Earning ongoing business (from customers-for-life)

Jake Vermillion	Welcome to Up-Market Sales Success, a series designed to help busy loan officers just like you make the most of high-volume markets. My name is Jake, I'm a member of the Mortgage Champions team, and we are incredibly excited to bring this powerful offering to you. Let's dive into the topic at hand, Earning ongoing business (from customers-for-life), with Dale Vermillion. Hi Dale!
Dale Vermillion	Hi Jake.
Jake Vermillion	Well, it's the end of the series and I can think of no better way to cap it off than to discuss one of the keys to long-term success in any market: earning repeat and referral business. Let's start with referrals, when you're inundated with leads in a high-volume market it can be easy to forego planting the seeds needed for referrals, but I'm sure you have some powerful tips on how to keep a sales process moving forward while still obtaining referrals. Dale, what are your recommendations?
Dale Vermillion	Well the number one thing you gotta remember about referrals is that you don't start asking for referrals when the transaction is over. You start asking for referrals while the transaction's going on. But, the key to that is: you don't actually ask for the names of those people until the transaction is over. So, in other words, what you want to do is you want to plant the referral seed in the initial application. Let your customers know from the start, "Hey, if I do an amazing job for you and I knock it out of the park and I provide you with a great loan and great service, and you really trust me at the end, would you be willing to send me other people?" They're going to say yes every single time. And then you can say, "Okay, start thinking about who those people might be." And then during the process, as you're getting closer now, and you're starting to move in that direction that, you know, this is going to end up being a deal, you can start bringing reminders, "Hey! Have you started to build a list of those people?" You want to make sure that the first time you talk about referrals is not when you ask for referrals. Because if you do that, they're going to say you every time, "Oh geez, I can't think of anybody, but if I do I'll let you know." And you'll never get a referral from them again. You're not going to hear from them again about that. So, plant the seed during the application. Water, the seed during the process. Nurture the seed at the point that the deal closes. You never ask for referrals until after the loan is closed, because they're not going to be comfortable giving you those names until they know their loan is closed, they're happy with your service, and they have 100% confidence that they would want to give somebody else's name to you. That's the real key to this and getting referrals. And then when you get those referrals, the key to that is simply one thing: be very specific. Don't say, "Do you know anybody looking for a loan?" because they don't know anybody looking for a loan. Say to them, "Let's think about relatives. And then let's talk about some good friends or neighbors. Let's talk about maybe a couple of colleagues. Do you know anybody who owns a home today that maybe could benefit from these great rates, or benefit by saving money, or get access to cash? Or do you know anybody who is looking to buy a home or would want to be a homeowner that I could talk to?" Make sure they understand that you want to keep it specific to people they know. It'll make it easier for them to draw on their memory, to be able to give you names to work from.
Jake Vermillion	What about setting yourself up for future business during an upmarket? What can loan officers be doing to build long-term loyalty with a customer who may have approached their initial loan with a very transactional mindset?
Dale Vermillion
Jake Vermillion
Dale Vermillion	Well, frankly, I need to say this, even though you hear that all the time there's very few people who actually do that. You know why? Because to be a loan-officer-for-life, or to have a customer-for-life, you gotta be willing to do life with them. You gotta be willing to stay in for life. So, we've got to make sure that if we want to build a long-term business plan, by the way, repeat and referral business is the most overlooked, underserved form of marketing there is. It's also the cheapest form of marketing. It costs you nothing but time. And it's the most powerful form of marketing. There's no better way to get deals than from satisfied customers who either come back to you again, or they send people to you. But we gotta be proactive to ask for it and we gotta be willing to stay in with them. If we want to be their loan-officer-for-life then we've got to stay in with them for life. That means that the moment that loan is closed. You've got to get that thank you note. And you've got to get that thank you gift out to them at the end, within RESPA guidelines. And then you've got to stay in contact with them at least every three months in the first year and check in with them. And every year on their loaniversary, you want to be in contact and you want to get them on a regular mailing process. You want to utilize technologies as much as utilizing personal contact. Don't just rely on emails and technology marketing to build that long-term relationship! Pick up that phone and call them a couple of times a year minimum to check in with them. And here's a huge tip: always make good notes on what their loan was all about and personal details about them in your file so when you call them, you actually mention the spouse's name, you mention the children's names, you talk about the vacation they were going on, you ask them how those home improvements went, you ask them how they love the new community, and you're specific. Because what that shows them is you're truly relational, you truly are their loan-officer-for-life, and you truly view them as a customer-for-life. If you're willing to stay in and willing to stay after it, you literally will build customers-for-life and you will get more renewals and repeat business than you can ever imagine in your lifetime and a ton of referrals to boot.
Jake Vermillion	Dale, for the last time, any parting thoughts on this topic?
Dale Vermillion	Yeah, top producers are top producers because they build loyalty and because their customers know that they truly are interested in their future. But, let me say this one last thing that I think is so important ,and it's this: everybody has a choice how you're gonna approach this business. You can either be in there everyday slogging, hitting the phones, calling on realtors, however you're generating your leads and dealing with new customers every day for the rest of your career, and constantly be having to acquaint yourself with brand new people, overcome all the objections, build all the credibility, build all the relationship, and do all the hard work. Or, you can be really smart about this. And you can start your first couple of years doing that and then really build those long-term relationships where now all of a sudden your phone's just ringing and going forward. And it's people that already know you, already trust you, already like you, you've already got information on them. You're going to have a lot less cancellations. You're going to have a lot less turn downs because you already know details on them. But more importantly, and most importantly, it's going to be a much more enjoyable career. You're going to have a lot more fun. You're going to be having conversations with quote unquote old friends and turning them into new customers again and again and again. That is a way better way to sell if you want to build a true career, create true sustainability, and hit truly phenomenal numbers. Top producers are top producers because they get repeat and referral business. And by doing that, they're able to last a long time.
Jake Vermillion	Don't forget to complete today's skill challenge by planting that referral seed up-front with a new customer. It doesn't have to be a belabored ask, just set the expectation and then take the time to follow up after you've delighted them with your professionalism, expertise, and thoughtfulness. And then let us know how it went and whether you were able to grow your business through referrals, even in a high-volume market, by clicking the feedback link in the show description. Well, let me be the first to say, "Congratulations!" You've taken the time to hear from Dale on 16 unique topics that are pivotal to achieving and sustaining unparalleled success in high-volume markets. As our first foray into podcast-style training, we would love to hear your thoughts on the series, including whether you'd like more training delivered in this format. There's a special link in the show description to share your thoughts anonymously. As a reminder, you can listen to every episode of Up-Market Sales Success online or in your favorite podcasting app. And don't forget, as a U.S. Bank loan officer, you have access to hours upon hours of training available 24 seven in your Mortgage Champions Online™ account. Before we sign off, we want to thank Beth Ryan, Todd McFadden, and the entire executive team for making this series possible. If you wouldn't mind shoot them a quick email to let them know just how much you appreciate their continued investment in your success. If you have any questions about the content presented in the series, your Mortgage Champions training materials, or your Mortgage Champions Online™ account, don't hesitate to contact our team at support@mortgagechampions.com. Whatever your needs, we're here to help.