How to prospect successfully in an ugly mortgage market
The number of HECM endorsements recorded in April was the fourth-lowest since 2004. Does that mean there’s no opportunity? Absolutely not. Hard times often push us back to basics or the habits which helped us grow our loan production in years past. Here are 11 ways you can start to recharge your loan pipeline.
- Review all previous leads that were short to close. See if they may qualify with today’s low-interest rates.
- Find every potential borrower lead written down on a scrap of paper, Post-It-Note, or business card and input it into your CRM. If you don’t have a Customer Relationship Manager (CRM), check out our Sales Engine CRM made for reverse mortgage professionals.
- Isolate and find your top 50 professional contacts. Now divide them up to contact each every 6 weeks. You can schedule this on your calendar or CRM.
- Check-in with your top 50 professionals by making at least eight phone calls weekly. Keep it casual, informal, and fun- the point is to make positive contact.
- Schedule at least one meeting with a professional in your market each week. It could be a quick cup of coffee, lunch, or grabbing a beer. The point is to build a relationship or keep one strong.
- Contact your local newspaper and offer to write a column about reverse mortgages, aging in place, or the challenges facing retirees.
- Time-block recurring times each week for outbound sales calls. If it’s on your calendar it will happen.
- Consider scheduling follow-up calls with every applicant on Tuesdays and Fridays. Call them even if there are no new developments. Regular communication helps avoid unnecessary stress for your applicants and possible cancelations.
- Find one inspirational book to read. Schedule two nights a week to complete.
- Find one inspirational fellow reverse mortgage professional. Ask them if you could speak once each week. Give encouragement, perspective, and ideas to each other. Avoid the trap of complaining.
- Join your local chamber of commerce, a leads group, or your local financial professionals’ group. Be a friend, helper, and fellow professional. Don’t ask for leads first. Show your value and build a relationship.