Maybe you’re not supposed to know this.
Because if you did, you’d hold all the cards. You’d know the secret weapon that will boost your app rate.
And that would make you a lucrative partner. Realtors will want you on their speed dial.
Co-workers will want to know your secrets. Managers will reward you.
You’ll stand out in your company…because most LOs don’t know what I’m about to share with you.
In the next few days, you’re about to learn what only top producers know.
Let’s get started…
To begin, let’s pick up where we left off in the video.
The Power Shift.
If you remember from the video we talked about the buying process. Most people contact realtors in the early stages of the buying process.
They don’t THINK about their mortgage until the later stages of the buying process.
That’s why the realtor is getting leads reaching out to them. Now the realtor has the upper hand to choose his or her favorite loan officer.
That’s why there’s a massive power gap between loan officers and realtors. The Power Shift happens when you flip the gap upside down.
Here’s how we flip the gap upside down…
The typical homebuyer will complete 5 stages before they buy:
1. Assess budget.
The first thing buyers usually do is try to figure out how much home they can afford. This is especially true for newlyweds.
2. Check out listings in preferred neighborhoods.
They check online listings and go to open houses. This is usually when they get in contact with a real estate agent.
3. Research phase.
After they’ve toured some houses they do some research (home buying tips, learning about things like inspection, etc.)
4. Get pre-approved online.
During the research phase, buyers usually click on a link to get pre-approved. Here’s a screenshot from Nerdwallet:
5. Three things can happen here:
- 1. They get scooped up by lenders like Quicken, Better, SoFi. Or, they get captured by conglomerates like Zillow. (This is where you get those premium, but still recycled, bulk leads.)
- 2. Their RE agent refers them to his/her favorite loan officer.
- 3. They go straight to their bank and get a loan. This happens when they get a lousy RE agent – or they go at it solo.
As you can see, real estate agents are involved in the EARLY STAGES of the buying process. Stages 2, 3 and 5.
People sometimes skip stage one and check listings right away. This is why real estate agents have always had an unfair advantage over LOs.
Secret weapon #1:
The fastest way to boost your app rate is to get buyers in early stages of the buying process.
That way you scoop up those buyer leads – before they get poached by real estate agents or other lenders.
In tomorrow’s post I’ll show you exactly how I get buyers in EVERY stage of the buying process.
Ask this simple question and you’ll have a never-ending list of homebuyers. This method will immediately grab the attention of real estate agents. (If you apply what you’re about to learn, don’t be surprised if RE agents call you up to schedule lunch meetings.)
Also, I’ll show you how my LOs get a pipeline of fresh buyer leads – before they even show up at the office. When they arrive to work, there’s a string of fresh leads already scheduled and ready to be closed.
Look for this post in your inbox.
Till next time…