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Loan Officer Sales Training with The Mortgage Calculator
Welcome to the Loan Officer Sales Training podcast with The Mortgage Calculator, where we equip you with the strategies and techniques needed to skyrocket your sales production in the competitive world of lending. Whether you're a seasoned loan officer or just starting your career, this podcast is your go-to resource for mastering the art of lead generation, effective calls, and follow-up strategies that drive results.
Here's a glimpse of what you can expect:
1. Lead Generation Mastery: Discover cutting-edge lead generation tactics that will fill your pipeline with high-quality prospects. From online marketing to networking strategies, we'll explore proven methods to ensure a steady stream of potential clients.
2. The Art of the Call: Learn the secrets to making compelling, impactful calls that leave a lasting impression. Our episodes cover scriptwriting, objection handling, and effective communication techniques to close deals and build trust with your clients.
3. The Power of Follow-Up: The fortune is in the follow-up! Explore innovative follow-up strategies that keep you top-of-mind with clients and prospects. We'll dive deep into automation tools, nurturing campaigns, and best practices to ensure you don't miss out on valuable opportunities.
4. Sales Psychology: Gain insights into the psychology of selling and customer behavior. Understand what makes clients tick, and learn how to tailor your approach for maximum impact.
5. Industry Trends: Stay ahead of the curve with discussions on the latest trends, regulations, and innovations in the lending industry. Be the first to adapt and capitalize on emerging opportunities.
6. Success Stories: Hear inspiring success stories of top loan officers who have achieved remarkable results using the techniques and strategies discussed on the show. Learn from their experiences and replicate their success.
Whether you're looking to boost your sales numbers, improve your communication skills, or simply stay informed about the ever-evolving world of lending, the Loan Officer Sales Training podcast is your roadmap to success. Tune in, take notes, and start implementing these game-changing strategies to elevate your sales career to new heights!
Loan Officer Sales Training with The Mortgage Calculator
Loan Officer Sales Training 4/26/24: How to Use Your Sphere
In this episode of "Loan Officer Sales Training," we explore the invaluable resource of your sphere of influence and how to leverage it effectively to grow your lending business.
Join us as we discuss the significance of nurturing relationships within your sphere, including friends, family, colleagues, and past clients. Learn how to cultivate trust and credibility within your network, positioning yourself as the go-to expert for their lending needs.
Discover actionable strategies for staying top-of-mind with your sphere, including regular communication, providing value-added content, and offering personalized assistance. We'll also explore the role of referrals in expanding your sphere of influence and generating new business opportunities.
Whether you're just starting to build your sphere or looking to strengthen existing connections, this episode offers practical tips and insights to help you maximize the potential of your network. Tune in to learn how to effectively utilize your sphere to generate leads, increase referrals, and achieve sustained success as a loan officer. Don't miss this opportunity to harness the power of your sphere and propel your lending career 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
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...
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 week. Weekday at 12 p. m. Eastern where we go through the front end of the business. Now, today's topic is something we've gone over before, but it's just so important. So we're going to be talking about it again here today. And it's one of these. One of these steps that people kind of just skip over. So that's why I'm doing it again here for a second time, right? Let's, let's keep talking about this. Cause it's definitely something that a lot of people either shy away from, or just don't end up doing, or just don't think it's as important as it is. But let's go ahead and get into it here. Let me change the screen one second. Okay. So. Your sphere. Sphere is one of those words, right? The people use all the time particularly in real estate, mortgages and realtors you know, Nick and I have a real estate brokerage as well, and it's the same deal with the realtors. Right. But it's, it's that way for a reason, right? Because it absolutely is true that you have to use your sphere and, and work your sphere. Right. So as I, as I said, you know, it's, it's. One of these things that a lot of people are scared of, right? So either scared of, or not confident enough or not comfortable enough. Or you know, just don't want to talk to people that they know about these things basically. Right? As, as opposed to, you know, saying, oh, I'd rather deal with clients that, you know, don't really know me. Right? Well. That's not the way to success in this business, right? It's all fine to call leads and to deal with people. You don't know in person, but the people that you do know, we're going to be the core of your business for the rest of your career. Right? So this is a very important here. So. What is in your sphere? Well, every adult that you've ever met is a renter or a homeowner and renters turn into homeowners with our help. Right? So every adult, you know, right now is a client. Or potential client, right? And we've talked about this before that even people who are not adults, right? Jose just just did a transaction not too long ago for the 3rd generation of a family that he's dealing with a child that didn't even exist. In this world when he did the loan for the grandfather, I guess he just did a loan for, right? So literally everyone, you know, and people that aren't even born yet that are going to end up being in your sphere are are there and they're all potential clients who would have thought, That Jose would be, you know, doing alone for the we was the granddaughter, right? When she didn't even exist yet, not even close, right? So every adult is a potential client right now. And anyone you've ever met in your entire life, including a newborn or somebody that's not even born yet is also a potential client. Client right now, the average homeowner buys a new home every eight years. There's like a couple of statistics on these stats out there, a couple of different places reported differently and in different years, but in general, average homeowner buys a new home every eight years and they refinance every three years in between that. Right. So this is happening in your sphere. So when we talk about what is in your sphere, transactions are in your sphere. So take everyone, you know, and understand that they're buying a new home every eight years and refinancing twice in between that. Right. So you wonder what's in your sphere. If there's any business there, I'm telling you 100 percent for a fact, there's a bunch of business there, there's a new home every eight years for each of those people that is a homeowner. There's a new home that there's one transaction every eight years for a new home, and there is. Two transactions in between that for refinances, right? And so every person, you know, that's a homeowner at any given time, if you really look at it is going to be in the middle of, or about to do a transaction. Statistically speaking, you know, hundreds of people. Right. You all know, hundreds of people, probably some of you have thousands of people in your phone, right? Statistically speaking, many of them are literally in a transaction right now, but. You won't know that unless you work your sphere, right? And unless you're doing what you're supposed to be doing on your end. So people hear sphere, it's this you know, thing that's just kind of an intangible, you know, object that just, they don't, you know, sphere. Yeah. Yeah. Whatever people I know maybe I don't think I know anyone, you know, that's buying a house right now. You absolutely do. 1000%. Every single one of you knows a person who's in the process of buying a home right this second. And you're not doing the transaction because you probably didn't do a lot of the stuff that we talked about here. All the experienced loan officers on here know that if you know, you guys probably live and breathe this and everyone in your sphere knows exactly what you do. And so you're probably not missing out on that. But the people who aren't doing these types of things we're talking about here today. are definitely missing out on that now. Also, anyone can become an investor. So let's say we talk to somebody who doesn't buy a home every eight years, who's been in the same house for 20 years, who doesn't like to refinance because they're financially astute and they, you know, got a low rate a long time ago, right? Well, They can become an investor and anyone can become an investor, especially with our DSCR loans, especially because we have options that don't even require them to own a primary home to have a DSCR loan. Right? So, I mean, it's harder, right? But we do have at least one option to do that. So that's pretty crazy, right? Anyone in your sphere that has You know, whatever, maybe 50, 000 cash to put down on a on a rental property, maybe less depending on if it's a super cheap house or not. And no income, no job verification. Sometimes, like I said, might not even need to own their own home. So not only is you know, everyone that you know, that's a homeowner buying Every eight years, refining every three years, any of them at any given time can become an investor, even if they're not homeowners. And then of course, if they're not homeowners, they're prequels to us. Anybody who's not a homeowner is not a non client there. They are a client. They're now prequal clients for us. Every single person we meet throughout our entire life, we are now prequalifying them. Oh, you don't own a home yet. Well, let me work with you to make that happen. Let's get the prequalification process started. And I will let you know, if you do have issues, then we'll figure out how to structure it and you can work on it. Right? Every single person you've ever met, you should be working on getting pre approved for a home. If they do not own a home yet, if they do own a home, All that business is right here and you should be getting all of it and maybe even turning them into investors. So you see how much is, what is in your sphere, millions of dollars in your pocket. Every single one of you, if you work your sphere, we'll make millions of dollars. Absolutely. 1000 percent true. There's no doubt about it. But you have to do it right. And most people don't want to jump all the way in the ones that do jump all the way in. Those are the experienced people that if some of you are on this call right now, you know that you've got to where you are because you jumped all the way in. Right? If you don't jump all the way in, you're not going to be here 20 years from now, being one of the experienced people on this training. Right? So who is your sphere? Well, obviously friends and family. That's what people think sphere. Oh, friends and family, right? Also business associates. Previous Business associates as well, right? People that you used to work with. A lot of people don't think to reach back out to those people, previous mortgage clients. Obviously, if you're a loan officer, previous other clients, did you work in some kind of other business where there are people that you formed relationships with there, as long as it's not illegal or something from some kind of non compete standpoint. And particularly right now, I'm kind of talking more so about another industry, right? But. Clients, current clients, previous clients, obviously people you connect with on social media. And here's a big one. We've talked about this before. Businesses that you support, you should be asking for support back. We talk about this on the reciprocation training. We're supporting their business, especially small businesses or people that, you know, that you're supporting their service. You know, even if they're not a business, just them, right. You should be asking for support back these businesses that you frequent your barber or hair salon or your laundry dry cleaners or whatever it is. You know, if you're supporting these businesses, you should ask for support back. Would you recommend me to somebody? Could I put my business cards here on the counter? Can I You know, whatever the case may be, and then just people you meet in life. Isn't that a general one there at the end, right? People you meet in life, anybody and everybody Uber drivers, servers, people that you're, you know, traveling with next to on the plane. I mean, whatever it is, if you're going to really have a lasting very lucrative you know, career in this business, that's kind of the mode you want to be in, right? You should be talking to everyone, you know, and offering your services. And so how to use the sphere? Well, first off, don't fear the sphere. So this is especially a beginner thing here. So this slide, I'm kind of talking to beginners a little bit more. Don't be afraid of it. People get afraid because they know the person. So they feel like they don't want to like, you know, try to be salesy or intrude or. That they're not going to know what they're, they're talking about, or, you know, they're going to look bad, whatever it is, you just got to get past that. You can't be in that mind state. You have to call or message. And I would recommend to do both everyone in your sphere, meaning your phone contacts and your social media contacts. That's instant right now. Obviously you keep doing this throughout the course of regular activity, but right now, if you haven't done so yet. You need to you know, pull up your phone and go through every single contact and make sure that they know that this is what you do. Now, this is a, a big thing here. This is like the, the, the big speech on the sphere. The reason why you need to let them all know what you do is because what you don't want is them doing transactions. And all of a sudden you're seeing your friends and family posting that they bought a new house and they didn't do it through you or that they refinanced their house or that they bought an investment property. These things happen. And if you didn't let them know specifically, then it's your fault. You can't be mad at that, right? So if you haven't done this yet, there's already people in your sphere. So if you've been active for more than a month, And you haven't done this yet as a loan officer, you've already missed out on a bunch of money because there's transactions that are already happening in your sphere. But guess what? It's not their fault if they don't use you, right? It's your fault. If you don't specifically reach out, tell them that's what you're doing. Tell them you would really appreciate it. If them or anyone they knew. Would come to you if they need anything with a mortgage, right? So if you don't let them know specifically, then you can't blame them when your cousin or uncle or friend or whatever ends up doing a transaction with somebody else, it's your fault, right? It's our fault for not doing our job of making sure everybody knows. Now, here's another thing. We talk about on the other trainings, putting it in everyone's face on social media. If you not only let them know the people in your sphere, Hey, I'm specifically telling you, this is what I do. You know, that they heard you on the phone call. You know, that they got the text and guess what? They know that too. So now there's a little bit of an obligation to you because you can be upset if they end up not working with you. They can't go, Oh, I didn't know that you did that. You know, but if you don't specifically tell them an exact phone call and text message directly to them, I'm not talking about posting one post on your Facebook saying I'm a loan officer now, please contact me. No, that's not working your sphere. That's not doing anything. If we could make money by doing that, everyone would be millionaires. That does nothing. Absolutely nothing. Matter of fact, if all you did was post that on your Facebook, only probably like five people saw it. Right. The algorithm is not giving that any love. And so, you know, it's only ourselves to blame. Not only should we have let them know specifically, but they should clearly see on our social media every single day that we're doing loan stuff and that we're a loan officer. There's no way in the world that they're going to enter a real estate transaction And choose a loan officer and not know that they are either should choose you or that if they don't choose you, then they're somewhat, you know, betraying their friend or family member or whatever it is. But if you don't set the proper steps for this, then they're just going to go with whoever the realtor recommends to them or whatever other loan officer happened to talk to them or the person that calls them off a trigger lead or whatever it is. And it's our fault. There's nobody to blame, but us, if we haven't specifically let them know. And then if we haven't kept it in their face, now, how do we keep it in their face? Again, Activity and then showing that activity. So going to events and posting it on social media, closing deals and posting it on social media with a picture with the clients, if they're okay with that, holding up the key to the house, those whole pictures that they take at title offices, right? Every single day, every person, you know, that you're friends with should be seeing this over and over. And if you're doing that. Then there's just absolutely no excuse for them not to work with you. Besides the fact that they're saying they don't want to work with you. Right. But you leave open all these excuses. I'm telling you, it never quite comes around. People don't really quite you know, make that connection and have that obligation to ask you when they, they want something, because let me tell you, this is when you get into reality. The reality is, is that people are feeling based and people would literally say, you know what? I would feel bad if I didn't use Kyle because he told me that he's a loan officer and that I, I should use him. So even if they don't necessarily want to use you. You know, if they feel this moral obligation to because you know them and you've personally asked them not posted on your Facebook, you've personally reached out to them to ask them if they could support you and what you're doing. And, you know, and so again, it's in, you can do all the sales tactics you want. But in reality, that's what happens. People feel obligated to use you because you've specifically taken your time to reach out to them, to tell them that's what you do. And they know that, you know, that they know that that's what you do, right? So there's no, there's no question to it. But if you don't really connect those dots, everybody's just going to slip through the cracks. People don't just get on the phone and call you randomly. Because you did one Facebook post saying you're a loan officer, or you could post that every day. But if you're not posting you out and about events, different programs you know, different helping clients closing deals, you know, it's, it's just not the same thing. So we got to personally contact everybody and we gotta, you know, make sure we're staying in their face. And usually with people, you know, in your sphere, that's just usually, you know, your, your social media, right? Now, here's the thing. When you're talking to your sphere, Even if they're not ready to do something, the key here is to ask if you can send a practice quote. So, especially for you new people here, just ask them, Hey, you know, I got this really cool quoting system. I'm trying to get, you know, trained and do different scenarios. Would it be okay if I just quoted your scenario? Remember we don't pull credit on them or anything. All you got to do is ask them six questions and then you can pop out a quote to them. Now, this does a few different things. For one, it does give you practice. For two, it shows them that you are legitimate. It shows them that you have this nice quoting system and all this cool stuff. And it looks all professional, right? So you look professional. The outfit that you work for looks professional and they can actually see it on, on paper, right? So they're, and they're also going to remember it. Now, do you think they're going to remember you more if you just told them that this is what you do, or if they actually received a quote from you and looked at something, right? Of course, they're going to remember more and think about it more when you actually had sent them a quote. Now here's what else it does. It creates transactions. Christina talked about the last time she was on the training, talked about how she, she did a practice quote to one of her friends which was actually her first deal. She sent a practice quote to a friend and it was, I believe if I'm not mistaken, I believe it was a cash out quote. And then her friend called her and was like, Hey, can you really get me that money? Can, can I really do that? And she was like, yeah, we can do that. And so she ended up doing the deal. So her first transaction. Came from her sending a practice quote to somebody who she just genuinely asked. Look, can I just quote your scenario? Cause I'm just trying to quote scenarios, right? So a few things can happen there. You're getting practice. You're you're, you're the people in your sphere are seeing that you're professional, that you have real systems there. They're it's branding it into their head that this is what you do. They've engaged in it and receive text and email, you know, they're in the mix now. Right. And then again, also it can literally create deals. Now, is this going to create a deal for all of you when you go do this? Obviously not. Christina kind of hit the jackpot there on that one. It's not going to happen all the time, but the fact is it happened. If it happened once, it could happen again. Right? So just sending practice quotes is, is an amazing thing, especially when you're starting out and then of course, ask for referrals from their sphere. Right. Remember that even if they're not a client, they can still refer clients. So make sure when you're talking to people in your sphere, you're not just letting them know, you know, Hey, I want you to know this is what I do. Cause I want you to be able to, I want to be able to help you when, you know, the time comes you want to ask them, please, if anybody else that, you know, ever talks to you, talking to you about mortgages or buying a new house or something, please let them know. About me and connect them with me. I would really appreciate it. So now you're, you're squaring your sphere, right? It's your sphere. Their sphere, right? And so you know, just not, don't just stop at talking to them about themselves. We want to make sure they understand that we're here to help anybody and everybody. And we would really appreciate it. If anybody, they knew that they were talking to about anything in this industry. That they say, Hey, you know, I know somebody who's great connect me with them. And I would really appreciate that. So not just about the actual person themselves, but you never know. They may be, they may talk to somebody the next day. Right? So again, all the people in your sphere. Same thing is going on in their sphere with how many transactions are going on with people. They know they're just not thinking about it, right? But now that they've talked to you about it and now that they've gotten a quote from you and they got this cool looking quote and all this stuff. Now, when the topic comes up, they're going to actually think about it and it will cross their mind. And if you told them, I'd really appreciate it. If you. You know, told whoever you're talking, whoever's talking to you about it, about me, it's all going to click, right? This doesn't just all happen, you know, by osmosis, right? You got, you got to plant those seeds to when that person is in that situation, it all clicks because we've done our job, we've personally reached out to them and let them know what we do. We've been in front of them on social media, doing our things, putting ourselves out there as an expert. Right. And so if we, and then planted the seed that not only are we hoping that they'll use us, but we're hoping that they will refer us people to. So when you've done all the proper steps and then planted the seeds, that's what's going to trigger that, you know, memory and trigger in their mind. Like, oh, yeah, I should recommend them to Kyle because he, you know, he said, he asked me if I could do that. Right. So we got to plant those seeds and we got to do our part. So working your sphere, extremely important. The actionable item for today is obviously to pull up your phone, go through every contact call or text. I recommend doing both to text people who don't answer, but to call them and just let everybody know, because. You know, you also may think like, oh, I called everybody and, you know, nothing, nothing happened today, but this is for years to come. You got to do it now so that every single day it's working for you. Once you've done this and planted those seeds, they're going to be growing. Now, the water that you put on those seeds is going to be the social media stuff. It's going to be the staying in front of all of them, but first you got to plant the seeds first. You got to tell them this is what we do, right? We're planting the seed to every single person. We know this is what we do. Then we're going to water it, right? Because we're going to be out there constantly helping it grow, staying in their face. And just at the end of the day, that's all going to end up growing into more revenue later, right? Because those there, it's going to be working for you while you're working on leads and all this other stuff. Okay. The seeds that you planted in your sphere properly in the beginning are going to be working for you and you're going to be getting deals out of it, not only from the people in your sphere, but even people in their sphere. So plant the seeds now and let it work for you while you're working on leads and getting business outside of your sphere, let your sphere work for you. All right. I don't see any questions here. I think we'll go ahead and wrap it up. So remember weekend is the best time to make calls. So I would let everybody in your sphere know today what you do. And then I would spend the weekend making calls if you really want to get some things going. So appreciate everybody tuning in. Remember we do this at 12 PM Eastern, where we go through the front end of the mortgage business every weekday. So we'll be back next week with some new topics. Appreciate you tuning in. We'll see you Monday, 12 PM Eastern for the next episode of the loan officer sales training with mortgage.