In this episode of "Loan Officer Sales Training," we delve into a powerful concept that can revolutionize your approach to building and maintaining client relationships: the Flywheel Concept. Just as a flywheel gains momentum with each rotation, your business can gain momentum with each positive interaction and transaction.
Join us as we explore how to apply the Flywheel Concept to your role as a loan officer. We'll discuss strategies for consistently providing value to your clients, fostering trust, and creating a virtuous cycle of referrals and repeat business. Learn how to leverage the power of satisfied clients as advocates for your services, amplifying your reach and influence in the industry.
Whether you're a seasoned loan officer or just starting out, understanding and implementing the Flywheel Concept can be a game-changer for your success. Tune in to discover practical tips, real-life examples, and actionable insights to help you propel your business forward and achieve your sales goals. Don't miss this opportunity to master a fundamental principle that can drive lasting growth and success in your career 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 Origi
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
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 and the
sales end of the mortgagebusiness.
Today, we're going to be talkingabout a concept which we embrace
a lot here at the mortgagecalculator, and that Nick and I
embrace just in general, whichis the flywheel concept.
(00:23):
So definitely something.
Important to us and somethingthat is kind of what we live on
a day to day basis with all ofthe businesses that we build.
So we're gonna be talking aboutthis concept today and how to
use this concept.
And hopefully it will kind ofspark some stuff in and
everybody else to like it didwith us when we first learned
about this concept.
(00:43):
So let me go ahead and.
share my screen here and let'sget into it.
So let's talk about first whatthe flywheel concept is.
So this is a business concept.
It's not necessarily a salesconcept.
It's a just general businessconcept, right?
And I'll show you a picture ofhow it looks here in a little
(01:04):
bit.
Excuse me.
I have a picture here.
So you can kind of visualize ita little bit more, but let's
talk about what we mean when wesay the flywheel, by the way,
this is not our concept, right?
This is the a business concept.
There's books on this.
You know, I don't want you tothink that we're making this up
here.
Okay, so the flywheel, what doesthe flywheel mean?
(01:24):
Well, a flywheel is essentiallywhen small winds build on each
other over time and eventuallygain momentum.
And so much momentum that growthalmost seems to happen by
itself.
Keyword almost seems to happenby itself.
Right.
And essentially what this meansis that once you keep, you know,
start pushing this flywheel,eventually it's so heavy and it
(01:48):
starts gaining so much momentum.
That it starts to kind of go byitself.
Now, again, not not totally byitself, but it definitely is a
lot different than when youfirst started.
Now, the more you push, the moremomentum it gathers, right?
You keep pushing until thebreakthrough finally occurs.
(02:08):
Now, We talk about this a lot.
We might not say the wordflywheel here, but we talk about
a ton on these trainings and onall of our different trainings
about how you know, you have tojust keep going and going and
going and pushing and callingand calling and calling, and
eventually it's going to startto break through.
(02:30):
You know, a great example ofthis is one of our top
producers, Christina.
She talks about how, when she.
First started out.
Her goal was to make a hundredcalls a day, no matter what,
every single day, she made ahundred calls and she just kept
going.
A hundred is not really thatmany, but what's important is
that she committed to it and shedid it every single day.
You can commit to 300 calls aday and do it.
(02:50):
But like I talk about on oursales trainings a lot, I'd
rather have you commit to ahundred and actually do it than
commit to 300 and only do itfive days or five weeks.
Four days or three days, right?
So she did the right thing everyday and made a hundred calls and
kept pushing and pushing andpushing until it finally
happened to where she literallycould not call a hundred people
because she had too many callscoming in and too many files to
(03:14):
do and too much business to beable to keep calling out.
Those 100 people a day.
So she just kept pushing andpushing until it started to
break through.
Right.
And that's what the flywheel is.
You can imagine this big, giantmetal wheel that you're spinning
here.
And it's going to be really hardin the beginning to get that
(03:34):
thing going.
You're going to have to pushwith all of your might, but then
once it starts going, then itstarts gaining momentum and then
it starts almost spinning byitself.
Right.
And the flywheel concept here isessentially the opposite of a
(03:57):
funnel.
So I know everybody's heard ofsales funnels.
That's a big hot topic type wordand things that people use for,
you know, digital marketing andstuff like that.
You know, funnel experts and allthat kind of stuff.
We'll understand that we do notuse funnels here at the mortgage
calculator, and that is not thetype of business that we have.
(04:18):
We are doing the opposite, whichis the flywheel.
We are not funneling people out,right?
A funnel is weeding people outand dwindling down to your
final.
Customer.
And that's all you're focusingon is who is ready to buy.
That's what a funnel is, right?
You're funneling out everybodythat's not ready to buy and
(04:39):
funneling the one person that isready to buy into the purchase
and discarding everywhere else.
That is the.
Opposite of what we do here.
We include everyone at alltimes.
We keep spinning that flywheel.
We don't ever read anybody out.
We keep them on the flywheel andwe keep that wheel spinning
(05:00):
because what happens is.
When that flywheel is spinning,it starts to spin off things
like referrals, right?
It also spins off things likereferrals from non customers,
which we're going to talk aboutin a minute, but let me just go
ahead.
I'm going to skip right pasthere real quick, just to the
illustration so that you can seethis and understand the wheel
(05:21):
here of notice how this is theopposite of a funnel at no
place.
Are we discarding anyone here?
Right.
We're going to attract, engageand delight our customers who
then turn into promoters.
So we're going to turn strangersinto prospects.
That's what we're doing herewhen we're getting leads, right?
They're stranger.
(05:42):
We're going to advertise to themand give them to you guys as a
prospect because they were astranger, but then they clicked
on an ad and became a prospect,and then hopefully you're going
to turn them into customers.
Which will then also turn theminto promoters to then give us
referrals of more strangers thatturn into prospects and
(06:03):
everybody that we talked to,we're going to attract, engage
and delight.
And you see how this just keepsspinning.
Now, we talk a lot about noncustomers when we talk about the
flywheel, because that's one ofthe coolest.
Parts about this is noncustomers.
So let me, now that you can kindof visualize this here again,
we're not a funnel.
It's not a V shape, right?
(06:25):
Everyone stays notice.
There's no place for anyone toleave this circle.
There's no hole here wherepeople can go out.
There's no funnel with a hole atthe bottom for people to come
out.
No one leaves every lead you'veever spoken to is inside of your
flywheel.
And we're going to keep turningthat flywheel until results are
(06:45):
being produced.
And then what happens is they'llstart being produced almost by
themselves, right?
So let me come back here.
So how to use the flywheel?
Well, everyone plays a part inthe flywheel, right?
Every single person that youtalk to plays a part in the
flywheel.
Now, one of the best thingsabout this business, especially
(07:07):
for Nick and I, when we firstgot into this business, you
know, our other businesses havehad, you know, Smaller client
pools, right?
There's only a certain amount ofpeople you can sell whatever it
is that you're selling to,right?
But the beautiful part about ourbusiness is every single person
in this country is a potentialclient, including children who
are going to one day become yourclient.
We talked about how Jose hasdone three generations now,
(07:30):
right?
The person he just for onefamily, the person he just did a
loan for didn't even exist whenhe started doing business.
The other person's loan, right?
The grandfather's loan.
So, you know, literally there'speople that don't even exist in
the world yet who you, you know,are still in your network who,
you know, you're, you're goingto be a part of this, right?
(07:52):
So everyone pays, plays a partin the flywheel because everyone
you meet is a potential customeror a potential promoter.
So notice how we have on thatflywheel, we can turn customers
into Promoters, right?
Obviously that's what a referralis, right?
Is a customer that's happy withyou or your work referring you
(08:13):
business, but here's the bigthing that people, excuse me,
here's the big differencebetween a funnel and a flywheel
when you're using the flywheelconcept, you can turn prospects
into promoters.
If you're using the funnelconcept.
Your prospects that aren'tcustomers are basically being
(08:37):
discarded.
They're being funneled out,right?
But when you use the flywheeland you engage, attract, and
delight everyone, you providethem with valuable information.
So what are we talking abouthere?
We're talking about A prospectthat never pulled the trigger.
We're talking about a prospectwho may be whose credit is too
(08:59):
low to qualify anytime withinthe next five years for a
program, whatever the case maybe here, we're talking about
people that aren't your clients.
Becoming promoters, because whenyou use the flywheel, you
provide them with these quotes.
You provide them with greatcustomer service.
You break down their scenariosfor them.
(09:21):
You consult them and you stay intouch with them.
What happens is you can turnprospects into promoters,
meaning you can get referralsfrom non customers.
This happens all the time.
And I'll use this examplebecause I use Christina as an
example earlier.
I don't know if Christina's onhere, but thanks for letting me
use you as an example.
Cause both of these situationswhere she was making the hundred
(09:42):
calls.
Every day, right at first.
And now here, when we're talkingabout turning non customers into
promoters and into referrals,she gets calls from people that
she doesn't even know whoreferred them.
They'll say, Hey, yeah, myfriend, you know, John Doe
referred me to you.
He said, you're great to use.
Well, these are people shehasn't even done a loan for.
(10:04):
She doesn't know who John Doewas.
She's just like, oh, okay,great.
You know, let's do it.
Right.
So she says this happens all thetime.
She's getting referrals frompeople who she never even did
loans for.
Right.
But they're referring friendsbecause she's, she's on top of
it.
She's communicating with them.
She's provided them value.
(10:24):
She also didn't ignore them orthrow them away when she found
out, Oh, their credit score is520.
I don't even want to deal withthis person.
So many loan officers do that.
It's so wrong in so many ways.
Oh, 520.
I don't want to waste my time.
You know, no, this is when weconsult our clients and we talk
about a game plan of what we'regoing to do.
We're in this business for life.
(10:46):
I want to take that person witha five 20 now and do something
with them a year or two from nowbecause we've consulted them,
put them on the right path.
And then guess what happens?
They can become promoters andrefer people to you because, oh
yeah, they've been helping mefor the last like year to, Get
my credit, you know, anybodythey talked about buying house.
Well, actually I have this loanofficer that totally just
(11:07):
consulted me through the wholeprocess.
I've actually been working withthem for the last year to get my
credit to the place where we canbuy a home.
And they've been great.
You know, these, this is how youget referrals from non
customers.
So don't think that you evenhave to do a deal with somebody
first to get a referral.
It's how you act.
If you're a good, Loan officerconsultant.
(11:28):
That's not discarding people,throwing them away, acting like
they're worthless to you becausethey can't make a they can't do
a deal right this second.
So many loan officers are justso money hungry of, Oh, I don't
care about this person becausethey can't put money into my
pocket right this second.
That's completely the wrong wayto look at it.
And that is looking at it asmore of a funnel, right?
(11:49):
You're funneling in the peoplewho are ready, willing, and
able.
And you're discarding everyoneelse.
That is not a long term businessplan.
That is not a sustainable.
That's not how you build asustainable career in this
business.
We want to use the flywheel,keep spinning the flywheel.
We're going to turn customersinto promoters, turn prospects
that aren't even customers intopromoters.
(12:10):
No one is discarded when we'reusing the flywheel.
And what happens is it justkeeps spinning faster and
faster.
So imagine what happens when allof your non customers.
are becoming referral partnersor becoming promoters for you.
Every single person you talk tois building on this and making
the flywheel spin even faster,right?
(12:34):
So when you're embracing thingslike the flywheel concept,
again, now you don't have toworry about wasting time.
Every person you talk to is nota waste of time.
Any person you talk to is worthyour time talking to.
As long as you're doing your jobproperly.
Now, if you just say, Oh,there's a dead end, nevermind,
hang up, never call them back.
Then it was a waste of time.
(12:55):
But as long as you're doing yourjob as a loan officer
consultant, treating people withrespect, treating this as a long
term career that you're going tomake money years from now off
the people you're talking toright now.
As long as you're operating inthat way, then no, not one
(13:16):
second of your time is wastedmaking calls, right?
Not one second is wasted.
As long as you are operating andlooking at it in the right way,
because then you're going tobenefit from every little thing
when it all adds up.
And I hope everyone can justkind of visualize that.
(13:37):
When it all adds up here andit's all within this again, you
can almost look at it as a, as aphysics thing, right?
There is nowhere here for thelead to leave.
And so if they're only coming inand it's just each lead that
comes in, whether they're acustomer or a non customer,
they're turning into a promoter.
(13:58):
You know, every single one ismaking this spin faster and
faster and faster and faster,and there's nowhere for them to
go besides to do a deal or toremain in the flywheel and help
keep spinning it.
So every single personcontributes to this.
Every person that you speak tois a part of the flywheel.
(14:18):
Right.
And you are going to use that toyour advantage.
So I, I, you know, it's shortand sweet here today.
That's all I wanted to go over.
Just introduce the flywheelconcept, get everybody in that
mind state of really using thisinstead of the funnel mindset.
Now I know what the mortgagecalculator, we don't have any
(14:39):
funnels.
Right.
And so, you know, this is not a,like an online thing of like,
Oh, don't use a funnel, right.
You guys are going to There isno funnel.
We have everything in our systemset up like this.
But what I'm talking about rightnow is the mind state of when
you're working your leads,talking to your leads, dealing
with your leads, the mind stateof operating as a flywheel, as
(15:02):
opposed to you mentallyoperating as a funnel.
I think too many loan officersare mentally operating As a
sales funnel, just trying to getto the people that want to do
deals right now, withoutworrying about what you're doing
in the meantime, people that areready, willing, and able to do a
(15:23):
deal are few and far between.
So what makes the difference iswhat you're doing during that
few and far between.
It's not about what you'redoing.
On the call with that 1 personthat is ready, willing, and able
that you're you'll find veryseldomly.
It's about what you're doing onthe day to day basis with
everyone else that you'retalking to leading up to that.
(15:44):
That's going to determine ifyou're going to get future
business and future referrals,and if you're building this
flywheel and spinning thisflywheel.
As opposed to just being a foot,right?
If you're just calling everyone,you can, until you find somebody
who's ready, willing, enabled,you're just funneling everybody
out.
Right.
And you're wasting every secondof your time that you're
spending, you know, as opposedto wasting none of it, right.
(16:09):
If you're using the flywheelconcept.
So.
I don't see any questions here,but I hope just a cool concept
for everybody to embrace.
That's definitely what weembrace.
And again, this is the best wayto operate.
You're going to attract, engage,and delight everyone.
You're going to turn strangersinto prospects, prospects into
customers, customers andpromoters, even non customers
(16:32):
into promoters.
And we're going to be able tobenefit for years and years to
come with a sustainable careerin the mortgage business.
So appreciate everybody tuningin.
Thank you.
Won't hold you for any longerhere.
Remember we do this 12 p.
m.
Eastern time every weekday wherewe go through the front end and
the sales end of the mortgagebusiness.
(16:53):
So we'll be back tomorrow with anew topic.
I appreciate everybody tuningin.
We'll see you tomorrow, 12 p.
m.
Eastern for the next episode ofthe loan officer sales training
with the mortgage calculator.
Have a great day, everyone.
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