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Welcome Preferred Providers
This section describes
how Real Estate Professionals, Financial Planners,
Insurance Agents, Attorneys and Tax Professionals
can all increase your income through lender
relationships, & how to avoid pitfalls and mistakes
that result in leaving money on the table and
sacrificing client share by not having these
relationships in place.
- We can help your clients restructure
debt, through "equity repositioning", that
provides cash flow for the purchase of your
products and services.
Read these professional examples:
Insurance:
I have an associate who is a successful
insurance sales person. He shared with me that
the higher commission dollars are in selling
“whole life” vs. “term” insurance.
He also sells the insurance, not as insurance,
but as a retirement planning tool. He has sent
us referrals, those clients that needed to
restructure their debt, for an "equity
repositioning" refinance to free up monthly cash
flow to allow investment into an insurance
product that requires a monthly contribution. In
return, we now ask our clients at closing if
they have adequate protection in the event of an
unforeseen disaster, thereby returning the
referral favor.
Financial Planning:
The same principle applies. “I can’t afford it”
is no longer an acceptable excuse.
Tax Professionals:
Attorneys:
David Ward, a well-respected marketing
consultant for the legal profession, recently
received numerous emails with a common theme.
What many attorneys wanted to know was “tips on
how to accelerate payment for services rendered,
politely, while retaining the client and in the
process not turning into a bill collector or
pushing the client away.”
His recommendation was to introduce a mortgage
professional to the client for a debt
restructuring refinance and in the process of
the closing having the attorneys bill PAID IN
FULL!
Top professionals use mortgage lenders as a tool
for their practice. Check out point number 4
below! Having this type of relationship is not
an option, it's a matter of economic survival!
- Add Real, Non-Self Serving value while
leveraging your referral potential.
What good is a database if you are not
maximizing it as an effective marketing and
communication tool?
By networking with another professional and
introducing the new professional's products,
services or solutions to the client base, the
referring professional has created another
excuse to market and “stay in the mind of” the
client. Our Preferred Providers find this helps
maintain their hard earned client relationships.
Additionally, for those clients referred to us
from our Preferred Providers, we help strengthen
the Provider-Client relationship through our
Client Retention Contact Program, which helps
our Providers increase their monthly business &
income. To see how our Client Retention Contact
Program helps our Preferred Providers grow their
businesses, Click Here.
An example: A mortgage professional was
introduced to a client from an Estate Planning
Professional and the professional recommends
that the client refinance and in the process
have the loan documents accurately reflect “the
new living trust” during the creation of the
trust.
This could save the client time and money from
needing to do this once the trust is created. A
financial planner may want to semi-annually send
out a joint marketing piece promoting a “debt
evaluation check up.” During a refinance market
this is critical. Please read item number 4
farther down this page.
- Maximize the Profit potential per client.
Most financial planning professionals who sell
mutual funds set up IRA’s or other retirement
vehicles to get paid a commission for services
rendered and continue to get paid as those
accounts accumulate wealth.
This does vary from professional to
professional. One financial planner I work with
shared with me that he is compensated 1% to 3%
of the total monthly deposits his customers make
into their retirement mutual fund account.
“Replace credit interest debt by refinancing and
rolling credit debt into your mortgage (now a
possible interest deduction) and deposit those
monies into your retirement account.”
Financial planning professionals need to
maximize their clients' retirement planning
potential!
- Protect your relationships.
Recently a firm telemarketed over 100,000 Legal,
Financial, Taxation and Financial Planning firms
across the country and one question they asked
was; “in conversation with your clients, does
the topic of mortgage lending or refinancing
ever come up” or “can refinancing be used as a
tool for any of your clients needs?” Two out of
three responded, “YES!.”
They would then follow up with a second
question: “Do you have a strong referral
relationship with an existing lender or do you
let the client select his or her own
professional?” NINE out of TEN respond; “I
pretty much let the customer select their own
lender.”
Hopefully, one can understand that by not
introducing the client to an associate for their
other professional needs, the client has the
opportunity to develop a relationship with a
non-competing professional that may have a
strong referral relationship with your
competitor. The professional that does not
provide the referral solution for their client
could be left behind or their services
challenged by a competitor. Having a trusted
mortgage professional to refer your clients to,
and to guard your relationship with them is not
an option, it's a matter of economic survival!
- Small Community Banks
Why are small community banks anxious to
establish relationships with local mortgage
brokers?
If the community bank cannot provide a financial
solution for their customer due to a limited
supply of mortgage lending products, then that
customer has to go to a competitor (another
bank) for their solution. If the customer goes
to a Bank of America or Washington Mutual, those
companies will solicit all of their checking and
savings accounts to be moved.
A local mortgage broker is a safe solution
because they do not provide checking and savings
account services. From the smaller bank's point
of view, establishing this referral relationship
is not an option, it’s a matter of survival and
protecting their existing relationships
(deposits).
I have heard stories of Financial Planners
referring their customer to the large nationwide
lenders with a presence in their markets. Do
these planners realize what a business risk this
is? Don’t they know that Washington Mutual, Bank
of America, Citibank and the other major
financial institutions have divisions that
provide the same financial services the
referring professional provides?
If you are a non-lending professional reading
this outline, hopefully you can see the value in
creating this type of referral environment and
developing a strong professional relationship
with a mortgage professional.
- How Do You Select the Right Lender?
A common question is “how does one select
the right lender?”
To find the answer we should look to the
industry that works with lenders the most, as
they would have the most experience with a
lending professional. That would be a TOP
Producing Realtor. I didn’t say “any” Realtor, I
said a TOP Producer. How do these top producing
Realtors select a lender?
First of all, top producing Realtors do not
switch lenders very often. Why? Because good
lenders are hard to find.
When we think of a lender, most consumers
automatically think of “lowest rate.” The lowest
rate for a lender can probably be found on the
Internet. Just like the lowest rate for a stock
trade or direct mutual fund investing can be
found on the Internet. Just like the lowest
insurance premium can be found on the Internet.
Just like the family planning “do-it-yourself”
solutions can be found on the Internet.
Eliminating the middleman always seems to be the
least expensive route, but, be careful what you
wish for, don’t eliminate yourself in the
process.
The best loan for a client, believe it or
not, many times is not the lowest rate. It’s
always about matching the proper loan with the
client’s lifestyle or finding a loan that can
accomplish a more important goal like retirement
planning investment, adequately providing
insurance protection for one's family,
refinancing to make the IRS go away, providing
conclusion to a drawn out nasty divorce,
avoiding bankruptcy, etc. A successful mortgage
professional doesn’t provide loans, they provide
integrated financial solutions.
The most important elements in selecting a
lender are:
* First, can they do what they say? Most don’t.
* Second, are they competent and professional?
Most aren’t.
* Third, is the lender you are working with out
to earn a quick buck or are they in the
relationship for the long haul?
* Fourth, the referred professional is an
extension of the referring sources of
business...will they live up to the referral?
* And last, from the referring professional’s
point of view, will the referred lender have a
referral mindset as well as protect the
referring professionals interests in the
relationship?
As hard as it is to find a good lender, the task
of finding a good legal, insurance, taxation or
financial professional is equally as tough. Just
because a person passes the state bar exam,
insurance exam or receives professional
licensing doesn’t mean they are good.
We only team up with proven professionals with
the highest ethical standards who have demonstrated
a desire to work in their clients best interest. If
you feel you meet these standards, please
apply now to join
our elite team of Professional Providers.
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