April 11, 2024 • 20 mins
In this episode, we dive into the art of follow-up calls and unveil proven strategies for loan officers to maximize their effectiveness. Hosted by Kyle Hiersche, this engaging discussion explores the importance of follow-up calls in nurturing client relationships and driving loan conversions.
Join us as we uncover the secrets to crafting compelling follow-up scripts, maintaining rapport with clients, and overcoming common challenges. Learn how to personalize your approach, establish trust, and address client concerns to move prospects closer to closing.
Our expert guests share their experiences and practical tips for mastering follow-up calls, from timing and frequency to communication techniques that yield results. Discover how to leverage follow-up calls as a powerful tool for building long-term client loyalty and driving business growth.
Tune in to gain invaluable insights and actionable strategies that will empower you to elevate your follow-up game and achieve greater success as a loan officer!
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 Mortgages and thousands more!
Our Mortgage Loan Originators are trained to be loan consultants to guide borrowers throughout the entire loan process. A licensed Loan Officer is on
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
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:01):
Okay, so welcome everyone.
My name is Kyle Hiersche.
I'm the COO of the MortgageCalculator and this is our loan
officer sales training that wedo every week.
Weekday at 12 p.
m.
Eastern where we go through thefront end and sales end of the
mortgage business today.
We're going to be talking abouthow to make follow up calls.
We all know it's something weneed to do.
(00:21):
Some people are kind of afraidof it.
Some people just don't getaround to it.
So.
We're going to talk about thattoday because it is the most
crucial part of any salesbusiness.
And don't be confused.
We are in sales just becauseyou're a loan officer, you're a
consultant, you're doing loanson the front.
You know, we have to wearmultiple hats as a loan officer
(00:42):
because on the front end, at theend of the day, we're still safe
people.
So let's talk about it here.
First off, the fortune is in thefollowup.
I don't need to tell you that,right?
Everybody knows that they knowthe same.
And then, of course, the nextbullet point here lead is
forever.
We never stop following up.
Right?
So you know, Nick and I have abook called follow the lead and
(01:04):
the 1st chapter is called thelead is forever because a lead
is an asset that we're nevergoing to stop following up with.
So the fortune is in the followup, and our system is made so
that you never stop following upwith anyone.
And so you know, that needs tobe the motto there.
Lead is forever.
(01:25):
We don't ever just leave.
Leave a lead to the side, right?
Remember for those of us at themortgage calculator, in the CRM
training that we do, we talkabout how every.
Lead needs to be pushed forward.
No lead left behind ever, right?
Every lead has to have some kindof reminder to follow up with
them in the future.
So no lead is ever wasted.
(01:47):
You know, here's the thing.
You'll never know how many salesthat you lose.
From not following up.
So it's not one of those thingswhere it's like, you know, it,
it, it affects your pocketsright at that second.
It's a thing where you'll neverknow how many deals that you
would have closed.
You know, you just don't know ifyou're not doing the followups.
(02:08):
Right.
And here's some, some statisticshere.
80 percent of sales require fivefollowup calls.
Or more, right?
That's, that's a lot.
80 percent of sales.
Mind you, this is follow upcalls, not, not counting the
initial call, right?
And 48 percent of salespeoplenever make a follow up.
(02:29):
Keep this in mind in 2023, 40percent of loan officers left
the business.
40 percent of your competitionleft the business last year
because it was a difficult year.
48 percent of them are not evenfollowing up with people.
Now it's obviously not exact,right?
(02:50):
It doesn't exactly translate.
But the point here is that justby staying in the business this
year, you beat out 40 percent ofloan officers of the
competition.
If you just follow up withpeople, you're beating out 48
percent of the competition thatis not even following up.
So these are simple things hereto be light years ahead of your
(03:12):
competition by doing somethingvery simple and very easy.
Now, coming back to the, you'llnever know how many sales you
lost.
The example, I'm sure you've allprobably heard this, but I just
can't talk about it enough.
The example of Mike Vasquezmaking the 4 million in
(03:33):
production from one lead that wegave him, but he called him
eight times and it was only onthe eighth time that the person
answered and said another lenderfell through today.
I'm going to give you a shot.
He ended up doing three loansfor him.
Multi million dollar loans.
Amazing client, but it was theeighth follow up.
So there's no better exampleI've ever heard of In in the
(03:55):
industry or even in sales thanthat, right?
Not just a no better example atour company There's no better
example I don't think out thereperiod of the fact that somebody
took the time to follow up eighttimes And then boom happened to
call them right on the exactday.
And that's the thing.
You don't know what's going onwith people's circumstances.
You don't know if people can'tanswer or don't answer.
(04:17):
So think about this when Mikewas calling this gentleman, he
could have just said, Oh, like,obviously he doesn't want a
mortgage.
Cause I called him twice and hedidn't answer.
Right.
Well, the gentleman wasinterested.
What probably happened was thathe was probably talking to
multiple people, right?
And we were one of them.
And then he kind of started, youknow, dealing with somebody else
(04:38):
and then stopped answering Mike.
But then once that fell through,Mike happened to call him at the
right time.
So again, circumstances change,things change.
If he wouldn't have called himthat eighth time, it wouldn't
happen.
And if he wouldn't have calledhim the eighth time on that,
that day.
Right.
And so that's why you need tofollow up constantly because you
never know what day that day isgoing to be where their
(04:58):
circumstances change orsomething falls out or or you
know, there's something in thenews that makes them want to do
something or if they need cash,right?
You never know.
You call them and say, Hey, Iknow we talked about a cash out
refinance a lot, you know, awhile ago.
And they go, you know what?
I actually am in a cash crunchnow, now that you call me, is
this still something we can do?
(05:19):
Right.
So you just never know people'scircumstances change, but eight
follow up calls.
Best example ever.
It's, it's, it's, it's soimportant to understand that
we're talking about like 60, 000or something and commissions in
his pocket that would not haveexisted if he called him seven
times.
(05:39):
Think about that.
Seven calls is a lot.
I know a lot of you are goingseven calls.
I've never called somebody seventimes.
Well, you need to, you need tocall them eight times, 10 times,
20 times they, you know, theleads that we're talking about
here at the mortgage calculator.
Most of these leads, these areall opted in leads, right?
(06:00):
They are the one who clicked onour ad.
They are the one who doubleopted in.
They have to click fourdifferent screens to opt in, to
give us their information for usto call them about the product
that they're inquiring about.
So you are doing this for them.
They requested you.
To do this, right?
(06:21):
And so you should be on top ofit.
It is your number one goal toget ahold of them, consult them
in what we could offer, how wecould help them.
And it's just not going tohappen with one phone call
usually.
And sometimes again, you know,don't, Don't stop following up.
It just takes following up againand again and again.
(06:43):
And if you're only callingsomebody once, twice, three,
four, five, six, seven times,just think about the fact that
that eighth time could be 60grand in your pocket, but you'll
never know if you don't do it.
Mike would have never known thatabout that 60, 000 that went
into his pocket.
He would have never known if heonly made seven calls, he'd have
no idea that that money wasthere that he could put into his
(07:04):
pocket.
Right.
So it's, it's a big deal.
Make sure you follow up.
I, I really hope everybody hereuses that example.
I mean, like I said, it's notjust a great example here.
It's a great example in sales ingeneral, but since, since you're
here at the mortgage calculatorand this happened right here at
the mortgage calculator with ourleads, the same leads, we're
giving you same exact adcampaigns, same exact leads that
(07:28):
we're giving you.
That should be a lesson to, Oh,I want to, I want to be like
Mike, right?
I want to make sure that I'mfollowing up eight times, 10
times, because I don't want tomiss out on the 60, 000 in
commission from dealing with oneclient.
Right.
And then the follow ups don'tstop after the sale, right?
We we know this follow ups don'tstop.
We're going to keep continuingto call them.
(07:50):
We're going to check in withthem.
We're going to set follow uptasks for us to check in.
We're going to check in withthem.
After the closing to make surethey got their closing gift.
Right?
Because remember we send themthe little closing gift, you
know, everybody who Does alongwith us, we send them an email
and they answer the questionsthat curates a little gift box
(08:10):
for them, a mortgage calculatorgift box and sends it to them
maybe you know, cutting boardand wine opener, a little mini
speaker, a water bottle orsomething, you know, it sends
them a little box with somelittle stuff.
So that's a perfect reason tofollow up and say, Hey, did you
get the email?
Make sure to fill that out so wecan send you your gift box.
And then, Hey, did you get thegift box?
Just wanted to make sure.
(08:30):
And each time, what are wedoing?
We're asking for follow.
We're asking for referrals.
We're asking if there's anythingelse they can help us with.
And even if there's Excuse me.
Even if there's no referrals,even if there's nothing that we
can help them with, we gotanother touch, right?
We're staying relevant.
(08:52):
They're knowing us more.
They're communicating with usmore, even after the sale,
because what you don't want isfor them to just be like, okay,
it's done now.
I don't ever need to talk tothis person again, right?
You want to just keep therelationship going.
Easiest way to do that is to, Tocontact them right after
closing, say, Hey, we're sendingyou an email for a closing gift,
fill it out.
And then, you know, later, Hey,did you get the closing gift and
all that kind of stuff?
(09:12):
Right?
So follow ups don't stop afterthe sale.
It's even almost more importantto follow up with them, right?
Because they were already yourclient.
Chances of you getting areferral from a client or a
repeat deal from a client is wayhigher than calling new people,
right?
So very important.
Okay.
So how does this apply to usspecifically at the mortgage
(09:32):
calculator?
Well, we need to always have afollow up task set to call.
Remember that we go through inour trainings, how to call them,
what the process is for thefirst three days, how it works,
always setting follow up tasks.
So you just got to make surethat that's set.
Also remember that if it is acompany lead, at the mortgage
(09:55):
calculator and you do not have afollow up task set, then the
lead is recycled.
Right.
And there's no, nobody contactsyou about it.
There's no anything going on.
You just know, you know, that'sthe policy.
And and so the systemautomatically does it overnight,
every night, anybody that failedto set a follow up task on a
company lead, right?
Your leads, your leads are yourleads, but on a company lead, if
(10:18):
you failed to set a follow uptask for the future, the system
will recycle it automatically.
So it's very important to followThe exact procedures and
policies laid out now, just likewe talked about in the quote
training, we want to re quotethem every three days.
We want to call them the nextday after we re quote them and
just keep this process going.
(10:39):
Remember, the re quoting iskeeping them updated on rates,
and it's also following up witha purpose.
Right.
That's what's so great about oursystem too, is that the quotes
give you a reason to follow upbecause you say, Hey, I re
quoted.
You just want to make sureyou've got the current rates.
Just want to make sure you seewhat's going on.
You're keeping them updated.
You're providing value to them.
You're not harassing them.
(11:00):
Some, some people just.
Just call them and over and overagain and say, Hey, can I pull
your credit yet?
Can I pull your credit?
They're just trying to lock themin to pull their credit.
Right with us.
No, we're going to keep theminformed.
We have valuable informationthat we're giving them specific
to their exact scenario.
And so this is something wherewe're providing something to
them.
(11:20):
We're not harassing them.
We're not being pushy.
We are providing something ofvalue to them.
And that is the best way tofollow up.
Okay.
And again, we're talking aboutfollow up calls here today.
And so the re quote leads to thefollow up call, right?
The re quote is the reason tomake the follow up call and say,
(11:43):
Hey, I sent you a new quote.
Check it out.
Updated rates.
Let me know what's up.
Other things to follow up with apurpose about here.
Rates go up or down.
A lot of people go, why wouldyou contact people when rates go
up?
Well, some of you may noticethat all of the lenders send out
emails when rates are going.
(12:03):
Right at the end of the dayrates going up or down is going
to affect things either way ifrates are going up We want to
tell the client.
Hey rates are trending up.
Let's get something locked inright now If rates are going
down, we want to tell theclient.
Hey rates are going down.
Let's finally do something,right?
So we got to be in the placewhere we use The movement of
rates, whether they're up ordown to our advantage, right?
(12:26):
And to the advantage of ourclients, we're not trying to
trick them into anything, but ifrates are going up, rates are
going up, let's get somethingdone before they keep going up
even more.
There's one thing the lastcouple of years have taught us
is that you'd never know, right?
If LTV limits change, We'vetalked about this on a few
trainings recently of reasons toreach out to people, right?
If LTV limits change, you needto be constantly looking for
(12:49):
reasons to follow up.
If there's new programs, if weget an email from an investor or
lender or somebody announces onour team meeting or something
that now on this whatever 90instead of 85.
You should be searching all ofyour contacts.
For people that you were talkingto them about that program and
using that as a reason to followup with a purpose about, Hey, I
(13:12):
know we were talking about this.
You know, I found out that boom,they just raised it 5 percent
LTV.
Now we can do 90 percent LTV.
I immediately thought of you andwanted to reach out so that we
could do, you know, so that Icould help you.
Cause I know last time we talkedabout it, we were only at 85%,
right?
Remember at the mortgagecalculator in your CRM on the
(13:32):
contacts tab, you can search bynotes.
I think a lot of people don'ttake advantage of that enough.
Remember you're talking aboutkey locks, second mortgages you
know, anything very specific, afix and flip or something.
It's so simple to just type thatin, search by notes and all of
your contacts that have notesthat match that.
is going to pull up.
So that's an easy way for you tosay, Hey, LTV limits changed on
(13:56):
this thing.
Let me go type that into mynotes, pull up all the contacts.
I was talking about that, by theway, another reason why it's
very important to take greatnotes.
When you're talking to theclients, take great notes in the
CRM because you can search them.
They're not just for You know,reminders for you and stuff.
They're up there also for awhole lot of other stuff.
So take great notes.
(14:17):
But again, that, that news comesin, you search for the notes,
the contacts that make sense topull up and contact them, and
those are the best kind offollow ups that you can make.
And then also same thing whennew programs are released,
right?
You get a new program, you thinksomebody might be a good fit for
it.
And this ha you know, thisdoesn't have to mean that they
were talking to you.
Right.
So let's say some kind of DSCRcashout.
(14:39):
This is never going to happen,but let's say an 85 percent cash
out DSCR comes available.
You know, you could hit up anyinvestor.
You don't have to talk toinvestors.
You were talking to that.
We're trying to get 75 percentcash out DSCR.
And now you're saying, Hey, youcan, any investor would be
interested in the 85 percentcash out.
(15:00):
So that's, that's a reason tofollow up with anybody, not
necessarily just somebody that,you know, was, was, that you
were talking to that.
And then again, just to cap itoff here, ask for referrals on
the follow up, you know, theclosing gift, they get it, make
sure to follow up with that andthen set follow up tasks.
Again, you should never have acontact without a follow up
(15:21):
task, even somebody who youclosed.
I actually talked to a loanofficer the other day.
And they didn't have a task setfor the future to follow up.
And when I spoke to them aboutit, they said, Oh, I already
closed a deal with that person.
Okay, and What does that have todo with you following up with
(15:44):
them and having a follow up taskset?
What's gonna happen if you don'thave a follow up task set as a
loan officer, especially at themortgage calculator dealing with
so many leads You're talkingthousands of people hundreds of
people thousands of people.
They're gone.
They're just out of they're outof sight out of mind You're
never gonna go think to pullthem back up again You have to
set a task.
Every client that you've closed,you should have a follow up task
(16:07):
to set up for the set up to callthem every two months.
Sometimes every month, dependingon if they're an investor that
has multiple deals, multipleproperties.
Absolutely.
Every month, bare minimum, youshould be following up with
them.
If you've closed a deal withthem, right.
And, and somebody, maybe it'sjust a, a home buyer.
(16:29):
Yeah.
Maybe every couple of monthsjust to check in, make sure
they're good.
See if there's anything youcould help them with, ask them
for any referrals, stay top ofmind to, to saying, Hey, you
know, just keep in mind if youhear anybody over here, anybody
talking about buying a home orrefinancing, I'd really
appreciate it.
If you.
Gave them my info, right?
So the, again, they don't stopthe follow up calls.
(16:53):
Don't stop.
Those are even more importantfollow up calls, right?
Those are follow up calls thatwill generate you more money in
business than even the regularfollow up calls on the front
end, right?
Because these people havealready done business with you.
Hopefully you've been a valuableloan consultant to them.
And they want to not only useyou again, but recommend you to
(17:14):
people that they know.
So again, let's recap here.
Fortune is in the followup.
You all know that a lead isforever.
We never stopped following up.
You'll never know if you don'tfollow up, you'll never know how
many you lost.
And again, that I just reallywant to brand it into your head.
Eight follow ups.
(17:35):
I don't know the exact number,but whatever, 40, 50, 60, 000 in
commissions in his pocket.
So think about that when you'redialing, do I want to call this
eighth time and make 50, 000 inmy pocket?
Or am I just going to not callhim the eighth time and let the
lead be recycled and somebodyelse get it and somebody else
calls them the eighth time.
(17:56):
So think about that.
So if Mike didn't have follow uptasks set for the future.
After the seventh call, then ifthere wasn't a follow up task
set, it would be recycled andsomebody else would have called
him the eighth time and madethat money.
Boom, mind blown, right?
(18:17):
Let that also be a lesson toeveryone here to call the
recycled leads list becausethere's people like this in
there, which by the way, themain office just got a phone
call today or excuse me, fromsomebody who is ready to
purchase something.
And it's trying to get a hold ofa loan officer.
(18:38):
The person they were dealingwith no longer works here.
And so where were they?
They were in the recycled leadslist.
So somebody you all, all of youjust missed out on a sale
because you didn't call therecycled leads list.
That person was just sittingthere in the list, waiting for
somebody to call them and nobodycalled them.
So they called our office.
(18:59):
And said, Hey, you know, I'mtrying to get ahold of my loan
officer.
I'm ready now.
And you know, so they wereassigned to somebody new.
So let that be a lesson toeveryone on here.
The recycled leads are you know,amazing.
They're real leads and youshould be calling them.
And that example here of, ifMike hadn't set the follow up,
(19:19):
then the eighth call would havebeen done by another loan
officer.
And, and I don't think thegentleman would have cared
because That other loan justfell through.
I don't think he would havecared if it was Mike or if it
was somebody else at that point.
Right.
And so that would have been ahuge thing, but Mike would have
never even known about itbecause he didn't follow up.
And so again, you never know howmany sales you lose.
(19:41):
So make sure to always besetting follow up tasks and let
that be a lesson to everybody togo in and call the recycled
leads.
I can't tell you how many times.
We get an inquiry of peoplecalling the office asking to be
connected with somebody and welook and they're in the recycled
leads and nobody's called themyet.
Right.
So hit up the recycled leads,make sure to do as much as you
(20:04):
can with those.
If you can see recycled leads inthe dialer and you're not
calling them, you're not doingeverything you can to, you know,
boost your production here.
So you should definitely bedoing that.
All right.
I don't see any questions.
So I think we'll go ahead and.
Wrap it up here.
Then remember we do this at 12PM Eastern time every weekday
where we go through the frontend and the sale end of the
(20:26):
mortgage business.
So we'll be back tomorrow with anew topic.
Thank you everybody for tuningin.
We'll see you tomorrow, 12 PMEastern for the next episode of
the loan officer sales trainingwith the mortgage calculator.
Have a great night, everyone, ora great day, I guess.
Okay, so welcome everyone.
My name is Kyle Hiersche.
I'm the COO of the MortgageCalculator and this is our loan
officer sales training that wedo every week.
Weekday at 12 p.
m.
Eastern where we go through thefront end and sales end of the
mortgage business today.
We're going to be talking abouthow to make follow up calls.
We all know it's something weneed to do.
(00:21):
Some people are kind of afraidof it.
Some people just don't getaround to it.
So.
We're going to talk about thattoday because it is the most
crucial part of any salesbusiness.
And don't be confused.
We are in sales just becauseyou're a loan officer, you're a
consultant, you're doing loanson the front.
You know, we have to wearmultiple hats as a loan officer
(00:42):
because on the front end, at theend of the day, we're still safe
people.
So let's talk about it here.
First off, the fortune is in thefollowup.
I don't need to tell you that,right?
Everybody knows that they knowthe same.
And then, of course, the nextbullet point here lead is
forever.
We never stop following up.
Right?
So you know, Nick and I have abook called follow the lead and
(01:04):
the 1st chapter is called thelead is forever because a lead
is an asset that we're nevergoing to stop following up with.
So the fortune is in the followup, and our system is made so
that you never stop following upwith anyone.
And so you know, that needs tobe the motto there.
Lead is forever.
(01:25):
We don't ever just leave.
Leave a lead to the side, right?
Remember for those of us at themortgage calculator, in the CRM
training that we do, we talkabout how every.
Lead needs to be pushed forward.
No lead left behind ever, right?
Every lead has to have some kindof reminder to follow up with
them in the future.
So no lead is ever wasted.
(01:47):
You know, here's the thing.
You'll never know how many salesthat you lose.
From not following up.
So it's not one of those thingswhere it's like, you know, it,
it, it affects your pocketsright at that second.
It's a thing where you'll neverknow how many deals that you
would have closed.
You know, you just don't know ifyou're not doing the followups.
(02:08):
Right.
And here's some, some statisticshere.
80 percent of sales require fivefollowup calls.
Or more, right?
That's, that's a lot.
80 percent of sales.
Mind you, this is follow upcalls, not, not counting the
initial call, right?
And 48 percent of salespeoplenever make a follow up.
(02:29):
Keep this in mind in 2023, 40percent of loan officers left
the business.
40 percent of your competitionleft the business last year
because it was a difficult year.
48 percent of them are not evenfollowing up with people.
Now it's obviously not exact,right?
(02:50):
It doesn't exactly translate.
But the point here is that justby staying in the business this
year, you beat out 40 percent ofloan officers of the
competition.
If you just follow up withpeople, you're beating out 48
percent of the competition thatis not even following up.
So these are simple things hereto be light years ahead of your
(03:12):
competition by doing somethingvery simple and very easy.
Now, coming back to the, you'llnever know how many sales you
lost.
The example, I'm sure you've allprobably heard this, but I just
can't talk about it enough.
The example of Mike Vasquezmaking the 4 million in
(03:33):
production from one lead that wegave him, but he called him
eight times and it was only onthe eighth time that the person
answered and said another lenderfell through today.
I'm going to give you a shot.
He ended up doing three loansfor him.
Multi million dollar loans.
Amazing client, but it was theeighth follow up.
So there's no better exampleI've ever heard of In in the
(03:55):
industry or even in sales thanthat, right?
Not just a no better example atour company There's no better
example I don't think out thereperiod of the fact that somebody
took the time to follow up eighttimes And then boom happened to
call them right on the exactday.
And that's the thing.
You don't know what's going onwith people's circumstances.
You don't know if people can'tanswer or don't answer.
(04:17):
So think about this when Mikewas calling this gentleman, he
could have just said, Oh, like,obviously he doesn't want a
mortgage.
Cause I called him twice and hedidn't answer.
Right.
Well, the gentleman wasinterested.
What probably happened was thathe was probably talking to
multiple people, right?
And we were one of them.
And then he kind of started, youknow, dealing with somebody else
(04:38):
and then stopped answering Mike.
But then once that fell through,Mike happened to call him at the
right time.
So again, circumstances change,things change.
If he wouldn't have called himthat eighth time, it wouldn't
happen.
And if he wouldn't have calledhim the eighth time on that,
that day.
Right.
And so that's why you need tofollow up constantly because you
never know what day that day isgoing to be where their
(04:58):
circumstances change orsomething falls out or or you
know, there's something in thenews that makes them want to do
something or if they need cash,right?
You never know.
You call them and say, Hey, Iknow we talked about a cash out
refinance a lot, you know, awhile ago.
And they go, you know what?
I actually am in a cash crunchnow, now that you call me, is
this still something we can do?
(05:19):
Right.
So you just never know people'scircumstances change, but eight
follow up calls.
Best example ever.
It's, it's, it's, it's soimportant to understand that
we're talking about like 60, 000or something and commissions in
his pocket that would not haveexisted if he called him seven
times.
(05:39):
Think about that.
Seven calls is a lot.
I know a lot of you are goingseven calls.
I've never called somebody seventimes.
Well, you need to, you need tocall them eight times, 10 times,
20 times they, you know, theleads that we're talking about
here at the mortgage calculator.
Most of these leads, these areall opted in leads, right?
(06:00):
They are the one who clicked onour ad.
They are the one who doubleopted in.
They have to click fourdifferent screens to opt in, to
give us their information for usto call them about the product
that they're inquiring about.
So you are doing this for them.
They requested you.
To do this, right?
(06:21):
And so you should be on top ofit.
It is your number one goal toget ahold of them, consult them
in what we could offer, how wecould help them.
And it's just not going tohappen with one phone call
usually.
And sometimes again, you know,don't, Don't stop following up.
It just takes following up againand again and again.
(06:43):
And if you're only callingsomebody once, twice, three,
four, five, six, seven times,just think about the fact that
that eighth time could be 60grand in your pocket, but you'll
never know if you don't do it.
Mike would have never known thatabout that 60, 000 that went
into his pocket.
He would have never known if heonly made seven calls, he'd have
no idea that that money wasthere that he could put into his
(07:04):
pocket.
Right.
So it's, it's a big deal.
Make sure you follow up.
I, I really hope everybody hereuses that example.
I mean, like I said, it's notjust a great example here.
It's a great example in sales ingeneral, but since, since you're
here at the mortgage calculatorand this happened right here at
the mortgage calculator with ourleads, the same leads, we're
giving you same exact adcampaigns, same exact leads that
(07:28):
we're giving you.
That should be a lesson to, Oh,I want to, I want to be like
Mike, right?
I want to make sure that I'mfollowing up eight times, 10
times, because I don't want tomiss out on the 60, 000 in
commission from dealing with oneclient.
Right.
And then the follow ups don'tstop after the sale, right?
We we know this follow ups don'tstop.
We're going to keep continuingto call them.
(07:50):
We're going to check in withthem.
We're going to set follow uptasks for us to check in.
We're going to check in withthem.
After the closing to make surethey got their closing gift.
Right?
Because remember we send themthe little closing gift, you
know, everybody who Does alongwith us, we send them an email
and they answer the questionsthat curates a little gift box
(08:10):
for them, a mortgage calculatorgift box and sends it to them
maybe you know, cutting boardand wine opener, a little mini
speaker, a water bottle orsomething, you know, it sends
them a little box with somelittle stuff.
So that's a perfect reason tofollow up and say, Hey, did you
get the email?
Make sure to fill that out so wecan send you your gift box.
And then, Hey, did you get thegift box?
Just wanted to make sure.
(08:30):
And each time, what are wedoing?
We're asking for follow.
We're asking for referrals.
We're asking if there's anythingelse they can help us with.
And even if there's Excuse me.
Even if there's no referrals,even if there's nothing that we
can help them with, we gotanother touch, right?
We're staying relevant.
(08:52):
They're knowing us more.
They're communicating with usmore, even after the sale,
because what you don't want isfor them to just be like, okay,
it's done now.
I don't ever need to talk tothis person again, right?
You want to just keep therelationship going.
Easiest way to do that is to, Tocontact them right after
closing, say, Hey, we're sendingyou an email for a closing gift,
fill it out.
And then, you know, later, Hey,did you get the closing gift and
all that kind of stuff?
(09:12):
Right?
So follow ups don't stop afterthe sale.
It's even almost more importantto follow up with them, right?
Because they were already yourclient.
Chances of you getting areferral from a client or a
repeat deal from a client is wayhigher than calling new people,
right?
So very important.
Okay.
So how does this apply to usspecifically at the mortgage
(09:32):
calculator?
Well, we need to always have afollow up task set to call.
Remember that we go through inour trainings, how to call them,
what the process is for thefirst three days, how it works,
always setting follow up tasks.
So you just got to make surethat that's set.
Also remember that if it is acompany lead, at the mortgage
(09:55):
calculator and you do not have afollow up task set, then the
lead is recycled.
Right.
And there's no, nobody contactsyou about it.
There's no anything going on.
You just know, you know, that'sthe policy.
And and so the systemautomatically does it overnight,
every night, anybody that failedto set a follow up task on a
company lead, right?
Your leads, your leads are yourleads, but on a company lead, if
(10:18):
you failed to set a follow uptask for the future, the system
will recycle it automatically.
So it's very important to followThe exact procedures and
policies laid out now, just likewe talked about in the quote
training, we want to re quotethem every three days.
We want to call them the nextday after we re quote them and
just keep this process going.
(10:39):
Remember, the re quoting iskeeping them updated on rates,
and it's also following up witha purpose.
Right.
That's what's so great about oursystem too, is that the quotes
give you a reason to follow upbecause you say, Hey, I re
quoted.
You just want to make sureyou've got the current rates.
Just want to make sure you seewhat's going on.
You're keeping them updated.
You're providing value to them.
You're not harassing them.
(11:00):
Some, some people just.
Just call them and over and overagain and say, Hey, can I pull
your credit yet?
Can I pull your credit?
They're just trying to lock themin to pull their credit.
Right with us.
No, we're going to keep theminformed.
We have valuable informationthat we're giving them specific
to their exact scenario.
And so this is something wherewe're providing something to
them.
(11:20):
We're not harassing them.
We're not being pushy.
We are providing something ofvalue to them.
And that is the best way tofollow up.
Okay.
And again, we're talking aboutfollow up calls here today.
And so the re quote leads to thefollow up call, right?
The re quote is the reason tomake the follow up call and say,
(11:43):
Hey, I sent you a new quote.
Check it out.
Updated rates.
Let me know what's up.
Other things to follow up with apurpose about here.
Rates go up or down.
A lot of people go, why wouldyou contact people when rates go
up?
Well, some of you may noticethat all of the lenders send out
emails when rates are going.
(12:03):
Right at the end of the dayrates going up or down is going
to affect things either way ifrates are going up We want to
tell the client.
Hey rates are trending up.
Let's get something locked inright now If rates are going
down, we want to tell theclient.
Hey rates are going down.
Let's finally do something,right?
So we got to be in the placewhere we use The movement of
rates, whether they're up ordown to our advantage, right?
(12:26):
And to the advantage of ourclients, we're not trying to
trick them into anything, but ifrates are going up, rates are
going up, let's get somethingdone before they keep going up
even more.
There's one thing the lastcouple of years have taught us
is that you'd never know, right?
If LTV limits change, We'vetalked about this on a few
trainings recently of reasons toreach out to people, right?
If LTV limits change, you needto be constantly looking for
(12:49):
reasons to follow up.
If there's new programs, if weget an email from an investor or
lender or somebody announces onour team meeting or something
that now on this whatever 90instead of 85.
You should be searching all ofyour contacts.
For people that you were talkingto them about that program and
using that as a reason to followup with a purpose about, Hey, I
(13:12):
know we were talking about this.
You know, I found out that boom,they just raised it 5 percent
LTV.
Now we can do 90 percent LTV.
I immediately thought of you andwanted to reach out so that we
could do, you know, so that Icould help you.
Cause I know last time we talkedabout it, we were only at 85%,
right?
Remember at the mortgagecalculator in your CRM on the
(13:32):
contacts tab, you can search bynotes.
I think a lot of people don'ttake advantage of that enough.
Remember you're talking aboutkey locks, second mortgages you
know, anything very specific, afix and flip or something.
It's so simple to just type thatin, search by notes and all of
your contacts that have notesthat match that.
is going to pull up.
So that's an easy way for you tosay, Hey, LTV limits changed on
(13:56):
this thing.
Let me go type that into mynotes, pull up all the contacts.
I was talking about that, by theway, another reason why it's
very important to take greatnotes.
When you're talking to theclients, take great notes in the
CRM because you can search them.
They're not just for You know,reminders for you and stuff.
They're up there also for awhole lot of other stuff.
So take great notes.
(14:17):
But again, that, that news comesin, you search for the notes,
the contacts that make sense topull up and contact them, and
those are the best kind offollow ups that you can make.
And then also same thing whennew programs are released,
right?
You get a new program, you thinksomebody might be a good fit for
it.
And this ha you know, thisdoesn't have to mean that they
were talking to you.
Right.
So let's say some kind of DSCRcashout.
(14:39):
This is never going to happen,but let's say an 85 percent cash
out DSCR comes available.
You know, you could hit up anyinvestor.
You don't have to talk toinvestors.
You were talking to that.
We're trying to get 75 percentcash out DSCR.
And now you're saying, Hey, youcan, any investor would be
interested in the 85 percentcash out.
(15:00):
So that's, that's a reason tofollow up with anybody, not
necessarily just somebody that,you know, was, was, that you
were talking to that.
And then again, just to cap itoff here, ask for referrals on
the follow up, you know, theclosing gift, they get it, make
sure to follow up with that andthen set follow up tasks.
Again, you should never have acontact without a follow up
(15:21):
task, even somebody who youclosed.
I actually talked to a loanofficer the other day.
And they didn't have a task setfor the future to follow up.
And when I spoke to them aboutit, they said, Oh, I already
closed a deal with that person.
Okay, and What does that have todo with you following up with
(15:44):
them and having a follow up taskset?
What's gonna happen if you don'thave a follow up task set as a
loan officer, especially at themortgage calculator dealing with
so many leads You're talkingthousands of people hundreds of
people thousands of people.
They're gone.
They're just out of they're outof sight out of mind You're
never gonna go think to pullthem back up again You have to
set a task.
Every client that you've closed,you should have a follow up task
(16:07):
to set up for the set up to callthem every two months.
Sometimes every month, dependingon if they're an investor that
has multiple deals, multipleproperties.
Absolutely.
Every month, bare minimum, youshould be following up with
them.
If you've closed a deal withthem, right.
And, and somebody, maybe it'sjust a, a home buyer.
(16:29):
Yeah.
Maybe every couple of monthsjust to check in, make sure
they're good.
See if there's anything youcould help them with, ask them
for any referrals, stay top ofmind to, to saying, Hey, you
know, just keep in mind if youhear anybody over here, anybody
talking about buying a home orrefinancing, I'd really
appreciate it.
If you.
Gave them my info, right?
So the, again, they don't stopthe follow up calls.
(16:53):
Don't stop.
Those are even more importantfollow up calls, right?
Those are follow up calls thatwill generate you more money in
business than even the regularfollow up calls on the front
end, right?
Because these people havealready done business with you.
Hopefully you've been a valuableloan consultant to them.
And they want to not only useyou again, but recommend you to
(17:14):
people that they know.
So again, let's recap here.
Fortune is in the followup.
You all know that a lead isforever.
We never stopped following up.
You'll never know if you don'tfollow up, you'll never know how
many you lost.
And again, that I just reallywant to brand it into your head.
Eight follow ups.
(17:35):
I don't know the exact number,but whatever, 40, 50, 60, 000 in
commissions in his pocket.
So think about that when you'redialing, do I want to call this
eighth time and make 50, 000 inmy pocket?
Or am I just going to not callhim the eighth time and let the
lead be recycled and somebodyelse get it and somebody else
calls them the eighth time.
(17:56):
So think about that.
So if Mike didn't have follow uptasks set for the future.
After the seventh call, then ifthere wasn't a follow up task
set, it would be recycled andsomebody else would have called
him the eighth time and madethat money.
Boom, mind blown, right?
(18:17):
Let that also be a lesson toeveryone here to call the
recycled leads list becausethere's people like this in
there, which by the way, themain office just got a phone
call today or excuse me, fromsomebody who is ready to
purchase something.
And it's trying to get a hold ofa loan officer.
(18:38):
The person they were dealingwith no longer works here.
And so where were they?
They were in the recycled leadslist.
So somebody you all, all of youjust missed out on a sale
because you didn't call therecycled leads list.
That person was just sittingthere in the list, waiting for
somebody to call them and nobodycalled them.
So they called our office.
(18:59):
And said, Hey, you know, I'mtrying to get ahold of my loan
officer.
I'm ready now.
And you know, so they wereassigned to somebody new.
So let that be a lesson toeveryone on here.
The recycled leads are you know,amazing.
They're real leads and youshould be calling them.
And that example here of, ifMike hadn't set the follow up,
(19:19):
then the eighth call would havebeen done by another loan
officer.
And, and I don't think thegentleman would have cared
because That other loan justfell through.
I don't think he would havecared if it was Mike or if it
was somebody else at that point.
Right.
And so that would have been ahuge thing, but Mike would have
never even known about itbecause he didn't follow up.
And so again, you never know howmany sales you lose.
(19:41):
So make sure to always besetting follow up tasks and let
that be a lesson to everybody togo in and call the recycled
leads.
I can't tell you how many times.
We get an inquiry of peoplecalling the office asking to be
connected with somebody and welook and they're in the recycled
leads and nobody's called themyet.
Right.
So hit up the recycled leads,make sure to do as much as you
(20:04):
can with those.
If you can see recycled leads inthe dialer and you're not
calling them, you're not doingeverything you can to, you know,
boost your production here.
So you should definitely bedoing that.
All right.
I don't see any questions.
So I think we'll go ahead and.
Wrap it up here.
Then remember we do this at 12PM Eastern time every weekday
where we go through the frontend and the sale end of the
(20:26):
mortgage business.
So we'll be back tomorrow with anew topic.
Thank you everybody for tuningin.
We'll see you tomorrow, 12 PMEastern for the next episode of
the loan officer sales trainingwith the mortgage calculator.
Have a great night, everyone, ora great day, I guess.
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