SIC 6162/6163-Mortgage/Loan Correspondents and Brokers...let's Compare Notes :)

Rick Deckard

Guru
100+ Post Club
252
Something like 40-50% of a P&C Agent's time allotted to prospect should be aimed or focused on professional networking. It's hard because immediate returns are not seen and sometimes folks just throw in the towel.

Remember Deckard's Wise Words of Wisdom..."When things get uncomfortable for about 80-90% of the professionals in your industry, that needs to be the exact time you start to become comfortable."

In other words, go do what others will not for as long as you have to until you simply are too busy with appointments and seeing people. Now let's focus on mortgage shops.

-Do we all agree that you are dealing with direct points of purchase here? Sure a few folks already have their insurance but a lot of homeowner's do this very late in the game and under the advisement of either their RE Agent or perhaps a Mtg Officer/Processor, logic would tell you there is money in mortgage shops. I am not all that interested in hearing negativity or all the reasons it didn't/hasn't worked for you personally, I am interested in any tips good or bad folks can post up in here.

I have a few questions...

1. Is it better to have 20 Realtors and 1 mortgage shop or 5-10 mortgage shops and just a handful of RE Agents? Do Realtors put money in your pocket or are they simply a headache?

2.What success do you have of walking into the Mortgage shop and striking a conversation with the owner? I simply want to walk in without too many pretty brochures and just have a b2b meeting and see if we speak the same language. I worked for Lehman for several years back in the early to mid 2000s, conversation should not be difficult. I'm sure they know many ex-mtg folks who want their business but I have owned my own business prior, again I feel I can take the conversation into places some cannot.

3. What are 2-3 biggest challenges/headaches for the mortgage shops and their employees?

I'll hang up and listen, look forward to many great responses.


-Blade Runner
 
I was hoping for so much more feedback. Easter Week-I forgive but some of you must know a lot about these places.

Anyone have any experience with them?
 
I will keep bumping this thread as Mortgage Brokers are mentioned everywhere as part of the "Network" group you want to spend 1/3-1/2 of your time developing when you first get a 2-20 License. I am showing first hand that either nobody knows much about this very important component for a 2-20 agent or that the little bit folks know or have tried produces POOR results.

That is what we are lead to believe so far. I even left the SIC code in the title to make it easy for anyone to pull a few names in their area. SIC codes are good for all 50 states as far as I know. It's an easy way to target and locate leads if you know the SIC to match.

We go to the Bottom of the Third here in the Bronx, still no score between the Yankees and the Rednecks :twitchy:
 
Maybe if I quote some funny movie lines and then you can guess or name the movie...

-"I just want to tell you both good luck, we're all counting on you."

-"Nice Beaver!"..."Thank You, I just had it stuffed."

2 different movies, same actor for both.

Still no score in this pitcher's duel in the Bronx
 
Thank you for tuning in to P&C Jeopardy, I'm your host Rick Deckard. As always in P&C Jeopardy; the goal is to not finish last because if you do then you will be retired by yours truly. OK let's look at the board and find our first 6 categories, they are as follows.

-Mortgage Brokers

-Realtors

-Small business owners

-Super Jumbos

-General Liability

...and finally, Cold Calling

Ned Ryerson is 1st up, go ahead and choose our 1st category.
 
I will help you out. My experience with mortgage brokers and networking is they're way better situated for P&C than L&H. When I'm at networking meetings I see a lot of these top 4 professions:
1. P&C agents
2. Real estate professionals (agents and mortgage brokers)
3. Financial advisors
4. Digital Marketers or Freelancers.

Top Networking Sources:
1. Network After Work
2. Local Chambers
3. LinkedIn Groups
4. Meetup Groups
5. BNI
6. Toast Masters
7. Trade Shows

I meet P&C guys and financial advisors for coffee or just connect on LinkedIn after an event, and afterwords send them a packet of info: a recent article why they should refer my way, cards, and brochures. I want to find a CRM system that referral sources can input client details so that whey they call I have their info - plus it looks very coordinated, organized, and professional (I think Radius has something like that aka client login). Regardless playing the referral game, you will have to make yourself referrable which means having a nice site, a process in place with hopefully a video or two that shows you're legit, real, professional and personable.

You can find 4x the amount of agents as you can mortgage brokers at these events looking at my stacks of cards and memory serves. If I was doing P&C I would look for mortgage brokers because they know ALL the agents. Kinda like knowing a CPA will get you introduced to other business owners..
 
Back
Top