Loan Officers: 12 Steps to Improve Your Book of Business
Luke Osborne November 14, 2016
Why you Should Build Your OWN Book of Realtor/Builder Business
As an Loan Officer, there is no expectation that you will bring in business to your firm. But there will be a day when that is no longer the case. The effort that you put forth now will help lay the groundwork, making the process of business development easier down the road. Stop focusing on Refi Business, and jump head first into building clients!
Simple, seemingly small things that you can do right now will pay off in the long run. Here are 15 things you can start doing this week that will help build your business network foundation.
12 Easy Steps to Improving Realtor/Developer Connections:
1) Reach out and reconnect. Do you know what your realtor friends are up to these days? What about the firm’s alumni? Chances are, contacts from your past are now, or will be in the future, potential sources of business and referrals. Reconnecting can be as easy as connecting on LinkedIn, inviting him or her to catch up over coffee or drinks, or extending an invitation to attend an event that you’re mutually interested in.
2) Give some social love. Make a Twitter list of Realtors in your target industry and regularly “favorite” their tweets. This simple click of a button is both an effective way to get your name in front of them as well as let them know you’re following and interested what they’re sharing.
3) Don’t forget social love for powerful colleagues. Develop internal advocates by engaging via social networks with important shareholders. Regularly share their LinkedIn posts with your network, favorite or retweet their tweets and add a comment on any blog posts they may have written. Even if you don’t have a personal relationship, you’ll be sure to be noticed.
4) Regularly inform. Your LinkedIn contacts may know you’re a Mortgage Loan Officer, but they might not know what type of law you practice. Regular posts via LinkedIn with firm news items related to your practice will help educate in a subtle yet effective way.
5) Keep your finger on the pulse of what’s happening in the mortgage industry. Find and follow five realtor leaders in your area. Once you’re comfortable with the content, consider commenting on a blog post or sharing a post or two with your own network.
6) Consider becoming a guest blogger. If your firm doesn’t have a blog, or you’re not fully committed to become a full-time blogger, offering to author a blog post or two for a blog that is read by your target client audience is a great way to demonstrate thought leadership and get your name out there without a ton of work. Most blogs welcome guest bloggers who have specific insight and expertise.
7) Stay top of mind. Email a recent article, either one you wrote or one that someone else at the firm wrote, to at least one person a week, with a personal note about why it’s relevant to them or how it relates to a conversation you recently had. This lets them know you’re thinking of them, as well as demonstrates the expertise of your firm.
8) Talk to your colleagues. Walk down the hall and speak with a few attorneys outside your practice area to find out what they’re working on. Determine whether there might be an opportunity for cross promotion or organic growth with your own practice group.
9) Know the competition. Subscribe to your competitors’ blogs or newsletters as a way to follow what they’re up to and where it might be beneficial for you to increase your visibility.
10) Get personal. Use the firm’s holiday card as an opportunity to make a connection with your clients, prospects and referral sources by including a person note. Nothing long, just something that lets them know you recall a personal detail or conversation that you recently had or perhaps that you’re looking forward to seeing them at an upcoming holiday party.
11) Follow-up after networking events. Don’t lose new connections. After you attend a networking or social event, follow-up by connecting on LinkedIn, sending an email with an action item, such as getting together for coffee, or share an article or story you recently read that relates to a conversation you had when you met.
12) Fine-tune your elevator speech. As you meet new people, make sure you’re prepared with a solid description of what you do. It should be short, but descriptive, and when appropriate you should use examples of specific matters in order to give an idea of how you could potentially help them CLOSE LOANS FASTER.
13) Don’t be afraid to use your network. You’re likely already connected to some well-connected people. Simply asking them to make an introduction to one of their connections might be all it takes to begin developing a meaningful and potentially lucrative relationship down the road. But you won’t know unless you make the ask.
Business development can be fun. In fact, if you’re doing it right, you can work on developing a powerful network every day without much effort at all. Small, yet significant and deliberate actions now will help to set you up to become a rainmaker in the future.