Creating a Purchase Business Generating Business Plan
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In the wake of CFPB regulation crackdowns, many Realtors are scrambling to find new co-marketing partners. Loan Officers have a tremendous opportunity to capture more purchase business and that all starts with an adjusted business plan. In our bi-weekly Loan Officer Mastermind session we cover 7 steps to creating a business plan that will generate more Purchase Business.
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Creating a Purchase Business Generating Business Plan
- 1. Total Expert Loan Officer Mastermind Create a Business Plan That Generates More Purchase Business
- 2. What Do You Want From Your Business in 2016? If you don’t know EXACTLY, there is a 100% chance you WILL NOT get it.
- 3. Take Inventory On Your Business And Weekly Action Items Where is my business now? Where do I want my business to be? Closed volume. How many existing Realtor Partners? Closed units per “A” player Realtor.
- 4. Success Metrics Loan Officers that have 2 to 3 NEW meetings per week with Realtors do 4X the volume on average.
- 5. Success Metrics 10 Face to Face meetings = 1 New “A” player Realtor Partner. “A” Player Realtors will generate 8-12 Closed Transactions Annually.
- 6. Lets Do The Math: 2.5 Meetings per week = 10 Meetings Per Month generating 1 new Realtor Partner. 1 New Realtor Partner = 8 new Closed Loans Annualized
- 7. The Opportunity Realtors Are Scrambling to Find New Partners Replacing lost co-marketing budgets. More concerned about compliance than ever.
- 8. Step 1 Establish The Metrics Spend two hours writing down exactly where your business is and where you want it to be. Write down the total number of closings you would need to add to accomplish your goal. Divide that number by 8. This will give you the total number of Realtor Partnerships you need to add.
- 9. Step 2 Get Your “VIP” Packet Ready A short cover letter. Examples of “value add” items you or your company bring to the table. Why should an agent choose you?
- 10. Step 3 Get Your Dialogues Ready Create a 30 second “pitch” of why a Realtor should work with you. Remember rule #1 - What’s in it for them? Solve Pain Points (Time, Profitability, Chaos)
- 11. Step 4 Time Block Your Appointment Scheduling It needs to be in your calendar daily. Text, Email, “LinkedIn mail” then…phone call. Sell aspirin not vitamins.
- 12. Step 5 Build Awareness through Appointment Scheduling How Do I Schedule More Appointments? Build awareness on social media. Grow your email list of Realtors. Strengthen your existing partnerships to build word of mouth between Realtors.
- 13. Step 6 More Face Time They need to see your face every 7 days for 3 months. You do NOT need a scheduled meeting. A cup of Coffee – Marketing Pieces etc. Remember rule #1 – Its always about them.
- 14. Step 7 Ask For Feedback Reinforce why you are working with them. Ask for the deals! Course correct based on what is not working.
- 15. Avoid Realtors That Are “Toxic” Know What Type of Realtors Bring Results. Pursue Certain Realtors and Avoid Others.
- 16. Build Realtor Relationships Long Term Success Depends on Strong Relationships Strong Relationships Are Two Way Streets When both parties give and get, both parties win.
- 17. Build Relationships Nurture Your Relationships Become an Indispensible Partner Help develop print assets. Participate in digital advertising. Make their open houses more successful. Help them make an impact in their community – think outside the box.
- 18. How Total Expert Fits
- 19. Tools Realtors Love Automate all lead sources into ONE place. Open House App Single Property sites. Deploy “compliant” Co-Marketing through print, social and search.