What is the fastest way to build your client base if you are new to becoming a loan officer.
Hand out cards, hang fliers, drop by open houses, network with realtors, run a classified ad, create an internet presence or join your local chamber of commerce, offer something free
You can also buy leads just to give yourself some practice. But beware of the leads company, most are not what they claim. Leads2Results is OK, from my experience.
There is no "quick" way to build your pipeline. If you find one, let me know. :D
Learn your products well and work to develop relationships with people rather than try to"sell" them.
Thanks for the reply, I will do just that
Good advice Leah!!
thanks for the reply
Leah is Dead on Correct;
THINK OUTSIDE the BOX(I know this is WAY overused as a term, however)
95% of the folks in this business make $$ 1 way....
I chose the other;
Cultivate a portfolio of PRIVATE Lenders....
offer bizarre loan arrangements that are so far from "normal" banking procedures that the borrowers(& Lenders) are ringing Your phone off the hook...catering 2 flippers/folks that can/need ONLY private $$ w/a proven track record is what it's all about 4me;
When was the last time U heard of a flipper/rehabber getting $55k BACK at the closing table along with ALL THE REHABBING Costs on TOP of THAT!
Did it last week.
I got 2 points, took 6 days fm. the 1st call 2 close, LENDER IS HAPPY, & Rehabber is shickled titless!
Let the Rehabbers DO What they do BEST...find DEALS & rehab 'em!
Get them the $$(doing what U DO BEST), may not fit Your scenario right now, however my foot in the door of rehabbers was putting up a FLYER offering my services to GC's & Subs (& of course their Cash Strapped Customers) @ Lowe's, Home Depot, 84 Lumber & the other "local" building Supplies companies w/a stack of cards. I got "into" the community. 1 thing led 2 another & now 80% of my loans are thru private lenders(who are calling me regularly asking what's next that they CAN Loan on?...it happens!)
What's in it for the lender?
10-18% return on their $$(& while not exactly IRA or Stock Market returns it IS also SECURED W/DIRT? Any of that getting CHEAPER?
Hmmm, & Your stock portfolio is secured by what? Worst Case Scenario in foreclosure...they hit the MOther LODE!; there Is NO "Down Side")
What's in it for the borrower?
Cash back @ the closing on Purchases...4 folks in the biz of rehabbing, been doin' it a while...the 1st 1 when this happens makes their HEAD SPIN(Yep, just like Linda Blair in the exorcist! Only in a Good Way :D )
Guess who they are going 2B loyal 2 4 the balance of their careers in the business!
It works, it takes time, & remember the best tip I can tell You is that EVERYONE You meet has a DIFFERENT Circle of Friends/Associates/Co-Workers/Family than You. U NEVER know WHO they KNOW. I've had referrals, from referrals, from referrals, from a NON-loan potential client that in those days I couldn't help, however I tried real hard. They knew it & they sent me business, & it snow balled.
The top 6 "secrets 4 success" R:
1-Do WHAT You said U'd do, WHEN You said U'd Do IT!
2-Never, EVER "overcommit"
3-ASK 4 the Referrals!
4-Don't be afraid to ask for Help, it's a sign of Maturity, along with acknowledging that u DON'T know "everything"
5-Don't Be GREEDY! It WILL Bite U in the backsides sometime L8R...ga-ron-teed...seen it over & over in this life
6-(i saved the best 4 last...it IS the most important 1)
RETURN Your Phone & voice/written Messages!
I bet folks pee away $50k a YEAR in lost business by being FLAKES & not returning their messages in a timely fashion in this business!
U call me, I WILL Call U back...unless the message says I'm under the knife in the hospital...period! Yep, even on Vacation! I can give 20 minutes of ANY Day 2 returning phone calls4"damage control" or whatever...then go back 2 vacationing w/o the worry of "what's happening w/blah,blah,blah, & have a BETTER time Relaxing...that's just me.
Hoping I planted a seed that will help the neighborhood & rehabbers(&U of course) prosper in Your future;
& in finality(absolutely SHAMELESS Plug here) When(not if) the borrower calls up so excited they can barely speak that just found 750 acres for $25M that they can develop into 1 acre lots for $75k per lot, they just don't have the 20% down & 3-5 million 4 infrastructure & marketing....call me, 24/7/365. I'll have You some investors in a few hours. They'll, along w/Your client B doing business in </= 30-60 days, & NEVER, EVER let 'em see U sweat! Don't let the seller "put U in a "box" on any sized transaction...the old "i Need X$ by Ydate", or "I'll sell it for X, all over that is Yours"...they're pulling Your pud, they won't pull mine.
IF it's a 25M transaction, the borrower has 1M deposited in ESCROW in <3-5 days by my investors while We do their due dilligence. & Yep, new money, I make money in transactions like this(& lots bigger&smaller...U will 2, maybe even more than me(which is fine by me, just keep 'em coming :D )
It just takes a little experience & NETWORKING!
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