Yesterday, I had an experience on Facebook that reinforced why I don’t spend much time there. I typically use Facebook to post content that benefits my business, Loan Officer Breakfast Club, and Mortgage Marketing Animals. However, after posting a Marketing Animals video, I made the mistake of scrolling through my feed.
I came across a post from a new loan officer in a loan officer group asking, “What’s a good script for cold calling Realtors?” The first reply was disheartening: “It’s a waste of time,” said an individual I personally know who is somewhat of an influencer in the mortgage space. This response immediately shut down the new loan officer’s enthusiasm.
While everyone is entitled to their opinion, it’s disheartening to see an influencer discourage someone so quickly. However, there’s a partial truth in the statement—cold calling the wrong Realtors is a waste of time. But cold calling the right Realtors with the right script and proper follow-up is far from a waste of time. We know this from the amazing success stories shared every day on our live LOBC calls.
Carl White often reminds us of a National Association of Realtors (NAR) survey showing that the largest percentage of home buyers found their loan officer through a Realtor. The second-largest source is through family and friends. Combined, these sources account for over 60% of home buyer referrals. This suggests that these should be the top areas to focus on for consistent business.
Social media, while important, only accounts for about 3% of home buyer referrals. Interestingly, the influencer who dismissed cold calling is a strong advocate for social media. While it’s essential to have a social media presence, the statistics show that working with Realtors and your sphere of influence (SOI) and past clients yields more consistent results.
Don’t be swayed by influencers suggesting that working with Realtors is a waste of time. It’s just not true. Realtors are the top source of new business. Approach the right Realtors with the right script and diligent follow-up, and you will do exceptionally well.
If others think calling Realtors is a waste of time, let them. They won’t be your competition, and that’s great for you. You know the right approach, so go out and get those deals. To learn how to effectively approach Realtors and refine your scripts and follow-ups, consider joining one of Steve Kyles’ 8-week bootcamps. Sign up at loanofficersuccess.com.
Remember, taking consistent and strategic action is key to success. Let’s make today count!