If you are approaching real estate agents, especially ones who don't know you, it's natural for their first line of defense to include those famous words..."I already work with a lender."
The best thing you can do, particularly if you are prospecting, is to accept the fact that most, if not all agents will express this objection. Why? Because it's a conditioned reflex; a learned response to a particular stimulus.
For instance, when you walk into a retail store and the clerk approaches and inquires, "How can I help you?" (stimulus) without hesitation you say, "No thanks, I'm just shopping" (learned response).
Agents have conditioned their mind to respond when solicited by loan officers with the same reflex.
Over the years I've experimented different approach tactics with real estate agents. When I traced my successes against my failures, there was one consistent trend. I was always more successful prospecting when my approach avoided confrontation.
An example of confrontation would be what I observe most loan officers doing daily. They run at a full sprint into real estate offices and directly solicit agents. Of course if you do this enough times, you're bound to get some referrals. But guess what? Most loan officers don't have the thick skin to handle the rejection. And besides, when you do get a referral, it usually turns out to be a loan application that nobody can close.
You avoid confrontation by not soliciting agents directly. Remember, you are the stimulus, so what you say triggers their reflexes.
This would be a better approach:
Hi, my name is Jeff Nelson with ABC Mortgage. (Don't Pause) I assume you work with a lender already, but I was hoping you could help me. I'm looking for agents who are struggling (describe the type of problems you solve), which agents in your office do you think would appreciate some information about this?
As you see in the first part of this approach, you purposely assume they work with another lender. By stating the objection first, you have removed it. You have broken the stimulus that triggers their reflex. It's powerful because this pattern of behavior is the direct opposite of the stereotypical loan officer, which immediately changes the agent's perception of you.
It's the second part that completes your approach. By asking for a referral, in effect, you disarm the agent. With the agent disarmed, you gain the cooperation you desire because the agent doesn't feel threatened, threatened in the sense that you are trying to sell them something. Agents, like you and me, don't want to be sold a bill of goods.
Finally, your effectiveness hinges on your ability to accurately describe problems you help solve for agents. If your description is lackluster, or breathes the same stuff that every other loan officer promises like, "Close your loans on time, deliver great service, etc." you'll end up defeating your entire purpose.
This is your golden opportunity to differentiate from competition in the first 5 seconds of your approach. It's the same thing I teach you in my program - Become an Agent Magnet. You learn how to position your service so you stand out and get noticed.
When you learn how to position, you crack the code for attracting agents. Combined with the approach I described above, you instantly master the utterly emphatic objection, "I already work with a lender."
Instead of whimpering at the first sound of it, you handle it with confidence and tactfully break down their defensiveness.
Armed with knowledge and given the chance to practice your technique, you could easily defeat the agent's famous last words, and in its place, turn it into your advantage.
Become an Agent Magnet
Stop being frustrated with real estate agents. Learn how to position your service uniquely and distinct. It's easier than you think and you'll produce the results you desire. It's helped hundreds of loan officers learn how to plan and execute a marketing strategy that separates you from competitors and attracts agents to your doorstep.
Each week I try to give as much information as I can, given the space available. But if you're serious about taking your marketing to the next level, you need to take the next step. If you want to...
- develop a powerful marketing message,
- create a perception of expertise that agents clamor for,
- use campaigns that keep your pipeline overflowing,
- build relationships that are loyal for a lifetime,
- establish yourself as a guru in your community,
- get more referrals consistently,
- make marketing less of a struggle and burden...
Then the Become an Agent Magnet Program has what you're looking for - detailed, how-to action plans on growing your business with successful relationships with agents.
Learn more about it here:
Fast Path to Success Program
Do you feel confused and unsure where to begin marketing to attract more referrals from real estate agents and clients?
If so, you're not alone. It's getting harder and harder to persuade agents to refer their buyers to you and get your clients to evangelize your service to others.
But the real problem isn't how difficult it is to convince agents to do business with you - it's far worse. In working with hundreds of loan officers, I've found the main problem is that they are using outdated marketing tactics that do little to differentiate their services so they go unnoticed and experience high levels of rejection.
To help you put an end to this dead-end way of marketing, I've developed a coaching program to simplify your marketing, help you make smarter decisions, and achieve greater success.
The program is called Fast Path to Success and here is a partial list of the topics covered:
- How to answer every agent's most critical question, "Why should I do business with you?"
- How to guide your thinking on strategic issues during times of significant change or changing markets.
- How to use key marketing indicators to judge performance and improve results.
- How to examine your business to identify your strengths to create value and establish key competitive advantages.
- How to keep on track with the most important activities that grow income and develop long-term relationships.
- How to formulate a budget that tells you how much you will need to invest to achieve your goals, and learn how to track your results so you know which strategies perform best.
And that's only a partial list. The program is conducted by teleconference and limited to 12 participants to ensure a high degree of personalization.
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Helpful Resources
Become an Agent Magnet Program - Includes $491 in bonuses and free shipping
Fast Path to Success - Coaching program that helps you simplify marketing
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