12 Week Plan For More Realtor Referrals

[arscherer]

I am going to break down my marketing plan to all of my Realtor business partners when I originally started out approx. 5 years ago. This is strictly for WN'ers, but will go into each week in detail on my Loan Officer Tips blog. Let me know what has worked for you, or what you have seen that works (or doesn't work) if you're a Realtor:

Real Estate Agents and Brokers live and die by their wallet. In most cases, if you cannot provide something that is either saving them money or making them money they will not remember you. Bottom line, you need to stand out and make yourself a known entity within a that office. That is, essentially, the overall goal here, right? Here are some SPIN ideas for a 12 week marketing campaign, and please keep in mind that you will most likely spend a little bit of your marketing budget here:

• Week 1 (9:30 am) - Brief Intro and drop off business cards. You should stay in the office no longer than it takes you to shake everyone’s hand, get a general feel for the layout of the office, and get to know one personal piece of information about one of the agents. This agent will be a “promoter”; Make sure that you get that person’s business card and that they have 2 of yours. Also, tell them that you will be making a stop in every week on (Day). This will set the expectation for you to be there.
• Week 2 (12:30 pm) - Re-intro and drop off business cards. Intro yourself to people that weren’t there in your first visit. Make sure that you ask for the "promoter" that you met last visit; this will make it an easier transition from doorway to office space. If they aren’t there, start a brief conversation with the Realtor you are talking with (network!!!). Make sure that you pick up both of their business cards (that means you will have two of the first agent’s). Also, let them know that you are working on sales tips for Real Estate Agents article to give them in the next couple of weeks).
• Week 3 (3:30 pm) – Ask for the two Realtors that you already know (similar to Week 2). This will take down the gatekeeper’s guard and sort of ease the anxiety of letting another LO into the building. Again, if you speak with a different Real Estate Agent, make sure that they have 2 of your cards, and you have one of theirs (2:1 ratio). Give the Agents an update on the sales tips (I always preferred giving out an update flyer which said when I was going to be done with the article). Leave the remainder of your flyers (or whatever medium) on an open desk in the middle of the office).
• Week 4 (4:45 pm) – You should have made contact with at least 3 agents so far out of that particular office. Make sure that you know their names, and ask for them when you enter. If it’s the same secretary, he/she will know who are you there for by now. If it’s yet another agent, get the card and drop off 2 of yours. Drop off the last update flyer saying that you will be handing out the sales tips article next week when you come in; this will show them that you are good at hitting deadlines and are willing to provide something that will increase their business.
• Week 5 (10:30 am) - Give out a Real Estate sales tips article to the two agents that you have already met, and ask if anyone else might want a copy of them. If not, leave them on a desk out in the open, and make sure that you have your contact information on the sheet (or staple your business card to the article). This is going to show the agents a couple of things: (1) You hit deadlines, (2) You follow through on expectations, (3) You are willing to sacrifice your time to boost their sales techniques, (4) You are not going anywhere, and really want to help them succeed!
• Week 6 (1: 30 pm) – Bring by more copies of the sales tips article so you can leave them in the office again, but here is where we start to get into their business. We have been introducing ourselves for a month and a week, and we really want to start seeing an increase in referrals from them. Ask your “promoters” if it would be ok to meet with them in a conference room the following week for about 15-30 minutes. Make sure that you tell them that you don’t want to sell them anything, but you want to get to know how they work. Confirm this appointment as soon as you get back to your desk via email, and confirm it once again a day before the appointment.
• Week 7 (4:30 pm) – This appointment should be with at least 3 Realtors if not more, and at least try to have the Broker available for this – not necessary, but a good addition. This informal meeting is all about them, and nothing about you or your work. Ask about what their business has been like over the past year, over the past 6 months, over the holiday season, etc. Ask about where they want to be for 2008 or the following years to come. Ask them if they do anything that would separate them from the competition in the area, and what the competition is doing that is taking clients away from them. Set up a follow up meeting with all of the agents (preferably in the next week), and follow up like you did for the initial meeting.
• Week 8 (9:45 am) – This appointment is, again, informal, but you want to start to get into who they currently refer their business to. However, you are still relatively new to them, so your intro statement should include everything that they said in the past meeting. Yes, that means that you should rehearse prior to getting into this meeting! It will only make you more prepared, so invest in yourself and find a mirror! I would only ask what qualities they look for in a lender/broker. Who they currently send their business to, and why they like sending the business to them. Also, ask them what their biggest “snag” is with the lending process, and/or what they wish they could change in the lending process. Make sure that you write these down! Follow up with the agents via a thank you e-mail as soon as you get back to the office.
• Week 9 (11:45 am) – Use this as a “just stopping in” time. Tell them that you were in the area visiting other agents, and thought you would stop in to say hi really quickly. You want to schedule a meeting the next week (week 10) just to go over a couple of things. Again, you want to invite your “promoters” and anyone else that they want to invite as well
• Week 10 (2:45 pm) – This meeting is where you shine! This is where you completely SPIN selling everything that they have told you in the previous two meetings and sell them on using you on a trial basis. Make it clear to the agents how you work (your turn time between application and pre-qualification letter, the difference between your pre-qualification and your pre-approval, and essentially how you coordinate your business so it will easily mesh with theirs). Play to the likes of the current lender/broker and exploit the current dislikes of who they currently use. You need to be sure to tell them that you will do everything in your power to help them close more loans even if that means working open houses and weekends. Tell them that you will be in next week, but you don’t know what time, and if they have anything that they need you to look at right now.
• Week 11 (4:45 pm) – Again, quick stop in right here. Make sure that you try to meet with at least one of your “promoters”, and tell them that you will be in the office every (Day) around 11:00 am to look over anything that they might need help with. Leave a note for the ones that aren’t there that you have a relationship with, and make sure that you write them all an e-mail verifying the time and day that you will be at their office. Again, this is setting an expectation of you as a permanent fixture and an asset to their business.
• Week 12 (11:00 am) – This is your first morning in the permanent time slot for this office. Make sure that you bring something like magnet business cards with a reminder on the card for the day and time that you will be in their office. Also, make note that you are available to talk about any scenario, and that you are willing to help them. Make note that you can provide some joint marketing material for listings, open houses, post-cards, letters, etc. This is, again, your first morning, and you most likely won’t get a great result of this in the first week, but be patient. Keep this time slot and day solidified unless you are asked to move it by the broker or the agents to help them more.

If you spend 12 weeks consistently in their faces, you will see an increase in your referral business. It might not be every single loan to begin with, and you will have to prove yourself when you get the horrible scenarios. However, never over-promise and under-deliver. Always UNDER-PROMISE AND OVER-DELIVER! Be up front and honest with every one of their clients, and follow through with everything that you said you would do for them. Empty statements don’t make for a good relationship.
Overall, your goal is to get into these offices as a permanent fixture, and to potentially (if you really want to) have a desk in these offices so you can get the incoming business from all of the agents.
I will put together another post with regard to using the “promoters” to get you more business within their office as well as how to narrow the “3 business card scramble” in my LO Training blog.

[dcg123]

Good post....easy plan to put in place. Also I would suggest helping with open houses.

[arscherer]

Originally Posted by dcg123

Good post....easy plan to put in place. Also I would suggest helping with open houses.

Dick, I definitely agree. That comes when the LO is describing what he can do to better the agent's business model and help them. Open Houses come with time and trust as well...I'll get into that more in my blog, but great pickup!

[Tony Sena]

Andy,

I like the idea and I see this working with new agents but not so sure about seasoned agents and here's why.

Most seasoned agents have at least 1 loan officer they work with if not 2. Over the years they have built a pretty solid relationship and established loyalty with their loan officer and I just don't think a new loan officer coming into the office every week is going to sway the agent to switch.

I can't say that with an absolute, but I can speak from my experience.

I have been working with Mark (bizdevelopment) for almost 4 years now and during that time I have spoken to numerous Loan Officers who have done something similar to what you are talking about or taken me to lunch (numerous times) or offered me tips to increase my business. I was courteous and always told them up front that I worked with a Loan Officer and was not looking to make any changes.

The funny thing is, I had been working with a Loan Officer for years, before Mark and he had always got the deal done and on time, but his customer service was horrible. Even though I was being contacted by LOs all the time, I still used this LO. One day, a fellow Police Officer told me his friend was a LO and he was awesome. I truseded his opinion, so I called him (Mark) and we talked and I told him that I was referred to him by a mutual friend and I wanted to try him out since my current LO had horrible customer service. So I gave him a deal and here we are, 4 years later still working together. If that first LO would have had better customer service, I probably would have not ever made that call to Mark. But this goes to show you that a referral from a trusted source can help get your foot in the door.

So I think the seasoned agents will be a tough sale, regardless of what tactic is used?

[arscherer]

Originally Posted by WannaNetwork

So I think the seasoned agents will be a tough sale, regardless of what tactic is used?

Tony, you absolutely have a great point! However, I haven't really run into that problem here in Connecticut since I have been doing this. The reason is most likely because I do the research on who to "pick off" first and foremost.

I don't go for the rookies, and I don't go for the big guns at first. I go for the agents that are closing 2-4 per month that are looking to get to the next level. I make those my "promoters", and similar to your mutual friend with Mark, these agents promote me and what I do to the top producer agents in their sales meetings, etc. So, it might not happen in the first 12 weeks, and it might not happen in the first year but with dedication to the average producers, staying in constant view of everyone in the office, and a significantly high level of service the LO will get their foot in the door with the top producers and the broker.

[Tony Sena]

Originally Posted by arscherer

Tony, you absolutely have a great point! However, I haven't really run into that problem here in Connecticut since I have been doing this. The reason is most likely because I do the research on who to "pick off" first and foremost.

I don't go for the rookies, and I don't go for the big guns at first. I go for the agents that are closing 2-4 per month that are looking to get to the next level. I make those my "promoters", and similar to your mutual friend with Mark, these agents promote me and what I do to the top producer agents in their sales meetings, etc. So, it might not happen in the first 12 weeks, and it might not happen in the first year but with dedication to the average producers, staying in constant view of everyone in the office, and a significantly high level of service the LO will get their foot in the door with the top producers and the broker.

2-4 deals a month would be a top producer in my market right now, lol!

[arscherer]

Originally Posted by WannaNetwork

2-4 deals a month would be a top producer in my market right now, lol!

So, Tony, that leads me to believe that your broker (Mark) is really not stepping up to the plate to help your sales. What can I do to help pick up where he left off? Maybe I can pick up some of the slack and try moving your clients off the fence for you?

Mark, I am definitely joking on that one, but in all seriousness that is a horrible thing with regard to the production! The top Realtors in CT are doing 6-8 right now per month, and the mid-producers are 2-4 depending on how much they want to work. However, that being said they are pushing a lot of lease-options as well.

[Mark Madsen]

Originally Posted by arscherer

So, Tony, that leads me to believe that your broker (Mark) is really not stepping up to the plate to help your sales. What can I do to help pick up where he left off? Maybe I can pick up some of the slack and try moving your clients off the fence for you?

Not even going to answer this. I know you are in a post war with Tony and I just put my money back on him.

[tnewton]

A few compliments and you go back on a bet that quick, Ouch!! lol Andy, how many office's do you have a desk at?

[arscherer]

[quote=BizDevelopment;38742]

Originally Posted by arscherer

So, Tony, that leads me to believe that your broker (Mark) is really not stepping up to the plate to help your sales. What can I do to help pick up where he left off? Maybe I can pick up some of the slack and try moving your clients off the fence for you?

QUOTE]

Not even going to answer this. I know you are in a post war with Tony and I just put my money back on him.

haha...I apologize, Mark! The door was open, and I had to take the opportunity!

What are your thoughts on the marketing plan? Have you, in the past, done anything like this?