Sam's Blog

head_left_image

Be like Deck Shifflet in the movie 'The Rainmaker' (1997)!

 
Rainmaker 
Have you seen the movie 'Rainmaker'?  Please add it to your 'must see' list... rent it this week!
 
Like the movies Glengarry Glen Ross (1992), The The Pursuit of Happyness (2006) and My Cousin Vinny (1992), this one is a classic for anyone in sales.  When watching it, pay particular attention to Danny Devito's character in how he is always looking for a client.  This is how we all need to be in getting more clients for our business.  This movie is much like watching Joe Pesci in My Cousin Vinny, another must see character.
 
Your antennas need to be up any time you are in the public listening and watching for people that might be looking for a home or thinking about selling one or just talking about others that might be in the market soon.  When you see an opportunity, introduce yourself in a non-threatening and very cordial way with a smile and start a conversation that might lead to a referral.
 
Always wear your badge and think about frequenting areas where you are more likely to find a prospect like...
  • Hotel lobbies (maybe by meeting other clients there during optimum times like 8:00 AM or 6:00 PM)
  • Home improvement and hardware stores
  • Paint stores
  • Flooring/Carpet stores
  • Restaurants that have RE Books in the waiting areas (so you can approach people scanning the listings)
Since these areas are great places for prospects, try to set up a service provide network with the managers/owners of these type places so that you can refer leads to each other.  Ask them to post your cards and ask if they will say some kind words about you to anyone that needs a realtor and you'll be referring clients to them too.
 
Since you are in the business of helping 'new homeowners' get moved into town, you are a great referral source for their business so make sure they understand how you can help them.  A new resident moving into town without other connections in town is gold for them as a potential repeat customer for years to come.
 
If you get more involved in helping your clients AFTER they buy with their decorating, renovating or sprucing up and by connecting them with your service provider network, this will help you in building great referral networks.  This is going to help your buyers love you even more especially if you can help with some DISCOUNTED services!  All this means more referrals!!
 
Do as I do and endorse the Zig Ziglar concept that I do for my realtor referral base.  Help your referral base succeed in their business and they will help you in return.  It's about them and not you...
 
Always be looking for a new client like Deck Shifflet does in The Rainmaker and you are going to do well in this business. 
 
 
 

 

Sam Thompson,  PHH Mortgage

Senior Advisor - Helping you GROW your business!

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

http://samthompson.phhmortgage.com/

www.myphhmortgageadvisor.com/

 

3 comments • Sam Thompson • May 26 2008 10:39AM

Now's the time to sell some houses! Memorial Day kicks it off!

 

Now's the time to sell some houses!  Over the next 4 months, we are going to be super busy selling houses to folks that have been waiting for months to make their move.  You cannot keep people in one place too long and the traditional time to buy is now so get ready!
 
Get out there and start asking for referrals and pick up as many expired listings as you can because when this kicks in, you are going to want to be ready.
 
When you do, don't forget to call your trusted mortgage advisor to help you!!
 
Sam Thompson, Senior Mortgage Advisor
Mortgage Services, PHH Mortgage
 
843-230-7929

justone2
 
That's all I am asking you for!  For every realtor that reads my emails to close just one loan by the end of this year!  I would really appreciate you if you do and I want you to see how we do it and then, I am sure that you will keep calling us for your clients!  We make it look easy!!
 
Just give me a 'sample order' to see if I am worthy of your business...  Just tell your buyers that "Sam has been dieing to show me how good he is.  Let's give him a try to see if he is as good as he says."
 
Call me!

 

Sam Thompson,  PHH Mortgage

Senior Advisor - Helping you GROW your business!

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

http://samthompson.phhmortgage.com/

www.myphhmortgageadvisor.com/

 

2 comments • Sam Thompson • May 26 2008 10:37AM

2 steps in qualifying your buyers!

broken contract 
Are your contracts getting torn up
 because your buyers weren't fully qualified?
 
One of the key components in sales is qualifying your buyers by getting them pre-approved to make sure that they are financially able to buy so you do not waste any time and gas.  You are pretty good at this now that gas has gotten up to $4.00/gallon and you know that you cannot afford to ride folks around like you used to.
 
How about their sense of urgency; are you spending much time on this key component in qualifying your buyers?  This is probably more important than their loan pre-approval because without a strong need or desire, they are going to eat up a lot of your time and money and they might never do anything and all of those contracts will never close...
 
Here's a quick Sense of Urgency Scale I put together:
 
Strong Buyers are:
  • Moving to the area with a new job.
  • Have to move because of a life-changing event.
  • Have to move because something is happening with their current housing situation.
  • They have locked-in with a good rate that is about to expire!
Not so strong buyers are:
  • Feel cramped in their house and want a bigger one.
  • Feel their current home is too large for them now.
  • Want to get closer to family members.
  • Their current home is not very convenient to new life-changing things like dealing with stairs or narrow hallways.
  • Want to move into a better neighborhood or town.
Weakest of them all are:
  • Saw the sign and was curious how much the house cost.
  • Saw the house in an ad and wanted to know about it.
  • Thinking about buying and fixing up and re-selling or renting out.
So, how can you elevate your prospects quickly up the sense of urgency scale?  And while you are at it; how can you do this while accomplishing the other component; their finance-ability?  Finally, how can you do this today with one quick phone call?
 
Call me and ask me to call them and get them into our Pre-Purchase, Rate Protection Program (PPRP).
 
It is the easiest close that you can make because it is a great program for them with no strings attached, if they are going to be buying a home any time soon.  Here's why!
 
We get them pre-approved and try to get them into a 90-day rate protection program so we can start collecting their income and asset documents right away, before you even start looking at properties!
 
So when you finally find them their dream house, hopefully, most of the leg-work from their side of the transaction is already done. 
 
Basically, they become a 'cash buyer'!
 
Now here's the best part!  With this pre-approval status, we are locking them in for 90 days which helps you create a good sense of urgency, especially if rates have worsened.  Also, it is a great deal for them too because if they want to go with another lender once a property is found, we will let them out of our deal IF they allow us to compete for their business otherwise, we do charge them a $350 cancellation fee.  But, if they come back to us within 12 months, we'll waive that to get them back into PPRP.
 
If we are not able to match or beat the competitor's deal at the point that the contract is signed, we do not charge them a cancellation fee!
 
What do they have to lose?
 
Once you understand how this works, you will see why thousands of successful Realtors throughout the country are calling us and asking us to get their buyers in our PPRP program fast!  With this, you are going to close 60% of your pre-approved buyers and you will close them with less work and much faster too!
 
Put me into your speed dial and call me with all of your prospects so I can help you with this!
 

843-230-7929

Sam Thompson,  PHH Mortgage

Senior Advisor - Helping you GROW your business!

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

http://samthompson.phhmortgage.com/

www.myphhmortgageadvisor.com/

 

1 comment • Sam Thompson • May 19 2008 12:29AM

Get Motivated with Jeffrey Gitomer's "Sales Caffine" email newsletters.

If you really want to get motivated, read Jeffrey Gitomer's "Sales Caffine" email newsletters.  In his latest, he talks about...

 

"present to 10 prospects, two will buy no matter what you do and two won't buy no matter what you do. The other six are on the fence and will buy or not buy as a result of what you say or don't say. A sale will be made either way. Either you sell them on yes, or they sell you on no."

 

Yes, sales is a numbers game and once you realize what your numbers are you are going to be able to ensure your success.

 
If you are not presenting to the number of prospects you need to sustain your business, you must get out and find more, or try new presentation strategies to improve your percentages of leads to closings.
 
 
Here's a new idea you can try.  Tell your next prospective buyer that you would like them to talk to your mortgage advisor that can help them find a mortgage program that is right for them.  End your presentation by saying...
 
"Sam is very good and he will take time to make sure you are ready to move forward in a program that is right for you and your budget.  When's a good time for him to call you today or this evening after you get home from work?"
 
When you do, I'll help you get them excited and ready to go out and look at some houses with you!
 

Also, to sign up for the "sales caffine" newsletter, click here.  http://www.gitomer.com/
 
Sam Thompson, Senior Mortgage Advisor
ERA Mortgage

 

Sam Thompson,  PHH Mortgage

Senior Advisor - Helping you GROW your business!

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

http://samthompson.phhmortgage.com/

www.myphhmortgageadvisor.com/

 

1 comment • Sam Thompson • May 19 2008 12:27AM

Give them what they want!


pricedrop
Everybody wants a Deal
 
The thought occurred to me that what you could be doing is sending out postcards or emails to your prospects showing all of the homes that have dropped their price as they occur in the MLS.   Call this your "Hot Sheet!" and promote this service in your advertisements so you can pick up more buyers waiting for things to bottom out...  You can even TEXT them for a neat service that you can provide now that this has gotten so popular.
 
Many of you are probably doing something like this I know but the climate of our market is that you should wait for prices to get better so...  Maybe if everyone starts promoting the homes that have recently dropped, we can really turn this market and then we are all going to be hanging on for dear life!
 
Also, help all of these deal-hunters understand that rates are right and with more mortgage tightening, if they keep waiting, they may not be able to buy so the time to buy is NOW!!
 
Tell them to call me to get registered and protected in our 90-day Pre-Purchase, Rate Protection (PPRP) program for their best interest and YOURS!  This allows us to start processing their loans so when they do finally find a home, we'll be ready to close in a hurry! 
 
It sets a deadline too that helps with their sense of urgency that is needed for many in any kind of sales.
 

 

Sam Thompson,  PHH Mortgage

Senior Advisor - Helping you GROW your business!

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

http://samthompson.phhmortgage.com/

www.myphhmortgageadvisor.com/

 

3 comments • Sam Thompson • May 11 2008 11:05PM

Your Listing Getting Some Age on Them?

 

oldlisting

Your listings getting some age on them? 
Yes, there is a 'For Sale' sign in this picture. 
 
Here's a quick story about my father-in-law's house that sold in 3 weeks.  He picked a good realtor that was the top selling agent in the area.  She printed off 20 comps and they went through each one making notes and then she asked him how much he thought his house was worth based on recent sales and current listings.  He arrived at a number that was $10K less than he was thinking going into it and she helped him see that listing at the right price is the key, even in a soft market.
 
I am sure that have a good system too and if you get a seller that is not able to see the real market value, you might be better off letting another agent work with him.  Maybe you can get a referral fee by referring them to a colleague? 
 
For these types of sellers, you are probably better off being the third listing agent than the first.
 
For all of your sellers, call me and I'll help you with a free listing sheet customized with your picture and contact info with current market rates for 4 different down payment and program scenarios.  These look good and help your prospective buyers see that they can afford the house based on the monthly payments.
 
Call me so I can help you with these!
 

Sam Thompson,  PHH Mortgage

Senior Advisor - Helping you GROW your business!

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

http://samthompson.phhmortgage.com/

www.myphhmortgageadvisor.com/

 

1 comment • Sam Thompson • May 11 2008 11:04PM

FHA Credit Score Minimums Kicking In!

580 minimum credit score has now become our bogey.  My company decided to put this in place for FHA approvals which was the last place I could have gotten someone pre-approved with less than stellar credit.  The only good news for me is that many other lenders now require a 600 or 620 minimum so call me if I can help you.
 
But, if you have a buyer that knows he has a credit score lower than 580, I cannot help them at this time other than offer some advice or look for other ways to approve like with another borrower in their family.
 
On another topic, my Regional Manager pointed out that we need to be asking all of our borrowers for referrals.  This is something that I preach but to be honest, rarely practice.  Are you doing this?  I am going to start with my next borrower!  It is smart to do since you already have rapport with your client, they can sell you as a third-party referral.  Just mention their name often in the conversations with the new prospect.
 
Last quick note, I pulled a credit report for a borrower in Florence and found a local medical provider now reporting a $2.o0 collection!  This is the lowest I've seen in my 5 years in the business and shows the times we are now in.  Medical providers are selling all their bad debts to collection companies that are going after every dime they can get, even if it is probably costing them more than they can collect.  In the meantime, we are all suffering with the lower scores that keep us from being able to get financing.

 

Sam Thompson,  PHH Mortgage

Senior Advisor - Helping you GROW your business!

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

http://samthompson.phhmortgage.com/

www.myphhmortgageadvisor.com/

 

1 comment • Sam Thompson • May 11 2008 11:02PM