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Loan brokers as RB leads

This topic contains 11 replies, has 0 voices, and was last updated by Avatar of alchemist4 alchemist4 12 years, 1 month ago.

Viewing 13 posts - 1 through 13 (of 13 total)
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  • #4040
    Avatar of alchemist4
    alchemist4
    Member

    I’ve talked to several loan/mtg brokers lately in an effort to get their “throw-aways,” i.e. almost but not quite qualifying for a home. I have several houses that are in the pipeline and I’m trying to build a buyer’s list. The brokers haven’t been very helpful. It may be me or my approach. Any suggestions for how to approach these guys or do I just need something solid available for an RB to move into right now? Should I be offering him a fee for the names even before I place them?

    Thanks,
    Alain

    #23232
    Avatar of ericw
    ericw
    Member

    There is a post on this vary subject in the Mentoring forum below.

    I am having GREAT success with mortgage brokers. First, however, you have to realize that calling brokers is a numbers game just like calling sellers, realtors or anyone else. I posted my amazingly surprising results on my first call from the other day, leads and a RB with their funds already in the form of a money order from the bank.

    MY POST FROM THE OTHER THREAD, your mileage may vary but it is working for me so I am going to stick to it.

    By far what is working best for me is something like: (taken almost word for word from what Bret said though I tend not to read it from a script so it varies every time I say it depending on how the conversation is going)

    Hello, can I speak to the principle (or broker).
    Hello Mr. Broker, how are you today? … Great! My name is Eric and the reason I am calling is that I am an investor in the area and have some homes available. I work with MB to put their office dead files into my homes and work with them to qualify for a loan which will be referred back to you (some have asked how do I know, some have asked if they could work with them, most just say no or ok). How many dead files does your office currently have? (I have found it is best to just ask how many instead of Do you have any).

    If they are hesitant I will throw in the referral fee as well. Once they say that sounds great, and they usually do, just go over and meet with them and get the referrals.

    I might explain that it is in my best interest to work with them rigorously (the RB) to get qualified in the next 1-3 years because that is when I make most of my profit if it goes that route and I get the impression they don’t believe I have any such intention.

    There are so many different variables and things I have talked about with MBs that it is hard to for me to have a set script for it. I start out as above and go were the conversation is with what I talk about. I have just always made sure they know I will pay a referral at closing, what the requirements are from their dead files (5% plus first), they will get the refinance loan down the road as well and after I get my first referral from them keep in contact so they know i am still here.

    Listen to the audio of Bret talking about working with MB (not sure which one it is).

    The most effective approach has been doing what Scott outlines in his eBook especially if you get a meeting with all the Loan Officers, much more bang for the buck and time spent.

    #23233
    Avatar of ericw
    ericw
    Member

    @alchemist4 wrote:

    I’ve talked to several loan/mtg brokers lately in an effort to get their “throw-aways,” i.e. almost but not quite qualifying for a home. I have several houses that are in the pipeline and I’m trying to build a buyer’s list. The brokers haven’t been very helpful. It may be me or my approach. Any suggestions for how to approach these guys or do I just need something solid available for an RB to move into right now? Should I be offering him a fee for the names even before I place them?

    Thanks,
    Alain

    I don’t consider myself experienced or knowledgeable enough to be giving out advice but what I mentioned above works like a charm in this lack of buyer market I am in. Every office has dead files out the ying yang ;-)

    What has been your approach anyway?

    #23234
    Avatar of areyes
    areyes
    Member

    @alchemist4 wrote:

    I’ve talked to several loan/mtg brokers lately in an effort to get their “throw-aways,” i.e. almost but not quite qualifying for a home. I have several houses that are in the pipeline and I’m trying to build a buyer’s list. The brokers haven’t been very helpful. It may be me or my approach. Any suggestions for how to approach these guys or do I just need something solid available for an RB to move into right now? Should I be offering him a fee for the names even before I place them?

    Thanks,
    Alain

    say the word commission next time.

    #23235

    Alain,

    Clip sent.

    8) , Alan

    #23236
    Avatar of Administrator
    Administrator
    Keymaster

    Alan,

    Could you send me that clip please?

    Thanks,

    Elvin

    #23237

    Nope.

    I need an E-mail.

    It’s all good. :idea:

    #23238
    Avatar of Administrator
    Administrator
    Keymaster

    sorry Alan thought my email was on my profile

    efraz98@yahoo.com

    #23239

    Tell me about.

    I’m the one that sent an Audio File, to one of my Researcher’s that had the E-mail Adress: ” deafthunder ” @ so and so.

    She wrote back,” that’s fine, except for one thing….”

    ( brother :oops: )

    #23240
    Avatar of ericw
    ericw
    Member

    @agross wrote:

    Tell me about.

    I’m the one that sent an Audio File, to one of my Researcher’s that had the E-mail Adress: ” deafthunder ” @ so and so.

    She wrote back,” that’s fine, except for one thing….”

    ( brother :oops: )

    lol, that’s hilarious…in an embarrassing way ;-0

    #23241
    Avatar of sstanton
    sstanton
    Member

    hmmm. Alan, send me the clip. I’ll see if I can play the clip and get my voice reader to print the text from the clip. Should be an interesting challenge (I have not tried that yet).

    Stu
    (you have my address)

    #23242
    Avatar of alchemist4
    alchemist4
    Member

    Alan,
    You mentioned sending a clip – just checked and didn’t get it. Was it the audio clip of Brett you mentioned?

    I’m actually doing a short-sale with a couple: she’s a Realtor and he’s a loan broker. I mentioned that we can often get marginal, dented credit, etc. buyers into homes that he can’t get qualified. He wasn’t very receptive. I explained some more and asked him if he had any. He never said yes or no. He might have been just too wrapped up in his SS.

    I’m going to call on a few (and ask a few Realtors who they work with), using suggestions from all above. I’m sure I’ll get hold of an interested broker sooner rather than later. I mean, after all – THEY need us, right?

    Thanks for all the replies and help. We can always count on forum contributors to be helpful and offer real-life, tested solutions. You guys are really great.

    Alain

    #23243

    Alain, I sent it to you, now and no, the e-mail didn’t look familiar, so thanks for helping me get back with you.

    Like I should have told the Deaf Lady, “Thank you, for Helping me !” :shock:

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