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Increasing Realtor And Mortgage Revenue
Copyright (c) 2007-2023 Roger Vetruba
So far we've looked at increasing your business to produce more leads, and then streamlining your business to lower your overhead and increase your capacity. In this last section, we look at using online video to augment your real estate and/or mortgage business.
Everyone has heard the phrase "Jack of all trades, master of none". That said, it's up to you to set your own threshold of how wide you can expand your service while still being focused enough to be effective and not dilute your personal brand. Certain sideline businesses will actually create more primary business, because it gives people another reason to call you.
Sideline businesses for Realtors and mortgage brokers might be credit repair, debt settlement, IRS negotiation, commercial lending, equipment financing and other cash flow industry products, foreclosure services, and of course real estate investment. In Los Angeles, where I reside, there are many small companies that serve ethnic markets. To date, I've never seen someone that provides insurance, notary services, paralegal, mortgage and real estate services be successful. These firms are usually not focused enough and also cut themselves out of referral circles by trying to do too much.
The trick here is leverage the skills and expertise of people focused on that specific business. Realistically, you have a few choices regarding marketing of these: become an expert, which is time consuming and risky until you know the revenue is worth your time, or leverage someone else's expertise with a video. You can produce this video yourself, or purchase a service like ours (http://www.MortgageMovies.com and http://www.RealtorMovies.com) that has some of these already made.
Using pre-made movies, you don't need to really be an expert in all of these areas. You just need to know someone who is, and get paid to make the connection. The movies make the sale, so you don't need to learn each niche. You probably don't want to feature these on the main page of your website though, for fear of dilution. Just call them as needed, although using them to market for something specific is smart business.
If you decide to produce your own, develop some affiliations and share databases. If you invest the time into dealing with setting up a video newsletter, or Webcam Wednesday updates, then invite a professional to record with you some basics about what they're looking for and how they can help your clientele. You can then refer this video to files you have to turn down (i.e. credit repair or debt settlement for mortgage lenders), use it to prospect and market for new clients (i.e. foreclosure deals to real estate investors for Realtors), or make more money from existing clients (equipment financing).
If you have enough experience and a good team, adding mortgages if you're a Realtor, or becoming a Realtor if you're a mortgage lender may be suitable for your market if it's legal. State laws vary, and markets vary. Also, if you're getting referrals from "the other half", then it may carry more cost than it's worth. Take it from me, because I've done both: both jobs are a lot of work, and to do them really well is easily a full time job for just one part of the equation. Nonetheless, if you have a great team and great software, it can certainly have its benefits and making two commissions on a deal, while saving the client time really helps. For states in which one person cannot wear both hats, your only option is to become an owner, or open an ABA (which allows you to get paid as owner's draw).
All of these ancillary businesses can create more transactions for your primary business. People who apply for an SBA small business loan often would do well to refinance their house, if for no other reason than the SBA will lien against it, so pulling some equity out to rebalance into a performing side equity account is simply prudent business.
One frequently overlooked marketing rule is to market to people unaware they need your service.
For example, if you market a first time home-buyer's seminar, you will only get people who know they are in the market for a home. What if you marketed a free report titled "Save 23% off your rent and 17% off your tax bill next time you move". Ok, so it's wordy, but you get the idea. People who don't know they want a house will read that report and then become prospects. We did it on the title of this article – it's called "Increasing Revenue for Realtors and Mortgage Lenders". No mention of video. It's all of the benefits, none of the specifics. It worked, because you're reading, and hopefully, decide that perhaps checking out our service is worth your time.
Another example are other debt services for mortgage lenders. Debt settlement is appropriate if someone's credit is already pretty beat up, and have over $7,500 in debt that's already in collection. You can make a few bucks making a referral, which helps them (by reducing their debt load), and it helps pay for your marketing (or the cost of the lead). This is an easy sale, because a typical charge is, 15% of the debt load, but you can settle the debt for 50% of face value – so they're still saving 35% and can make low monthly payments. There are a few credit repair solutions on the market, and having these debt businesses means another string in the water, or at least more bait to pull some deals out of the water while still making a small immediate profit. These people remember your help and later become clients.
If you're a mortgage professional, be aware that getting paid by a credit repair company is a legal violation. The way around this is to offer it as a service yourself or open an ABA (Affiliated Business Arrangement). Check with someone who is an expert in the given area. They will know the laws, and of course verify with your attorney.
The long and short of it is you need to leverage your time and expertise if you want to grow your business. Adding ancillary businesses can produce more files and keep you even more relevant to your clients, and using the expertise of others is easily the best way to add these lines of business to your practice.
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Roger Vetruba is CEO of Movoxo.com, a dot-com specializing in communication tools and services. Roger has been a Realtor and mortgage lender since 2001, after a desire to work with more people than computers pulled him away from a successful career in video games and computer animation. The company provides co-brandable libraries of internet movies, and media tools to enhance sales on your website. Find more information at Movoxo.com or by calling 800-807-5216. More Tips, tricks and free reports are available at http://www.MortgageMovies.com/ or http://www.RealtorMovies.com/
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