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Will You Add? - Mortgage Broker Training Article: Loan Officers, What Do High Producing Realtors Really Want?
Do patient objections create discomfort in you or your staff? Ironically, if you welcome objections, they can inspire you to grow and thrive. In other words, patient objections can actually be the turnkey to creating excellent service and satisfied patients! The trick is to get to the heart of the matter and meet your patient’s true needs. Every objection can be managed, even though not all of them can be overcome.The good news is that you don’t have to argue with patients or pressure them. Once a patient raises an objection, the key is to ask questions to identify the objection. Don’t assume you know their concern right away, even if you’ve heard that objection many ti
To illustrate this, we need to first look at the needs and wants of your average real estate agent:
• More prospects
• Higher quality of prospects
• More closed transactions
This is certainly a short and over-simplified display of what your average realtor wants, but it is accurate. An average real estate agent earns less than $40,000 per year so you can easily understand why h
If your organization has people, then interpersonal skills are needed.I work with companies that are on a path they call the lean journey. Whatever you call it, it’s based on the Toyota Production System. Some manufacturers embraced it and it became known as Lean Manufacturing, expanded into the Lean Office or Lean Enterprise. During this transformation the approach became focused on tools, but Toyota’s approach is about people.The focus of Lean Manufacturing training has been on technical skills such as value stream mapping, 5S, and set-up reduction. People skills; also known as “soft skills” or interpersonal skills haven’t been much of a priority. Difficulty in
While on the surface this may not seem to be that big of a concern, the truth of the matter is that it is. You see, as mortgage brokers, we have many complaints when it comes to real estate agents. In fact, I often wonder if we’re not fighting a war against realtors with the way some originators talk. For example, here a few comments/complaints I have heard recently:
• I hate Realtors
• Realtors are arrogant
• I’m tired of realtors telling me how to do my job
• Those agents think they know everything
• All agents are jerks
• Why do realtors have to be so crabby
• I’m tired of getting hung up on
• Why can’t realtors mind their own business
While I can certainly sympathize with the frustrations that accompany these statements, you will find that in many cases the cause of this frustration can easily be avoided. What I mean by this is that we are far more likely to run head first into strong resistance when we have not even bothered to identify and focus on our target.
This problem is further exasperated by the fact that 9 times out of ten, mortgage brokers are looking to do business with the high producing agents. I refer to this as an amplification of the problem simply because a high producing realtor will typically have an entirely different set of priorities, needs and wants.
To illustrate this, we need to first look at the needs and wants of your average real estate agent:
• More prospects
• Higher quality of prospects
• More closed transactions
This is certainly a short and over-simplified display of what your average realtor wants, but it is accurate. An average real estate agent earns less than $40,000 per year so you can easily understand why h
Universally, hiring in wholesale distribution has become one of the biggest challenges we face in today’s business environment. It doesn’t seem to matter what kind of resources we employ, what type of pre-employment testing we use or even which recruiting firm we choose, it is still quite a gamble. The odds end up being 50-50 regardless. I know that there are a lot of Human Resource professionals out there whose hair is going to stand up on the back of their necks as they read this. I look forward to their feedback.Let’s face it. What tools have we come to use that can really predict reliably how successful a person will be on the job? By the way, I personally believe y
• I hate Realtors
• Realtors are arrogant
• I’m tired of realtors telling me how to do my job
• Those agents think they know everything
• All agents are jerks
• Why do realtors have to be so crabby
• I’m tired of getting hung up on
• Why can’t realtors mind their own business
While I can certainly sympathize with the frustrations that accompany these statements, you will find that in many cases the cause of this frustration can easily be avoided. What I mean by this is that we are far more likely to run head first into strong resistance when we have not even bothered to identify and focus on our target.
This problem is further exasperated by the fact that 9 times out of ten, mortgage brokers are looking to do business with the high producing agents. I refer to this as an amplification of the problem simply because a high producing realtor will typically have an entirely different set of priorities, needs and wants.
To illustrate this, we need to first look at the needs and wants of your average real estate agent:
• More prospects
• Higher quality of prospects
• More closed transactions
This is certainly a short and over-simplified display of what your average realtor wants, but it is accurate. An average real estate agent earns less than $40,000 per year so you can easily understand why h
Writing and distributing articles is one of the best ways to generate interest in your business, gain quality incoming links to your website, and increase your page rank all at the same time.Unfortunately, with so much hype about article marketing it’s easy to become confused about how it really works and what you can do to create a successful article marketing campaign.Search engine technology has improved tremendously, which means that link farms, link exchanges, Meta tags (not as important as they once were, but are still recommended), and cheating are quickly becoming a thing of the past. For instance, when Google’s robots crawl the Internet they are no longe
• Those agents think they know everything
• All agents are jerks
• Why do realtors have to be so crabby
• I’m tired of getting hung up on
• Why can’t realtors mind their own business
While I can certainly sympathize with the frustrations that accompany these statements, you will find that in many cases the cause of this frustration can easily be avoided. What I mean by this is that we are far more likely to run head first into strong resistance when we have not even bothered to identify and focus on our target.
This problem is further exasperated by the fact that 9 times out of ten, mortgage brokers are looking to do business with the high producing agents. I refer to this as an amplification of the problem simply because a high producing realtor will typically have an entirely different set of priorities, needs and wants.
To illustrate this, we need to first look at the needs and wants of your average real estate agent:
• More prospects
• Higher quality of prospects
• More closed transactions
This is certainly a short and over-simplified display of what your average realtor wants, but it is accurate. An average real estate agent earns less than $40,000 per year so you can easily understand why h
When was the last time you gave a passing thought to your pricing? It’s no secret that how you charge for your services can either make or break you. It can mean the difference between a mediocre and a successful business. In my experience, most people don’t spend enough time thinking strategically about what pricing strategy they should use.The majority of people in service businesses - and especially people who work independently - establish an hourly rate. They use a process called “reverse competition” to determine what their rate should be. This involves taking a look at what your geographical competitors are charging, and deciding where in the range you want to fi
This problem is further exasperated by the fact that 9 times out of ten, mortgage brokers are looking to do business with the high producing agents. I refer to this as an amplification of the problem simply because a high producing realtor will typically have an entirely different set of priorities, needs and wants.
To illustrate this, we need to first look at the needs and wants of your average real estate agent:
• More prospects
• Higher quality of prospects
• More closed transactions
This is certainly a short and over-simplified display of what your average realtor wants, but it is accurate. An average real estate agent earns less than $40,000 per year so you can easily understand why h
Did you hear the one about the hiring executive who asked a candidate, “Do you think you can handle a variety of work?""I ought to be able to," she said. “I've had ten different jobs in six months."“Even the most elaborate hiring methodologies eventually boil down to one of the dreaded rituals of business life: the job interview. For most people, the only thing more painful than being interviewed is actually conducting the interview. Most executive interviewers come to the task unequipped, unprepared, and unenthusiastic,” writes Peter Carbonara, in Fast Company magazine.To make smart hiring decisions, you have to know what to look for.
To illustrate this, we need to first look at the needs and wants of your average real estate agent:
• More prospects
• Higher quality of prospects
• More closed transactions
This is certainly a short and over-simplified display of what your average realtor wants, but it is accurate. An average real estate agent earns less than $40,000 per year so you can easily understand why his/her goals will typically center on earning more income.
This is where most mortgage brokers begin to make mistakes. See, using a standard “all in one” approach for every agent you talk to is simply not going to cut it. The reason for this is that not all agents have the same needs and wants. A cookie cutter approach is going to cause you to appear just like every other mortgage broker. When you appear to be just like every other mortgage broker you will get the same objections as every other mortgage broker.
Let’s look at some of the needs and wants of high producing agents. I conducted a survey with 100 local realtors that were funding $8,000,000 or more in volume per year. Here is the list that resulted:
• Less time in the office/ more time with family
• Less stress
• Less problems at closings
• Less money spent on marketing (higher conversion ratios)
• More referrals from past clients
• Maintain same volume with fewer units
You may have noticed that most of the items on this list seem to refer to time and stress. Agents who are producing at this level are less concerned about earning more money, and are more concerned about having the time to enjoy it. If we as mortgage brokers can help lift some of that stress off the agent, and show alternative ways to bring in clients, then the agent can also see a higher profit margin by spending less money to produce the client. There are many powerful ways to do this.
You can understand why many mortgage brokers are intimidated by successful realtors after looking at the way these agents are being approached. It only takes a few days of getting shot down by this particular group of agents to begin to feel t
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