Why Loan Officers Obsessed With “Leads” Will End Up In The Poorhouse

Leads leads leads…

That’s all I hear from loan officers I speak with, on forums, on Facebook.

That’s all I hear advertisers spouting: “Step right up, gitch yer leads here!”

You know who doesn’t spout that crap? Top originators on every issue of Scotsman Guide.

Seriously, top originators never attribute their success to how many leads they get. Why? Because leads are a by-product.

Leads are what happens when you do great work.

Top originators *every time* attribute their success to their ability to help clients better. Through software, by knowing their product inside and out, by being there for clients every step of the way.

The key to your success is not in the leads. It’s in the value you bring. It’s your ability to help people.

Now I’m not saying forget leads altogether. That’s not what I’m saying. But don’t waste your day trying to scoop up 100 leads like you’re Pac-Man. There’s literally not enough time in the day to spend dealing with 100 leads. It’s a colossal waste of your time and energy.

Forget that. You want to be a top originator? Do what they do.

1. Qualify your leads better. You can’t help everyone. Even Mother Teresa couldn’t help everyone. Helping everyone is not the goal. The sooner you realize that the better. Because not everyone is capable of being helped.

Why waste your precious time on them? Help only the people who need your help. Those are the people who qualify themselves to you.

Here’s how I qualify clients for my LOs. Put a form on your website, or in your ad, or wherever your source of leads is… your Facebook page, whatever, right? Have a step by step form that asks several questions: What type of property are you purchasing, how soon are you ready to purchase, and so on.

Just ask questions that non serious people would not consider taking the time to answer.

That’s one way we qualify clients. Because if someone can’t answer some easy questions, you’re never going to be able to help them, right?

2. Get your goals straight. What is it you’re trying to do? Why did you become a loan officer in the first place? If you’re here because you’re looking for a huge pay check, I have bad news. This will be a long, tough and unrewarding journey for you.

But if you’re here because you know you can help people navigate the best loan, make that your priority and get it done.

I guarantee if you do that, the leads will seek YOU out.

P.S. If you haven’t yet, check out my new report: Why Bringing Gifts For Realtors Works 100% Against You…

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About the author
Stephanie Vigil
Customer Acquisition Specialist

I'm the Co-Founder & Customer Acquisition Specialist at The Lead Reel. I build custom blueprints for loan officers with one purpose: To turn the "average Joe" into a top performer. Before starting The Lead Reel, I worked in tech in San Francisco, CA.