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The Ultimate Prize
If you're only focused on doing the one thing that an agent hires you - like closing a loan, than you're not doing enough to acquire the ultimate prize - loyalty. It only takes one competitor to come along and tantalize your agent by undercutting your fees, or promoting the latest and greatest loan program for the agent to give you the heave-ho and ride off into the sunset with them.
Instead, wouldn't you rather have agents clamoring for your services? Knocking at your door requesting your assistance? Of course it's possible, but only if you're committed to building a relationship. You can't expect an agent to become enamored with your services just because you closed a tough deal, or saved a deal that another lender messed up. To gain the ultimate prize means you've worked diligently to progress the relationship through four stages.
Stage 1: Satisfaction
If you close loans on time and communicate frequently during the loan application process, it's not difficult to reach the first stage of client loyalty - satisfaction.
However, loyalty isn't particularly deep, but what is important is the chance you have to explore and learn about the agent's business without any resistance. After the first completed transaction, assuming everything went smoothly, they're willing to meet and talk about their business if you request it. You use this meeting to learn about their goals and potential obstacles that can prevent their achievement.
You've reached this stage when an agent does business with you repeatedly. They believe in your service and willingly refer more clients.
This is the stage many loan originators reach, but then stall. They feel since the agent is referring clients that they don't have to do more than maintain the same quality of service. Worse yet, they shift their focus to other agents at Stage One instead of placing concentrated effort on moving this relationship to the next level.
Your relationship with an agent reaches the third stage when they're willing to put their reputation on the line to tell others about you. They gloat about you in sales meetings, in their social circles within their office and to any agent who inquires about their lender of choice.
For a relationship to reach this level means you've spent countless hours communicating with the agent diagnosing problems and rendering solutions. You've gone above the call of duty of just closing loans; you have anchored yourself into the relationship as a partner of their real estate team.
An agent who is an evangelist is more than just a loyal client. They spread by word-of-mouth their good fortune from working with you, convincing other agents to partner with you.
Like a high performing mutual fund, the agent recognizes the dividends of the added value you bring to the relationship. You've earned this trophy-shelf position because you've helped the agent conquer insurmountable obstacles and achieve goals that exceeded expectation. Even better, you enjoy the long line of agents at your door generated from the free publicity.
As you see, focusing your time on creating evangelists is the most profitable approach to acquiring and retaining agents. So before you move ahead with other agents, make sure you've done everything possible with the ones you have.
Magnetize Agents to Become Evangelists
One of the best ways to learn how to attract Agents and create more evangelism in your business is from my program, Become an Agent Magnet.
It's battle-tested from years I've spent working hand-in-hand with loan originators marketing to agents.
I've been fortunate to work with over 500 mortgage companies and know what loan originators do and don't do in their marketing.
My program helps you learn how to attract agents to your doorstep. It includes complimentary shipping and a complete satisfaction guarantee.
Learn what my evangelists say about the program:
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Helpful Resources
Become an Agent Magnet Program - Includes $491 in bonuses and free shipping
Tax Advantages for Home Ownership - Great closing gift that produces instant referrals
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