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what's up people hope your day is going well it's kenneth here hunter is a wealth from streamhomeload.com i want to make a quick video for you guys um regarding new loan officers and lead sources for new loan officers basically where can you find deals where can you get loans and just basically how it is getting going as a new loan officer mainly on the independent side so i'll kind of give you the differences on that so i i make this video because you know i've been running streamhomeloan.com for the last roughly about four years and i've put out different ads recruiting loan officers on indeed and um and different places like that and i've gotten a lot of response back from new loan officers people that are new into the industry they got their license but they really don't have any experience as a loan officer and with that they don't have experience necessarily prospecting for uh for deals prospecting for loans um looking for new clients and customers so i get a lot of questions of where can i buy leads from um should i knock on doors should i send out text blasts things like that should i cold call um and i want to make a quick video just to give you my perspective on that give you a little direction tell you a little bit about what works for me and um and hopefully i can provide some value and some information for you on that so i'll make it quick um when when as a loan officer there's two sides of our business right you're either going to be working with clients that already own a property and you're helping them better their situation either they're refinancing to lower their payment refinancing to shorten their term um like they'll go from like a 30-year term to a 20-year term or a 15-year term because they paid their balance down it offers a better interest rate at a lower term or they're looking to take cash out of their property because they've gained equity and they're looking to access that equity for either debt consolidation home improvements maybe they want to take some money out put in the bank for some reserves vacation college education there's a bunch of different reasons why someone that already has a loan would be looking to alter their their transaction or alter their their current scenario the other side of the business is purchase right someone that's looking to buy a home and it's pretty simple they need a loan to buy a home so the question is where do you find these clients and how do you get in front of them so you can potentially be the person that works with them so the first and most uh you know i won't say obvious but the first place that most people in any line of work or any business look towards when they are trying to obtain business is going to be friends and family it's your referral network it's the people that are closest to you that will give you a fair shot up front and you know hear you out up front prior to you having experience prior to you paying for leads prior to you um doing any other outreach so first and foremost you're gonna look to the people that you know to ask them hey look um i'm new to this industry um i work for a reputable broker you know like when you can't really lean on your experience yet lean on your broker's experience lean on the team that you're working with um so that you know you have some way to gain credibility with the client so i would do something where i'm like hey look i'm new but i work directly with a broker that's been doing this for 17 years um the company that i work for does this much volume or did this much volume last year well experienced you're gonna get the best pricing um you know some way to kind of like account for that all right i'm new but there's credibility backing me um and when you when you reach out to your family i you know let's say that i'm reaching out to a homeowner that my uncle that's a homeowner hey jim john jack whatever um and that you own a home i'm a mortgage broker now i work for a mortgage broker now i'm a loan officer uh and right now rates are excellent they're still at historical lows did you have any interest in seeing if you could lower your payment or interest rate or possibly taking some cash out pretty basic um i can run a scenario for you and just give you an idea of what our company can do side note right now there's a lot of appraisal waivers going on you know give them a little a little benefit that makes it attractive and if they did have any interest if you you know if you present the information correctly most likely give you a shot to at least run the scenario um and get back to them with some options um and you know if it's not a current homeowner reaching out to a um oh and i'm on a side note on that and if they're like oh i'm not interested right now hey do you know anyone that is interested don't be scared to ask for that referral or that connection um is there anyone that i could also help you know anyone that i can reach out to you would you mind giving me contacts for people that you know that are homeowners i can reach out to them at least introduce myself to them and make it to where i'm a point of contact when they do have some sort of question or interest in real estate or financing that's what you got to do initially before you start spending money on leads just so you can for one get your feet wet but have the warmest connection possible um and you know that's going to really open the door up to that that referral network now if it's someone that doesn't own a home uh someone that you know potentially is or probably renting um that's where you reach out hey look you ever thought about buying a house you know if so um let me take the step and pre-approve you for your loan um give you you know that way i can give you a clear picture of what you do qualify for as well as an idea of what a monthly payment would be on a potential property just so you know it doesn't have to necessarily be hey are you looking to do this right now in the next six months hey why don't you let me run the numbers for you just so you know what you could qualify for because it'll probably start to open things up for you when you're looking online or when you're browsing our properties because we all know nowadays people that aren't even in the market are looking at homes online whether it's they're looking at properties that might be out of their price range um just to browse but people are out there looking to see what's out there because people generally speaking to understand the value in owning a home nowadays so first step is going to be reaching out to your referral network just letting them know who you are and what benefit what value you can offer to them to the people that don't own yet your value is that hey i can pre-approve you and give you an idea of what a payment would be like um on a potential home purchase but once you do cross that path you um you have an idea already and then for the people that own homes already hey right now rates are excellent let me run a scenario for you were you interested in possibly lowering your payments or taking cash out you know my either or close and that's just basic keep it light not really looking for any any sales push on that just running a scenario for those people um and then actually you know you're offering or you're presenting something hey did you know that you could possibly save a couple hundred bucks a month here's how it works taking the next steps with them from there referral sources right from there there's going to be different mechanisms like buying internet leads from internet lead aggregators um these are companies that send out little um you know they'll put little pop-up ads out on the internet where people click on them because it says you know the government has reduced rates or just little click-bait ads but those ads actually do generate leads they might not be the highest quality compared to another source of leads but they do generate leads these are people that traditionally or generally are homeowners um looking for some mechanism to lower their payments those companies may sell those leads to a couple of different people like yourself and you know creating the competition within the lead source so that's one avenue um other avenues are generating social media traffic you could try to do that yourself or you can pay a company to generate that for you that should generate leads as well um so all you know those are those are two sources um those are uh you can you can push the avenue of like buying refinance leads or generating refinance leads and there's also sources like zillow redfin realtor.com where there there are places where people go online and look for properties but they're also selling lead information to loan officers and realtors because those people that go and search for properties they end up clicking want to get pre-approved or want to talk to a realtor and then those turn into leads and then they come to people like myself i reach out to them and say hey got your information looks like you have interest in purchasing um i'm a realtor and a loan officer i can help you with that or you know whatever your your skill is going to be but that's how it works so upfront the best thoughts for myself is if you're independent um is really trying to generate business through the lowest cost mechanisms up front you know your your referral base your friends and family circle um and then if you have funds ready to invest then looking at different sources that might cost you a few hundred to a thousand dollars to you know generate the leads and they usually have conversion rates that they can go over with you where it's like hey our conversion rates are two percent you know if you get a hundred leads for much you should be able to close one to two transactions um things like that and then you can do the math for yourself and kind of figure it out but to really create the consistency for yourself i would say you want to spend money on leads sooner rather than later but up front definitely take a shot at your uh your referral base and your friends and family not only to give yourself an opportunity with someone that's warm that already knows you but also because it's cost effective and you get to try you know you get to speak and kind of work through your kinks of your pitch um and your process before you're doing that with uh you know leads that you may have spent money on but don't be scared to spend money on leads these are people that are looking for a professional to give them an idea or an answer on what they can do that's how you're going to really create the consistency in your business by having a lead source you have these companies that are constantly reaching out to people send those people your way you're going to close some of them you're not going to close the majority of them but you're going to close some and the the profit or the commission from that should well outweigh your expense but the best thing to do is do research check with different uh lead sources find out the conversion ratio find out the best approach for yourself some people like to just sit back and dial a bunch of leads um and and create contact from that you're gonna spend less with leads that you're dying on compared to someone that's paying to have a lead transfer to their phone where they're already on the phone you'll spend more on that source but you're going to cut down the time that it takes to actually get in contact with people so it's a give or take um i think you you know you just want to um kind of i want to say diversify your lead sources but research the lead sources find out about them and dabble in each one and see which one's going to work the best for you but they work that's my main point is that they work so you can go into them with confidence that if you hit them hard work hard and do research on what's effective in that source or um with leads in general what's up what's an effective pitch it'll work you can't just go at it and uh get the leads and just call a couple of times and oh they didn't pick up or they didn't you know that person said they already moved on no you you'll learn if you do research that with any lead source that you're calling on it usually takes like seven or eight dials for that lead to actually engage with the loan officer so if you're calling a couple times and then you're kind of getting over it then you're not your expectations aren't really on point for that specific lead source so learn that uh you know learn the expectations per lead source that you're going at it with the right mind state um but they work when you put in the effort you know early on in my career i would call a couple times and get annoyed and get over it and then i have to buckle down do my research and figure it out and then you start to understand that it's really in your control you can really turn up your volume um as you turn up your lead flow you know so um that's that's all i'm going to do right now because i could run on forever talking about different lead sources but really it's about referral base friends and family and then starting to dabble into lead aggregators companies that are going to generate leads for you whether it's an internet lead where they're sending you an email saying hey this person just requested information or they're transferring you someone live on the phone a little bit of a higher cost but um much higher conversion less time to get that person on the phone so reach out there google mortgage leads and you'll come you know i'm sure a bunch of different companies will pop up do your research you know do some cost comparison figure out what's going to work for you based on the time that you have available to spend on um prospecting and you know when you do the math and you figure out the highest and best use of your time you should be able to come up with a formula that's going to work for you because there are millions of people out there depending on your region hundreds of thousands or thousands of people reaching out for loan officers to help them with a refinance or help them get pre-approved and purchase a property but the reality of it is that most loan officers aren't going to do the grind even if they bought the lead they're going to buy the lead and they're going to give up if the person says oh i'm busy or i'm at work probably won't call back that should give you confidence that if you just put in the basic effort of making contact and putting positive effort in you should have a higher success ratio than even the average numbers just based on the fact that you're standing out amongst the competition and just making that call following through calling back emailing sending a text saying hello and you know letting them know that you're local and you're not in the call center overseas or whatever the case is that additional effort will go a long way so hopefully i provide some information to you that's valuable like subscribe and share to someone that um share with someone that may be able to benefit from this information have an excellent day 100 years of wealth to you and yours