I WILL FOLLOW

...Up that is.

All the carefully orchestrated prospecting in the world won't do any good without follow up. It's kind of like putting money in the bank and never making a withdrawal.

One strategy is to offer to send the prospect something. This can be a simple email, a phone call at a later date, an article of interest, book or other gift.

As long as the follow up does not involve their immediate attention like a phone call or appointment, you should always set yourself up to over-deliver.

Tell them when they can expect it and get it there sooner. Because over delivering is appreciated by everyone. Most referral sources you will encounter are so accustomed to being over promised and under delivered to by Loan Officers that your over delivery and follow up will start your relationship off right ever time!

WHEN SHOULD I PROSPECT?

Reestablishing old relationships and forming new ones is the backbone of our business. These are the people who will put food on your table, shoes on your feet and money in your bank account. Most of us can't get enough of them because most of us just don't go about it the right way.

Like it or not, prospecting is a necessary part of our livelihood.

And if you learn to embrace prospecting and go about it with a sensible plan, you will be far more successful than if you view it as a chore. This is not doing the dishes or taking out the trash.

This is seeking the essential contacts you need to help your empire thrive! The first question of prospecting is when to prospect. As good salespeople we should always be on the lookout for good prospects. And while being on the lookout is good, setting aside some time every week for nothing but prospecting is better.

Make an appointment with yourself to call new prospects every week because if you don't set aside the time, there will always be something else to do that is more comfortable. Once you establish the habit, it will become easier and more productive each time.

So if you need more production right now then you need more contacts, and if you need more contacts then you must set aside the time to prospect. It's a simple equation. So just do it!

THE NEXT QUESTION

Yesterday we learned the most powerful question in the world of relationship selling, "what could I do better for you?"

That question will provide you with all kinds of constructive responses. But what if the response is "nothing. you are already the best?"

Such a response is what we really want to hear anyway, so instead of leaving it at that, use the opportunity to ask "who else could use my help?"

This question is really powerful for your referral sources because every one of them has at least one colleague who trust them that is not using your services. And if you are really the best, they will have no reluctance whatsoever in referring you to their friends.

Who doesn't like helping their friends? And who doesn't like helping two friends at once twice as much?

Ask for their help in a sincere fashion and you will receive sincere referrals!

IT'S CALLED PROSPECTING

If your production is not the object of your wildest dreams right now, then you have two choices.

Your first choice is to wait for the next refi boom. Problem is, that could be in three weeks, three months or three years, or maybe longer. Nobody knows when it will start again and you should be positioning yourself for the next onslaught of homeowner's seeking better mortgages. What you need is more production and you probably need it sooner not later.

Your second (and far better) choice is to be proactive right now and being to rekindle old relationships and form new ones. Not only will your "proactivity" now pay off much sooner than the next refi boom, but it will make the boom that much better!

I know what you are thinking.... I know I should, but how do I find the time, who I am going to call, what am I going to say and how in the world am I going to follow up? As they say, "the word "but" wipes away everything in front of it", and the previous sentence is no exception because you should and you know it. Everything after the but is just excuses.

However, those excuses will all be null and void for you by the end of this week as we answer the when, who, what and how of forming new relationships.

To be continued...

FRIENDS FOREVER

We all have friends from our past that we miss dearly. Some have moved and some have died, but most of them just fade away from lack of interaction.

Our lives change, their lives change and all of a sudden we don't see them as often as we once did and our friendship fades away slowly. We still love them and they us, but without the regular contact we once enjoyed, new friends are made, life goes on and the old friendships wither.

But please don't feel bad that this describes you and some of your most dear friends.

It describes all of us.

We are so fortunate to be in a business where staying in touch with our old friends is not only fun but valuable. Better yet, even though we may not have seen them in years, we get to help our friends make a huge purchase and get fully acquainted with their lives.

Your friends are your biggest ally in life and in our business, so reach out and touch some old friends because even if there is no business to be had, there is a warming of the heart to be had that only an old friend can provide!

WIN MORE OFTEN

What happens to us in life and in business sometimes stinks, but how we respond is what really matters and how we are defined as a person.

Is our glass half empty or half full when the emotions are in a neutral or "half and half" position? Are most things that happen to us positive or just positively negative? When times get tough, do we quit or do we accept responsibility and stay in the game?

We all face failure, disappointment and defeat in life. Those who learn from defeat, learn to win next time or the time after that or the time after that.

It doesn't matter when you win so long as your attitude is dedicated to winning. If it is, the wins will happen soon and often enough and best of all, the losses will be far more pleasant!

NEEDY RHYMES WITH GREEDY

One definition of a transaction is that of a deal between two people with economic needs. Our customers have a need to borrow money and we have the need to earn a fair profit by meeting their economic needs.

However, the word "need" is a little strong for our side of the equation. We do not need the transaction as much as they do, but they also have a multitude of other choices so they don't really need us either. They need our services, not us. Or so they think.

This is why our "needs" in this case are not really needs but more like wants and desires. Most people are turned off by a needy person and your customers don't want a needy Loan Officer either. You want to help them with the transaction but your neediness will scare them off.

To avoid this pitfall and stand out from the crowd you must add a relationship with the customer to the equation because when you add a relationship to a transaction, you become a partner in the transaction.

Your customers want a partner, a trusted expert in their corner. But many of them don't think they need one unless you let them know. Because having a trusted source for borrowing money is usually higher on their needs list than finding an interest rate that is a 1/8% better. So add the relationship and you will find less shopping and more opportunity to meet needs!

ATTITUDE HAPPENS

They say "life sucks" and occasionally it does, but it beats the alternative every minute of every day!

As we embark upon the second half of 2006, a good way to begin is by starting with the fundamentals... of your mind.

We all experience some moments that are glorious beyond imagination while others are painful beyond comprehension. These moments of great joy or pain are often referred to as "character builders" since they test our strength and put our fortitude on display.

Such times are typically well defined in our lives, but most of our moments fall somewhere in the middle of the happy/grumpy scale. How we react to those moments in the middle is what really shapes our character since most of life happens near the center ground of emotions. Indeed, the rewards of a positive attitude are infinite in all phases of life.

Whilst our previous lives fly by we may as well enjoy every second. Because finding the positive and staying upbeat about whatever life throws your way is the most important discipline of them all! 

IT ONLY TAKES ONE MINUTE

Acknowledging the referrals and good deeds of your customers is one of the keys to obtaining the next referral from them. Be gracious and let them know how much you appreciate their referrals and how important they and their referrals are to your business.

You may think they already know that and they probably do. However, a simple, handwritten thank you note will properly convey your appreciation and blow most people away since these days less and less business people, in any profession, will acknowledge referrals or acts of kindness with something handwritten and personalized.

Which is a big "e-mistake".

Also, please remember to make it your practice to thank people for referrals immediately after you are contacted rather than waiting until the closing.

Why?

Remember that just because a transaction did not close doesn't mean it wasn't a referral. Your customer tried and they did their part. Just because something happened that caused the transaction to not happen of the borrower to go elsewhere is no reason to withhold your thanks!

HALFTIME

Today marks the final day of the first half of the year of our Lord Two Thousand and Six. Isn't it amazing how time flies?

It's as if we are in a time warp sometimes. My friends, there is a very good reason for that... we are!

Many studies have shown that the way humans perceive time is that it goes faster and faster as we grow older. For a toddler, an hour can seem like an eternity while for an adult, those hours speed by faster each day. Time, our most precious of treasures, has a way of teasing us by disappearing a little more quickly every moment.

So please enjoy your time to the fullest because every sixty seconds you spend upset is a minute of happiness you will never get back.

Have a sage and cheerful 4th of July weekend!

THE TEACHER (PART 2)

The second great lesson within the Jethro Tull song "The Teacher" is found in the lines...

"No man's an island and his castle isn't home, the nest is for nothing when the bird has flown."

This lesson gets back to the old expression that "home is where the heart is". Better yet "home is wherever you are" because that is where your heart is. We all have homes and hopefully loved ones who reside there, but our addresses are all temporary.

Just like your money, when you leave this world you can't take your home with you, but you will take your heart for that is the real "home".

So treat your "home" right. Be is a giver not a taker, a helper not a hinderer and an angel not a devil. Always choose the high road and your heart and home will be safe and sound. 

ENJOYING THE SCARY PART

Making sales calls involves emotional risk because of the fear of rejection which is exactly why salespeople are compensated so well. We must leave our comfort zones and subject ourselves to negative responses on regular basis, but the rewards for overcoming fear of rejection are enormous.

That fear, also known as call reluctance, is the runaway number one reason that salespeople fail. It rears its ugly head when we avoid seeing the people, making the phone calls and asking the questions that we know we should. So we procrastinate, make excuses to ourselves and find other things to do. All at the tremendous expense of our careers, income and future security.

Once you get over your call reluctance, you will notice your success ratio go way up (along with your income) as you get more at ease an you will appreciate the failures and rejections for the opportunities that they really are, Better yet, once you get a slightly "thicker skin" and accept a certain amount rejection, you will find great enjoyment in what you once used to dread.

To get over your call reluctance, try giving yourself a reward of some kind for making the calls that you know you should. For example, if you visit ten referral sources this week, then buy yourself a new pair of shoes.

Like so many things, the tough part is simply getting started. Because once you make those calls and get some momentum from your new discipline, you will find that calling on others is one of the most fun things about being a Loan Officer and you can buy all the shoes you want!

GET THEM BACK

Referral sources will leave you from time to time. Sometimes they move, quit or even die. Sometimes their best friend, brother-in-law or even they themselves get into the mortgage business. However, they usually just leave you for another lender.

Then, as so often happens, the greener pastures they sought aren't so green after all.

The problem is that they left you, and because of the nature of those relationships, they will never come back unless you invite them to. And the number one reason is pride. They are simply too embarrassed. 

Most referral sources that have left you just don't have it in them to call you and say, "I'm so sorry that I left you for Lender X because they gave me more attention than you, took me to lunch and promised great service. But then they didn't return their phone calls, make their dates and my buyers didn't like them. I now realize what a huge mistake it was to leave the comfort of your services and I hope and pray that you will take me back!"

That would be nice but it won't happen.

What will happen though is that if you call your referral sources that have "moved on" you may be amazed at how easily they will come back if you just make the first move and give them the invitation. 

THERE YOU ARE!

“Wherever I go, there I am.”

— Aristotle

Aristotle got first credit for that quote and millions have uttered it since. And while the charm of the sentence is found in its clever simplicity, the meaning is all too often internalized with the wrong results.

Remember the questions of the last LO Insights article about whether you brighten or darken a room or whether people smile at you or not?

If you want others to smile and be truly excited to see you, your smile and positive attitude will go a long way. However, what really makes others putty in your hands is not having the attitude of "here I am" but rather the outlook of "there you are". It makes us feel important and all of you loyal readers of LO Insights know the importance of making others feel important. 

It works with your friends, loved ones, colleagues and customers. It will work at the dry cleaners, restaurant and grocery store too. In fact it works everywhere in all walks of life.

So next time you enter the room don't say "here I am". Everyone knows that much already. "There you are" is what they want so why not give it to them?

WHEREVER YOU GO...

When you walk into a room do you make it darker or brighter? If you said "brighter" skip the next sentence and move onto question #2.

Try smiling next time you enter the room.

When you enter another place of business, do you sometimes feel as if the people there are somewhat unfriendly? If you said "no" then skip the next sentence and move on to question #3.

Try smiling next time you enter another place of business.

When you first see your spouse or significant other after a long day do they smile at you? If you answered "yes" then skip the next sentence.

Try smiling next time you see the one you love.

Regardless of your age or dental history, your smile is your greatest asset in love, friendship and business. The intrinsic value of smiling more often is maybe even more important than the smile itself because of the positive vibes, which help form an upbeat attitude.

Let's face it, we all like people who smile and display a positive attitude more than those who don't.

Which do you want to be?

EARN IT

Thanks to RESPA (And thank God for RESPA) we can't offer money for referrals so what in the name of coffee and donuts can a Loan Officer do to make a referral source money?

First, they must have the right approach. The servant's heart approach.

The approach of someone who seeks to help others first and doesn't expect returns until later, sometimes much later. An approach that places the importance of long term success via delivering customer service excellence above all else. The proper approach, which places the interests of our customers first and ourselves last. If you approach your business in this manner, people will want to do business with you and success will happen habitually. If not, struggles are inevitable.

Deep down your referral sources really just want you to do a good job for their customers and make them look good for referring you. If they are truly a dedicated professional, they will want that more than anything money can buy!

THE FOUR MUSTS

What does it take to add a new referral source to your business? And why will they do business with you instead of somebody else?

The above two questions hold the magical key to our business and while getting new referral sources is easier said than done, it's really not that hard either, as long as you understand the rules...

• Rule #1: They must know you.
• Rule #2: They must like you.
• Rule #3: They must trust you.
• Rule #4: You must help them make money.

Rules 1-3 are self explanatory and the basics for any fruitful relationships in business as in life. Those relationships that skip right to rule #4 are the shaky ones that are often short-lived thanks to the lack of the  "like" and "trust" parts.

Kind of like how most people feel when their car gets wrecked and ends up in a body shop that someone else chose. The likelihood of repeat business is almost nil thanks to the lack of like and trust remaining by the time the car is finished two weeks late.

Rule #4 is where the real fun begins and where the separation between top and average producers happens.

To be continued...

VALUABLE ADVICE

Once upon a time a man named Uncle Frank gave his nephew a card for his high school graduation. In the card was a $20 bill and one sentence in regards to the importance of furthering his own education that was later worth millions to the young man. The card read...

“Don’t grow up to be a mule, work with your head not your back.”

Truer words were never written than Uncle Frank's single sentence back in the 1960's and the nephew is living proof forty years later.

For more proof, let's revisit some earlier LO Insights material about the staggering value of an education...

Using average hourly earnings from different professions from the Bureau of Labor and Statistics and assuming the average student attends class 160 days per year and the average worker has a forty year career, we can put a value on every day of school attended. The results follow...

• High School: $1560 per day for every day in grades 9-12, compared to a High School drop out.
• 2 Year Trade School: $1128 per day compared to a HS graduate.
• Four Year Degree: a whopping $3288 per day compared to a HS graduate.

And an average doctor will make $2788 per day of grad school plus the $3288 per day for their degree and $1560 per day of high school adding up to about $5 million in lifetime earnings over the high school dropout. And these numbers are in today's dollars, not inflation or time adjusted.

That's right. Getting a degree is like paying your kids over $3000 per day on top of their $1560 per day for high school.

Please feel free to share this with the graduates and future graduates in your life!

YOU THE ATHLETE

Did you commit to yesterday's idea?

If you did, then I'll bet you are feeling better about your business today than you did just 24 hours ago. If so, please share your experiences with LO Insights by emailing Mortgage Sales Manager.

If not, did you drive home last night feeling great about your business? Did you feel that enormous sense of accomplishment that goes along with a hyper-productive day? Did you put forth an effort you can be proud of?

Imagine for a minute what it would be like if you and your business were professional athletes. By this I mean having millions of people watch your every move and critique your effort and performance. Would you have wowed those millions or would they be calling for you to be cut from the team because of your lack of effort?

Yesterday's strategy of taking an entire day to do nothing but your highest payoff activity of making contacts was an example of you the athlete being coached. Whether the athlete decides to embrace the coaching is their decision. But please know that every coach in the world will only tell their athletes what is helpful. So if you did not embrace yesterday's plan, please plan to embrace it soon and repeatedly but don't do it for the coach's sake, do it for the athlete!

A CHANGE IN YOUR PLANS

Calling all Loan Officers!!!

How would you like to kick start your week? What if you could drive home tonight feeling awesome? What if the reward for just this one day is more volume for the next ten or twenty years?

Are you up for it? If so, change your plans for today. Yes today because it is never too early to start doing what's best!

What? "I can't do that." you say. "My day is already planned with activity and business."

But is what you are going to do today really business as its finest or is it just "busy-ness"?

Make no mistake, the highest payoff task you can do as a Loan Officer is to make contacts that will, therefore, make loans. So take all of the other "busy-ness" you planned on doing today and let it go until tomorrow because it can wait. Use your newfound time (which should be most of the day) to make and reestablish contacts and this will be a banner day for you.

To do this is easy. You commit to it by simply ignoring everything that is not essential today and do what is lucrative, but far too often procrastinated.

So start smiling to get ready for that drive home tonight because when you make contacts with a smile on, you will be more successful 99.9% of the time and your smile as you drive home tonight will be even bigger!