Lola, I think that's why the top Mortgage bloggers here rank high in subscribers and comments. They have humanized the data. Actually that came out backwards. They write human interest stories of how the loan enhanced (and yes, hurt) the borrower. We learn from success. We really pay attention from failure. 

And...Andrew, agents from across the country ASK THEM to do loans!  I don't think many local lenders realise how 'hungry' people are for a certain type of information that they are so well suited to provide.  Because loans can now be created across state boundaries, a lot of local lenders may find themselves on the short end of the stick for business which was theirs to loose.

I never believe in mass mailing like a zombie to Realtors, I get all kinds of spam e-mails from other professions trying to get my business and so I can definitely relate.  Besides those weekly updates I bet you didn't know were not even most of the lender's contributed information, Websites like LoanToolbox supplies the information to all the Loan Officers just so they can forward it on with a simple push of a button, to me that doesn't personalize anything.  Now I do admit calling and social networking alot with my Realtors and most of the time its not business related but surprisingly I get a lot of clients from them ;) To each his own.

Lola,

Very well put.  I'm working on changing that, at least for my own sake and for those who I interact with.   In the last week, I've "talked" with agents in Mississippi, Illinois, Colorado, Arizona, Massachusetts, New York and Virginia.   If it wasn't for www.straighttalkaboutmortgages.blogspot.com, I would never have had that opportunity.

Tom

Lola, I wish every loan officer in the DC area would read this one!  I'm getting a little tired of email junk from lends - as well as my agent colleagues!

Justin...No, I didn't realise that I was possibly being spammed. :)  Anyway, my point was that lenders need to understand that the new networking is online. 

There was a time when e-mails were great, but there are more effective means of sharing information and making friends today.  Sounds like it is working out for your with blogging...Do you use a variety of different types of social media?

Justin...no, I didn't know that I was being spammed. :)  Well, at least I feel less guilty about hitting the delete button then. 

Do you use a variety of forms of social media or primarily blogging to communicate with agents and potential clients?

Tom, when I went to your blog, I noticed that you are licensed to make loans in a number of states.  I have referred relatives in other states to local loan officers.  The potential for business opportunities is enormous.  Most lenders here seem to be ignoring it...

Patricia...if the lenders in Grand Rapids would read it...I'd be satisfied. :) 

Lola,

Having worked with lendes for over 20 years from the appraisal aspect, it amazes me how many are behind the times.  Years ago, different lenders had different rates.  Now, with the secondary market, rates are pretty much standard.  I've been hit for fee reductions to help them market.  My answer is always that the ONLY product they have to sell is service.  Top quality service in a prompt manner with attention to the details and overcoming obstacles are the mark of successful lenders.

Lola, These are actually excellent suggestions for ANY business...thank you!

Lola I try to reach out on every single social media platform out there like forums, twitter, linkedin, etc....its fun to communicate in many avenues.

Lola excellent advice and I could not agree more with your comment about interest rates.  First of all they change so often that they are probably useless by the time the advertising arrives in the mail. And second if the only thing that a Loan Officer has to depend on is interest rates than they really do not have much to offer.

Lola~

I'm sending this post right on over to a few lenders here in Asheville who have taken the time to get to know me and the Brokers at my Firm...as a way to say THX!...

and thank you for offering this advice...much appreciated

Lola - In a word, Fantastic!  In two words, Utterly Relevent!!  I swore off pandering to Rate Sheets and Donuts and a whole bunch of other stuff early in my career ... some called it Capitalistic Suicide.  I never saw what was about to become but I did know who I wanted to work with along the way.  I work for clients and work with Agents who are qualified Real Estate Consultants ... at least that's the goal.

Thanks, Lola. That's great advice. I thyink I'll share a feed good story on my blog. Most of the time I'm reluctant to write about myself but you;ve inspired me.Thanks again!

Paul

Those are such great points lola - you couldn't have outlined it better.....I haven't been here long and i've so far only come across one come  but I've only mortgage broker that does more or less what you suggest...Janet Guilbault....from Calif.....and she blows me away.....You're right it is a perfect platform....and I invite the Canadian Mortgage brokers to note that too! :-)

Lola, you are 100% right on the mark with this post.

I get these calls and e-mails also do they think we really look at them?

I do receive some newsletters and info from lenders that I find of value.  But it probably doesn't earn them any business.

We are with you. Strangers who e-mail us spam-like are not the people who we go to with business.

Lola

KUDOS, well written, well observed, and well received. You have a delightful professional appeal; look forward to reading more that you write

Lola, you are so right.  I get so many unsolicited e-mails from so many different lenders.

I get frustrated when i hear about loan officers quoting rates.  How can they quote a rate without knowing the specific situation of the clients?  All it is is a bait and switch.  I prefer like you said to focus on actual lead generating activities like my blog!  :) 

Lola - I too have recently acquired several loan originators that seem to think dripping on REALTORS is a "back to the basics" of prospecting. I know how it makes me feel to be "dripped on", and I don't like it.

For the same reason, I never drip on any of my contacts. But on a daily basis we hear all types of advice on why that is such a GREAT idea and thing to do.

I know what you mean.  Every week, my mailbox is filled with emails about rates.  I already know the rates.  There is one loan officer who sends an excellent newsletter and I always look forward to seeing what tidbits of wisdom she has.

Lots of Lenders, like lots of realtors...are lazy and thinking outside the box and not doing what is traditional...and easier...would probably mean fewer delete keys being hit, but would also mean some extra time...and maybe "rate shouts" work for some of the people, some of the time....Good post..hope lenders read it !

Lola,  I feel the same way about fellow realtors who are constantly spamming me with their latest listings.  WHO CARES!  I can look on mls for that.  Share some good prospecting ideas or tell me about some tips in organizing your business.  If you can't then keep your emails.  I use a lender who has been in my office from Taylor Bean & Whitaker.  Her character and caring along with her ability to close "on or before" here in Florida has been very impressive!  I always get a knot in my stomach when buyers want to use an out of area lender or one that strikes me as unscrupulous.

Lola - Great post!

Email marketing can still be extremely effective if (1) emails are sent to people who have given you permission and (2) the information is timely and relevant (from your subscriber's point of view).

I have my issues with the cookie cutter email newsletters, and I am overjoyed to read your post about what you want to read.

Ezines + blogs are a powerful combination.

Lola -- Your post is right on and in this current climate more and more consumers are looking for information and guidance.  The "lending crisis" has started a conversation among consumers, mortgage pros should dive into the discussion.

Lola,

This also applies to realtors as well.  It's definitely about building relationships.  Thank you for posting!  Have a wonderful day...

Lola that is so very true...when I get the paper stuff, it meets my shredder almost instantly!

Great post.  I believe that you hit a key point that lots of agents and loan officers make with each other and also those that they are seeking business from.  If you want someone to do business with you then they must trust you and know you. 

You can't know anyone with a 2 minute letter or email.  Start building relationships.

I like your post. I do email rates but I also email underwriting guidelines, changes in programs and tips on how to prepare your client for a mortgage. I give the Realtor the opportunity to opt out,as required and I have only had 4 do this.  The others have set up specific folders for my emails. I have been told on several occasions that the information is very helpful.  I do not "drip or drop in". I did that in the old days and the offices were crowded with LO's.  I do have relationships with agents and try to only focus on these and a few new ones.  Relationship building is key.  Establishing your ability is another.

I agree excellent post.  Rates changes are continual so the information is old before it is received.  The realtors job is to sell real estate and find the best home for the client.  The lenders job is to close mortgages and find the best rate, term, and closing costs for the client.  We each have a professional job to do and I will repeat - Professional.  Giving a realtor rates does nothing unless you state the required down payment, credit score, debt to income ratio, etc. 

Hi Lola, I am going to agree, and disagree with you. Blogs and online relationships are crucial part of business today, but most of the Realtors in my area think a blog is some kind of garden pest. I send out a weekly email newsletter to Realtors in my market area, telling them about what has happened that will impact interest rates and any changes in lending that will effect their business. This is a condensed version of what i write on my blog, but emailing it gets the information to them in a form they can use easier. Since I've been doing this I have had agents call and ask to be added to my list, lots of compliments and agents have told me that they forward this to their listing clients to let them know what is happening in the market.

Like you said, the information has to be relevant, but for a lot of people email is still the cutting edge of technology.

But Lola what would I read if it weren't for all my pre-approved emails from Lenders :)  Seriously though....it's funny cuz a few Active Rain Lenders popped into mind, and Jason Sardi was one of them....way to go Jason......I would say he has really gotten to know everyone, and vice versa :)

Richard...Thanks for your comment.  I think there is an incredible opportunity to build business relationships online which many lenders are not taking advantage of.  There are lenders here on Active Rain who have really taken this concept of Web 2.0 Marketing to the next level.  They understand that their potential is national...if they have the right product mix.

Lola.... this is so right on the money.    I read Janet's post also.... and even though I am a loan officer, I lean towards your frustrations.  In today's day and age....  blog, get to know me, here is what I can do...  again, this is who I am...  here is my portfolio / resume of knowledge... I write about it 2 to 3 times a day..... etc etc.

Even when I use to stop by an office and drop of those donuts, I would get creative....  but I didn't do this until the office or a few realtors already got to know who I am or had given me a few deals. I had one office that I would buy 6 large pizzas for at the end of the month, because they gave me business.

Overall....  I stayed away from calling or e-mailing realtors.  If I wanted to catch a realtors attention, that hardly knew me, I would send them balloons in a box, with my card taped to the middle of the string and at the bottom of the string (at the bottom of the box)????  A package of flyers for their current listing.  Flyers, post cards, and business cards.  

Anyhow....   I agree, blogging and sharing knowledge will open doors, not just phone calls.  If a got a  realtor that would want to do business with me after an e-mail or a phone call, it would probably be a realtor that I wouldn't want to do business with.   Good, thought provoking post.  I will read the comments tonight, in my sleep, around 2 am to 3 am...   ;o)

Great post Lola, I can see why it was featured.  You truly hit the nail on the head.  Hopefully my local lenders will listen!

Hi Lola,

You are a very centered person!

We have become an external, individualistic, thing-a-fied culture.  You are so accurate in your assessment of relationships.

Every person has a name and they want to feel significant and secure in their local community.  They want to be attached and valued emotionally for who they are, not just what they can do.

Hmmm... So, what works for real estate agents works for lenders too? ;)  Good advice.

Lola, excellent information. I'm going to do the best to translate it to the title and escrow world. I think many of us are missing the boat regarding blogging as well.

Nice post Lola.  Email blasts to Realtors you have never met strikes me as not only a waste of time, but a bit presumptuous as well.  Developing relationships is so paramount.  When I meet with respective referral partners, I never ask (or expect) to get a deal right then and there.  Good, solid relationships take time.   Lets face it-we are not all a fit for each other either.  We cant be all things to all people.  Do Loan Officers still devliver rate sheets and donuts?  I thought this was innefective in 1999!

I hear Realtors and Loan Officers complain about each other and I think part of it stems from a lack of knowledge of how challenging each others practices are.  Some LO's think that all agents do is drive clients around and are glorified order takers.  Some agents think that Loan Officers are lazy and always have their hand out.  Of course, neither of these steryotypes are even remotely true of the real Pro's in our industries.  The relationship should never be adversarial.  Work with your friends, or those that you could see yourself being friends with.

I have been a loan officer in the GR market for the last 10 years.  I think you were the listing agent on one of my buyers deals some time ago.  You work with one of the guys at First Horizon, right?  I've met a few of the people over there and they are good guys.

sorry, havent done much blogging-leaving my name would be nice huh?  I'm Robert Smith with City Federal Mortgage!

Great Post!  It is always good to be reminded of the personal side of business.  We forget that far to often.  Thanks

Thanks for your comment Carole.  You're right...we could all benefit from taking a little of this advise. :)

Justin...that's cool.  Have you found that some networks are better for you in terms of business leads from a lender perspective?

George, Thanks for your comment.  While rate sheets are better than NO prospecting, I think that lenders could reach more people and provide a greater range of service options through some of the platforms available today.

janeAnne...I appreciate the sentiment.  I've been fortunate to team up with lenders who go way beyond a rate sheet.  I've gotten to know them as individuals and trust their commitment and service to my clients.  This comes from relationship...

Jason...what you've stated should be the goal!  Your clients should be your top priority.  I look at relationships with lending professionals as a team approach where we all pool our best efforts to take care of a clients' needs. Thanks for weighing in...

Paul, I read your blog.  Great Story! 

Liz...Janet Guilbault was one of the lenders who came to mind as I was writing.  Lenders such as herself, Jeff Belonger, Brian Brady & Jason Sardi exemplify the attributes of professionals using Web 2.0 to a fuller advantage.  

Thank you David.

Terry...They must think we do or they wouldn't send them I suppose. 

Joe, I'm curious...If you appreciate the newsletter or the e-mail, why don't you contact the lender in question?  Is it just the fact that it's an e-mail?  If someone sends me information that is truly helpful, I would call them particularly if it is relevant to issues I'm facing in my business at the moment.  Putting me on a spam list does not fall into that category.

Bob & Caroline...Thanks for your comment.

Patti...appreciate your comment.  Thank You.

Christine...You understand...I would love to see more information shared in an interractive way, so that real estate agents and real estate consumers could engage effectively with lenders and understand more about the process not just the rates at any given point in time.

Naoma...Thanks for weighing in from a lenders' perspective.  I think a blog can be extremely beneficial for giving insight into what lenders actually do...Bait & Switch tactics diminish trust.

Jim...Agreed, even the term is a little distasteful.  Who enjoys being dripped on?  On the other hand we all appreciate being appreciated more fully for who we are and what we bring to the table.

Diane...Great point!  The newsletter provides great value and therefore you appreciate it.  Can you imagine the potential for a communicator who writes so well to spread his/her message in a wider medium through a blog?  The comments would probably spawn more insightful articles which would enhance his/her service levels and probably business.  Routine rate sheets wouldn't provoke a positive response from me...

Lola: I am so sorry I have not made a comment before now. I have been bedeviled with "Proxy Errors". According to Bob Stewart, I must be getting the one bad server.

Thank you for starting such a lively conversation. Your post is beautifully written.

You may know I am a big believer in newsletters. Whenever I sent a newsletter, my sales went through the roof.

I do think that I would probably NOT contact via phone, the Realtors on my newsletter list. They can press delete on their computer, but could not hang up on me. It is interesting that you would like to engage in a conversation after receiving info. I will remember this, Lola.

You are asking that lenders serve as an authority, yet also connect with you on a personal level as well. I like this way of starting a relationship. I appreciate your suggestions, and will take them to heart.

Sally & David...I'm not sure it's always laziness.  Sometimes, it may be fear or ignorance...

Sara...your comment resonated with me.  I am thankful to be able to recommend some excellent lenders to home buyers.  You always hope that if they choose someone else, they haven't inadvertently missed an opportunity for some great service.

Jackie...E-Zines can be an excellent way to provide value and quality information to potential clients especially with the qualifiers you mentioned...permission and relevance.  Thanks for weighing in from a lender's perspective.

Lori, Absolutely...Now, more than ever we would be well served by timely information from mortgage professionals in our local area.  Never has so much changed so fast...

Yvette...Thank you. 

Jeremy...I can picture it happening. :)

BRAVO, Lola!! 

Although I am a little bummed that you just gave all of my local competition the secret to my success.   Hopefully they are too busy delivering donuts and copy and pasting the mass monthly newsletter they subscribe to.  :)

I do love the "share your success" part and I am going to start including that in my monthly marketing.  THX!!

Bronson...appreciate your comment.  Relationships take time, that's one of the reasons that they provide so much value.

Kate, you sound like a lender who has got it right!  Thanks for commenting and sharing your insights.

Very good points Joyce.  I especially appreciate hearing your thoughts from a lender's perspective.

Peter...LOL, your comment is humorous and yet highly instructive.  Every area is different.  That's why this letter was my 'wish list' for lenders in my local area to use tools available to them through Web 2.0 more effectively. 

Do you have the ability to service loans nationally?  You sound like the kind of lender who could effectively serve a larger pool of people through the combination that you've already put together.

Absolutely Kathy!  If I have someone who needs a loan in Pennsylvania...I'm definitely contacting Jason.  Wouldn't you?

Jeff, I'm reading your comment and thinking...WOW, this is WHY this guy is so successful on the network!  What you do here on Active Rain is an extension of the type of quality, VALUE added service you provide to the folks you see everyday.  They're lucky...truly blessed.

Diane Aurit...Thank you.  I appreciate all who are engaging in this lively discussion. :)

Dan...I love the descriptive thing-a-fied!  I'm going to use it as a verb...we thing-a-fy home buyers and home owners when we look at them as a commission check...lenders do so when they service a loan rather than a human being.  All thingafications of human beings are life depleting and should be avoided.  Thank you for stopping by to share and add insight to this post.

Great post.  I'll be linking to this from a couple of blogs in the next few days.

You're 90% on the money.

Lola, with your permission I am going to forward this to one of the mortgage representatives that I trust and have been hounding about blogging.   You said it so much more eloquently than I could have!

Congratulations on the feature!  When I managed a mortgage banking company that called on Realtors, I taught my LO's "Relationship Selling" and that's pretty much what you described!  Thanks for the hints!

Bob Mitchell

ValueList Real Estate Services, Inc.

From a lenders perspective, I don't want to annoy agents either.  When I do send out emails it is generally only to agents I have worked with in the past and have developed a relationship with.

Developing new relationships in this business is sometimes hard to do.  There are all types of Real Estate agents as well as lenders out there.  It is best to grow your relationship with those you are comfrtable with and neither side should take the other for granted.

As far as rate blasts, they should be deleted as they are generally worthless.  So much goes into the rate anymore that it is bad business to shoot numbers out there that your clients can't get.  I prefer to keep my sphere informed as the the general direction they are moving.

I will continue to email my "faithful 29" information about market trends. As they drive around out there with their client they (the Realtor) can converse in an informed manner about over all market conditions. The more the client feels you are informed about your surroundings the result will be more trust in you.

They need to know the secondary market ceilings that were raised didn't do "jack" for the jumbo market so they can at least be in the loop if the conversation comes up with their client.

Informing the faithful 29 is going deep into the relationship.They email questions and we carry on a dialog either by email or phone.

It's not for everyone and you are right to point out the blanket approach is not effective. You need to know your audience right?

Great post and have a great year.

Lola, You are so right here. Right now I am looking for a loan officer to be my go to person for loans. My standards are high but I am loyal. Our regular guy just left the business for another profession and we are in need of replacing him and he wore a big pair of shoes. Relationships need to be built and that takes time. Hopefully this post will ferret out some good loan officers.

Lola - as a mortgage professional, I COMPETELY agree with what you say.

The problem begins because we (mortgage professionals, I mean) receive an INSANE amount of garbage in the mail (or e-mail) that looks a little something like this:

Loan Officer "So-and-So" originated $14 million in one month and closed $12.6 million the same month!  Learn their secrets of success by purchasing his/her book, CLICK HERE!

What a bunch of horse-poop.  Loan Officer "So-and-So" isn't making a ton of money on the volume of business he/she is originating!  It's off that stupid book!  But, you can't believe how many of my colleagues have that stupid book on their shelf!!!

To them (the author) it's about volume, not about service, and it makes me sick.  Sure, we all want more business than we can handle and competent assistants who make our jobs easier, but wouldn't you rather it be because your clients know and trust you enough to refer their friends and family, and not simply because you're a sales machine?!

We have been fortunate (and I'm not saying this to be anti-Realtor, but simply to reflect) to not be pandering for agent business.  Not because we don't like marketing to agents, we just find it to be more costly than effective.  We have a few agents we do business with on a regular basis, but it's because we have a similar vision and expectation of service.

For the most part, we market to our clients, who have a relationship with us, believe in us, trust us.  It's all so much better that way for everyone, the client, the mortgage professional and the agent involved.