630,251
Supporting my business with co-branding.
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Praful Thakkar
Burlington, MA
279,878
2,443,250
Are you a new agent? If not, keep in touch with your past clients. Sort them by interest rate or type of loan and keep them updated with where the market is right now and if a refi is in their best interest.
My other suggestion would be to write posts about the mortgage loan process and why it is not like buying a car or furniture. Compare why a credit score might pull a different number than an auto loan credit score. Write about different loan types. Educate buyers and home owners. When they are searching online they will find you.
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Nicole Rivers
West Orange, NJ
2,538,633
I have been a member of BNI for 17 years. No one gives out more referrals than I do, each and every year. Last year I closed 34 transactions out of my group. I consider BNI my second best client.
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Nicole Rivers
West Orange, NJ
921,504
BNI, success is really the luck of the draw. If you get with an exceptional group it will be productive. Of the groups I been a part of you basically chase rumors. Time would be better spend dialing for dollars. I no longer attend even with a special invitation.
My recommendation to a lender is to find a value platform that is beneficial to those you intend to help. This will distinguish you from most lenders who are selling exceptional service that evaporates at the first bump in the road. SERVICE is not value added, it is REQUIRED.
If you are wanting cold leads from the 'internet' the magic is low rates.
If you want impossible leads, but future potential the magic is 'low FICO, not a problem."
Now you really should consider HELOC's if able to do so. That is when dialing for dollars can really pay off. If you are considering BNI, you will need more in your lending portfolio than primary mortgages. If you do have more, BNI may payoff if you present your VALUE position.
With shame I must confess my over the top lender for delivering hand holding service is my Wells Fargo guy. I really don't like doing business with the big banks. They have raised the bar.
My preferred lender does all within her power to make sure a deal closes. She is as committed to the process as I am. Start thinking about how a lender can demonstrate commitment...tangibly.
Now you will be able to run with the 'tangible' concept and create your own lead generation machine. Then when you carry YOUR lead to a REALTOR, you have their full attention.
IT IS A TWO WAY STREET.
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Nicole Rivers
West Orange, NJ
5,773,367
BNI is a great group. One of the members on Active Rain, Joe Petrowsky belongs to one in CT and loves it. Of course, he is a master at referrals. BNI depends on the marketplace they are in.
When we lived in the Northern Wine Country of California, we checked out 4 BNI groups, and they just did not resonate with us. Not everyone was participating full out, and a lot of guilt trips were laid. My husband and partner, Ron talked to the head honchos there and they also admitted that all groups are not created equal.
Investigate the groups in your area, and find a strategy that makes you well known and well thought of in your community. A
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Nicole Rivers
West Orange, NJ
6,425,924
4,319,873
4,800,132
4,310
Thank you everyone for all the great info and feedback. What a warm welcome this is for a newbie! I look forward to learning more and making connections.
4,310
Anette, thank you for all of your recommendations. I do understand that with BNI, as it goes with any networking group, it depends on the group. I've been recruited for a new group starting a little ways from me and so the covetted mortgage position is up for grabs. I think I'll try it for a year.
My niche is definitely working folks with lower scores, and doing credit repair to get scores up when possible.I'd say that's my value position. My company doesn't do HELOCS so that's not something I can focus on.
Thanks for giving me so much to think about!
863,432
Hello Nicole. Sorry I am not familiar with BNI. Went to your profile and see a Welcome to Active Rain is in order. Look forward to your first post.
Best for success in AR as well as your business. Mark
1,683,912
2,443,250
I have been part of a networking group for years, several groups actually, and in my opinion BNI is the most serious one out there. They take their job as referral guru's very serious. Having said that, you still have to find a BNI group run right or its just like a Mom and Pop run networking group.