No matter what business you are in, the power of joint venture relationships could be one of the most profitable marketing tools you could use.  It is as simple as two non-competing, but somehow related businesses working together to help each other’s bottom line.  A pet store owner and a veterinarian, a restaurant owner and a theater owner, an auto dealer and a car wash owner… you get the point.   They can share customer traffic, customer lists, and share advertising dollars.  Joint Ventures became very popular in recent recession years and should be a part of your daily marketing plan.

In practically every industry, it is very easy to get creative and find reciprocal relationships that are out there just waiting to be initiated!  Let me give you a few examples of just how profitable this strategy could really become.

Quick Example

Imagine reaching out to a carpet cleaning company.  This is a company comprised of sales people that are inside of people’s homes for a minimum of 30 minutes every day.  Some basic education on a single product / program / etc. that you’d like to promote, along with leaving  them well equipped with brochures, business cards and anything that grabs attention… and voila!  How many carpet cleaners do you need out there working for you??  Now, to be fair, you would want to send plenty of your coveted referrals his way as well.  You could split advertising costs, or not.  As long as you stay inside the law, and you make RESPA happy, you can work on these joint venture relationships as your primary marketing strategy.

A Few More Ideas

That was just a very basic example to give you an idea of how this could work.  A few more ideas could be your local pizza parlor, salons, dry cleaners, family owned restaurants, CPAs, and auto dealerships.  Basically, any business that has a list of customers (or steady, consistent traffic of regular customers) that knows, likes and trusts them.

Businesses spend countless dollars attracting their ideal customer / client.  This is a way for you to add new clients without the investment of up front, out of pocket marketing costs.  This is a way to add value to, not only each business’s bottom line, but also the mind of the customer.

Final thought

Make it easy for the potential JV Partner to say ‘yes’.  It should involve little or no work for the new JV Partner.  You should have all of the sales materials, documentation and signage that will be used furnished to the JV Partner so he / she does not have to invest any time or money.  It’s a very good idea to throw in a ‘Guarantee’ of some sort (even a communication guarantee), so that the JV Partner does not endanger his reputation.  DO NOT become cheap at this point.  Make it an irresistible offer, send business right back to them, directly from your list of clients.  Make it a solid WIN – WIN!  Remember how difficult it is to find your own clients, alone!  Finally, when this strategy starts to reap benefits, nurture the relationship.  Get testimonials and use them to secure other JV Partners.

Precious Resource

Now to get you jump started, Southern Fidelity Mortgage has a basic Joint Venture Endorsement Letter to offer you.  This letter will act as a template for your potential JV Partners to send to their lists.  If you would like a COMPLIMENTARY COPY of this letter, simply visit our Facebook Fanpage and post a comment referencing this post and we will send it ASAP.  We truly hope you’ve enjoyed reading this, and more importantly would love to see you use this technique to close more deals!  Our Facebook Page is: http://www.facebook.com/SouthernFidelityMortgage

Referral marketing is so powerful and many times so underused in our profession.  If we talk about ourselves, it may come across as bragging. However, when someone else says something about us good or bad, it’s a fact.   At least that’s how many people view testimonials from other people.  Statistically, only 14% of people believe marketer’s messages.  On the other hand, 78% stated they will trust the recommendations of other people, even strangers.  We all know that referrals can be the life blood of our commissions and having a marketing plan catered heavily to attracting those referrals is vital in today’s market.

How you handle that referral could be the life or death of the deal.  We’ve all been there, called too fast… talked too fast… seemed a little too anxious and then we end up losing the deal.  Well, this is a sure-fire way to help close some of those referrals that might have gotten away!

First, go slow.  Take it easy and remember that timing is everything.  Many times we get a name and number from a source and we’re told to, “Give them a call…”  Well, here are a few better ways to handling that.  Try to arrange a three-way meeting with the person referring you.  This will help build your credibility and take away the sub-conscious barrier that the prospect will have about ‘getting sold.’  If possible, schedule a meal together, or coffee.  If that’s not likely to happen, any type of informal get together to just have a proper introduction will work.  If this is not at all possible, then a 3-way phone call can do the trick.

If this source is someone that you’ve done business with in the past, or someone who you send business back and forth with, it’s always best to have them tell a story about you.  “Facts tell, stories Sell.”

Next, remember that you don’t have to sell on the first meeting.  I would spend much of the time getting to know the person.  Be friendly and as open as you feel comfortable.  I would leave the file folder, documents and briefcase in the car.  Try to look at it as meeting a new friend.

Finally, send a simple “Thank You” card.  Nothing too fancy…just a straight to the point message.  This is not the typical introduction most people receive.  This will be a very non- threatening approach that will help strengthen your relationships from the very beginning.  Not to mention, I’m sure you will receive more referrals from that source because they will be impressed with your professionalism and candor.

If you are already using this approach, then I would add to it.  Impress them with the ‘Giver’s Gain’ philosophy that has become absent in our lives today.  The ‘Law of Reciprocity’ will be at work.  This is basically you get what you give.  Smile, be a pleasant person to be around.

One final note, I would read or re-read Dale Carnegie’s classic, “How to Win Friends and Influence People”.  That book has been on top of required reading lists for decades and rightfully so.  Never criticize, condemn, or complain are 3 talking points from that book.

Remember that referrals are built upon relationships. Once this is mastered, virtually all forms of marketing will become exponential and your commissions will multiply exponentially!

We welcome your comments below!

I’m going to keep this article short and to the point.  With so many Mortgage and Real Estate agents out there…what makes you different?  Why would someone choose to do business with you rather than another agent?  Is there something extra that you offer?  Are there special skills, training, benefits, etc. that makes you stand head and shoulders above the rest?

A friend of mine wrote an article once called, “Differentiate or Die!”  I thought that was a little strong when I first read it, however the more I thought about it, he was exactly right!   What makes YOU different?  I hope you don’t say, “My service is better…” or, “I give the best rates possible”.  In case you haven’t realized this yet, but EVERYONE believes that about themselves.  Everyone thinks that they have the best service, the best rates, and the best ‘fill in the blank’.  The question is, “What do prospects think about you?”

What makes you different?  In marketing, we call it having a USP (Unique Selling Proposition).  It is the absolute most crucial element to your marketing message, next to your defined niche and your guarantee.  Today we will focus on USP.  If you try to compete on rate, you’re leaving money on the table and attracting the ‘Walmart’ shoppers that will beat you up on rate and commissions.  There are ways to build value in your selling process to keep competitive rates and fees, AND never have the price questions come up at all!

One of my favorite quotes that I think of quite often is:

“Do what you do so well, that people can’t help but to talk about you…” – Walt Disney

His visionary style of thinking outside of the box has changed the world.  I do not care what industry you are in, there are always a chosen few (self-appointed, I might add) that have gone against the grain and received tremendous rewards because of it.  When was the last time you examined your marketing plan?  Did you copy ANYTHING that others in our industry are doing?  If so, throw it out and start over!

That’s right… I use the analogy of everyone standing in a circle looking at what each other is doing.  Well, the few that look outside that circle and bring innovative ideas to the table are the ‘Visionaries’ in my book.  What can you take from the restaurant Industry? The Car Dealership Industry?  What junk mail arrives at your house that has unique offers? What can you offer that is creative, yet affordable?  I’m not talking about a tangible ‘giveaway’, it could be a quick easy training, an ‘expert interview’ CD, a monthly newsletter, a monthly savings calculator that shows how buyers can cut costs once they’re in their new home, you get the idea.

My final point… Become a SPECIALIST… not a GENERALIST.  Who gets paid more, your family Dentist, or an Oral Surgeon?  Get the point?  Take the exact same tools that each of us are given in this Industry, create your Unique Selling Proposition and watch the business role in!  With as many Realtor and Mortgage Agents that we’ve seen come and go in the recent past 5 years alone….all I can say is, “Differentiate or Die!”

Southern Fidelity Mortgage has a very unique approach to how we conduct our business.  To find out more about us, please go to http://www.facebook.com/SouthernFidelityMortgage

There you will find several FREE GIFTS just waiting for you!  If you’d rather call us, please do at 888-551-6530!

In our Industry it is nearly impossible for you to do everything on your own. You're going to need help getting various tasks done either due to not enough hours in the day, or due to lack of skill. Thankfully, due to the wonders of computer technology, and the speed of broadband, you can contract with an entire team of professionals all without hiring a single employee. Virtual assistants come in many forms from administrative, to technical to very niche specific.

Hiring a virtual assistant (VA) can help you pass off various tasks to others so that you can concentrate on only the money makers in your business rather than tedious tasks that you don't want to do but are still essential to a well run business such as bookkeeping, customer service, retrieving documents from clients, returning emails, uploading information to your website, posting blog posts, article marketing and many, many other tasks. The great thing is that you can do all this without hiring a single employee, but rather instead you contract with an independent contractor that markets themselves as a Virtual Assistant.

Hiring a virtual assistant (VA) can help you take your business to the next level. It does not matter if you close 2 deals a month or 10 you can still hire a VA to do various tasks that either you find tedious, or that you don't know how to do well. You can actually be holding yourself back from having a successful business if you don't let go of some of these activities by assigning them to a VA.

When you hire a virtual assistant (VA) you only pay for the actual time spent on your tasks, not benefits, breaks, or extra taxes. In fact, everything you pay your VA is a deductible business expense, dollar for dollar.  You don't even pay for training because a VA is an expert in his or her niche. VAs can be terrific resources regarding technology and business organization so take advantage of that fact by asking your VA for advice regarding various aspects of your business. You can only find out new information if you ask the right questions.

The very best reason why to hire a VA is the time savings and freedom that you will experience due to outsourcing some of your tasks. You will once again regain your nights for movies and family, your weekends for time with your spouse and your friends all without even one employee being on the payroll. Instead, you'll have an assistant who will be conducting these tasks on your behalf who cares about your return on investment because if you're successful they are successful.

As you see, hiring an experienced and dependable virtual assistant to help you run your business can pay off in many ways. You'll have more time for family, or other money making activities, and if you play your cards right you'll have one or more experts at your finger tips to help make your business more successful than you ever dreamed possible.

At Southern Fidelity Mortgage, we pride ourselves on our training efforts and the fact that we are constantly offering our Loan Officers and Referral Partners valuable strategies, techniques and tips to help them grow their businesses.

If you are interested in working with us, please contact us today at 888-551-6530 or visit us on our Facebook Fanpage at and you will find several FREE GIFTS for you just for visiting!!

http://www.facebook.com/SouthernFidelityMortgage

Having laser sharp focus is crucial to your long term success. Having a good idea and sticking with it until it either succeeds of fails is actually a vital skill – A skill that many entrepreneurs unfortunately lack and fail as a result.

Results Come with Persistence, Not Singular Spurts of Effort

Entrepreneurs often feel powerful spurts of desire, of determination, of feeling like they’re willing to do whatever it takes. Feeling that way for a few days or weeks isn’t an uncommon feeling.  However, to really succeed you need to be able to stay motivated and inspired about what you’re doing for months and years at a time.

Business is not a short term game. You have wins and you have losses. It’s a matter of persisting through all the ups and downs to the final result of real success. That takes time and focus.

Improve Your Focus with Productivity Systems

Your habits play a large role in how focused you stay.  One habit that many successful business people have is planning their day at the beginning of the day. When you wake up, the first thing you do is get out a sheet of paper and write out exactly what you want to accomplish today.  Then, write out what you want to accomplish this year. Then your five year goals, your 10 year goals and your 25 year goals.

If you have inspiring goals set, this will help you stay focused on both the short term actions and the long term picture. Doing this every day will help you stay totally motivated to do what you need to do to succeed.

Be Focused, but Stay Flexible

To be successful in any business, it’s important that you’re able to adapt to your environment and do what’s necessary to make your business succeed.  This and staying focused may sound like contradictory concepts, but they’re actually very complimentary.  Most experienced business people agree that business seldom goes as you expect. If you have one plan to generate traffic, one plan about what to sell, one plan about how your business should look and you’re not willing to change strategies, chances are you won’t make it in the long run.

However, don’t confuse flexibility in strategy with actually bouncing around completely different paths. If you bounce around from idea to idea and stick with no consistent action, you are certainly destined to fail.

On the other hand, if something isn’t working then don’t bash your head against a wall trying to make it work. Instead, be willing to be flexible and adapt. Being able to hold both focus towards a goal and flexibility in the method of getting there is crucial to success.

Know your goals. Know what's important to know. Know what you need to do on a day by day, week by week, month by month and year by year basis. Stick to your plan and stay focused.

At Southern Fidelity Mortgage, our entire company is based on Focus.  We believe that there is a short list of qualities that will enable any business to succeed in this economy. ..Focus is at the top of the list!

If you are interested in growing your business and working with us, please contact us today at 888-551-6530 or visit us on our Facebook Fanpage at http://tinyurl.com/5ufd22e and you will find several FREE GIFTS for you just for visiting!!

Organization, preparation and storytelling can ease the mortgage process

Success in the mortgage industry requires organization. This is especially true when taking applications. Whether your applications become masterpieces or messes is up to you.

Countless underwriters have the same No. 1 complaint about loan originators -- they turn in incomplete files.

Although submitting incomplete applications with missing documentation and disclosures may get files off your desk, it ultimately will cause delays and inconvenience for you and your clients. Even worse, such submissions could end up violating the Real Estate Settlement Procedures Act.

The following five tips will help you stay organized, produce better applications and become the kind of originator that underwriters love.

1. Set expectations 

Imagine going to a doctor’s office and dictating what tests the doctor performs and how the examination is conducted. Sound ludicrous?

So why do mortgage originators frequently let their customers dictate the path of the application?

By not requiring customers to prepare for the applications in advance, you risk receiving improper documentation and creating inconvenience that can derail a mortgage transaction.

Your accountant wouldn’t accept monetary estimates, and neither should you.

Successful loan originators set appropriate expectations when scheduling application appointments. They instruct clients to bring the necessary documentation, helping ensure that the application can be filled out correctly and completely the first time.

For phone applications, ask applicants to fax all necessary materials ahead of time.

2. Fill in the blanks

Every application should be approached thoughtfully. It also should be completed thoroughly.

The Uniform Residential Loan Application solicits the information it does for good reasons. Loan originators should complete every field. By filling in all the requested data accurately, you minimize the potential for questions and eliminate the suspicions created by incomplete applications.

Never skip questions only to answer them on the application’s behalf later. Doing so constitutes making a false statement to a financial institution, which is not only unethical but also a criminal offense. Because the application is a legal document, nothing on it may be added, removed or altered after the client has signed it.

By answering any question on behalf of a client, loan originators could lose their license and risk prosecution. By signing the application, you attest that you have completed the application completely, accurately and to the best of your ability.

3. Confirm claims

Loan originators should calculate borrowers’ income. Don’t expect an underwriter to do it for you.

Also, just because borrowers disclose annual earning of $120,000 doesn’t mean that’s the amount you ultimately reflect on the application. What if they’re including a future bonus by mistake or counting on a raise they haven’t yet received?

Review all documentation at the time of the application. Break down the income claim to promote accurate underwriting from the start.

CONTINUE READING IN PART 2 !!!   Click Here: http://www.gosouthernfidelityblog.com/articles/item/37-5-tips-for-underwriter-friendly-applications-part-2

Rich Leffler, mortgage-education consultant and instructor, is an award-winning industry expert and speaker. He excels in customer service, research, mortgage origination, training and consulting. He operates Professional Mortgage Consulting, through which he creates and instructs mortgage courses while helping mortgage businesses train their employees and grow. He lectures regularly on compliance issues, mortgage sales and customer-service strategies that win, and is available for in-house training speaking engagements and seminars.

Contact rieffler@pmcexpert.com or (410) 486-2430