Loan Officer Sales Training 04/10/2024: How to Partner With Realtors on Advertising

In this episode, we delve into the art of building successful partnerships with realtors to enhance your advertising efforts as a loan officer. Hosted by Kyle Hiersche, this insightful discussion explores effective strategies for leveraging the expertise of real estate professionals to amplify your marketing campaigns.

Join us as we uncover the benefits of collaborating with realtors, from expanding your reach to tapping into new markets. Learn how to align your advertising goals with the objectives of your realtor partners, creating synergy that drives mutual success.

Our expert guests share their experiences and best practices for navigating advertising partnerships with realtors. Discover innovative ways to co-create compelling content, leverage each other's networks, and maximize your advertising ROI.

Tune in to gain valuable insights and actionable tips that will empower you to forge stronger partnerships with realtors and elevate your advertising game to new heights!

For more episodes visit:
https://themortgagecalculator.com/Page/Loan-Officer-Sales-Training-Podcast

About The Mortgage Calculator:

The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as over 5,000 Non-QM mortgage loan programs using alternative income documentation! 

Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes!

Our team of over 350 licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access thousands of mortgage programs using Alternative Income Documentation such as Bank Statement Mortgages, P&L Mortgages, Asset Based Mortgage Programs, No Ratio CDFI Loan Programs, DSCR Investor Mortgages, Commercial Mortgages, Fix and Flip Mortgages and thousands more!

Our Mortgage Loan Originators are trained to be loan consultants to guide borrowers throughout the entire loan process. A licensed Loan Officer is only a phone call or zoom mee

The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as thousands of Non-QM mortgage loan program variations using alternative income documentation!

Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes!

Our team of licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access thousands of mortgage programs using Alternative Income Documentation such as Bank Statement Mortgages...

Transcript

0:00

So welcome everyone. My name is Kyle Hiersche. I'm the COO of the mortgage calculator, and this is our loan officer sales training that we do every weekday at 12 p. m. Eastern time, where we go through the front end and the sales end of the mortgage business. Today, we're going to be talking about how to partner with realtors on advertising. So we have plenty of trainings on how to partner with realtors, right? How to get referrals from them. I mean, we've done Dozens of trainings on that, but today we're focusing specifically on advertising. So it is a subset of partnering with realtors. So we'll make it quick here today. It won't be too long, but it's definitely something we need to be aware of and something that we can take advantage of. Now, this is not for everyone necessarily, right? Some of us are you know, a little more digital than others working a bunch of different states, but especially for the people that are, you know, focused on in their market. This is definitely something you should be considering. So let me go ahead and get into this here. Okay. So first of all, we need to make sure that we're following all the applicable laws. Okay. That's a big thing, right? There's laws on both sides. Well, typically each state's real estate law is different, but there's laws on our side in all states. And you want to make sure that you run everything by compliance, of course. But essentially, you know, and I'm not a legal expert, but essentially, you know, It really boils down to making sure that realtors and loan officers aren't compensating each other in roundabout ways, right? Which would be like, you send me clients, I'll pay for all of your ads. I mean, that's essentially paying money, right? Which is illegal. So most of the laws, both on the mortgage side and the real estate side, Typically in most states, it's about what's equal, right? It's about you. If you both pay for half the ad, you should both be represented on half the app, right? You should be, you and your contact info should be just as big as the realtor and their contact info. And the reason why it's like that is like I said, they're trying to make sure that, you know, it's like, Hey, if you're doing ads together, okay. But remember, you know, there's not going to be one way or the other where somebody's benefiting more than the other. And because that could lead to them saying, Hey, send me deals and all, you know, let you benefit more than me on this other stuff that we're doing. Cause I can't straight up give you cash, but I can do these other ways. Right? So they, they don't want that happening. So we got to follow all the applicable laws. If you do set up a campaign with a realtor, make sure to run everything by compliance as You're required to do regardless, right? If you're doing any ads, creating any ads yourself. Remember, we give you all those ads and flyers that you can post that are compliant already. But when you start making your own flyers and stuff, they need to be ran by. When you're partnering with a realtor here, partner with a purpose. Right? Because you don't just want to partner with any realtor, you want to partner with the realtor that it makes sense to deal with. Now, most of us at the mortgage calculator in particular deal with a lot of investors. So it usually makes sense to work with a realtor who's Kind of in that world as well, so that they can give you those type of referrals or maybe realtors that tend to work with self employed borrowers more, or maybe whether you're at the mortgage calculator or not, maybe you, you know, just do conventional loans and you want to find a realtor that qualifies a whole lot of, or needs a whole lot of borrowers qualified. Right? So just make sure, you know, don't yeah. You know, maybe you go out there and start talking to some realtors about this. Don't just jump on the first one that comes along necessarily, right? You want to try to find something that's a good fit. And then we talk about this on the other trainings as well to start targeting these people. The best way to actually reach out to them is to target them on the NAR website. Again we have trainings on this as well. You can go to the National Association of Realtors website. You can search members and you can select by designation and you can select by state. So you'd want to select the state designation meaning, meaning do they have extra certifications like there's a SIP certification, which is certified international property specialist. That's what Jose is, right? Nick has that too as well because Nick and Jose are both Realtors and they both have a bunch of certificates on top of just being a Realtor. So the SIPs one, there's like a commercial specialist one. So there's all kinds of certifications that Realtors can get to go above and beyond and take other classes because they specialize in certain things, whether it's commercial or international stuff. So NAR website and search people and has their contact info right there. Right. Their actual contact info. So, you know, if you're in a market and you want to do specialize in foreign nationals, you would look up a realtor in that market, do the SIPs as the designation that they have, look at them and start contacting them. Their phone number is right there. Right. So, you know, it's public info. All realtors have to have their contact information public. It's the law. Right. So yeah, just, just, you know, find them wherever. And also on LinkedIn, that's another good way to contact them. So keep in mind, you can find them on the NAR website and then you can message them through LinkedIn. Right. You can go find them on LinkedIn and friend them and message them. So you can, you can find out who they are and their name on the NAR website. Right. For the person you're looking for, and then you can also go target them on LinkedIn, or you could also look on LinkedIn. And like we've talked about in the past, you can do things like set up Alfred, which is the automated LinkedIn tool. And you could message, you could just be messaging Realtors, hundreds of Realtors in a day with the automated LinkedIn. Well, it's not hundreds, it's like 50 or something, but you could have the automated machine getting up, you know, 50 Realtors a day on your behalf in LinkedIn. So. You know, those are the good ways to target these people and make sure you track the results. So try to do something where you can really see if it's working, right? Because it's very important, especially when you're splitting an ad with someone, you don't know if it's really working for you or working for them more, right? Or, or what's happening. So it's not easy when you're doing just like general advertising, like. You know, putting out, giving out physical flyers or whatever, right? It's harder to attract and digital, but try to come up with something that you can, you know, track it. If you're doing a big ad campaign with a realtor, I would talk to the club customers that you do get and ask them where they found you and try to get that feedback of if it was from that. Right. So just try to do something that you can track. Whoops. Okay. So how can we co brand with Realtors? Well, we are going to follow the laws first off, but of course we can do flyers, right? Online you know, and physical, right? But online, typically, what do we mean by that? A post, right? On social media. And so, you know, both of those things, physical flyers too, because again, the only reason I say physical flyers, that's pretty old, but at the end of the day, we're talking about A situation here where we're probably being very local because we're working with a local you can partner on billboards. That's very common, right? I see that down here. Remember we have a training on branding yourself. You can go check that one out. And that talks about billboards and how there is now great programs. There's companies that do digital billboards in each market. And you can literally put select your budget, just like doing Facebook ads. You can say, I want to spend 20 bucks a day. And these are the locations I want it to pop up on. Right. And it's going to just spend your money as it goes. It's literally nowadays, like just like Facebook, where you can pick your stuff, set your budget and just let it run. They have digital billboards now that you can do that with. Right. So there's multiple companies that do that. So if you want to partner with the realtor in a specific market, then that's a good thing to do. And again, remember, like we've talked about on that training, It's just as much about taking a picture of you on the billboard than it is of being on the billboard, right? Because it's a digital billboard. It's rotating all the time. It's not easy for somebody to look at the billboard, see you look at the phone number and call you. That's not very realistic, right? It's more so for branding for getting your face out there. So the way we want to use it and get our money's worth is by taking the picture of it, trying to find a location where you can find it when it comes up, taking a picture and showing people. That you're doing it big, right? That you're on billboards and stuff. And, and so you know, the, the digital billboards are much cheaper than you would think. They're kind of pay as you go type situations now. So if you're doing a big campaign with a realtor, that's, that makes way more sense than doing it by yourself. It, in my opinion, if you were going to do a billboard. It would make sense to do something like that where you're both splitting the cost. And it's, there's a reason for it. Cause you're branding. Each one of you is branding yourself. Cause you're not just going to get a bunch of conversions from it, right? Nobody's going to be driving down the freeway, look at down at their phone, type in the number that's on the, right. It's, it's more about you can do email campaigns together at the mortgage calculator. Obviously we don't really do like a mass email. Email blast, right? We have like our action plans and all that kind of stuff. That way our delivery rate is way better than if we were just email blasting people with email campaigns. But a lot of realtors have email campaigns, so we can partner with them on those. Also remember open houses, events, banners. I've talked about this on quite a few trainings. I recommend everybody buys a custom tablecloth in a, in a pop up banner to go to different events and stuff like that and look professional. And if you think that's a, you know, kind of a lot of money, then split it with a realtor, right? And tell the realtor, Hey, I want to buy a pop up banner and a tablecloth. To go to events, would you want to split this cost down the middle and we can put both of our names and logos on everything, have both of our faces on the pop up banner. And that way, when I go to events, I can take it. And when you go to events, you can take it. And then hopefully we can also go to events together. And that's a great way to kind of have a. An event buddy, a networking buddy, right? Where the events that they get looped into or get the opportunity to go to and set up their table you, you know, get to go there too and, and vice versa, right? So you know, the, the co branding part of what we're talking about here at open houses and events is basically the tablecloth, the banners and just anything like that. Cause again, I, I believe that anybody who can afford it should absolutely do that. It's a very minimal cost, but if you can't afford to do that whole thing, then split it with the realtor and that'll make it, you know, more, more doable for you. Right. So that's what we're talking about there and then sharing office space. So again, you have to refer to the laws. This is a state by state case situation here. It is. It is legal in most States to share office space, meaning to, you know, have a real estate office. Inside of a mortgage office or vice versa. I wouldn't say inside and say sharing the same space, but again, they usually require it to be proportionate, right? If it's a giant office and the mortgage part only has one little tiny office, but they're paying. Half or 90 percent of the rent or something, that's obviously some type of kickback situation, right? We'll give you dang near free office space if you kick us the deals or whatever. So same thing as advertising, right? The general kind of rule in most places is just it needs to be proportionate. You could share offices. You could split, you know, if an office building has 10, Half the rent and each one of your, you know, you get five office rooms each. Right. And so, you know, that's that's kind of how they're going to treat it kind of the same thing. And for the same exact reason, they just don't want it to be a roundabout way to do kickback. So in general, when you're working for realtors, just remember that everything should be equal. There should be no like, Hey, I'm going to pay for more so that you send me deals or, you know, because I want to partner with you so bad, you know, you need to partner with people that are willing to partner with you for, you know, to follow the law. And that's it here for today. Like I said, I, you know, we'll keep it short here, but just make sure to understand what you can do here with Realtors. And obviously there's like some more stuff too, right? I can't think of everything here, but whatever you do, just make sure that you're doing it on the up and up and that you look at the laws of your state. Make sure if you're putting anything out there to the public that it's approved by the compliance department first. And you know, just, just do whatever works for you. The, the, what we talked about here with a purpose, you know, don't go into this, just emailing every single realtor you could ever find. Or whatever, right? Have a purpose in mind, be specific and you know, and, and build partnerships that make sense. All right. Well, I don't see any other questions, so I think we'll we'll wrap it up here then. I appreciate everybody tuning in. Remember we do this at 12 p. m. Eastern time every weekday where we go through the front end and the sales end of mortgages. So we'll be back tomorrow with a new topic. I appreciate everybody tuning in. We'll see you tomorrow, 12 p. m. Eastern for the next episode of the loan officer sales training with the mortgage calculator. Have a great.