For many loan officers, marketing to real estate agents is a real puzzle. They experience a high rate of rejection or struggle to get cooperation. And for the fortunate few who secure a relationship with an agent, usually it's with someone who's demanding, filled with unrealistic expectations and a long track record of frequently changing loan officers like their undergarments.
But wait a minute, let's not put all the blame on the agent. Remember, it's your choice on which you want to work with. So what separates successful loan officers from average ones? What do they do differently in their marketing to earn the loyalty of good agents? You know, the ones who are empathetic, easy to get along, and devoted to growing a trustworthy relationship.
There's clearly one thing that successful loan officers have that average ones don't. They have successful marketing habits. A habit is something you do so often is becomes easy. It's a behavior that keeps repeating. If you want to distance yourself from competitors, remember this, your marketing habits will determine your future.
This week's issue focuses on three steps to building positive marketing habits.
Do You Practice Good Marketing Habits?
Do you add new leads to your database continuously? Do prospects hear from you often? Do you meet regularly with your clients to review your performance, discuss how to improve the relationship and increase lead generation for one another?
The answer to these questions is either "yes," or "no," there's no in between. You either do them habitually or you don't. Marketing just doesn't happen. It's a matter of the choices you make or don't make. And your choices determine your future. Negative habits generate consequences, whereas, positive habits turn out rewards.
Too many loan officers want quick fix solutions, not wanting to break a sweat, unwilling to pay the price. Instead, you'll learn that behind every successful loan officer is a story of hardship and sacrifice. The harder they developed positive marketing habits, the more success they achieved.
Most loan officers dabble at marketing. They're very inconsistent, that's why they don't get the results they expect. Are you willing to change? Become consistent? If so, you can develop positive marketing habits too.
Start by pledging to a No Exceptions Policy, meaning you commit to better marketing habits everyday. Begin right now by following these three simple steps.
Step One: Identify Chronic Bad Habits
Before you can develop positive marketing habits, you have to rid yourself of bad ones. Look closely at poor habits holding you back from achieving greatness. Here's a short list from which I've observed with my clients:
- Not meeting prospects frequently - shrinking the database.
- Poor time planning - not arranging marketing as an activity each week.
- Allowing frequent distractions throughout the day.
- Being everything to everybody - accepting loan applications that aren't your specialty.
- Procrastination, disguised as fear.
- Too much playing and not enough working.
- Arriving late, leaving early - working half days on Friday's.
- Giving up too easily with the first sign of resistance.
- Not being a student of marketing, becoming better educated.
- Lousy focus - letting the day run you versus you running the day.
- Not servicing clients, instead waiting for them to bring you deals.
Exercise
Take some time to identify your chronic bad marketing habits. It's a worthy exercise as it serves to be your springboard for future positive habits. And don't take it lightly. Until you know clearly what's holding you back, it's difficult to create new, positive ones.
As part of the exercise, ask your manager, peers, and clients for feedback. Look for consistency. If you hear the same thing from several, it's probably true. Remember that your actions speak the truth, whereas your inner perception is often an illusion. In other words, don't trick yourself into believing that you don't have any bad habits.
Step Two: Define Your New Marketing Habit
Usually this is the opposite of your bad habit. For instance, if you haven't regularly added prospects to your database, your new habit might be to add one new prospect each week. But do more than identify the new habit. Describe all the benefits and rewards as a result of it. The more vividly you picture the benefits, the more likely you'll take action!
Are you stuck? Not sure which habits to develop...than study successful loan officers, because they leave clues.
Exercise
- Write the names of three loan officers, respected by agents, in your area.
- Call and invite each one to lunch.
Don't make excuses like you're too busy, or they won't make time for you. Although they're not standing on the corner waiting to be interviewed, you'll be pleasantly surprised to learn how some top producers enjoy sharing their knowledge. Sure, I could give you some of the answers, but the energy you'll spend and the knowledge you'll acquire - you'll truly appreciate it more.
Step Three: Create a Three-Part Action Plan
This is the process of putting a new marketing habit into action. The important thing is to make a decision about which actions to specifically implement. Focus on three immediate action steps and put them into practice.
Using the example of adding a new prospect to the database weekly, the first action would be to create a list of agents advertising listings in copies of free real estate magazines. Secondly is research each agent by speaking with people who know them, reading their website and gathering statistical evidence from escrow officers. Your third step would be entering the information as a record into your database.
Think of your three-part action plan as helping the rubber meet the road. It puts your habit into action. And you know that nothing happens until there's action.
Exercise
For each new marketing habit, implement a three-part action plan.
Only when you commit to working through these three fundamental steps in writing will the true benefits become clear. Just keeping it in your head is short-lived. Take action and do it now!
Thanks for support,
Jeff Nelson
Salesachievers
Helping loan officers attract more clients
© 2004, 2005 by Jeff Nelson
All rights reserved
