Strategies to increase sales for Mortgage

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in this video I want to share with you how we have exponentially been able to grow our business and how loan officers that we help and consult with have equally exponentially grown their mortgage production and business using this one powerful and yet simple engine this engine is also what allowed Amazon Airbnb Uber to massively grow into multi-billion dollar companies and so if you watch this until the end you will also learn how you could apply this into your mortgage business today let's Dive Right In so for us to better understand exponential growth well we first need to understand what exactly does it even mean exponential growth really means growth whose rate becomes ever more rapid in proportion to the growing total number of units and you can see there's a fancy a formula here now I'm not going to dive too deep into the technical aspects of this the most important thing to really understand here is the difference between exponential growth and linear growth so with linear growth usually if you look at it through a graph you kind of see something like this right now the first thing that we understand is most businesses they don't even achieve this they don't really grow you know most businesses fail if you check the U.S Bureau of Labor Statistics one out of five businesses fail within their first year and so most people they don't really achieve growth for the people who actually grow their business usually what most people really kind of go through is what's called linear growth it's more duplication so you could kind of see this and so the difference with exponential growth is it's going to look something like this it's going to start out a little bit slower in the beginning but there's going to be a point where it will shoot up this is exactly what we want for our business and for your business so how does this actually work so the difference to think about this is with regards to your inputs and outputs okay most people when we exert effort we have like an equal output right and so the main thing that we want to kind of understand here is we need an engine we need a mechanism so that we are able to get leverage for all of our inputs so the difference here is when you are talking about linear growth for every input that we put in you have an equal output right meaning you work harder uh you get more results that's good that's cool but that's also unsustainable we want to work smarter not necessarily harder here and so the difference with exponential growth is once we have an engine we want the ability to push an input while having an exponential output where we're really using multiplication of our efforts right and so we're not expending that much energy and we're able to get a really large amount of output and really this is like behind me principle so high impact minimum effort so what exactly is this exponential growth machine that I'm talking about well it is having a flywheel in your business first let's understand what exactly is a flywheel is a heavy revolving wheel in a machine that is used to increase the machine's momentum and thereby provide greater stability and builds a reserve of kinetic energy to power the machine now you know that might sound too technical but really the key word here is it's able to increase momentum and Reserve energy right and so in business terms and uh you know even in Harvard most mbas they talk about display will affect and so if you think about what a flywheel is it's essentially just a machine that's really really hard to start turning it takes a lot of effort in the beginning but as this Wheels turns as you are able to build momentum it will dramatically go so much faster and with little effort from your part okay so what does this actually look from a flywheel in action look like well the flywheel effect happens when small wins for your business build on each other over time and eventually gain so much momentum that growth almost seems to happen by itself right so really what it is is because as we start adding and feeding into this machine then this machine will be self-sustaining and will have so much momentum that it will by default you will just get so much success by itself right and this is exactly what we want to in your mortgage business okay so let's look look at some fly reels in action now with Amazon they really focus first on having an amazing customer experience when Amazon started they were essentially just a bookstore right they were an e-commerce store this was during the early.com uh era most people they don't need they didn't even uh trust buying uh online first right for security but because they provided so much customer experience on their online websites they're able to drive more traffic into their website and they did the unthinkable actually during that time they started opening up their platform to third-party Sellers and at this time people were calling them crazy right like if you have traffic if you have leads on your side you have traffic on your site why would you share it with other people right but that's because other people they were not really thinking about this flywheel that Amazon was building because as more sellers come in well that also brought in more products and more selections in their website right and so with more products and selections this also further increase their customer experience because there's so much products in Amazon more people also wanted to buy in Amazon the vendors also wanted to sell more in Amazon because there's also a lot of people buying in Amazon right and so this increased the third party sellers which ultimately as more more and more people wanted to sell on Amazon well more and more products are also being sold in Amazon which further just validates this whole thing and so the more people that want to sell the more people that also wanted to buy and it just further validates this this flywheel effect and ultimately you just get by default just like unlimited growth now let's look at Uber it's the same thing they started with an amazing customer experience they use an app and so it's very convenient right it's just on your phone you don't need to wait you don't need to call for a taxi people started using Uber and so they got more writers and as as more and more people use Uber more and more drivers wanted to drive for Uber but then the more drivers that came in that also meant faster pickups faster pickups means that there's just better customer experience overall that pretty much killed the taxi cab industry because it's so easy it's so convenient just use your phone and order for for Uber and more Riders meant more people wanted to drive an Uber and further validates a faster breakup and ultimately you have this cycle and a flywheel effect of just massive exponential growth so it's the same thing with Airbnb same thing customer experience and then uh more and more people uh wanted to use Airbnb because uh it was cheaper than a hotel at that time right it has a personal experience you know great customer experience and then as more people wanted to use Airbnb well more and more people also wanted to host their homes their extra room their apartment in Airbnb and more hosts in Airbnb meant more selections right more cilantro hence meant better customer experience and better customer experience meant that more and more guests wanted to use Airbnb but because more and more guests were at Airbnb well more and more people wanted to host an Airbnb so you guys get the picture here you know you you create this like massive growth and it's because of having a flywheel effect in your business now real quick if you are getting value from this video just pump that like button in this video I would really appreciate that and don't forget to subscribe to my YouTube channel so you don't miss out in any future training such as this one let's go back to the video but what does that mean for you as a mortgage loan originator well you also need a flywheel in your business and what this flywheel really looks at is you're going to have five pillars in here uh and we call this the freedom flywheel because ultimately this is what you need to have in your business so that you can ultimately achieve freedom freedom of income freedom of time freedom of relationships and freedom of purpose and so there's five parts here so the first part is lead generation we need to start with having a direct-to-consumer model where you're able to actually generate leads without relying on Realtors without relying on any other external partners and really the you have two objectives in this pillar okay so the first one is to generate create a consistent flow of direct to Consumer inbound leads okay so very very important here keyword here is inbound leads we want the leads coming to you instead of you chasing the leads right it must be direct to Consumer meaning uh you're not relying on Realtors you're not relying on on other referral partners and number two is these are leads who have raised their hands saying that they want to speak with you right that way you're not also just wasting your time we want them in a very systematic manner now the mistake with that most people have when they start to do some sort of direct to Consumer lead generation is they start with media okay so there's three M's that you have to go through for any sort of lead generation that's having Market message and then media now unfortunately most people they usually start with media which is really just the platform this is not where you want to start okay because if you think about it the first two will actually dictate uh what platform that you go into so what you want to do is you want to start with first identifying who is your target market right this is your audience this is really crucial because if you are selling to everyone then you are selling to no one right if we truly want to have a direct consumer model where people are going to you then you need to start calling them out and for us to call them out we need to be very specific with who you are trying to Target so for example if you are specifically going after uh veterans or first-time homebuyers right those are like specific niches but within those niches you could actually further go more specific right you could Target demographic psychographic geographic location right not only are you targeting first-time home buyers but you are also targeting uh first-time homebuyers that are uh parents single moms in the Chicago area right so the more specific that you can get the better messaging that you could also have right so that's the second thing here is your message your offer what is it that you were actually offering people and if you are just saying hey I'm a loan officer you know I could just help you get better rates that's what everybody else says right now I have a separate video on this that talks about how you could leverage the seven different types of unique selling proposition and unique marketing messages that you could use you know I'll link them below here and you could take advantage of that but really that is what we want to do is we want to leverage a powerful message to the Right audience the right Market who will relate with that specific message and then once we have these through now we can actually start to figure out all right how can I reach those people which platform should I use to reach them right that is the combination here and then as you generate leads we also want to have an automated and systematic way to nurture the leads now on the lead nurture side uh the the thing to really think about here is for every Market we know that uh only three percent are ready to buy right now right uh the other 97 is pretty much not yet ready and so this pillar is so crucial because we have three objectives here okay so the objective is for number one is how can we get in contact with the three percent who are actually ready right now and we could use automated processes we could use systematic processes right you really want to have a powerful uh CRM on this pillar and for us we have actually built out our own CRM so that we can automate and systematize every single piece of these five pillars number two is we also want to pre-frame the leads to help your sales process so we want to nurture them we want them to know like and trust you as a loan originator even before they speak with you this way you are pre-framed and it's going to be a lot easier on the sales process for the other 97 percent of people who are not yet ready right now well we want to build a relationship with them so that when they are ready they already know like and trust you that way it's going to be so much easier for you to really leverage and get them to a sales process that you can convert right and then as we nurture them we want to build a systematic sales process now the first objective here very very important is we want to implement a systematic sales process which means you need to have a sales script now it's so easy to think oh you know I don't need to sell a script I've been doing sales for 10 20 30 years now this is really about consistency you don't necessarily need to be like word for word have a script but you need to have a framework every single conversation that you have should have the same framework and number two is we need to gain permission to serve too many times I see people you know that just go straight into selling even worse you know start talking about themselves we really want to earn their trust first and then that way we can serve hard and then sell easy and then number three is once we gain their permission then we can overcome the three types of sales really making the external sale doing the internal sale and overcoming the why you sale the external sale is breaking down what is their limiting beliefs on the external criterias on why they should buy right now well maybe now it's not the right time right the rates are too high oh there's no inventory I can buy because of all these external factors right so we have to overcome that so the second thing is the internal sale the internal now is well can I afford oh I'm in the lease right now I can't break the lease and so I'll have to wait right so these are the internal sales that uh people have uh in their heads that is blocking uh you know their limiting beliefs into being able to buy right now this doesn't even make sense for me do I have the down payment and the number three is the why you sale meaning if they know that hey now is a good time to buy externally and I can't afford to buy well why should I work with you specifically right now I have a separate video on this that really walks through the whole sales process and you could watch and I'll link it around here that is really the sales process and you really want this to be a systematic uh process and as we build a systematic process we deliver an amazing customer experience now this is so crucial because uh we are going to have four primary objectives in this pillar so the first thing is we want to wow your customer very important and the easiest way to think about this is why me a customer is really about doing something that is unexpected because if you think about it even if you're delivering an amazing service you know fast convenient you know amazing service well most people they if they already expect you to do it well that's just the standard right so the second thing is we want to get five star reviews from your customer we want to be able to do this in a very systematic manner you can automate this process we actually automate this in our own more CRM for good vibe Squad because we're over delivering and we're wowing your customer this is something that people would actually want to do for you is just give you an honest review the more that we do this especially if you put this into your Google my business profile and this will ultimately help your profile also rank from an SEO search engine optimization standpoint a local SEO in the Google Maps this will help you get and generate more organic leads from people that are searching for loan officers near me mortgage brokers near me in your local area so this is really powerful now the third objective is to get more customer referrals and we can automate this process through your CRM as well the communication uh you know the main thing here is we want to build relationships with your customers and as long as you deliver an amazing customer experience they would also be happy to just refer more people to you right their friends their family and number four is to get future business and in Dallas refinance this down the line more purchase transactions down the line maybe they want to buy a second house maybe they want to do airbnbs in the future right maybe investment properties and so this is also where having the identity of uh instead of just being a loan officer becoming a mortgage wealth advisor and really advising your customers this is how we actually coach our clients is because if you have the perspective of just being a mortgage loan originator while helping people with home ownership that journey to home ownership is a one-time transaction however as a mortgage wealth advisor the journey to Building Wealth well this is a lifelong journey right this is how you could really uh set this up so that you are not only just getting one transaction but you are getting free refinances you are getting uh purchase deals uh down the line in the future and this is how you increase your lifetime value for your customer the fifth pillar here is the Strategic Partnerships right this is how when we get a direct consumer uh uh lead once we get them pre-approved then we can now uh leverage that and attract realtor Partners who are your ideal uh Partners this pillar doesn't only uh talk about Realtors necessarily because there are other strategic Partners right other referral partners that you can attract that you can build relationships with for example there's financial planners divorce attorneys accountants CPAs uh title reps title companies right there's a lot lot of other referral Partners but of course realtors in real estate agents they are the most ubiquitous that you could really go after and also the most effective and so in my example here the easiest way to kind of think about this is as realtor referral partners and as just realtors in general they're going to fall into three buckets for you so really the first bucket are the ones over here these are realtors who you do not have a new relationship with you know they don't know who you are and that's okay the main thing here is we want to go after the Realtors who are ideal referral partners for you what does that mean these are the sweet spots where they actually have business you do not want to go after and connect with Realtors who don't produce right because you know you want to respect your time you don't want to waste your time but you also don't want to go after Realtors who have uh you know like really really high production because those are the Realtors who are most likely going to already have preferred lenders not to say that you don't go after them do you still want to start that relationship just know that it's going to take a little bit more time for those people it's okay so you want to kind of find The Sweet Spot you know not that they don't have production but not too high of a production the second bucket are the ones who you do have relationships with right but they're not actively sending you business um you know they know who you are maybe you work with them before you know certain acquaintances maybe you've met them in an open house maybe you've kind of worked with them before and so these people are the ones that we want to really cultivate relationships with and if they are an ideal referral partner for you then you want to go after and and ultimately the third bucket are your active Partners these are realtors who are sending you business consistently you have a reciprocal relationship with them and we want to get more of these right so the idea is how can we connect and the people who don't know Who You Are get them to at least know who you are have a starting relationship and then from that leverage the direct to Consumer leads so we have so that you can get an active partnership going with them and then really cultivating that relationship and strengthening that reciprocal referral partnership and so really pillar objective here is use direct to Consumer needs to attract your ideal referral partner so you could see as long as you have this and this is really powerful because most loan officers out there all they're doing is they're just begging business right they're just asking for that coffee date basically just trying to say like hey you know I could close on time I have amazing customer experience right like everyone says that with the freedom flywheel that we have when you have a direct-to-consumer legion that now you can actually have an actual leverage in these conversations where hey I want a long-term relationship I want a partner ownership with you but just know know that if we are going to be working together I'm handing you this blank check as a pre-approved buyer but in exchange I want this to be a reciprocal relationship and so now you are setting the the bar with the right expectation right off the bat right so this is really powerful and ultimately having this partnership completes the mortgage Freedom flywheel that we have so now we are truly building your exponential growth machine because as we generate leads and uh you know as we nurture the leads through automated means through systematic means we get in contact with the three percent of the people who are ready right now pre-frame them for our sales calls but for the other 97 we build relationships with them using the automated campaigns we build relationships we communicate with them and then we have a systematic sales process where we gain permission we walk them through the three sales right the external the internal sale and then the why you sale and then ultimately take the application get them to a pre-approved buyer and then from there we wow the customer right we get more five-star reviews we get them to increase our local SEO ranking and get more referral Partners right and then using that get more strategic Partners get more wheelchair Partners using their pre-approved buyers and and you're directing into your Remodel and as we do this well now your realtor Partners is going to get you more leads right and the SEO the more reviews that we get we're also going to get more leads the more leads that we get in because we have a systematic lead nurture process we have an automated CRM that will automatically get in contact with them we're getting people uh actually reaching out to you and really building that relationship and then we drive them back into a systematic sales process which ultimately gets them more five-strand views we increase your local SEO and then ultimately now you just have this growth flywheel we get more wheelchair partners and then ultimately this will really grow your mortgage business exponentially right do you see how powerful this is so there you have it I hope you found a ton of value out of this and you could start really leveraging this in your mortgage business today if you want to learn also how we do this for our clients you can go ahead and click the button right below this video uh it's going to be in the link down below you could set up a demo with us now if you want to see more content such as this one go ahead and check out my other video where I actually break down each of these five pillars into more detail and how you could apply this in your mortgage business today I will see you in the next 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