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Open House Support - Prequals
May 23, 2008
Q: I work “in-house” inside a real estate office. I am interested in finding out why you mentioned open house support as a possible activity for adding value. I say this because that is one thing I don't think helps much.  But after thinking for a while, I could send a letter to each person that attends the open house and offer to prequal them, keeping the agent in the loop and then providing a prequal letter.  What is your view on being at the Open House with the agent for any questions or pre qualifications for prospective buyers?   Sharon Morgan
 
A: Sharon, you are absolutely on the right track. The reason that your present efforts are not effective is you have not gone DEEP enough. The key with marketing is to limit your activities but go deep. That is why I chose to mention something you are already doing. Not that this is the best thing--it is what you are already doing. What could you do to go deeper? You are already mentioned  a few….
 
As you said, attend the open houses and prequal on site. If you did that two times per month you would increase your incoming leads while you tighten your relationships with the agents. Perhaps you could select the open houses based upon a  "reward" for the agents who have helped you the most.

Don't write a letter--call everyone who visits and give a special offer such as a free preapproval.  Even if you had to hire an assistant to make these calls--if you had 50 per week--and turned 5 into clients--what would that do to your business and what would it to do the agents’ business if 50% of these are buying homes from your agents?
Have substantive materials such as articles and/or newsletters at the open houses--not just flyers. Educate and position yourself as an expert.

Go one step further and utilize a call-response system for all listings? Turn their listings into lead machines.  We offer such a service through our partner, Information Now. Visit "http://www.originationpro.com" and click on the business development section to sign up for such a system and use the activation fee will be waived.

What about offering a free home warranty for those who list with the company but make application to you for their next home? Now you are reaching the sellers too!

We are still planning our first "joint venture/in-house loan officer" training sometime this summer. We have received a lot of positive feedback that this training is needed. It will be a two-day format (with one extra day or half-day for managers). What we have not decided is---WHERE. If you have a group that will provide a base for the training, if it is local to you and you are in a major metropolitan area--we would welcome your input. Email me at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it    

… Dave

Ask The Expert is an exclusive feature of Origination Update. If you have a question on finance, sales, marketing or leadership you would like to ask—email me at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

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Ask The Expert

Open House Support - Prequals
Written by Dave Hershman   
Q: I work “in-house” inside a real estate office. I am interested in finding out why you mentioned open house support as a possible activity for adding value. I say this because that is one thing I don't think helps much.  But after thinking for a while, I could send a letter to each person that attends the open house and offer to prequal them, keeping the agent in the loop and then providing a prequal letter.  What is your view on being at the Open House with the agent for any questions or pre qualifications for prospective buyers?   Sharon Morgan
 
A: Sharon, you are absolutely on the right track. The reason that your present efforts are not effective is you have not gone DEEP enough. The key with marketing is to
Read more...
 

Spotlight Article

What if you had a MILLION dollar application?
Written by Brad Cooper - Loan Officer Success   

When I travel around the country presenting my strategies to loan officers and Image speak to my private one on one close door coaching members I am finding a common problem many are having in their business.  The problem is
Read more...
 

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