Anyone Seeing Success Networking to Mortgage Brokers/loan Officers Through Social Media?

Mar 8, 2016

  1. Jbar
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    Jbar New Member

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    Is there anyone seeing success with reaching out directly to Mortgage Brokers or Real Estate agents via Social Networks? If so would you share any tips?

    Once the connection has been made online how long did you wait before sending a message?

    Any key points to bring up in order to show your value?

    Thanks
     
    Jbar, Mar 8, 2016
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  2. Rick Deckard
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    Rick Deckard Guru

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    I see there is a trend in this place/market.

    -Realtors don't seem to be well liked. I guess it's a tough relationship, you can't really help them expand their business unless you perhaps built a network of 5-10 of them spread out in your county and maybe 1 up, 1 down. Let them know you only want 1 per territory that you can actually refer people to. You kinda need to have a small book of business already or some presence they can feel/see where they will agree to give you the 2-3 homes or 5-6 homes they sell a year.

    But honestly how much money will you make? 10 Realtors give you 3 deals a piece, 30 homes, $5k roughly per policy and it might be worth it.

    Why are the account managers or processors in the mortgage shops not the ones who order all this in order to fill U/W guidelines?

    All I read from posters are these folks are a waste of time.
     
  3. todd02
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    todd02 Guru

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    Mortgage processors at big shops are the golden ticket. If only I could find a way to get a dozen or so of those....
     
    todd02, Apr 20, 2017
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  4. insurance1822
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    insurance1822 Guru

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    It wouldn't matter. The second you can't come through, you become irrelevant. When you can be the best 100% of the time --- you become their only referral partner.

    As a captive, it's simply not possible.
     
  5. Rick Deckard
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    Rick Deckard Guru

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    Is working at an independent agency the same as captured in your opinion?
     
  6. insurance1822
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    insurance1822 Guru

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    no, it's the exact opposite.

    But, in order to successfully corral the real estate network, you'll need a strong lineup of monoline home carriers to pull through in the situations where it's tough. For example your smaller regional mutual's may not be running credit (so they can be competitive on the tough loans that get referred for debt ratio issues.) They may also NOT exclude certain dog breeds etc.

    You'll need access to good markets for vacant mixed use, mixed use, private flood etc to solve all the problems they'll want help with. Without the right tools it's just not feasible to really pin down this market.
     
  7. gambrinus
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    gambrinus Guru

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    Don't waste your time with Realtors. Lenders are the golden goose. TRACK your time/money/energy spent. ALSO track your results.. NOT just how many leads each lender sends you, but also Closing %, Avg Premium etc..
     
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