In this episode of "Loan Officer Sales Training," we delve into the often underestimated art of follow-up and its profound impact on your success in the mortgage industry. Join our host, seasoned loan officer and sales expert, as they uncover the strategies and techniques that can transform a simple inquiry into a closed deal.
Discover why follow-up isn't just a matter of persistence but a strategic process that builds trust, nurtures relationships, and ultimately leads to conversions. Our guest speakers, industry veterans with a proven track record, share their insights on crafting personalized follow-up approaches that resonate with clients and keep you top of mind.
From leveraging technology to implementing effective communication methods, this episode equips you with actionable steps to master the follow-up game. Learn how to navigate the fine line between being persistent and respectful, and harness the power of consistent follow-up to propel your mortgage business forward.
Tune in to "Fortune is in The Follow Up" and unlock the secrets to turning leads into loyal clients, one follow-up at a time.
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
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 Ba
Episode Transcript
All right.
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 weekday at 12 p.
m.
Eastern time, where we gothrough the front end of the
mortgage business and the salesside of things.
Today, we're going to be talkingabout following up.
Fortune is in the follow up.
Everybody's heard it a milliontimes, but let's talk about it.
(00:23):
And let's also talk about howthat applies to us here at the
Mortgage Calculatorspecifically, right?
For loan officers here at theMortgage Calculator.
So we'll go through some generalstuff and then we'll also go
through some stuff more specificto us here at the Mortgage
Calculator.
So let me go ahead and get intoit.
I'm gonna take the chat off thescreen for now, but feel free to
keep dropping comments in there,dropping questions in there that
(00:45):
you have as well.
Let me go ahead and pull thisover here.
And we'll get, oh, okay.
All right.
So, first of all, just somequick follow up stats here.
80 percent of sales require 5follow up calls at least, right?
(01:09):
60 percent of sales say no 4times before saying yes.
And it typically will take 6contacts to make a sale once
you're connected, right?
So, That's once you'reconnected.
I'm not talking about six callsbefore the sale, six calls.
Once you actually contactedthem, you might need to contact
them six times in order toactually connect and get ahold
(01:32):
of them.
And then after that, now this isespecially true in our business,
because as you all know, thesales process can be months
long, right?
Like even when you do a deal,the deal can last for 30, 60, 90
days until it closes, dependingon.
What kind of loan it is and thesituation, right?
So it's, it's so much more thanjust making a sale here.
(01:56):
We have to make the sale andthen we have to do the whole
loan.
And in the meantime, we have toremain the salesperson, right?
So we quote unquote, make thesale when they agree to a quote
in there.
You know, moving forward and wefound a program that works for
them and they, they've signedthe initial disclosures.
Right?
So now it's like, okay, weessentially made the sale,
(02:18):
right?
We're moving forward, but now wehave to turn into our actual
loan officer of doing the loan.
But while remaining thesalesperson to the client the
entire time, so our salesprocess is so long that we you
know, are essentially asalesperson for, you know, 20,
30, 60, 90 days the entire time.
(02:39):
So.
Very important for us tounderstand that even more so
than other businesses.
Ours is very much a follow upbusiness, not just to make the
sale, but after the sale, we'regoing to talk to our client
dozens of times until the saleis actually made, and then we're
going to talk to them after thesale is made, which we'll get
into a little bit later.
(02:59):
48 percent of salespeople nevermake a single follow up.
Let that sink in there for you.
So statistically speaking, 48percent of your competition
isn't following up at all.
So just doing one follow up,you're beating out 48 percent of
your competition, doing twofollow ups, three follow ups,
(03:19):
four, five, six, seven, eight.
Like the classic story of Mikehere at the mortgage calculator
doing almost 5 million inproduction in his first 90 days.
A large amount of that comingfrom that one client that he had
to call eight times before theperson actually gave him a shot.
So he called him eight times andthen connected with him.
(03:39):
And then obviously was incontact and it probably rang
true here to about six timesbefore he, you know, made the
quote unquote sale.
And then of course he had tocommunicate with them through
closing the deal.
And then that same gentleman, heclosed two more deals with,
right.
During that, his first 90 daysas a loan officer.
So you know, obviously he talkedto them, him a lot through that
(04:01):
process, but he had to call himeight times just to connect in
the first place.
And then last bullet point here,a lead is forever.
That is one of our mottos here.
We're always going to follow up.
And we know that the fortune isin the followup, right?
So why would we ever stopfollowing up?
A lead is forever.
We never stopped following upuntil they've, you know, talked
to us or told us what they'relooking to do or not do, or told
(04:25):
us to stop calling them orunsubscribed or, you know, you
know, whatever it is, right?
But we're going to keep doingour job.
Don't feel like you're doing toomuch.
Don't feel like you're pesteringpeople.
Now if you're making cold calls,that's one thing, but most of
the, especially at the mortgagecalculator, most of the people
you're calling are opted inleads, even the ones in the auto
(04:46):
dialer and stuff, right?
Now, obviously there's some coldcall lists and.
Realtor call lists and stufflike that, right?
So at the end of the day, ofcourse, this doesn't apply to
everything, but most of theleads you're contacting are
opted in.
And so, of course, it's going tobe forever.
You don't need to feel likeyou're being too pushy following
up a lot.
They requested the informationfrom you.
They opted in.
(05:06):
And remember, most of our adsare coming.
From our ad or most of our leadsare coming from our ad
campaigns, which they're doubleopting in to be contacted right
then.
Right?
So it's no mystery.
Now, of course, it could be awrong number or something.
But in that case, if they answersays the wrong person
unsubscribe them and, you know,you move on.
Right?
But a lead is going to beforever.
(05:27):
So we're always going to followup and don't feel like we're
following up too much or, youknow, You know, we're at the, at
the end of the day, you know, wehave the follow up schedule in
the training, right?
So follow that and you're notgoing to be doing too much.
Okay.
So let's talk about actuallyfollowing up here at the
mortgage calculator.
(05:47):
So our follow up tools,obviously set a reminder task,
right?
That is the, Actual setting atask to follow up with them, and
that's going to typically betriggering a phone call, right?
Because when it comes to youknow, make sure you follow the
training, right?
The 1st 3 days we do what wewere trained to do that
procedure that all of, you know,here at the mortgage calculator.
(06:11):
But then at that point, afterthose first three days, we're
going to put them on an actionplan, right?
Action plan.
You know, some people call themdrip campaigns, whatever you
want to call them, automaticallygoing to follow up.
So at that point, once you putthem on an action plan, it's
going to automatically text themand email them for you.
(06:32):
Right?
So you're setting a task here, areminder task.
To trigger the actual call,right?
You're setting the manual taskto that day.
When you log in, you see on yourto do list, you got to call this
person.
And so typically, you know,again, the action plan is going
to be doing the automaticemailing and texting.
You're going to be settingreminder tasks to call and
remember.
(06:52):
That were you know, followingthe training, right?
And so once we put them on anaction plan, we're still going
to set a reminder task to callthem at least once a month and
check in.
So those are the two main toolsthere.
Now, the other thing here is requoting their scenarios.
So that's, what's great.
About the mortgage calculatorand the tools that we provide
(07:15):
you is things like the requoting scenarios, the quotes in
general, the quoting system, andthen also the re quoting because
you're following up withactionable items or following up
with something of value.
It's their scenario.
We're re quoting it for them.
We're pulling actual data,keeping them informed on what's
(07:37):
going on with the pricing.
And you know, it's an actionableitem because as soon as they,
whenever they do decide to pullthat trigger, they have that
button right there on that quotethat you sent them on that
updated quote, they have thatbutton right there that says
proceed to fill out theirapplication.
Right.
To move forward.
And so we're always going tofollow up with, you know, value.
(08:00):
We're going to follow up withactionable items.
That way we're providing morethan anybody else.
Right.
Anybody else just calling themover and over.
Can I start pulling your credit?
This, this and that.
Right?
So even if they are working withother loan officers, or maybe
they, you know, pulled creditwith somebody and turned into a
trigger lead, we're going to bedoing something different than
(08:21):
everybody else is right now,follow up for referrals.
So of course, fortune is in thefollowup, not only before you
make the sale, but after youmake the sale, right?
That's what really leads to thefortune is the referrals.
It really, in this businessshould be fortune is in the
referrals, right?
Because that really is.
(08:42):
Where you're going to you know,close all of your business.
That's just going to, it kind oftakes itself, right?
You don't have to buy leads.
You don't have to, you know, dothat type of stuff.
That's going to turn into andjust exponentially grow by
itself.
Now at the mortgage calculator,we send out that closing gift.
That's a perfect reason tofollow up.
(09:03):
Remember when the loan closes,your client gets an email and it
asks them a few questions so itcan curate a gift box for them.
It then sends them that giftbox.
It says the mortgage calculatoron it.
It's from us.
So you want to check with themand not only make sure that they
receive the email and say, Hey,we're sending you out a gift
(09:24):
package.
Be on the lookout for email.
You know, answer a few questionsand I'll curate a gift package
for you.
So that's a reason to follow up,which is goodwill while you're
just telling them that that'sgoing to happen.
And then later, a couple ofweeks later to follow up and
make sure they got the giftsright.
And ask how they liked it.
Now the gift packages, you know,it's just things like a cool
(09:45):
water bottle and a mini speakeror like a coffee cup and a
cutting board or something, youknow, it depends on what they
you know, what they answer onthe questions.
Right.
But the point is here, it givestwo amazing.
Opportunities to follow up,right?
Which is a, you're going to getthis email.
(10:06):
A gift is coming, which is agreat opportunity to ask for
more referrals because they'regoing, Oh, wow.
That was so that's sothoughtful.
That's so nice.
I'll be on the lookout for it.
Right.
And then boom, you want to askfor referrals then.
And then again, a couple ofweeks later, now you get to
follow up with another gestureof goodwill.
And on that exact phone callwhere they're going, yeah, it
was so great.
Thank you so much.
(10:27):
I love the thing.
Okay.
Well, just wanted to remind youthat, you know, if you or
anybody else, you know islooking for a mortgage, please
keep me in mind, you know, etcetera, et cetera.
Right.
So.
We want to make sure that we dothat.
So that is, you know, again, I'mtrying to keep these a little
bit shorter here since we'redoing them every day.
(10:48):
But that is just some basicstuff there I'm following up.
And especially here at themortgage calculator, these are
the actual items that we'regoing to be using on a daily
basis.
Now notice there's only a few,you know, bullet points here.
Cause that's all that needs tobe there.
We have the amazing tools where.
At the end of the day, you haveyour action plans.
(11:08):
You have the ability to re quotepeople and the re quotes going
out.
And you have the reminder task.
I mean, the reminder task iscrucial because you need to make
calls.
So I would say 1 of the bigthings to leave you with here
today is make sure you're not 1of the people that just likes to
try to put people on actionplans and not have a task set to
(11:28):
call them.
Remember, we don't ever justonly text and email them, right?
Unless they've told us, Hey, Idon't want to communicate by
phone, right?
And then we'd have to know that.
And we would know, but at theend of the day, we always want
to call.
So don't think you can just putsomebody on action plan and say,
Oh yeah, whenever they, youknow, re engage I'll, I'll call
them then.
No, you want to make sure youhave a task set, even if it's
(11:50):
every month or whatever, youknow, the situation is right
now, I do see a question here.
So I will take.
The question, let's see here.
If elite says they're notinterested at this time, how
long should you wait to checkback in with them three months
too far out?
It's kind of your call there,Michael, depending on the, you
(12:12):
know, conversation, right.
Three months would be good forsomebody who's kind of just
like, yeah, I'm just not even inthe realm of ready.
Right.
Then yeah, that would be.
Fine, or maybe they already didit with somebody you know, and
they just closed the deal orwhatever.
Actually, by the time you got ahold of them, then yeah, 3
months, 6 months, something likethat.
(12:32):
But somebody who's just like,you know, a little bit not
deciding or whatever saying,hey, I'm not quite ready yet.
You know, maybe next month,right?
And after our first three days,like in the training, it's
going, we're going to kind ofdefault to a month for setting
that manual task to call them.
Right now, here's the other partof that there, Michael, is
(12:53):
that's a good question, is that.
You need to decide whetheryou're going to also put them on
an action plan.
So those are two things wherethe loan officer kind of has to
make that decision based on theconversation and what the
client, you know, what stage theclient is in.
Because at the end of the day,it may be a situation where.
(13:15):
You should give them a call inthree months, but you're not
going to put them on an actionplan in the meantime, because
they straight up told you I'mnot even in the realm of getting
started until three months fromnow or whatever.
So it wouldn't make sense forthis action plan to be
happening, checking in withthem.
Hey, are you ready?
And you know, all these emailsand texts going out to them,
right?
So those are some things where,you know, the training can't
(13:37):
tell you exactly what to dobecause it's going to be based
on each particular situation.
So you want to keep that inmind.
Of, you know, knowing when Ineed to only set a task to call
and when I should set the taskto call and keep the action plan
going because the person is notreally engaged or I want to make
sure that we're staying on topof them.
(14:01):
Let's see here.
Another question.
When you put them on an actionplan and set up a reminder to
call them and let's say 3 weeksof the system, send the campaign
text or emails in the interim.
Yeah, absolutely.
So the action plan is going torun.
Right.
You're sending your remindertask to call them.
Right.
So they're separate the tasksand the, the action plan is not
(14:22):
going to be you know, attachedto each other.
Right.
So yes, the action plan willrun.
And then that's what we'resaying is then you're going to
manually set that task.
Which is going to trigger you tocall them because again, the
system can, can text and emailthem automatically.
So that's easy.
You press a button in the CRM.
We do all that for you.
Right.
But the system can't call themfor you or set the date on when
(14:44):
you should call them after, youknow, when you're the one who
spoke to the client and shouldknow when you should be
following up with them.
Right.
So they're not attached to theaction plan.
We'll run a, you're justsetting, you're just using that
task to set the call.
All right.
(15:05):
All right.
Well, let's go ahead and wrap itup then.
I appreciate everybody tuningin.
Remember, we do this at 12 p.
m.
Eastern time every weekday wherewe go through the front end of
the sales business.
So we have some more topics forthis week.
I also have a guest for laterthis week.
So appreciate everybody tuningin.
We will see you tomorrow, 12 p.
m.
Eastern for the next episode ofthe loan officer sales training
(15:26):
with the mortgage calculator.
Have a great day, everyone.
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