loan closes. People also will trust you as they know you will assist them fully in getting a potential buyer.

As a loan officer you should always be willing to meet at any prospective place the buyer desires. Say it is his/her home, your own residence or the buyer’s office. This creates an air of trust and generates a sale for you. It shows the buyer that you and your company are interested in getting the deal done. Convince them in a manner that it may seem the deal being useful to them and not you. When you are going to make a sale the more services you offer generates more chances of further deals for you.

It’s much better if you stay in touch with a couple of real estate companies. Most homes that are for sale tend to be listed with real estate companies who have name recognition, market share, large advertising budgets, business relationships with mortgage lenders and trained agents to represent those homes, hold open houses, and finagle with prospects. Agents have some level of experience dealing with people, overcoming objections, selling and closing the deal. This way you can dominate the home selling process, earn high commissions and save time in the most intelligent manner.

Always remember that a home or a land is a product people always want. You can earn benefit if you roll out the marketing plan with immense intelligence. Be sure to mark out the high aspects of your plans in front of the buyers. People are always interested in deals that benefit them.

There always is competition. Beat you competitors by giving your customers/buyers a friendly deal with good terms. If they get benefits and trust from you they won’t go towards any other loan officer. These few thing if remembered and acted upon well can lead towards the success of loan officers.

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7 Strategies Loan Officer Can Take To Become a Millionaire

Money certainly makes the world go round, as a loan officer, you are probably greatly aware of this. We are looking for ways to make a great deal of money and enjoy success at the same time.

Now comes the whole reason for this report, the earnings section. In general, a loan officer is paid with a commission. The commission is based upon the amount of loans they have originated. In 2005, the highest paid loan officer within the United States, with three years experience, was $100,000. By using this report, you can work to maximize your earning potential and learn what it takes to become a millionaire in five years or less. Because of the earning potential commissions have, the control over your paycheck is yours. The following seven steps as outlined will help you maximize your time, profit, technology, and so much more.

Here we begin on the seven steps needed to become a millionaire in five years or less. By following these steps, you will learn exactly what you need to do as a loan officer to
maximize every aspect of your career.

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Step One

Learn what it takes to increase your profit. It is not secret, especially in the world of commissions, that in order to make more money as a loan officer, you must learn what it takes to close more loans. This is where all of your income derives from, your ability to quickly make use of all of your resources to enable you to close the loans in a shorter amount of time. We will discuss the time factor in one of the next steps. The more loans you close, the more profit you make.

The best way to establish more loans is to prove yourself creditable to potential clients. You have to show the clients that you have their best interest at heart, be helpful in all aspects of their application from beginning to end, and prove yourself to the overall popularity. These are all important in the beginning stages. As a new loan officer, you will have to establish clients and if you do so correctly, many will be repeat clients, which are the best. We love repeat clients, because they continue to come back for any loans necessary rather it be mortgage loans, personal loans, or any other category of loans, but only if they are happy and satisfied in the first place.

We all wish we had more time to spend in specific areas of our lives. As a loan officer, it order to generate the amount of business and loans need to generate more income you will need to learn to better leverage your time spent in various phases of loans. By managing your time wisely, you can increase your business and maximize your earning potential, which leads us on to step two.

Step Two

In efforts of managing your time efficiently, we suggest that you hire a personal assistant. By implementing a personal assistant into your business plan, you can place your own time and concern where it is most profitable, into the sales. After all, in order to make the type of income we want, selling is at the heart of it all, right. Therefore, hiring a personal assistant should be a big part of your overall scheme of becoming a millionaire in five years or less.

What will a personal assistant do for you? Well, he or she can take care of the mundane things that you just do not have the time for. For example, the appointment scheduling, your personal assistant can do this for you. Appointment scheduling is a necessity in the business of a loan officer; however, by placing this task within the hands of a trusted assistant, you will leave yourself the time needed to focus on the main areas of your business.

A personal assistant can also help you by generating the necessary paperwork needed to close the sales. As you probably well know, a loan officer will spend a good deal of time in just preparing the paperwork needed in various aspects of a sale. This paper work includes writing a sales plan, obtaining the application, and many other loan documents upon closing. This also includes obtaining copies of and filing any documentation given by the applicant. Essentially, the assistant takes care of the time consuming details, leaving you with the ability to increase your sales.

Another time saving strategy and works well in generating new potential borrowers, is taking full advantage of the latest and greatest in technology today, which
brings us to step three.

Step Three

Save time, money, and increase clientele, by taking advantage of auto-responders. If you are not familiar with auto-responders, you will definitely want to pay close attention to this section. If you are familiar with how auto-responders work, you will still want to read this area and learn how it can help you as a loan officer.

An auto-responder is a helpful system that has been created to automatically respond to messages and emails instantly. With the amount of email that can appear in your inbox on any given day, an auto-responder is the answer you have been looking for. Do you find yourself focusing more time on answering your many emails and messages, than actually closing sales?

If you answered yes, you should really consider an auto-responder to assist you. The auto-responder is designed to “read” the message sent and determine which of your customized responses should be sent as a reply. Of course, if you do not want to create “answers” to the many different questions a potential client may have, there are other options available with an auto-responder as well. You can create one email that is sent as a reply or target a few key and important aspects of your business, such as areas regarding financing options, searching for a home, credit history, or down payments.

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Step Four

Save more time, generate hot leads, and eliminate “cold calls”, by making use of another technological product, called a 1-800 hotline call-capture system. This type of system is a big ball of income generating, time saving, and lead generating all wrapped into convenience. With a 1-800 hotline call-capture system, you have the ability to literally sit back and watch the potential borrowers come in.

This system provides you with a 1-800 number and a recorded message specific to your business. Each system is different and will have different features they can provide you with. Therefore, it is important, before choosing a call-capture system, that you do your homework and choose one that will benefit you, as a loan officer.

Some systems may offer call capture, which will grab the name and telephone number of those who call the systems. Others may provide you with instant notification (via email) of every call received. You may find a system that provides you with tracking for your specific advertising campaign. Regardless, of which features you need make sure that it saves you time to target these potential borrowers and turn them into sales!

Step Five

Organize yourself, save time, and potentially money by implementing a contact management system, such as ACT. By implementing this software, you will have the ability to keep you customers and contacts organized and easily accessible. Without organization, you can expect to have your entire workplace become hectic and time consuming.

With this system, you can “file” all of your customer contact information such as their name, phone number, address, website, email, ID status, last date of your meeting, or any other information you wish to include. You can create records specific for that company or individual and keep documentations of your opportunities, history and notes with that specific client.

Furthermore, with a contact management system, you can keep notes of all communication between you and client, write professional letters right in the program, and write emails to any client. This system essentially creates a better working environment for you, using the latest technology. You or your assistant can use the system to schedule meetings and calls, create to-do lists, and create a calendar.� Lastly, you can keep track of your sales opportunities and create activity reports in order to ensure your time is efficiently managed.

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Step Six

Once you have implemented the above steps, what do you do with that extra money? INVEST IT! Yes, that is right invest that extra profit. When you invest in the right areas, you can effectively increase your income. Taking the extra profit, you have earned, by learning to increase your sales and manage your time more wisely and investing it into real estate or stock, could be the key you have been looking for to increase your earnings.

By choosing the best market for you, rather it is real estate (buying and selling homes or even renting a home out) or investing in stock, if you choose the right avenue you will find yourself on the road to becoming a millionaire in five years or less.

Step Seven

The last step, is any loan officer, MUST have the desire, will, and strength to succeed. Does this mean you should be pushy and in the face of any new potential borrower? No, you should not be pushy, but you should be helpful, offer them new information, incentives, and show them you are the best of the best. If you have the desire to succeed, it will shine through each time you have a meeting or any type of contact with a borrower.

It is important to identify yourself with potential clients as reliable, forthcoming, and honest. If you can do that, the world is in your hands.

Conclusion

So there you have it folks, seven strategies loan officers can take to become a millionaire in five years or less. By implementing each one of these strategies, you will find yourself saving time and making much more in commissions.

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5 Mortgage Marketing Tools Every Loan Officer Should Be Using

As a loan officer, you are always looking for an edge. Tools and techniques to find new business as easy and as quickly as possible, as well as strategies to increase your time to more effectively process the loans that are already in your pipeline. However, with all the choices and technologies now available to mortgage professionals, it can be somewhat overwhelming to find the best options to use.

Through interviews and personal experience, I have come up with 5 mortgage marketing tools that will increase your commission checks and reduce your stress while spending less time working on your business. Some of these tools will be obvious but under utilized, while others will be a complete surprise. I hope that this article opens up your mind to new possibilities for marketing and running your mortgage business.

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Tool #1: Business cards. Every loan officer I know has more than enough business cards, but I have yet to find a mortgage professional who is really working this tool to its full potential. Your business card is your own little advertisement, and should be given out at EVERY possible opportunity on a daily basis. Give out more than one. Ask the individual to give them to friends and family. Beyond giving them out, you need to make them more unique and valuable. How do you do this? You can make them unique by making it a different color or shape, making it magnetic, glow-in-the-dark, etc. You can add value to them by making it a phone card or CD-Rom, or by writing down a personal message on the back.

Tool #2: Toll-free 1-800 hotlines. Back in the late 1990s, very savvy loan officers were using this tool to the max. Here is how it worked. The loan officer would place a classified ad in the paper offering a free report. All the prospect had to do was call the hotline and leave their name and address. However, the hotline captured the caller’s phone number as well. So the loan officer would call back the prospect to verify the mailing address and build rapport. It was effective then, and is effective now although it seems that fewer loan officers are using this tool.

Tool #3: Autoresponders. Autoresponders have been around for about ten years, but are just now starting to become mainstream. An autoresponder is simply an email program that responds automatically to any email that is sent to it. They now also have the ability of sending an unlimited number of follow-up messages plus managing your database of email addresses. All automatically. The most popular autoresponder service being used is Get-Response (http://www.Get-Response.com). (Alexa) Using the marketing technique for the 1-800 hotline, loan officers are now directing prospects to send an email to their autoresponder service to get the free report. Once the prospect does that, the free report is automatically sent, as well as the follow-up messages. These messages are not only sent automatically, but you can also decide on the delivery times (ex. one day after report sent, 3 days after, 7 days after, 21 days after, 6 months after, a year after, etc).

Tool #4: Loan Officer Websites. It seems like everyone has a website these days. But 99% of loan officer websites are useless. Why? It’s not because they aren’t professional-looking or lack valuable information about you, your company and your products. It’s because setting up a website is just the beginning of the process. If you don’t know how to market that website and get people to it, it serves no purpose. First, you are going to need to place your web address on all of your promotional and marketing materials. Next, you are going to incorporate your autoresponder with your website. So you place a classified ad offering a free report. The prospect emails your autoresponder, and you start your follow-up series to them. Now in those follow-ups, you need to stress the value of visiting your website. Maybe it’s the helpful mortgage calculator. Maybe it’s the additional 3 reports they can download by visiting. You need to really promote your website through your autoresponder series.

Tool #5: Ebay. Everyone knows that you can sell Beanie Babies and antique clocks on Ebay, but some smart loan officers are promoting their businesses their too. Here’s how they do it. They take that same report used in your other marketing campaigns and put it up for sale on Ebay for $.99, or even a penny. The goal here is not to make a profit selling these reports (you will be lucky if you even break even). The goal is to find people who are interested in doing a mortgage loan. Once they purchase the report from you, you then email them the report and offer to do a free evaluation of their mortgage needs. Or, you can send them to your autoresponder and hit them with a series of follow-up messages. This technique works only if you can originate loans outside of your state (which most originators are allowed to do – if you are not one of these, you can still sell these leads to the numerous mortgage lead companies on the Web).

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These are certainly not the only tools available to mortgage professionals, but used effectively, these tools can get you more mortgage leads with much less effort. A few of these techniques really use automation to your advantage. The hardest part is setting up the process up initially. After that, they pretty much runs on their own.

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