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Main Subject - The Art of Getting A Loan Officer Referral
Generally you can tell how well a loan officer runs his business by the amount of referrals he gets for new loan applications. Successful mortgage professionals tend to get a large percenta
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
ge of referrals give to them by former customers and referral partnerships with real estate agents, attorneys, financial planners, etc.
Mortgage professionals that are struggling tend to ha
Mortgage professionals that are struggling tend to ha
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ve very few, if any, loan officer referrals. They typically generate almost all of their loan business from prospecting. And while prospecting does have its place and is very important, cr
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
eating a system that produces loan officer referrals should be the top priority.
Why such focus on getting referrals?
They are easier to work with. Which loan would you rather have? Loan
Why such focus on getting referrals?
They are easier to work with. Which loan would you rather have? Loan
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
A was generated from a prospect call on one of your classified ads. Loan B is a referral from a satisfied previous customer of yours.
Loan B of course! From the outset, the prospect from
Loan B of course! From the outset, the prospect from
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
Loan A doesn't know who you are, and you don't know them either. There is no trust formed yet.
In the case of Loan B, you have already been pre-sold by your former customer. Before you e
In the case of Loan B, you have already been pre-sold by your former customer. Before you e
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
ven meet, you will have already developed a high level of trust with this person.
So how do you go about getting more loan officer referrals?
1. Ask for them. It's amazing to me how few
So how do you go about getting more loan officer referrals?
1. Ask for them. It's amazing to me how few
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
mortgage professionals ask for referrals. You may still get a referral or two here and there, but you drastically increase the chances of receiving referrals by just asking for them. The w
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
orst case scenario is that the person says no. So what? Maybe right now they just don't know anyone.
But then again, maybe they do know someone. The point is that if you don't ask, you w
But then again, maybe they do know someone. The point is that if you don't ask, you w
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
ill never know.
And asking for a referral doesn't have to be a difficult or unpleasant task. Don't ask for a referral in the sense of asking for business. Ask in the sense that you would
And asking for a referral doesn't have to be a difficult or unpleasant task. Don't ask for a referral in the sense of asking for business. Ask in the sense that you would
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ike the opportunity to help someone out in a field that you are an expert in.
DON'T SAY: "My goal is to close ten loans this month. Do you know anyone who may need to get a mortgage?"
DO
DON'T SAY: "My goal is to close ten loans this month. Do you know anyone who may need to get a mortgage?"
DO
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
SAY: "My goal is to provide not only you with professional financing assistance, but also your friends and family. Do you know anyone who may need help with a financing situation?"
2. P
2. P
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
rovide awesome customer service. And to me this basically means keeping the client informed throughout the financing process. I know of too many originators that only talk to their custome
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
rs at application and at close. Maybe once or twice during the process to get a updated pay stub or bank statement, but that's about it. You want to do your best to take away as much of th
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
e stress involved in the mortgage process as possible.
If your service stinks, you just won't get any recommendations. Don't just see the current customer. See all of the people that this
If your service stinks, you just won't get any recommendations. Don't just see the current customer. See all of the people that this
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
customer is involved with on a daily basis. Good or bad, he's going to talk about you. Providing stellar customer service ensures that people are saying positive comments about you.
3.
3.
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
Ask in different ways. Besides asking more frequently, you need to ask for referrals in different ways. You can ask for a referral in person right after the application. Or maybe mail out
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
a survey asking for referrals. Or do a post closing phone call to ask for referrals. People respond to differently to each form of communication. By offering more avenues of receiving re
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
ferrals you will increase your chances of receiving them.
How many referrals did you receive last year? The amount of loan officer referrals you got is a fair barometer of the direction yo
How many referrals did you receive last year? The amount of loan officer referrals you got is a fair barometer of the direction yo
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ur business is heading. By following the tips I suggested and making referral generation a higher priority, you can have a successful loan officer career closing more loans with less effort
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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