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Fat Free Selling-Expanding Wallets, Not Waistlines
Relationships are the key to long-term success and customer loyalty.Everybody knows that. So, who do you build relationships with? Noteverybody knows that.Strategic relationships can take a business on a quantum leap.Who are you building relationships with? Are they the best people todedicate your relationship resource with?”The secret to success in the mortgage business is to buildfat-free relationships with residential realtors”, said my friend AndyDinkin, managing partner of Fidelity & Trust Mortgage in Charlotte.”The so-called experts always told me that the best way to build thoserelationships was to bring donuts, danish, and bagels to real estateoffices on a regular basis. Just keep showing up and eventually you’llstart to see some business come your way. I tried it.” Dinkin said.”The experts were very wrong.”Look, I’m just as addicted to Krispy Kreme as the next guy, butface the fat, donuts are no reason to do business with someone. Oh,they’re a nice gesture, but an idiot bringing donuts is still an idiot.How much thought goes into buying a donut or a cookie? How does it helpyour customer build his or her business? Do they want a donut or asales lead? While this approach may have worked for others, Andy knew there had tobe a better way to build relationships in the real estate community.”My goal is to work with the top real estate agents in town, and myinstincts told me the way to their heart is not through their stomach,but through their wallet.” Andy has chosen residential realtors as his strategic partners. Theyare the people he seeks to help to build their business so he can buildhis. Who are your realtors? Who are the customers and prospects you need tohelp? Where are the strategic relationships you need to be building? “I started by making a list of all the problems residential realtorsface. Next to each problem I listed solutions,” said Andy. “When Ilooked deeper into their business, it turned out that I could do muchmore for these realtors then just feeding them donuts”. What are your customer’s biggest problems? How are you helping them getsolved? If you solve their problems you win. If you bring them donuts,everyone loses (except the donut guy).Here’s Andy’s list:
Credit repair for their customers — Many people want to buy ahome, but they can’t get a mortgage due to credit problems. Rather thanputting the burden of credit counseling and follow-up on the realtor, Itake that responsibility over for them.
Weekly Loan Status Reports — Once a contract on a home issigned, the realtor is often left in limbo while the mortgage lendergets the loan approved and closed. Since they hate being out of theloop, I created a weekly loan status report that tells them exactlywhere we are in the process.
Education — I can be a resource to my realtors by keepingthem abreast of programs that will allow them to more effectivelymarket to potential buyers. I provide this education via my e-zine andlive workshops.
Marketing Material — Using creative financing to lure inprospective buyers is powerful to a realtor. When I see a listing froma realtor I want to begin a relationship with, I create a flyer forthat property and email it to the realtor. I make a big impression byproviding quality-marketing material that can be used to make a saleTODAY!
Approving Tough Loans — I want to impress realtors bygetting loans approved that other lenders decline. I make this happenby being more creative, digging deeper and working harder on loans thatI know have been turned down by my competitors. Getting tough loansdone is a definite door opener.
Lead Generation-The single best way to start a relationshipin business is by giving a referral. When approaching a realtor for thefirst time, I always like to lead with a referral. “Hello, this is AndyDinkin with Fidelity & Trust Mortgage. I know you get calls from aton of mortgage lenders, but the purpose of my call is not to ask forbusiness, it’s to offer business. I’ve just approved Mr. Doe for amortgage up to $200,000, and he asked me to find a realtor to work withhim on finding the right home. Would you be interested in being theirBuyer’s Agent?” Every single time the answer is “YES!”Impressive, huh? Andy has diagnosed his customer’s biggestproblems, created solutions, does most of the work, and delivers theanswers and the leads rather than the donuts.Andy’s goal is to be known in the marketplace as everyone’s”Mortgage Guy”. And he is doing it. By providing information and ideasthat the residential real estate community can turn into money, he’spositioned himself as a value-providing resource, not a pushy mortgagesalesman. “The results have been staggering,” says Dinkin with a smile,”and when I share the Fat-Free Selling concept with my realtors theylove it, and they buy.”Andy separates himself from the others in his field bydelivering the groceries, not the donuts. What are you delivering yourbest customers and prospects?Free GitBit…Want to be viewed as a value-providingresource to those that drive the business in your industry? Get theoutline of Andy’s five step approach to using Fat Free Selling toexpand your wallet, not your waistline. Go to www.gitomer.com (registerif you’re a first timer) and enter FAT FREE in the GitBit box.Jeffrey Gitomer, author of The Sales Bible, and CustomerSatisfaction is Worthless, Customer Loyalty is Priceless. President ofCharlotte-based Buy Gitomer, he gives seminars, runs annual salesmeetings, and conducts internet training programs on selling andcustomer service. Subscribe to his free weekly sales ezine atwww.gitomer.com. He can be reached at 704/333-1112 or e-mail tosalesman@gitomer.com1/2 2002 All Rights Reserved – Don’t even think about reproducing this document without writtenpermission from Jeffrey H. Gitomer and Buy Gitomer o 704/333-1112
