Loan Officer Sales Training Series 4/22/24: Using The Flywheel Concept

In this episode of "Loan Officer Sales Training," we delve into a powerful concept that can revolutionize your approach to building and maintaining client relationships: the Flywheel Concept. Just as a flywheel gains momentum with each rotation, your business can gain momentum with each positive interaction and transaction.

Join us as we explore how to apply the Flywheel Concept to your role as a loan officer. We'll discuss strategies for consistently providing value to your clients, fostering trust, and creating a virtuous cycle of referrals and repeat business. Learn how to leverage the power of satisfied clients as advocates for your services, amplifying your reach and influence in the industry.

Whether you're a seasoned loan officer or just starting out, understanding and implementing the Flywheel Concept can be a game-changer for your success. Tune in to discover practical tips, real-life examples, and actionable insights to help you propel your business forward and achieve your sales goals. Don't miss this opportunity to master a fundamental principle that can drive lasting growth and success in your career as a loan officer.

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 Origi

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

Restream recording Apr 22, 2024 • 04:03:47 PM: 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 a concept which we embrace a lot here at the mortgage calculator, and that Nick and I embrace just in general, which is the flywheel concept. So definitely something. Important to us and something that is kind of what we live on a day to day basis with all of the businesses that we build. So we're gonna be talking about this concept today and how to use this concept. And hopefully it will kind of spark some stuff in and everybody else to like it did with us when we first learned about this concept. So let me go ahead and. share my screen here and let's get into it. So let's talk about first what the flywheel concept is. So this is a business concept. It's not necessarily a sales concept. It's a just general business concept, right? And I'll show you a picture of how it looks here in a little bit. Excuse me. I have a picture here. So you can kind of visualize it a little bit more, but let's talk about what we mean when we say the flywheel, by the way, this is not our concept, right? This is the a business concept. There's books on this. You know, I don't want you to think that we're making this up here. Okay, so the flywheel, what does the flywheel mean? Well, a flywheel is essentially when small winds build on each other over time and eventually gain momentum. And so much momentum that growth almost seems to happen by itself. Keyword almost seems to happen by itself. Right. And essentially what this means is that once you keep, you know, start pushing this flywheel, eventually it's so heavy and it starts gaining so much momentum. That it starts to kind of go by itself. Now, again, not not totally by itself, but it definitely is a lot different than when you first started. Now, the more you push, the more momentum it gathers, right? You keep pushing until the breakthrough finally occurs. Now, We talk about this a lot. We might not say the word flywheel here, but we talk about a ton on these trainings and on all of our different trainings about how you know, you have to just keep going and going and going and pushing and calling and calling and calling, and eventually it's going to start to break through. You know, a great example of this is one of our top producers, Christina. She talks about how, when she. First started out. Her goal was to make a hundred calls a day, no matter what, every single day, she made a hundred calls and she just kept going. A hundred is not really that many, but what's important is that she committed to it and she did it every single day. You can commit to 300 calls a day and do it. But like I talk about on our sales trainings a lot, I'd rather have you commit to a hundred and actually do it than commit to 300 and only do it five days or five weeks. Four days or three days, right? So she did the right thing every day and made a hundred calls and kept pushing and pushing and pushing until it finally happened to where she literally could not call a hundred people because she had too many calls coming in and too many files to do and too much business to be able to keep calling out. Those 100 people a day. So she just kept pushing and pushing until it started to break through. Right. And that's what the flywheel is. You can imagine this big, giant metal wheel that you're spinning here. And it's going to be really hard in the beginning to get that thing going. You're going to have to push with all of your might, but then once it starts going, then it starts gaining momentum and then it starts almost spinning by itself. Right. And the flywheel concept here is essentially the opposite of a funnel. So I know everybody's heard of sales funnels. That's a big hot topic type word and things that people use for, you know, digital marketing and stuff like that. You know, funnel experts and all that kind of stuff. We'll understand that we do not use funnels here at the mortgage calculator, and that is not the type of business that we have. We are doing the opposite, which is the flywheel. We are not funneling people out, right? A funnel is weeding people out and dwindling down to your final. Customer. And that's all you're focusing on is who is ready to buy. That's what a funnel is, right? You're funneling out everybody that's not ready to buy and funneling the one person that is ready to buy into the purchase and discarding everywhere else. That is the. Opposite of what we do here. We include everyone at all times. We keep spinning that flywheel. We don't ever read anybody out. We keep them on the flywheel and we keep that wheel spinning because what happens is. When that flywheel is spinning, it starts to spin off things like referrals, right? It also spins off things like referrals from non customers, which we're going to talk about in a minute, but let me just go ahead. I'm going to skip right past here real quick, just to the illustration so that you can see this and understand the wheel here of notice how this is the opposite of a funnel at no place. Are we discarding anyone here? Right. We're going to attract, engage and delight our customers who then turn into promoters. So we're going to turn strangers into prospects. That's what we're doing here when we're getting leads, right? They're stranger. We're going to advertise to them and give them to you guys as a prospect because they were a stranger, but then they clicked on an ad and became a prospect, and then hopefully you're going to turn them into customers. Which will then also turn them into promoters to then give us referrals of more strangers that turn into prospects and everybody that we talked to, we're going to attract, engage and delight. And you see how this just keeps spinning. Now, we talk a lot about non customers when we talk about the flywheel, because that's one of the coolest. Parts about this is non customers. So let me, now that you can kind of visualize this here again, we're not a funnel. It's not a V shape, right? Everyone stays notice. There's no place for anyone to leave this circle. There's no hole here where people can go out. There's no funnel with a hole at the bottom for people to come out. No one leaves every lead you've ever spoken to is inside of your flywheel. And we're going to keep turning that flywheel until results are being produced. And then what happens is they'll start being produced almost by themselves, right? So let me come back here. So how to use the flywheel? Well, everyone plays a part in the flywheel, right? Every single person that you talk to plays a part in the flywheel. Now, one of the best things about this business, especially for Nick and I, when we first got into this business, you know, our other businesses have had, you know, Smaller client pools, right? There's only a certain amount of people you can sell whatever it is that you're selling to, right? But the beautiful part about our business is every single person in this country is a potential client, including children who are going to one day become your client. We talked about how Jose has done three generations now, right? The person he just for one family, the person he just did a loan for didn't even exist when he started doing business. The other person's loan, right? The grandfather's loan. So, you know, literally there's people that don't even exist in the world yet who you, you know, are still in your network who, you know, you're, you're going to be a part of this, right? So everyone pays, plays a part in the flywheel because everyone you meet is a potential customer or a potential promoter. So notice how we have on that flywheel, we can turn customers into Promoters, right? Obviously that's what a referral is, right? Is a customer that's happy with you or your work referring you business, but here's the big thing that people, excuse me, here's the big difference between a funnel and a flywheel when you're using the flywheel concept, you can turn prospects into promoters. If you're using the funnel concept. Your prospects that aren't customers are basically being discarded. They're being funneled out, right? But when you use the flywheel and you engage, attract, and delight everyone, you provide them with valuable information. So what are we talking about here? We're talking about A prospect that never pulled the trigger. We're talking about a prospect who may be whose credit is too low to qualify anytime within the next five years for a program, whatever the case may be here, we're talking about people that aren't your clients. Becoming promoters, because when you use the flywheel, you provide them with these quotes. You provide them with great customer service. You break down their scenarios for them. You consult them and you stay in touch with them. What happens is you can turn prospects into promoters, meaning you can get referrals from non customers. This happens all the time. And I'll use this example because I use Christina as an example earlier. I don't know if Christina's on here, but thanks for letting me use you as an example. Cause both of these situations where she was making the hundred calls. Every day, right at first. And now here, when we're talking about turning non customers into promoters and into referrals, she gets calls from people that she doesn't even know who referred them. They'll say, Hey, yeah, my friend, you know, John Doe referred me to you. He said, you're great to use. Well, these are people she hasn't even done a loan for. She doesn't know who John Doe was. She's just like, oh, okay, great. You know, let's do it. Right. So she says this happens all the time. She's getting referrals from people who she never even did loans for. Right. But they're referring friends because she's, she's on top of it. She's communicating with them. She's provided them value. She also didn't ignore them or throw them away when she found out, Oh, their credit score is 520. I don't even want to deal with this person. So many loan officers do that. It's so wrong in so many ways. Oh, 520. I don't want to waste my time. You know, no, this is when we consult our clients and we talk about a game plan of what we're going to do. We're in this business for life. I want to take that person with a five 20 now and do something with them a year or two from now because we've consulted them, put them on the right path. And then guess what happens? They can become promoters and refer people to you because, oh yeah, they've been helping me for the last like year to, Get my credit, you know, anybody they talked about buying house. Well, actually I have this loan officer that totally just consulted me through the whole process. I've actually been working with them for the last year to get my credit to the place where we can buy a home. And they've been great. You know, these, this is how you get referrals from non customers. So don't think that you even have to do a deal with somebody first to get a referral. It's how you act. If you're a good, Loan officer consultant. That's not discarding people, throwing them away, acting like they're worthless to you because they can't make a they can't do a deal right this second. So many loan officers are just so money hungry of, Oh, I don't care about this person because they can't put money into my pocket right this second. That's completely the wrong way to look at it. And that is looking at it as more of a funnel, right? You're funneling in the people who are ready, willing, and able. And you're discarding everyone else. That is not a long term business plan. That is not a sustainable. That's not how you build a sustainable career in this business. We want to use the flywheel, keep spinning the flywheel. We're going to turn customers into promoters, turn prospects that aren't even customers into promoters. No one is discarded when we're using the flywheel. And what happens is it just keeps spinning faster and faster. So imagine what happens when all of your non customers. are becoming referral partners or becoming promoters for you. Every single person you talk to is building on this and making the flywheel spin even faster, right? So when you're embracing things like the flywheel concept, again, now you don't have to worry about wasting time. Every person you talk to is not a waste of time. Any person you talk to is worth your time talking to. As long as you're doing your job properly. Now, if you just say, Oh, there's a dead end, nevermind, hang up, never call them back. Then it was a waste of time. But as long as you're doing your job as a loan officer consultant, treating people with respect, treating this as a long term career that you're going to make money years from now off the people you're talking to right now. As long as you're operating in that way, then no, not one second of your time is wasted making calls, right? Not one second is wasted. As long as you are operating and looking at it in the right way, because then you're going to benefit from every little thing when it all adds up. And I hope everyone can just kind of visualize that. When it all adds up here and it's all within this again, you can almost look at it as a, as a physics thing, right? There is nowhere here for the lead to leave. And so if they're only coming in and it's just each lead that comes in, whether they're a customer or a non customer, they're turning into a promoter. You know, every single one is making this spin faster and faster and faster and faster, and there's nowhere for them to go besides to do a deal or to remain in the flywheel and help keep spinning it. So every single person contributes to this. Every person that you speak to is a part of the flywheel. Right. And you are going to use that to your advantage. So I, I, you know, it's short and sweet here today. That's all I wanted to go over. Just introduce the flywheel concept, get everybody in that mind state of really using this instead of the funnel mindset. Now I know what the mortgage calculator, we don't have any funnels. Right. And so, you know, this is not a, like an online thing of like, Oh, don't use a funnel, right. You guys are going to There is no funnel. We have everything in our system set up like this. But what I'm talking about right now is the mind state of when you're working your leads, talking to your leads, dealing with your leads, the mind state of operating as a flywheel, as opposed to you mentally operating as a funnel. I think too many loan officers are mentally operating As a sales funnel, just trying to get to the people that want to do deals right now, without worrying about what you're doing in the meantime, people that are ready, willing, and able to do a deal are few and far between. So what makes the difference is what you're doing during that few and far between. It's not about what you're doing. On the call with that 1 person that is ready, willing, and able that you're you'll find very seldomly. It's about what you're doing on the day to day basis with everyone else that you're talking to leading up to that. That's going to determine if you're going to get future business and future referrals, and if you're building this flywheel and spinning this flywheel. As opposed to just being a foot, right? If you're just calling everyone, you can, until you find somebody who's ready, willing, enabled, you're just funneling everybody out. Right. And you're wasting every second of your time that you're spending, you know, as opposed to wasting none of it, right. If you're using the flywheel concept. So. I don't see any questions here, but I hope just a cool concept for everybody to embrace. That's definitely what we embrace. And again, this is the best way to operate. You're going to attract, engage, and delight everyone. You're going to turn strangers into prospects, prospects into customers, customers and promoters, even non customers into promoters. And we're going to be able to benefit for years and years to come with a sustainable career in the mortgage business. So appreciate everybody tuning in. Thank you. Won't hold you for any longer here. Remember we do this 12 p. m. Eastern time every weekday where we go through the front end and the sales end of the mortgage business. 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 day, everyone.