Marketing your mortgage business to For Sale By Owners
(FSBOs) is like having multiple gold mining strikes coming
up in a number of places all at once. It is great. When it
comes right down to it, once you know how to work with
FSBOs, they are the quickest way out there to have a
successful mortgage business.
If you are new to mortgages, you should know going in that
FSBO's are not really all that fun. To tap the market, you
have to be diligent, stubborn, and really have the
perseverance to make sure you succeed. Most newcomers get
one good "no"', and they're done with FSBOs forever. The
truth is that they are worth the effort.
Why do so many mortgage people fall short on FSBO markets?
There are actually a number of reasons. One of the biggest
reasons is that they are not determined enough. Another,
though, is that they simply do not have a good plan for how
to handle it.
Here are a few ways to get started in working with FSBOs:
First of all, stake out your territory. Figure out where or
what type of FSBOs you are going to target. Once you set
that goal, go ahead and make it a little more: say that you
are going to work with all the FSBO's in that area.
Secondly, don't get carried away. Sharpen your skills with
a smaller area before advancing to a larger one. By
starting small you'll save time and money. When you get
better, then you can expand and use the newly learned
efficiency.
Next, make sure you are continually checking for new FSBOs.
This is something you need to be doing all the time. In
fact, it should be a part of your daily routine so that you
never miss one. This is imperative.
Fourth, you should document your FSBO findings. Record the
information for each FSBO in your computer, on cards, or
even just on a board. No matter what, keep good records.
This will help you down the road when you want to do more.
Also, don't wait until you have every bit of information;
instead, try to add information as you get more.
Fifth, make sure you come up with a plan of action to go
with each FSBO. You need to start thinking strategy for
each one as soon as you get the information. Have an idea
of when you are going to call and what you are going to say
so that your approach is right.
Next, make sure you are performing your duties on the plan
every single day. This strategy is not for those wanting a
9-5 ob. This is going to take time. Really serious FSBOs
want to know that you are going to work for them. You need
to show that you are going to get the job done whether it
takes nights and weekends or mid-afternoons.
Finally, make sure you contact your FSBOs. You may think of
dropping a note, but really you should just go ahead and
make a call early. On the phone you're better able to cater
your message to the particular customer. You can refer to
your notes, approach them more softly, and contact a number
of FSBOs in a short amount of time. You can even make
contact by stopping by the home. A face to face encounter
can do a lot for your chances. You can also make sure they
understand what you can and will do for them. So when you
can, meet face to face. When that won't work, you need to
make a call, and then if you have to you can drop a note or
a letter to the FSBO's in the territory you have defined as
part of your goal.
IN addition to all of these plans you make to attack the
FSBO market, there are alternatives. If you are not the
FSBO shopping type, you can always find ways to join in on
the realtor partnership and referral market. With the right
program, you can get plenty of free referrals to buyers who
are moving from rentals. These are the crown jewels of the
mortgage industry and can offer a lot of help to you in
terms of making your life easier as a mortgage originator.
So whether you pursue FSBO's, another niche, or choose to
enter into a partnership, the mortgage business is one in
which you are going to need a plan. Just make sure yours is
a good one.
----------------------------------------------------
Shane Brooks is a hard nosed business man that doesn't take
kindly to competition. His hard hitting no nonsense
marketing techniques constantly makes waves for his
competitors regardless of the market he is focusing on.
Shane doesn't mind stepping on the toes of his competitors
or ruffeling a a few feathers of the so-called gurus in
order to level the playing field. For more info please
visit http://www.MortgageSuccessBlueprint.com
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