Networking is a great source of business for mortgage brokers, Jack and Marcy at Gelt talk a little about it.
“Jack: Okay, Marcy. So, like our YouTube channel or wherever you’re seeing this, like it, leave comments. So, Marcy, what were you just telling me, how we were—
Marcy: Yeah, I’ve been— I actually was telling Jack that I was in all morning this morning, and it’s my pleasure. I’ve been on the phone with brokers from all over the United States. You know, they’re picking my brain, asking me a lot of questions, and they’re trying to reinvent themselves and try to find a market where they can get business from. So we’re talking to everyone. I’ve come up with a solution, in a sense, that you, as brokers, need to network around yourself. When I say around yourself, you need to reach out to attorneys, you know, to financial planners, CPAs, because they can refer business to you. And what business is out there right now, and it’s going to be more so, is bankruptcy and foreclosure-type situations where there’s a property involved. That’s where we can help because we are very good at that. I know we say that a lot in every video, not everyone, but on those topics when we do talk about them a lot, but it is true. So, my tip to mortgage brokers is to reach out and talk to people that you know because they can refer business to you because you have a lender, which is us, that can help you with those types of deals.
Jack: A couple of things, can I just add?
Marcy: Sure, absolutely.
Jack: So you’re right, there’s a lot—self-understood, there’s a lot of debtor in possession and foreclosure, but borrowers are having a hard time getting approved by banks. Banks are taking forever, so we’re doing a lot of standard deals—
Marcy: ‘Cause we’re fast.
Jack: We’re fast, so it’s not just that. So, who should brokers be networking with? Let’s go over.
Marcy: Again, it’s the attorneys.
Jack: Attorneys—workout attorneys, bankruptcy attorneys, CPAs.
Marcy: CPA is big. A lot of referrals from CPAs because they know when someone’s in trouble or needs help, or you know, their loans are due, the CPAs know. And also, believe it or not, financial planners, realtors that you know—I’m just trying to think outside the box. I mean, you know, there’s residential realtors, there’s commercial realtors, you know, just like reach out.
Jack: Can I add one more? Banks, because if a borrower goes into a bank and the bank can’t do it, they’ll refer it to someone who can do it who’s not competing on their deposits.
Marcy: Exactly, and we’re a solution for that.
Jack: Yes. So networking is a huge thing, especially for—when I say young, a newer broker. I don’t mean young in age, but someone getting in the business. You know what happens when you first start out; you’re spending 100% of your time marketing and networking. Now we do almost no networking because we have so many referrals coming in; we’re focusing on deals. So, originally, you start networking, and you spend 100%, then you get some deals in the pipeline. Then it’s 90% of your time networking, 10% on deal management, and slowly it becomes the opposite where you do almost no networking.
Marcy: And the deals just come to you.
Jack: Yes, yeah. Look, we went out, what did I say last Friday, Marcy, and I know—did some networking with an attorney; we went to lunch. Call me back; what did I say? We should be doing this constantly; we should be doing it. So, network, get your name out there, and get your name out there as an expert. We’ve made a video on learning and mastering the craft. No offense to anyone, don’t be a goofball, learn the craft, master it.
Marcy: If you want to sell something, you need to know it, and that’s the truth. I mean, you can sell anything as long as you know your products.
Jack: All sales is that’s what I think is presenting the facts. I’m not a salesperson. What do I know? Now we present the information because you’re knowledgeable about it. You’re knowledgeable about it. So, the bottom line, network, network, network. Check us out at geltfinancial.com; we’ve made a bunch of videos for mortgage brokers, check them out. Take care, have a great day.”
Category: Mortgage Brokers
