Mortgage Marketing - Marketing your Mortgage Business to Fsbos

By: Shane Brooks

Marketing your mortgage business to For Sale By Owners (FSBOs) is like having multiple gold mining strikes coming up in a number of places all at once. It is great. When it comes right down to it, once you know how to work with FSBOs, they are the quickest way out there to have a successful mortgage business.

If you are new to mortgages, you should know going in that FSBO's are not really all that fun. To tap the market, you have to be diligent, stubborn, and really have the perseverance to make sure you succeed. Most newcomers get one good "no"', and they're done with FSBOs forever. The truth is that they are worth the effort.

Why do so many mortgage people fall short on FSBO markets? There are actually a number of reasons. One of the biggest reasons is that they are not determined enough. Another, though, is that they simply do not have a good plan for how to handle it.

Here are a few ways to get started in working with FSBOs: First of all, stake out your territory. Figure out where or what type of FSBOs you are going to target. Once you set that goal, go ahead and make it a little more: say that you are going to work with all the FSBO's in that area.

Secondly, don't get carried away. Sharpen your skills with a smaller area before advancing to a larger one. By starting small you'll save time and money. When you get better, then you can expand and use the newly learned efficiency.

Next, make sure you are continually checking for new FSBOs. This is something you need to be doing all the time. In fact, it should be a part of your daily routine so that you never miss one. This is imperative.

Fourth, you should document your FSBO findings. Record the information for each FSBO in your computer, on cards, or even just on a board. No matter what, keep good records. This will help you down the road when you want to do more. Also, don't wait until you have every bit of information; instead, try to add information as you get more.

Fifth, make sure you come up with a plan of action to go with each FSBO. You need to start thinking strategy for each one as soon as you get the information. Have an idea of when you are going to call and what you are going to say so that your approach is right.

Next, make sure you are performing your duties on the plan every single day. This strategy is not for those wanting a 9-5 ob. This is going to take time. Really serious FSBOs want to know that you are going to work for them. You need to show that you are going to get the job done whether it takes nights and weekends or mid-afternoons.

Finally, make sure you contact your FSBOs. You may think of dropping a note, but really you should just go ahead and make a call early. On the phone you're better able to cater your message to the particular customer. You can refer to your notes, approach them more softly, and contact a number of FSBOs in a short amount of time. You can even make contact by stopping by the home. A face to face encounter can do a lot for your chances. You can also make sure they understand what you can and will do for them. So when you can, meet face to face. When that won't work, you need to make a call, and then if you have to you can drop a note or a letter to the FSBO's in the territory you have defined as part of your goal.

IN addition to all of these plans you make to attack the FSBO market, there are alternatives. If you are not the FSBO shopping type, you can always find ways to join in on the realtor partnership and referral market. With the right program, you can get plenty of free referrals to buyers who are moving from rentals. These are the crown jewels of the mortgage industry and can offer a lot of help to you in terms of making your life easier as a mortgage originator.

So whether you pursue FSBO's, another niche, or choose to enter into a partnership, the mortgage business is one in which you are going to need a plan. Just make sure yours is a good one.

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