When and Who Do You Call For More Referrals

Loan Officer Freedom

Carl White

Mortgagemarketinganimals, Business, Loanofficer, Getmoreloans, Freedom, Mortgage, Loanofficercoaching, Carlwhite, Education, How To

5 • 743 Ratings

🗓️ 28 October 2024

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

Welcome to Loan Officer Freedom, the #1 podcast in the country for loan officers, hosted by Carl White.

In this episode, your hosts, Carl White and Jami discuss the staggering differences in closing ratios between social media leads and realtor referrals, emphasizing the need for effective prospecting strategies.

Discover the three essential groups of real estate agents that every loan officer should focus on: pre-coffee, post-coffee, and the coveted Focus 40.

Learn how to prioritize your calls, maximize your follow-ups, and leverage existing relationships to generate more referrals.

Want more loans? Visit wantmoreloans.com to set up your free coaching call!

Schedule a one-on-one free coaching call, click here or visit LoanOfficerStrategyCall.com.

Transcript

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0:00.0	Have you seen that little video thing I've been doing with chat GPT and asking it,
0:10.3	what's the best use of time for a loan officer?
0:12.3	Yeah, I think I saw it on Breakfast Club, yep.
0:14.8	It's very interesting.
0:16.0	So if you're listening today and you haven't heard it, if you go on chat GPT and ask it,
0:24.7	what is the closing ratio of social media leads?
0:31.0	It runs about 0.5% like 0.5 to 1%.
0:34.9	And then for realtor referrals,
0:40.3	it said chat GPT said 20 to 40%,
0:43.9	which is actually,
0:45.2	I thought that was a little on the high side, actually.
0:47.5	40% would be...
0:49.5	So in other words,
0:50.1	so it means like if I get 100 leads
0:52.8	on social media, I'll close between
0:57.0	like half of a deal. In other words, I need a hundred leads to close one. And maybe,
1:03.4	and maybe at best I'll close one out of a hundred. So that that's one percent, right? Whereas on the
1:08.1	realtor referrals for every hundred leads I get from real estate
1:12.1	agents, it's saying we should close between 20 and 40. I've never done, I thought 40 was on
1:18.6	the high side. I'm usually closer to about, like, let's say, about 20%, 22%, 18%, 23%, maybe 25% on a good week.
1:32.8	So the 40% is pretty good.
1:34.5	Anyway, so the point being is we really got to ratchet up our game on prospecting to real estate agents.
	...

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