By far, the biggest source of burnout for mortgage brokers and loan officers, along with any other sales job, is spending time with people who don’t want to do business with you. (Rejection.)
The second biggest source of burnout, which is related to the first, is not having a constant stream of qualified prospects to spend your time on. (Lack of an organized mortgage marketing SYSTEM.)
Let’s review the four criteria that will help you eliminate the frustration of wasting your time on rate-shoppers, tire-kickers, ‘looky-lou’s’ and other time-wasters.
Your prospect must be:
1. Pre-interested. Somehow, you’ve gotten them to raise their handand express their interest in what loan product or service you have.
2. Pre-qualified. They are in your marketplace AND they have the interest and ability to go through with the transaction.
3. Pre-motivated. The desire to do business is already there. Trying to motivate it there for them is like pushing string uphill!
4. Pre-disposed. They want to do business with you. You’ve positioned yourself as the person to get a mortgage from… and they aren’t going to turn around and get it from their brother-in-law!
Notice that each of these criteria start with the prefix pre? There’s only ONE way to get people to contact you AND already have them meet your criteria: some form of effective lead generating advertising that gets the prospects to raise their hands and then sift and sort themselves before you ever talk to them.
It’s the ONLY way to get maximum-money in minimum time… which, frankly, is the only way to create-wealth; and the only way NOT to end up hating your mortgage career.
Even if you DON’T have your marketing plan in place, clear your prospects through those 4 criteria immediately! Then use the extra time to develop you marketing systems.