Realtors - Mortgage Brokers ?

[Gulfman]

Hi Friends,

Had a quick question. Do you spend a lot of time visiting or calling on Realtors and Mortgage Brokers? There's not too many REAL PRODUCERS (Realtors) and Mortgage Brokers are slim picken's these days.

How much do you depend on Realtors / Mortgage Brokers for your Business?


Comments- Opinions ?

Thanks!

.

 

[agentinsouth]

Hi Friends, Had a quick question. Do you spend a lot of time visiting or calling on Realtors and Mortgage Brokers? There's not too many REAL PRODUCERS (Realtors) and Mortgage Brokers are slim picken's these days. How much do you depend on Realtors / Mortgage Brokers for your Business? Comments- Opinions ? Thanks! .

Used to spend 3 hours a day, 3 days a week for the 1st 2 years. Now I go see 1 mortgage broker / realtor a week.

 

[nyc2phi]

Used to spend 3 hours a day, 3 days a week for the 1st 2 years. Now I go see 1 mortgage broker / realtor a week.

What did you do during those three hours?

 

[djs]

Put it in perspective. The average realtor closes MAYBE 2 to 3 homes a year. Each of those deals have 2 realtors involved, so you are looking at maybe 1.5 referrals per year per realtor.

Its well worth pursuing this, but you do have to limit how much time you spend on it.

Now, if you find the realtors who close 5-10 homes a year, then the benefit goes up dramatically. There are a handful of these in most communities.

Do the math. Its usually pretty easy to find out how many homes sell in your area every year and then find out how many realtors are in your area. Most likely, there are more licensed real estate agents then there are sales, though not all licensed real estate agents are 'active', you quickly realize you need to focus your time.

You can do much better with mortgage brokers, since they tend to close 2 deals a month. You also have the advantage of them doing re-fi's, not just sales, so the volume is higher then the number of sales in the area.

Now, what does tend to work with realtors is in most areas, they have a weekly meeting (usually Thursday mornings) where they talk about upcoming listings and do the broker tour of new listings. You can usually attend the meeting, which is a good chance to network with many realtors at once, and it helps you figure out who the good realtors in the area are. You can also get the 'broker tour' listing for the day and then go drive the tour and talk to the individual realtors for 5 minutes while they are sitting in the open house. Sort of a captive audience.

Don't know about the realtor meeting? Ask any of the realtors you talk to. Most decent size towns have them.

The advantage to the realtor meeting is you get seen by a lot of realtors and get seen as a person who has an interest in their industry. You can usually even 'sponsor' something (not a lot of money) and that will usually lead to a presentation opportunity to the crowd.

Dan

 

[Gulfman]

Thanks Buds,

That's what i thought. The avg. Realtor only closes 2-3 deals a year....so why should you bother with them?

• Seems like "Consumer Direct" is best way to GO ? ? ?

 

[cgreene]

It's 60 percent of my business I do about 30 quotes a week for them.

 

[nyc2phi]

It's 60 percent of my business I do about 30 quotes a week for them.

30 quotes a week alone from them?


I'm not even sure I talk to thirty different people a week yet.

 

[insurance1822]

Cgreene is full of $hit.

2/18/16 -- claims 60-70k monthly. An IA should close 90% of referrals! thus 30 quotes/week would be 27 households. In my low premium market that's still 50k/week which translates to 3x what he said on 2/18 he writes.

12/7/15-- claims his goal is 15 HH per week. Almost 100% increase in 3 short months? Prob not. Bullshtter? Probably

Didn't write down date but also claimed 95% retention on non standard business? He's admittedly only been in biz for 6 months so any retention # isn't worth squat

Another todd02. Numbers don't make sense. Disregard his bloviating he isn't getting 30 quotes a week from this coi

 

[agentinsouth]

Put it in perspective. The average realtor closes MAYBE 2 to 3 homes a year. Each of those deals have 2 realtors involved, so you are looking at maybe 1.5 referrals per year per realtor. Its well worth pursuing this, but you do have to limit how much time you spend on it. Now, if you find the realtors who close 5-10 homes a year, then the benefit goes up dramatically. There are a handful of these in most communities. Do the math. Its usually pretty easy to find out how many homes sell in your area every year and then find out how many realtors are in your area. Most likely, there are more licensed real estate agents then there are sales, though not all licensed real estate agents are 'active', you quickly realize you need to focus your time. You can do much better with mortgage brokers, since they tend to close 2 deals a month. You also have the advantage of them doing re-fi's, not just sales, so the volume is higher then the number of sales in the area. Now, what does tend to work with realtors is in most areas, they have a weekly meeting (usually Thursday mornings) where they talk about upcoming listings and do the broker tour of new listings. You can usually attend the meeting, which is a good chance to network with many realtors at once, and it helps you figure out who the good realtors in the area are. You can also get the 'broker tour' listing for the day and then go drive the tour and talk to the individual realtors for 5 minutes while they are sitting in the open house. Sort of a captive audience. Don't know about the realtor meeting? Ask any of the realtors you talk to. Most decent size towns have them. The advantage to the realtor meeting is you get seen by a lot of realtors and get seen as a person who has an interest in their industry. You can usually even 'sponsor' something (not a lot of money) and that will usually lead to a presentation opportunity to the crowd. Dan

Your mortgage brokers only close 2 a month??? You need better mortgage brokers! Good ones close about 7 a month. ----------

Cgreene is full of $hit. 2/18/16 -- claims 60-70k monthly. An IA should close 90% of referrals! thus 30 quotes/week would be 27 households. In my low premium market that's still 50k/week which translates to 3x what he said on 2/18 he writes. 12/7/15-- claims his goal is 15 HH per week. Almost 100% increase in 3 short months? Prob not. Bullshtter? Probably Didn't write down date but also claimed 95% retention on non standard business? He's admittedly only been in biz for 6 months so any retention # isn't worth squat Another todd02. Numbers don't make sense. Disregard his bloviating he isn't getting 30 quotes a week from this coi

Cgreen does quote a crap load... He travels a lot building relationships and has a couple of people in the office quoting.

I just tallied mine this week and am up to 24 quotes for the week.

 

[cgreene]

Most of them are refinance customers that they just need something to compare it to. However I do write about 15 a week right now we average about 60 policies a month for them but very low premium. We focus solely on the home and once they close we finish the auto and life.

----------

It is true we have only been in business about six months so our numbers will continue to go down as anyone's would the bigger their book. I also travel 1500 miles a week speaking to mortgage companies and realty companies. So we are not your average agency and we do not accept walk in traffic.