Debt Relief Lead Stories
Thanks to 1st American Law Center for bringing the following blog post
While some brokers are leaving the market, waiting to return when things stabilize, experienced originators knows that it's possible to survive this current fallout. To do so, you must hunt for new business and generate new leads. But not necessarily leads from nonprime borrowers in foreclosure — you need new leads from new sources. People who already know the good work you've done. People who respect the kind of integrity, knowledge and service you provide.
Where are these people?
They are members of the church you should consider helping to finance. Or they are parents or staff members at the charter school you help fund or the overpopulated day-care center you help to expand. Any one of these entities can provide you with anywhere from a handful to a few hundred mortgage opportunities — all from just one loan. These are your new lead-generating sources.
Look around you
According to the Gallup Research Organization, approximately 40 percent of all Americans attend a worship service. Further, the Hartford Institute for Religion Research estimates that there were roughly 335,000 religious congregations in the United States in 2005. This number does not include congregations that meet in commercially available rented spaces or the churches under construction.
Significant potential also holds for private or charter schools and day-care centers. The National Center for Education Statistics estimated that there were more than 28,000 private schools in 2003. And as of this year, there are almost 4,000 charter schools in operation, according to the Center for Education Reform. Add day-care centers to the equation, and the number of potential referral sources continues to grow.
What is the best plan for pursuing these centers of abundant leads? Here are some common questions, and answers to help you through the process.
What makes a good candidate?
Simply driving around until you find one is not a good investment of your time. You are probably already familiar with the churches that make the best candidates because they are the well-known ones within your community. Typically, popular churches are trying to expand their ministry in one of two ways: by improving their existing facilities or looking for larger ones to acquire and move into. You can help them with this. As for schools and day cares, doing research online or a making a few well-placed inquires with your sources are good places to start.
When can I talk loans?
While there isn't necessarily a bad time, there are definitely better times of the year to pursue a church. Churches typically receive their greatest portion of donations around holidays. Several weeks before these events, the church's bank statements will be at the highest for the year and projections for the upcoming year may be in the works. This is your cue to mention the payment range the church could expect for a new loan. Schools and day cares may be approached any time of year, but it's important to keep in mind that schools can usually only make major structural changes and improvements during the summer. Consider this when discussing a possible funding schedule.
I've developed a list — now what?
Sending a mailer to every single church, school and day-care center in your city is the least effective method of contacting the decisionmakers. Instead, be selective. Do some basic research about the places on your list and find out which churches have the largest congregations. If you can, drive by churches on Sundays. Look for signs of a lending opportunity, such as a need for parking-lot expansion.
When you're ready to make contact, the best method is to be introduced. An introduction from a trusted member of the community will show that you are a welcome source of help and information, rather than simply a random person dropping by to hand out business cards. During the introduction phase, always keep in mind the two-stage goal of this pursuit: First, you help the church or school get a new loan; then, with a blessing and recommendation from the church, you offer your services to its members.
Who should I meet?
Although it is a good idea to introduce yourself to the church's leader or school's principal, it is equally important to speak to as many people as possible. Repeat to every person you meet exactly why you're there and what your strategy is. By spreading the word that you are visiting because the church or school is expanding and that you are a major part of that effort, it will be easier to get appointments to see the right people.
Can I return to residential loans?
Getting back to work on residential loans is important, but don't ignore any opportunity to revisit the church or school. When a loan from one of these places is in underwriting, you have reason to stop by and meet more members. Provide them with updates on the loan's progress.
The sheer volume and diversity of mortgage opportunities from the members of a church or school is virtually incalculable. Talking with these members in person is a great way to remind them of your services.
What if the loan isn't approved?
There are lenders that specialize in each of these types of loans. Consider working with them from the onset. Use their expertise to prevent you from wasting time and hurting your future business opportunities.
What if the loan closes and funds?
If you haven't spoken to other members of the church yet, this may be your last chance. Offer to host a first-time homebuyer seminar at the church or perhaps a reverse-mortgage class at your office.
If the church leaders haven't done so already, ask them to introduce you to the congregation when the loan has closed. This may be difficult with a school or day care, but your name still might be mentioned when the leader makes the funding announcement.
Lending for faith-based institutions, schools and day-care centers is one of the most-rewarding opportunities a mortgage broker can have. True, these loans take a longer time to complete than home mortgages. The potential leads that come from this effort, however, are often greater than those that could be obtained through buying leads or a referral from a homeowner.
Throughout the entire loan process for the church or school, people will look to you for guidance and expertise. Once you've proven yourself in this arena, these same people will gladly recommend you and your services to others.
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