So here is the situation. Broker got a call from a client who had an adjustable and wanted a fixed rate. The broker quoted him the lowest 30 year fixed he could. He assumed the problem was moving from adjustable to fixed. He got all the info and followed up relentlessly. The client did not return the calls. After about two weeks, the client angrily e-mailed the broker and told him to stop calling him because he had gone with someone else and was already in process. He went with the same rate quoted by this broker but on a 15 year fixed. The broker tried to tell the client that he could get a lower rate then that for him but the client was about to close. The broker asked me “what did I do wrong?”

What he did wrong was he gave the client what the client wanted. No questions asked. The other broker who got the deal most likely used SPIN selling and found out what the client really needed. You see, turns out, this client was 50. He was planning on retiring by 65. The broker who won the deal found that out by asking questions. He found out the clients SITUATION. He analyzed the real PROBLEM, the client wanted to get his house in order by the time he was 65. He was concerned about rates going up, sure. But there was more to his situation than that. The first broker did not go deep, just gave him a fixed rate. But the real problem was retirement. The smart broker than shared his solution or needs payoff- a 15 year fixed that would have his home debt free by 65. He then went one step further and asked the client, “How would that feel to be debt free by 65?” He let the client articulate the IMPLICATION of the solution. If the client can visualize your solution the deal is sold. You’ve seen Realtors use this technique by getting the client to visualize how that room would look with their furniture. If the client sees themselves in the house, they are already sold. The same technique can be powerful in the mortgage sales process. Practice it, and your conversions will soar!

Brian

p.s. Don’t forget to join us for an awesome conference call on the askbrianpeart.com site TOMORROW, TUESDAY, MARCH 30th AT 1:00 EST. It is FREE to all askbrianpeart.com members. If you are not a member-join today by clicking on the link below. For $34.95 a month, you can not beat the price. Special guest coach Nick Van Nice will be sharing ALL the ins and outs of Spin Selling. He is typically $500 an hour. But it is FREE to members. Definitely one you want to listen in on!

www.askbrianpeart.com

Up to $40 million is made available for both 504 and 7(a) fee reductions.  The source of the money is funding for 7(a) guarantees that was included in the Small Business Administration’s (SBA) regular appropriation last year.

Additional legislation is currently in the works which contains $560 million to extend the program fee eliminations until either Dec. 31, 2010, or whenever the funds are exhausted.  This legislation also would provide both the $5 million debenture limit ($5.5 million for manufacturers; SBA portions) and the ability to refinance existing debt through the 504 program.

If the additional legislation is not passed by the end of April, lenders and borrowers can expect the SBA to re-activate its Recovery Act Loan Queue. Once this occurs, loans are placed into the queue awaiting the availability of funds.

www.askbrianpeart.com

If you want to explode your business, I am talking at least a doubling of your business, you just need 1 hour a day, 5 days a week.  The cost is free, you just need the effort.  Every day, and you should make it roughly the same time each day for consistency, you block out one hour and you just start calling your friends and your past clients.  Not to sell them anything, just to say hi.  Talk to them, keep that relationship alive.  One hour a day, that is all it takes.  Set a goal like talking to 10 people during that hour.  Make sure you have all their accurate information so your database is current.  Your database is your equity in the business.  You lose it, and you are starting from scratch.

That one hour a day will not only get you new business-as some of these people have needs right now, but it will also keep you top of mind with the people driving 90% of your business!  There is NOTHING MORE IMPORTANT THAT YOU CAN DO FOR YOUR LONG TERM SUCCESS-and the kicker is, it is FREE!  Wow.  So get those names together, friends, family, past clients, local connections and business cards and just spend an hour a day making calls.  You do it every day for 30 days and I promise you, your pipeline will fill up quick. And these calls are fun once you get past your fear of doing it.  You are just touching base with old friends!  How neat is that?  Just one hour a day and in 30 days, your business can be transformed. 

Have a great week and be blessed!

Brian

p.s.  Obviously, I am more than just a commercial mortgage consultant, I am a business partner that is committed to helping you grow your business.  Give me a call today and let’s get together and brainstorm ways to grow YOUR business.  My number is 770-908-1672.  Take care!

I worked the function like I always work these things, I enter, focus on meeting as many people as possible and handing out all my cards while gathering a pile of new cards realizing that EVERY person there is a target.  They all own a business, want to own a business, or know someone who owns a business.  I typically go up to people and introduce myself, asking them what they do.  They always respond in kind.  Typically, the response is mild interest coupled with an occasional question like, “Is the market getting any better?”.  My success is typically found in my follow up where I add the names to my database, get out an intro letter, follow up with a phone call, then add them to my ongoing marketing which happens every other week.  Eventually, I always get deals from these people.  But this time was different.

No less than 3 different people asked about specific deals for themselves and two others referred me friends of theirs who were actively looking for deals.  5 potential deals in less than 2 hours.  And that is before I start ANY follow up.  Everyone was excited to hear about the fact that I was a commercial broker and that I was still lending.  The reaction resembled that of a welcome friend, it was sooooo cool. I honestly have never seen anything like it.   I left there with two overwhelming observations:

1. People are actively looking for money.  They are actively trying to expand or open their own business.  Activity is HIGH right now.  And I hear the same from my branches around the country.  This is a BULLISH sign for the economy.
2.  Money is still tight.  People need proven sources of money more than ever. 

And we have the sources to lend.  National funding sources, regional funding sources, SBA, conventional, FHA, hard money and more.  Over 100 lending sources that are STILL lending is what we bring to the table.  The doors are wide open, the opportunity is just sitting there waiting for us to grab it.  What an exciting time!

If you are sitting on the sidelines still deciding whether you should add commercial mortgages or even jump in full steam ahead, the time is slipping away.  The market is popping right now, harder than I can ever remember it.  The opportunity is more wide open than ever before.  The gap between those who have the money, or know where to get it, and those who are not really lending, has never been greater.  It won’t always be this way.  The time to attack is now.

I offer two ways to help you get the training you need, and get you plugged in to the money sources so you can make commercial a reality.  One is my Commercial Net Branch system which provides training, marketing, the lender list that tells you not just the lenders, but also their niches and the names of our designated reps and even volume pricing in some instances.  You actually partner with me to dominate the commercial arena.  For more info on this opportunity, call Emily today at 866-355-1244.

Or, you can join my Commercial Hotline.  This exciting website also provides training and has a program finder that you can use on any scenario you have so you get quick answers on where to go and who to call to fund that deal.  It is just $199 a month and you can cancel anytime.  Hot training like my “Jump Start in Commercial” training will get you up and going in no time.  To check that out, just go to www.commercialhotline.net .   In commercial, just one deal averages $10,000 in commissions so the return on investment is huge.  Click on the link and then go to the store to jump on that opportunity.

Either way, I have never seen a market like this.  It is crazy, and you can tap it.  Don’t let this opportunity pass you by!  Check out the net branch or the Commercial Hotline today!

Brian

Technology is a tool that can help, but misused, it can also hurt. And hurt bad. We have more time saving, technology laden tools than at any time in history. So why is everyone so frantic, frustrated and struggling? Obviously there is a disconnect.

The disconnect comes in the form of distractions. Social Media can be a great tool for business and staying in touch but it can also become a huge distraction, like e-mail, and actually hold you back. The core of the problem though is not technology. Tecnology-like money, is a useful tool but it is not time management. Those who allow e-mail, facebook, tv and more to intrude excessively upon their life are missing 2 key things:

1. They are not clear on their mission. They lack urgency. 

2. They are not focusing on the task at hand and honoring their time blocks.   Let me explain….

1. Being clear on your mission, and focused, helps keep you focused on the tasks that matter.  When you leave work to head home to your family, are you spending quality time with those kids or are you getting online, chatting with others, checking e-mails, answering the cell phone?  When you are at work, do you find yourself checking e-mails every 15 minutes, surfing the web, or logging onto Facebook constantly to chat?  If you really had a clear vision and were passionate about your mission then these things would be minimized.  Think about the day before vacation, you are focused, a machine, you don’t waste time in chit chat-you get it done.  Why?  Because you are going somewhere, there is a timeline, and you must get the most important things done in that timeline.  We need to take time to write a mission statement and tie it into all phases of our lives.  If we are not crystal clear on where we are going, how will we get there?  Get clear on your mission before buying all the techie gadgets to try to be more productive.  Without a mission, you will only succeed in adding more junk that does not matter to your already full plate.

2. Not respecting your blocks.  Here is what that looks like, you have blocked off 2 hours to call key clients and drum up some sales.  While on the first call, you log into your inbox and see an urgent message.  You finish up that first call, and then go handle the “crisis”.  Instead of making 10 calls, you make 1.  This is one of the main dangers of multi-tasking.  You don’t finish the job at hand.  Doing this day in and day out will limit your income and your life.  When you are at work, work.  When you are making calls-make calls.  When you are at play-play.  Multi-tasking is actually the enemy of good time management.

And if you are not careful, technology can also limit you.  Technology is a tool, not a master.  Get clear on your vision and focus on the task at hand and you will have more quality time, income, and happiness.

Brian

“You see the depths of my heart, and you love me the same….you are amazing God!”

Be blessed!

Brian

“Brian, I have a lot of referrals coming in from clients that I have worked with for years yet I still feel like I am at their beck and call trying to shop the best deal for them, how do I get to that next level where I am not a glorified shopping service?”

It is a fantastic question and brings up a most important point that few people seem to grasp, especially in commercial.  You MUST qualify the prospect first to see if you can even get them a loan.  I know you residential guys assume that the Dr. calling you with the perfect credit buying that important building near your office is a cream puff guy and has a lot of options, and you may even feel lucky that he would grace you with a phone call.  I can’t tell you how many times I hear something like this, “Brian, I got this deal from a chamber event, this guy is mega-strong and already has tons of options but is letting me quote it as a favor”.  Or, “brian, this guy is the richest man in Bedrock and I only have a chance at this deal because my cousin married his daughter”.  Or some semblance of this general thought process-“the client is great, I am lucky to have a shot, etc”.  You HAVE ALREADY LOST THE DEAL!

Count on it.  If you have this attitude in a commercial transaction you will never close that transaction.  NO DEAL IS A SLAM DUNK IN COMMERCIAL ANYMORE.  There are tons of doable deals, but to have a closing you need 3 things: a good deal, a capable lender willing to fund the deal, and a humble borrower willing to work with the lender.  If you have a good deal, and you take it to a real lender that can fund it, but the borrower is still shopping, or he feels like the lender is lucky to get his business, or he feels like we should just approve it without having to get returns, etc. then you will NEVER close that loan.  Something will come up, borrower will tick off the lender with a comment, he will drag getting paperwork in and we will miss the contract closing date, something.  The key to getting the client in the door, AND yourself in the mode of expert, is to SCREEN OUT THE BORROWER AT THE INITIAL CONTACT.  When that client first contacts you, tells you he is Dr. Smith and is buying this building for this or that, the first-I mean the very first thing you should do is ask a question.  Pull out your simple loan proposal summary sheet and ask him, “what type of property?  Investor or owner occupied?, etc.”  The person asking the questions is the expert, the person answering the questions is NOT the expert.  If that client tells you the property they are buying and asks YOU what your rates are and what your fees are, etc. then HE is the expert and of course you are relegated to a glorified shopping service.  When you go to the Dr. with a pain, HE is asking the questions, “where is the pain”.  It is the same with this.

Listen, it is highly likely that ANY client you talk to in commercial has already been denied once.  The first place a person goes for a commercial loan is the bank they do their business banking with.  If they are letting you, a broker, have a “shot” at the deal know that their local bank has either denied them or they are dragging their feet or something.  You have a responsibility to ask the questions and screen that client out.  Otherwise you end up running around like crazy on a deal that you may not even be able to close-that would be a colossal waste of time.  The key to establishing yourself as an expert, the key to converting more deals, the key to better time management, the key to more commercial closings, can be found in simply qualifying that client HARD at time of application.  I don’t care if it is Bill Gates calling you, you need to qualify him.  Otherwise-YOU lose.

Brian

p.s.  To get a free copy of my simple Loan Proposal Summary Form, join my Facebook page at the link below. And we will get a copy of that form out to you.  Just click on the link below and click on “Become a Fan”.  It is free and I share insights all week long that can help build your business.

Facebook is http://www.facebook.com/pages/manage/?act=24206282#!/pages/Brian-Peart-Commercial-Lender-Coach-and-Speaker/253468945818

If you missed it for whatever reason, I have good news for you.  
 
I’ve arranged to get you complimentary access to the MP3 audio replay of the entire interview. The regular price is $47. You get it free of charge.
 
Get instant access to the audio replay now at:
http://www.mortgagemarketingcoach.com/m3/brianpeartreplay.html

Here’s just a portion of what you’ll learn…

Time for Marketing – How much time per day/week should I be marketing? What is the best use of time for marketing? (i.e. in office visits, phone calls, emails)

Building Consistency – How do you keep going 5-6 days every week, every month, and keeping the consistency in doing it?

Creating Boundaries – I work at home and my family doesn’t always adhere to the “Daddy’s at work” scenario. How do you overcome this?

Honoring the Schedule – How do you not only establishing “Time Blocking” but sticking to it. Every time I set it up, very important calls cause me to go off-point, and then it’s difficult to get back on the schedule. What’s the solution?
 
Success Secrets – How does a new loan officer with no referral partners and a small list make it in this business?
 
Assistant Secrets – How do I hire the right assistant to help me grow and manage my business?

Screening Borrowers – How can I streamline the interview process to weed out unqualified borrowers w/o offending them, and turning off referring Realtors?
 
And much, much more!
 
Get instant access to the audio replay now at:

 http://www.mortgagemarketingcoach.com/m3/brianpeartreplay.html

We are so committed to motivate and inspire you to learn my highly effective time management secrets, we’ve even prepared a 6-page “Notes Sheet” to make it easy for you to follow along!
 
Have this study guide printed out before you listen to the audio replay:
http://www.mortgagemarketingcoach.com/download/brianpeart_handout.pdf

Dedicated to your success,
 
Brian Peart