Many loan officers compete with each other to get the attention of real estate agents, but they use the same old tactics. In addition to offering good rates to our prospects, what else can we do? What do real estate agents need the most? How can we build a network of people with whom we give and receive referrals? In this episode, Rick Scherer talks about to add real value by leveraging your network.

We are teaching real estate agents to stop looking for the fish, and start looking for the fisherman: the people who come in contact with buyers and sellers all the time. -Rick Scherer

 

Resources

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Three Things We Learned From This Episode

1. The needs of your prospects come first (05:40-06:30)

Don’t think about what you can get when you call prospects, but about what you can give. If there’s a way you can save your prospects time and money, don’t be afraid to be specific about how you can add value.

1. Build your network  (13:40-16:00)

A good way to increase the number of leads that come from referrals is to help other people in your network get clients. For example, if you know a good CPA, you can ask your clients about their experience with their current CPA. If they aren’t satisfied, you can make a recommendation. The best way to help referral partners remember your business is to give them what they need the most: clients.

 

1. Don’t settle for average tactics (19:30-20:43)

Many loan officers make the mistake of believing that meeting deadlines or giving a good rate amounts to adding value, but this is what everyone else is doing. If you want to generate more business, you need to find out what’s missing from an agent strategy and fill in the gaps.

 

Agents are trained to do cold-calling and door-knocking, but this is what turns people off: phone calls and visits from people they don’t know. You can add value if you help agents get more prospects by creating a referral network. This can be accomplished by asking people like your CPA if they would send you real estate referrals in exchange for you giving them referrals as well. The more people you have in your network that you help, the higher chance you receive help as well.

Guest Bio-

Rick Scherer is the Vice President / Senior Mortgage Planner at MSA Mortgage. In his successful career as a Senior Mortgage Planner, Rick has funded 475 million in loan volume throughout the New England area. Rick takes pride in helping first time home buyers achieve home ownership but also enjoys working with clients purchasing their next dream home. Over the last 8 years, Rick has consistently been awarded Presidents Club for both loan production and customer satisfaction. Specialties: Working with First Time Home Buyers, Jumbo loans to $7M, Working with Real Estate Investors to maximize property cash flow, Equity Management.