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Get Ready To Tackle That Summer Beach List
Ralph Rosynek -
The Reverse Review Magazine
September - 2010
How to Make it Big in the Reverse Mortgage Business
Monday, 25 January 2010 19:12
Articles - Sales and Marketing
You probably already have an idea of the rewards in the reverse mortgage Industry. The rewards are certainly more than financial and go far beyond just making another deal. Reverse mortgage professionals see their goals in life as more than just financial gain, they are the ambassadors of good will to our senior community.
However, here is a reality, we can't spread the good word if we don't create and close loans. Bottom line our profitability is the key to making it big. If you possess knowledge and information to share with someone else, then you deserve to share in the profits of the reverse mortgage.
Besides money, you will receive recognition, perhaps even fame. Yes, some folks become local heroes. When you position yourself as the expert and leader in your market, you gain attention, respect, and recognition. The feeling of a businesslike passion comes with the territory; a kind of feeling that only comes with knowing you are the best you can be!
The other reward you can get is the inner reward, which only comes by fulfilling a deeper purpose and to make some form of contribution to the world and in the process, help others enjoy a better life. Being a reverse mortgage professional gives you a direct way to make that difference in your senior client’s lives.
This famous quote from Ralph Waldo Emmerson sums it up, "It is one of the most beautiful compensations of this life, that no man can sincerely try to help another without helping himself." Certainly we know there are many other altruistic endeavors, but helping seniors achieve their goals and improve their lives is not bad.
Now, let's discuss how we can make it Big in the Reverse Mortgage Business.
I'm going to give you 14 ways you can make it Big in your reverse mortgage business! You will see how to reveal to your senior clients ways, which they can tell others about you. All of these steps will lead you closer to making it big in your reverse mortgage business!
#1 Set up a referral system with your current senior clients and set up a reward for their referrals.
#2 You need to develop a core of key senior clients who are very open, outgoing, and love to talk. When you give your seniors the opportunity to tell other seniors, you are helping them do what they naturally do on their own. Your job is to provide the right information and means in which to disseminate the word.
#3 Develop Free Reports for them to hand out to other seniors. This report might read, "What you need to know about a reverse mortgage?" I have developed over 20 reports I use and rotate these reports based on my client’s particular needs and situation.
#4 Establish a team who can know you and can spread the word about you to seniors in a positive and informative manner. I use this through my networking groups. During my conversations, I tell them about the great experiences and good deeds we experience when helping our seniors.
This creates a top of the mind awareness with them and when they hear of a senior who may be a candidate for a reverse mortgage, guess who they call?
#5 Set up a special treat for them using a system to insure it gets completed. Invite others to come and listen to what you have to say. Ask them for their opinions and how you might improve your communications; above all, take the time to make a positive impression.
#6 Give every new senior client a printed questionnaire. This is your opportunity to uncover the need or want for that specific client. Now you can gather information that will build a strong database so you are able to communicate with your senior clients. I use this with every senior client I encounter. Don’t be too invasive or you will start to appear like a salesman. Your goal is to be more consultative and not salesmanlike.
#7 Give your clients a choice to go where they are most comfortable. Be sure you offer choices to your clients as to where you can meet them. If it is in your office or some public venue, then make sure it is a comfortable and private environment. Remember that we are talking about a very serious subject. Keep in mind the home is the real security with a reverse mortgage, so at some point you need to find out the condition of the property.
#8 Send all new clients a thank you letter or thank you card. I do this with every new client. I use three methods for doing this and it is very effective and my clients remember me because I remember them.
#9 Shock your client with a special gift. Why not call your client the following day after your visit and personally thank them for having you in their home. Tell them you sent them a token of your appreciation and it is coming their way. I have a special system for this and I never have to lift a finger to make it happen!
#10 Ask them to comeback. We all have a stack of clients who have responded to our offers, but to date have done nothing. This is where the gold mine is yet to be uncovered. This is your opportunity to bust open the vault and mine lost revenue
#11 Send a newsletter. You want your newsletter to be friendly and informative. You want it to be a quick read, but it must contain information seniors can use; for example, a recipe, news about Medicare, or social security programs or tips for better health. When you put your mind to it, you can be pretty creative. One problem I see though is that most of us have good intentions about writing the newsletter, but it often gets dropped after a month or two. We have one that works really well and you will never forget, it’s done for you!
#12 Send your newsletter to audiences that may also have an interest in a reverse mortgage, but are not yet clients. An easy way to do this is to visit your local senior centers and ask their permission to eave your newsletter on the main counter. Seniors have time to read and if what you do is informative, they will look for it next month.
#13 Develop a special event night for all the senior clients who have done a reverse mortgage. Don’t be afraid to get them all together. If you did a good job you have nothing to fear, plus if you have a grumpy client this is your chance to make them happy. Have your client bring someone with them that is not a client yet. Be sure you have them register at the door and capture their information. Next, arrange to have a special guest. Perhaps a CPA, financial planner, a local celebrity, or politician.
#14 Get known with your own web site. In case you haven’t gotten the word, boomer homeowners hit the market last year and they are coming on strong. Guess what? They love the Internet. What are they looking for? Information! If you are not there, you will never be known. Check out our done for you web site www.srtkn.com.
These ideas I am sharing with you are only a few of the many ways you can make it Big in the Reverse Mortgage business. In fact there are so many ways to be successful; there is no reason why any of you should not make it Big!
Remember, having senior clients who are informed and interested will draw them to do business with you. They will bring other senior clients to do more business with you. This will create exciting, rewarding and bottom line profits. You can create a win/win constant circle of business and once in motion, your business will grow Bigger and Bigger! Good Luck!
Sam Collins
