Bob Betel, President, Allstar Home Mortgage, Inc (Allstar Home Mortgage, Inc.)

Spam prevention
Rainmaker
5,368,504
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Bob,

There are better ways to get agent's attention than cold calling, I think.  Like being a speaker at their weekly meeting.  I heartily agree with Nina Hollander , and Sybil Campbell  also made a great point. A

Jan 07, 2016 04:33 AM
Rainmaker
3,908,652
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I hate to say it, but I don't. Experienced agents typically have a list of mortgage brokers they've depended on for ages and rarely look to expand the list.  If i were you, I'd send a letter that provides information about something you bring to the table that no one else does in terms of loan products. That might get their attention.

Jan 07, 2016 04:33 AM
Rainmaker
1,510,363
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Sometimes vendors stop by an open house and this is how we meet. No cold calls for me, please. 

Jan 07, 2016 05:35 AM
Rainmaker
1,965,147
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

come from contribution - I met one lender I used for years who brought rate sheets to my open house and stayed for an hour to chat. 

Jan 07, 2016 12:35 PM
Ambassador
3,986,518
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Usually I would not grant a meeting just based on a phone call. Now if someone calls because of a referral from someone I know then I am likely to schedule a meeting.

Jan 07, 2016 09:04 AM
Rainer
279,004
John Crosby
Real Property, Inc. - Marblehead, MA

Cold Call = Click Buzz,  Stop by in-person at an agent's open house and talk with the agent when they are not busy with buyers.  What is your expertise? i.e. what makes you different? saying you are the best doesn't float my boat.  Do you specialize in VA loans? rehab loans? construction loans? bridge loans? what are your fees? what makes you different and desirable? 

Jan 07, 2016 06:57 AM
Ambassador
3,223,019
Anna Banana Kruchten CRS, CRB, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Sorry but I wouldn't be meeting with you if you cold called me.  I'd suggest you get involved in agent events such as education classes etc and start networking and building relationships.

Jan 07, 2016 06:28 AM
Rainer
215,563
Sharon Altier, SFR
Lawton Realty Group, Inc. - Elmhurst, IL
Your Real Estate Partner

I do not; no time.  As Nina menioned, I also use personal references of mortgage brokers.  I never recommend someone with whom I have not shared a transaction.  The other suggestions of making presentations or networking are good thoughts!

 

Jan 07, 2016 04:40 AM
Rainmaker
1,525,205
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

Maybe you should offer some incentives or hold a party for networking.

Jan 07, 2016 04:33 AM
Rainmaker
4,736,785
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Unfortunately, I say the same thing.   I find new lending partners from working with them on the other side of a deal.   Have been known to give new lenders referrals after they have done a great job.

Jan 08, 2016 06:10 AM
Rainer
112,897
Vera Gonzalez
RE/MAX Suburban, Inc. - Sterling Heights, MI
Gonzo For Real Estate

I have always loved when they stopped by open houses. One lender who I do use now did this.... Contacted me after seeing my open houe on Zillow and offered to sit with me during open house. We had not only a great time withthe guests , she saw how I worked with clients and I saw how she worked as well. We got to know each other , it was not sales pitchy is was watching another person in action plus it fit in to our schedules:)  

Jan 07, 2016 10:48 PM
Rainmaker
3,874,781
Richard Weeks
Dallas, TX
REALTOR®, Broker

Ask them if they are working with any buyers who need an agent.

Jan 07, 2016 09:54 PM
Ambassador
3,722,232
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Bob, I think most of us hate to get these calls. 

Jan 07, 2016 02:40 PM
Rainmaker
3,985,771
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I seldom do

Jan 07, 2016 11:53 AM
Rainmaker
563,356
Jeffrey Jones
AZ Home Seekers - San Tan Valley, AZ
AZ Home Seekers, azhomeseekers.com

I never meet with cold calls. Every loan you close for a buyer you have a chance to win over the listing agent by giving them status updates weekly. try focusing on the agents you have had transactions with where you have some credibility and name recognition.  All the lenders I work with are agents I met on the job professionally.

Jan 07, 2016 11:01 AM
Rainmaker
140,518
Joan Dickie
Keller Williams Premier Realty - La Crosse, WI
Keller Williams Premier Realty

If I have time, I will meet.  I always want to find lenders who have a track record of getting deals closed.

Jan 07, 2016 09:50 AM
Rainmaker
1,697,649
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

Never, I don't like it. You get referred or it's a no go OR I accidently meet you at a function & you seem intelligent & can offer my clients great rates & good service.

 

Jan 07, 2016 07:51 AM
Ambassador
4,312,167
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Bob Betel - start with referring a buyer to one of them! One you GIVE, you GET!

Alternate way is - attend some networking event and connect with the agents.

One more possibility - throw an event (some lenders in my area arrange for a CE class for free to agents).

Jan 07, 2016 07:34 AM
Rainmaker
104,111
Scott Lawson
America's Home loans - Santa Rosa, Petaluma Mortgage Broker - Santa Rosa, CA
Mortgage Broker FHA, VA, refinance or purchase

Forget all the fluff. If you have time to be out and about pressing palms, smiling and slapping agent on the back, you're, in my opinion, making a mistake. Would you trust a loan officer that's out in the field all the time and not in the office tending the deals that you referred to him? Believe me, there lots of LOs out there that operate like that and they tend to do crappy work.

Learn how to find and qualify buyers on your own, and then YOU do the referring out. Nothing starts a business relationship better than a well-qualified, motivated buyer that you intorduced to a realtor that results in a closed escrow. I only work with a few agents 'cause I'm picky about who I refer my cients to, but those relationsips are golden.

Spin your view of the relationship around and see how quickly your network develops. I've been working this way for years and it is quite effective...

Jan 07, 2016 07:29 AM
Rainmaker
1,707,347
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

When they offer me luch at the place of my choice I will give them a listen. Maybe they have something

Jan 07, 2016 07:10 AM
Rainmaker
591,654
David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential

Bob,
I used to be a lender so I understand. As you see from other answers we tend not to do it because most of the time it is a waste of time. I’ll buy that you are the best, do you:

# 1 Have recommendations or testimonials from other agents?

# 2 Show me a record of your pricing compared to WSJ prime or another benchmark. Can I tell my clients you will never be more than 24 basis points above WSJ prime?

# 3 Can you show me data on how fast you can close?

 

Yes, we are a “show me” bunch.

Jan 07, 2016 06:36 AM
Ambassador
2,058,237
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Maybe it would be better to sponsor a breakfast or lunch at one of the training sessions the local Realtor Association is holding.  They will usually give you a few minutes to speak and pitch yourself and you'll have several people in front of you at the same time. I usually don't meet with lenders one-on-one for lunch etc, I do appreciate the invitation but really don't think it's required.

Jan 07, 2016 05:19 AM
Rainmaker
1,136,268
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Introduce yourself to the managing director go to their sales meetings.

Sponsor some of their events, picnics, gift exchange.  It takes time.

As for me I have two sponsoring my marketing with shared advertising expense. I have 4 loan brokers in the same office. I ask them to send business over so I can fully utilize their potential...... Most will do open house too.

Jan 07, 2016 04:50 AM
Rainer
54,843
Joe D'Agostino
NMLS# 729950 - Manahawkin, NJ
Mortgage Officer 46 years!

Bob...With 45 years as a Mortgage Banker,you are doing the right thing. 1) get on every social media out there, especially if they are free.2) Get contact information (e-mail addresses)on as many people as you can,builders,accountants,attorneys,Realtors,friends and especially your past borrowers.  I have thousands of e-mail addresses. 3) Send out information to all of them at least once a month, use HTML type e-mails. I have a referral driven business and I send hundreds of   e-mails two to three times every month. You need to keep your name in front of people. When I taught marketing for Lenders and Realtors years ago,most people forgot the Realtors name,but not the company within 9 months. For us lenders the time was less. You need to "Brand" Bob Betel,and not the mortgage company. You are the most important person in a real estate transaction,for without the money,no one gets paid. Good luck-Joe

Jan 12, 2016 12:47 AM
Ambassador
5,216,871
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Give Joe Petrowsky a call, he does a great job of helping others with referrals as well as a busy lunch schedule that all result in a very full schedule for him and his staff.

Jan 08, 2016 03:34 AM
Rainmaker
3,958,612
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Bob -- Cold Calling wouldn't work for me.  

Jan 07, 2016 11:37 PM
Rainmaker
4,021,713
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Time is tight. Cold calling not apt to fit my schedule. Need a receommendation from someone I know to get an appointment.

Jan 07, 2016 09:20 PM
Ambassador
2,759,387
TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

 Good morning Bob. One-to-one relationships is a great way to start after doing office presentations. Bring home-cooked food. They appreciate it more than the usual coffee and bagels.

Jan 07, 2016 05:41 PM
Rainmaker
2,410,469
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Bob. I have never done any cold calling or do any of my loan officers. All of us have 100% referral based businesses.

Jan 07, 2016 05:24 PM
Ambassador
3,021,177
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Give me a call tomorrow Bob.  I'll tell you a tale of how my favorite lender won me over.

Jan 07, 2016 01:27 PM
Rainmaker
80,203
Linda Guess
Keller Williams Tri-Lakes Branson, MO - Branson, MO
Branson area real estate sales.

Loan officers would drop by our office.  They would usually bring something to give us.  One time one brought just a bag of popcorn.  When you give someone something they will usually accept and then you have their attention for a little while so they can get to know you.  If they have had problems with a lender they may consider giving you a try.

Jan 07, 2016 01:25 PM
Ambassador
2,224,067
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

I had a new lender call me a few months ago. She wanted to meet with my office. We are too busy for that. She kept pressuring me. I hated it. She still sends me emails. Don't be too overbearing. 

Jan 07, 2016 01:04 PM
Rainmaker
1,361,958
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I'm not much on the cold calling side.  The three lenders I work with I met through:

  1. Referral (already was using the lender, but wanted to switch brokers)
  2. "Thirsty Thursday" mixer at the board
  3. Randomly sat down with someone at lunch after a bank sponsored economist lecture.  The conversation went political quickly (table of 8 and I was the only new face there) and agreed with my politics.  Cards were exchanged.

 

I very seldom respond to cold calls, although I think I found a direct mailer through a cold call received at the exact moment I was looking in to the topic.  Fate.

Jan 07, 2016 11:24 AM
Rainmaker
604,095
Mitchell J Hall
Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

Sorry but never. I already have many great bankers and brokers I work with. Different ones for different deals, different types of properties, price points and particular client's needs.

I need to be won over. A cold call and meeting won't do it for me. 

Bankers and brokers that I send business to have earned it. One banker started sending me financial fliers for my open houses. He would check my listings. Pre approve my properties and send me beautiful hand outs for my open houses with different mortgage scenarios for my listing. 30yr fixed 15 yr 10% down 20% down etc. They came in handy. I gave them out to buyers.

When we did the first deal together his team proved to go above and beyond. We now have a relationship based on the experience.

 Another broker did a 5 year rent vs buy analysis custom designed for me with my contact info and his info on an excel spread sheet that I just enter in the price of my listing taxes etc and it calculates the money saved by buying vs renting over 5 years.  A great hand out for me to give to buyers at open houses too. I love having nice hand outs for my listings and open houses. But then the banker/broker has to deliver. No over promising and under delivering for me.  

Jan 07, 2016 10:57 AM
Rainer
318,363
Melissa Jackson
Century 21 Alliance Properties - Azle, TX
Helping You Make The Right Move

I would not find time to meet with you from a phone call. If we met at a net working event or you were refereed to me I would spend time getting to know you. 

Jan 07, 2016 09:55 AM