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Tips, Tools & Tricks of the Trade
Doug Smith

Doug Smith, founder of Douglas Smith & Associates, is a 24-year industry veteran. His career spans the areas of loan origination, sales training, management development, marketing, personal coaching and corporate sales. Doug’s columns appear in Mortgage Originator, Mortgage Planner, The Mortgage Record and Mortgage Broker magazines. He publishes a monthly newsletter, Power Selling, and authored Climbing the Ladder of Success. For more information, visit http://www.dougsmithonline.com/

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A question…and a favor

There are as many ways to ask people for mortgage referrals as there are loan originators.  If you have a method that has worked well for you, stay with it.  If not, here’s one you should try. 

I call it the “Question-Favor” method.  It is very direct, very effective, and it will generate more referral business for you.  The Question-Favor method is simple to learn, easy to remem-ber, and is best taught and illustrated with examples. 

Read and study the following examples and then start to employ this practice at every opportunity from here on. 

Loan originator with an applicant:
Originator: Mr. Miller, can I ask you a question?
Applicant: Sure.
Originator:  Do you know anyone else like yourself who is talking about buying a home right now?
Applicant:  No, not that I can think of.
Originator:  I have a small favor to ask. If anyone mentions to you they are looking to buy, would you please tell them about me?  I’d like to help them the way I’m helping you.

Loan originator to a real estate agent:
Originator: Susan, can I ask you a question?
Realtor: What is it?
Originator:  Are you working with any new buyers that need to talk with a good mortgage lender right now?
Realtor:  No.  I wish I was.
Originator:  I have a small favor to ask. I’d like to get a chance to talk with your next buyer.  Would you give me that opportunity?

Loan originator to her hair stylist:
Originator: Hey Jackie, can I ask you a question?
Stylist:  Shoot.
Originator:  Do you know of someone talking about buying a home right now?
Stylist:  Well, actually, the people in the apartment next to us are looking.
Originator:  Would you do me a favor?  If I gave you my business card today, would you give it to them and tell them I might be able to help them save some money?

Loan originator to a neighbor:
Originator: Can I ask you a question, Mark?
Neighbor: Absolutely.
Originator:  Do you know someone, maybe at work or anywhere, who is talking about buying a house this year?
Neighbor:  Uhhh. Nope.  Not right now.
Originator:  I have a favor to ask you. If someone you know mentions to you they are planning to buy a home, would you tell them you know a really great mortgage person who can help them?

 

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