No man’s land: why you get ZERO leads after that “great” realtor meeting

Here’s the scenario: you’re sitting in your car after a great initial realtor meeting.  Big smile on your face.  You just “knocked it out of the park.”

You built rapport and shared some great stories and enjoyed a bunch of laughs together.  Your presentation was flawless.  You revealed unique mortgage products that seemed to impress your realtor prospect and most importantly you demonstrated your high service level.

Your prospect even said they’d be in touch with an upcoming opportunity.

You send a follow up thank you email and a hand-written note appreciating your prospect’s time and looking forward to working together.

Case closed, right?  Hardly.

One week goes by.  Nothing.  Two weeks, nothing.  A month goes by and you’ve reached out several times and either don’t hear anything back or worse, you do, with more promises that never get fulfilled.

 

How You Got There

What causes that black hole of confusion and frustration stemming from little or no realtor communication after what you thought was a home run meeting?

In my experience there are three causes:

  1. You didn’t fulfill the “trust” factor.
  2. You met with a weak agent.
  3. You didn’t take responsibility for knowing where you stand in the realtor’s mind.

1.  You Didn’t Fulfill The Trust Factor

All realtors have an unspoken concern, which is, “Will you make me look good in the eyes of the customer?”

The most effective way to initially alleviate this unspoken concern during your face-to-face appointment is by using the golden phrase.  This will earn you a shot at a lead.

Then you need to follow up consistently using the 4 x 4 follow up system.  This is what differentiates you and builds long-term loyalty.

2.  You Met With A Weak Agent

There are 2 types of weak agents: 1) the first type is one who does very little business or is extremely inconsistent.  2) The second type of weak agent is one who shuns confrontation, even “perceived” confrontation, and doesn’t have the confidence to say “no” to you.

In the first scenario, the agent weak in production simply doesn’t have any business to send you.

Truthfully this should never be an issue for you because you’re strategically prospecting top-producing agents using recent MLS data.  You should know their #s going into each and every meeting.  Case closed.

The latter scenario is trickier.  Some people just feel that saying “no” or “rejecting you” is either rude or uncomfortable and will never be straight with you.  In these cases you need to speak extremely “straight” and ask blunt questions that force them to answer truthfully.

What are these questions?  They are the same questions that satisfy the third and final point and the most common of the three reasons for falling into the no man’s land black hole.  See below.

3.  You Didn’t Take Responsibility For Knowing Where You Stand 

Many loan originators get to the end of an initial realtor meeting and fail to do one of the most important things in the entire meeting: find out exactly where they stand.

Some are just unaware of the crucial importance of this final step.  Others have the same discomfort around “perceived” confrontation that many realtors do.  So they back off from the straight talk so they can end on a “high” note with everyone feeling happy and giddy.

Until a month goes by and you don’t have a single lead to show for your time invested.  Giddiness gone.  Resentment and frustration present.

You’ve got to ask the tough questions.  You’ve got to know where you stand.  For three very important reasons:

  1. So you don’t leave with mis-managed expectations and expect forthcoming leads and then get disappointed when they don’t come;
  2. So you know how to effectively follow up after the meeting;
  3. So you demonstrate power and confidence to your realtor that will make them even more comfortable trusting their buyers with you.

Below you will find the “tough” questions so you know exactly where you stand and end the meeting powerfully.

Question # 1: Based on this meeting and your suggested comfort level with me, are you willing to commit to referring me your next deal or do you have anyone right now that I could contact?

Get to the point: You’re not there to make a friend.  You’re there to establish a new referral partner.  The friendship can evolve organically as you do business together.

If they say that they always refer out at least “three” options, then ask the next question.

Question # 2: Based on our meeting today and your comfort level, will I now be on your top referral list and one of the three lenders you refer?

If they say “yes” then find out how they refer people.  Do they have an email template they email clients?  Do they hand out business cards?  Do they have a one-page document?

If it’s an email or document, ask to see the template so you can be sure your contact info is correct.  Then ask to be put at the top of the list.  Seriously.

And finally, if they don’t have anyone to send you right now, find out what their timeframe is and ask how you should follow up.

Question # 3: When do you expect your next lead to come through?  Would it be appropriate for me to contact you every Monday to stay in touch and make sure we get the chance to go through a pilot deal together? 

Get clear on follow up so they know the frequency and won’t be annoyed when you stay in touch. Ask when you can expect to get your next referral and say with a smile, “I’ll hold you to that J!”

No man’s land serves neither you nor the agent.  So take the lead by being direct and keep you both out of purgatory.  After all, you weren’t getting any business from the agent before your meeting, so what do you have to lose?  Nothing.

Be direct, talk straight, ask the tough questions and get very clear answers.

Do it and you’ll get more leads or at least be able to wisely decide whom you should spend your follow up time with.

If you found this information valuable, please forward it to a colleague!

 

 

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