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Nearly all sales people believe they provide exemplary customer service during the sales process. And most likely you are part of that percentage as well.

But did you know that less than 10% of loan officers ask for referrals during the sales cycle?

MLO Doug Cadaret is an innovative entrepreneur that runs several organizations. But his “baby” is the “Customer Referral Experience.” He tells you exactly how to ask for referrals.

In this episode, discover how you can start asking for referrals today even before the sales procedure ends.

Show highlights include:

  • The “Thanks For Noticing” moment that gets you referrals before you close your loans (6:32)
  • Why leading your client through the loan process kills your opportunity for getting referrals (and how you can change that today) (9:14)
  • How acknowledging a “Thank You” from a client sets you up to immediately ask for a referral (11:18)
  • The “Most Overlooked Referral Versus A Lead Reason” that gets you referrals regularly (20:00)

Want to get your questions answered live? Head to MLOlive.com and discover how you could become a Millionaire Loan Officer!

Read Full Transcript

Welcome to The Millionaire Loan Officer podcast with your host, Scott Hudspeth sharing tools, tips and strategies so that you can go from a mortgage loan officer to a millionaire loan officer. It's your host, Scott Hudspeth.

(00:28): Hello everybody. This is Scott hu with agent mastermind. Super excited to be here today with my brother from another mother. Welcome Scott buddy. Doug KARE. Yeah, what's up buddy? Yeah, man. So super excited to be here. Jim mastermind, Doug. And I go way back. We've been together for a long time and man, I always get excited when I get to talk to Doug, cuz he's brought so many things to my life and my business when it comes to helping you as agents, when it comes to helping loan officers, help agents. So many things. So Doug, I literally say the care model leveling the C I talk about it every single day. It just has to be part of your tool belt. You know what I mean? And if you're not thinking it and doing it's part of your core, it's your core gotta be part of your core. Yeah, it truly is part of my core a hundred percent. Yeah. And it takes a while. Like once you get it, man, like, cuz you know, I think you had to beat it in my head. Like I don't know, pound it in there. And finally I'm like, okay, holy crap. Now I get it. If you're doing this, you'll have amazing success to today. We're gonna share with you guys who Doug is. Why is so instrumental in so many Doug you've lit so many candles across the country. It's just unbelievable. You're a freedom club coach. You're a mortgage marketing master. You're at all the events with us. It's just, you're an inspiration man. So thanks for doing what you do, man, and putting your heart and soul into this and thanks for being here. So, so what do you have for,

(01:44): Oh, you know what we're just gonna talk today about balanced relationships. We've been in this game for a long time and most relationships lending realtor relationships. I've always felt like it was a bit parasitic kind of host parasitic host relationship. Like if you ask any realtor out there right now and every women it's listen and we'll probably agree to this, you probably give a heck of a whole lot more than you get. And that was always eye opening to me cuz the reason I called it, the level in the CSAW was, you know, I always felt like coming into a relationship with the new realtor or coming into a new relationship with the loan officer. I always felt like they had the power. Like they were the big kid at the other end of the CSAW and I was this little skinny it at the other end and I'm not skinny, but I would've felt that way. Right. And so my fear was if that relationship didn't work out, they would get off the Seesaw and I would fall down and it would ruin the business. And so I started to try to figure out ways to start building better conversations and start having better, more meaningful relationships with people. And I started to really look at what people were after in this business.

(02:45): And so when I started to sit down and actually map this out, I started coming up with questions that I felt like were so obvious. But when I started asking other people about them, man, they just, it blew my mind. How many people didn't see the alignment that I believe we need to have in this industry being a lending realtor partnership. Right? And so every realtor that's listening to this, I want you to realize how important this conversation is for your business. Personalize it, internalize it, but then realize, think about the partnerships with the people you have in your business. Think about the referral partners that you get real estate deals from. Think about the relationships they give you at bats monthly and ask yourself, are they in alignment with what you're after and ask yourself, are you getting the most out of that relationship possible? And are you giving back as much as possible so that it remains balanced? And all I did was write this out as just a series of quite that I feel like really kinda, really pinpoint what I think is missing. Yeah. And you and I have had this conversation before, right brother. I mean, you know exactly what I'm talking about.

(03:49): Yeah. So if you are not working with somebody that is part of the mortgage marketing animals, this is what we're gonna go over is what we teach co preach, all the stuff that we teach so that we can help you as an agent, get more, buy sides, more sell sides, have more business, make sure you're getting as much or as many referrals as you can from the people that know. I can trust you, your sphere, your current database, your loans and process improvement. Looking past database. This is the thing that we focus on the most, every single day with everybody that we, as a group work on to make sure we're not going too fast and just making every, you know, making sure people don't feel like a number if you make sure they feel special. So I just wanna make sure if you're not working with one of us, man, that that it'd be a good idea to search for us.

(04:37): You're missing out. And if you find, if you find someone who shares these same answers that I'm about to give you and you find alignment with these questions, please, this is the foundation of how you build a partnership. This is how you truly build a partnership with the right people. And so the question I always start with is if you think about the last several transactions and I go think about your last 10 and you think about the experience that the client had, how many of you would rate the experience? A level 10, 10 being the most referable, one being the least referable. And most everybody that I ask that question of most, every agent says, oh my gosh, 80 to a hundred percent of them probably got an amazing experience. I feel like I communicated. Well. I felt like I delivered what was expected. I, I consider them to be friends. It was great.

(05:21): Well, let's just ask, let's ask Doug. So how many people on here, your last transaction that you had put a 10 being the best one being the worst? Like what do you feel you deserve? What, what's the question feel? You deserve a referral from how many of the last, like to your last transaction, do you feel like you deserve a referral from that client? Let's put in there? Nine. 10? Okay. Yeah. Okay. Cool. All right. Cool. So you, so most people say this, so most people say 80 to 10. Okay. I wish it was scientific, but it's just because I've been asking this question for decades and I've never met somebody who tells me that they've gotten that oh, half of them it's always been eight, nine or 10, which I absolutely believe. And I believe everyone gives that. You know, I believe everyone does genuinely mean that. And I think the clients, if you were to actually go back and talk to the clients, I believe the clients would all, I think if you asked 10 of 'em, they would all tell you that they had a great experience with you. I, we sell ourselves short by giving us ourselves, you know, giving ourselves an eight. But I do think it really is clients from the client's point of view, it's probably a level 10.

(06:25): Gotcha. Interesting. So then if you think about that looks like everybody's eight, nine and 10 man. You nailed it. So everybody here, yep. 8, 9, 10. How many clients of that group that we're talking about? How many of actually referred you before the deal closes? All right. Let, so another question. How many and put a yes or no. So how many people of your last deal last two deals, last three deals actually referred you another buyer or another seller before the deal closes before the deal closes. Not after, but before. So, and I don't wanna steal your thunder, so I'm not gonna talk about it. But so our definition of a successful transaction, I learned this through Doug is to have asked and received a referral during the time that we work with a client. So from start to finish and the best part about right now, I say it's the best part. And some people might not agree is we have longer time with them because more offers multiple offers, lack of we get to build a deeper relationship with them. So, I mean, is that a curse or a blessing, right?

(07:25): I dunno, blessing. It's for sure. I think it's a lot of zeros. There's a couple ones in here, brother. So yeah, so we're getting a couple ones, 0, 0 1. And, and that to me is amazing that we all, all are working extremely hard to create an experience that our clients want to refer, but yet we're not asking for the business during the process. And that's the one thing that I believe in when we work with ours, we teach them how to overcommunicate and it isn't just the overcommunication that matters. It's the overcommunicating. But at the same time, then asking for those, creating those moments of gratitude that you can turn around and say, Hey, thanks for noticing. Really would love to give the right person or someone you care about the right lending and real estate advice. Do you think, I mean, cuz now that I think about this, if you think about every single, when you're buying a car, when you're buying a new TV, no matter what nobody ever asked you for a referral ever, like nobody said, Hey man, who of your friends, family, coworkers are looking to buy, sell, you know, or refinance a car like ever during the time that you know what I mean? I, why is that? Do we wanna make sure that we have a good experience? Is that what it is? Or we're scared or what's the mindset behind that?

(08:40): I've heard a lot of people give me answers. A lot of people say that they wait till closing. Yeah. A lot of people say that they're too busy. People say that they forget. Or, or, or they're just, they don't feel comfortable asking. They don't feel like they've earned the right to ask. And that's where I think a lot of it comes down. This whole conversation that we're having is about setting the tone in your head around. Well, how do you define a successful transaction? Right? Most of the time we work really hard. We're not getting it, but when we uncover the truth, it's because we don't define a successful transaction this way. I can tell you everyone that's watching or listening we're right now defines a successful transaction is closing time. Having great communication. The clients are happy and getting good reviews. Now there's a, there's a scattering of other answers, but no one there I've only had one person in the last seven years actually tell me that the definition is a referral to, or an introduction to someone received before the transaction closes. And the reason, the word before is so underscored for me is because to your point, Scotty, we have our clients for 30, 60, now, 90 to 120 days in the process, we're constantly consulting them. We're constantly holding their hand. We're constantly engaging in a relationship to try to provide them that experience. That you've all said that you're giving everyone is giving an eight or a nine or a 10 level service experience to we get our businesses are basically unemployed. We're we're out of business that they, that that deal closes

(10:10): Good point. And I find that the, the biggest part of why we're not doing it is we don't have the, we're not intentional in it. We don't wake up believing that the definition of our business is to earn a referral. We believe our definition is something else. Yeah. And those are all great answers, but they're not the best answer. Gotcha. I think in this day and age with what we're doing for our clients to the level of it will go to and holding their hand and consulting with the we just don't put ourselves in the forefront of saying, if I hear the word, thank you. If I hear the word wow. Or that was awesome. Or I appreciate you doing that in realtors. You guys, you guys are, you guys give the shirt off your back. You guys sacrifice personal time, family time, health time, spiritual time, you guys will remove every obstacle to make that client feel like they matter. Yeah. But at the end of the transaction, we are left sitting there just with a paycheck. And yet we still to then turn around and go find somebody else. And I'm telling you that the biggest opportunity that we're not taking is capitalizing on those moments of gratitude during the process that it starts with. How do you define successful transaction?

(11:19): You know, the, you bring up a good point. So we have seen the biggest amount of anybody that we work with. We see the biggest amount of increase in referrals, just living right here by this, during the time that we're working with clients and not being afraid to ask, making sure we're looking for moments of gratitude and then taking every time you guys hear a moment of gratitude. Now you're gonna think about us because you should be taken advantage yes. Of that moment of gratitude, because it's totally legit to do it. I mean, right. If you're getting, thank you, appreciate you. Awesome. This is rocks. We're excited. Why would you not want their friends, family, coworkers to do feel the same experience, right? So you make it a point to create that referable experience. Ask, look for that moment of gratitude and ask for the business. It's life changing. I'm telling you, right? Trust me on this. Just give it a chance, give it a shot.

(12:09): But it's hard. And the reason hard is because I keep thinking about all the answers that I typically hear from people. And a lot of times it's, if I hear, thank you. Maybe you can ask this as a question. Most everyone says my pleasure. Glad I could help anytime. It's what I'm here for. Thank you. I appreciate that. We simply acknowledge the thank you. We acknowledge the gratitude and it's like politely shutting the door in somebody's face when they go, Hey, thank you. How could I repay you? Right. And our definition of repay is no big deal. It's our pleasure. I didn't sacrifice my Sunday or my Saturday with my family and my husband or my wife just for you. I'm just doing this because I love to. Right? We're all, we all sacrifice something for our clients because that's how we want them to feel. And as we said in the beginning, if you know that you're delivering that level of service, but you're not getting the referrals. It's not because you're not capable of giving 'em, it's not because you haven't earned them. It's simply because we've not learned to change our hard wiring and to put a reset button in there and go the moment I hear that moment of gratitude, I need to hit the reset button and say, yeah, thank you for noticing.

(13:16): Yeah. Awesome. Yeah. So hard was so simple. So hard, so simple. It's because we've never been Trained. We've never been trained, right. And today we're training you today is the day. This is like real estate 1 0 1, right? Like I didn't go to college for coaching or mentoring or co mortgages or real estate. I don't think anybody on the webinar today or on this call on this podcast actually went to school for real estate. But we all are trying to learn how to do it the best way possible. Right. And the amazing part is that what we're doing is working, cuz your businesses are closing transactions. You guys are working with buyers and sellers. Now let's take our business up another notch. And instead of just being grateful that we're here, let's walk in and own that relationship and get what we deserve. And the deserving part of it is if I'm getting the thank yous, that means I'm bringing value. I need to start asking for something in return. And you know, what's really funny about that whole ask is that 60% of your clients, 60% of your clients genuinely would help you if they knew you needed it.

(14:22): There's 20% on each side, 20% of your clients will never refer you regardless of what you do for them. They're just not that kind of people. And that's okay. There's the other 20% that are just raving fans about you because a round pay that's in around the all 20% of the time and the ones that are getting referrals in the process you get 'em because of hopium Scott, you've heard me say this a thousand times. Hopium is not model we wanna run with right. To get that one because of hopium because you hope that the client notices you in hopes to remember you during a conversation that they're having with somebody in their life. I don't like that strategy. Instead, I look at it and says, I know I'm gonna get my 20% over here, but I know I'm not gonna get this other 20%. So I gotta focus on the 60%. And these are the ones that I call my friends. These are the people that I can have a conversation with, who genuinely appreciate me, who genuinely honor what I do for them. And because I'm providing them with such a great level of service and communication, I have the right to ask for something in return. And you know what? I think Carl talks about it the best when he says people feel really good when they give the chance to help other people out a hundred percent.

(15:30): And I think our clients genuinely wanna return the favor because they know what we're doing to them. Yeah. And they appreciate it. And I just don't think we capitalize on it cause it's not here. You know, what's funny is how many people on this call have closed a transaction with a referral from somebody that you were currently working with before you closed the deal with the first person you talked to. Right? We good. Maybe just by accident just by accident, right? Not by intentionally doing what we're saying, asking, creating a referral, you know, referral moment, looking for him. We've got and then asking and getting referrals. We just accidentally, Hey, my brother's looking, my cousin's look at my dad, mom, like all this. And then would they end up finding a home or second home or investment property, all this stuff before the, you actually who referred. So this makes this so much more value. If you just realize, holy crap. If I do create a referable experience, look for moments. We've gotta turn out for business. It's just, it's a game changer.

(16:30): So something just came to mind that I was having a conversation with somebody else around this. Isn't about getting purchase agreements and listing the referral. Isn't about chasing deals. I can't overstate that enough. You're not chasing deals by having this conversation. What you're doing is you're chasing conversations. You're looking for people that you can be to, that you didn't know before. I can promise you that if you're simply looking for people that are looking to buy and sell a home, you're not gonna be introduced to enough people instead ask for conversations with somebody in their life that they care about, who could use the right real estate advice. Because entering into a conversation with anybody who's over the age of 18 could be somebody who's a homeowner needs to be a homeowner or is a business owner who can introduce you to other people that were homeowners or could be homeowners.

(17:22): And so I never believe that it's about chasing deals. I believe that the referral defined in our world is I'm just looking for someone else that I could have a conversation with about my business and talk to them about how much I care for of their clients and who they are and what they're after. I just trying to make sure everyone gets the right real estate advice, because there are people that make so many mistakes and there are so much bad information out there just trying to help people avoid the mistakes that so many others make interesting. Yeah. So ask for a conversation. How hard is that? Right? And I man, I just care. I know there's a lot of mistakes going on right now. I know there's a lot of chaos going on right now. I know there's lack of inventory. There's so many things going on. I just wanna make sure your friends, family, coworkers know exactly what's happening. Who could I have a conversation with, which is as good as a refer. Yeah.

(18:09): I'm just looking to give people the advice, right? What do people typically do before they make a decision? They all go out and what do they go and get advice from most of the time, it's the internet, some forms or something they're getting or they talk to a friend. Well, they're talking to a friend. I want the advice to come from them to say, go talk to Doug. He's the best realtor that I know or he's the best lender that I know or he's the best business owner that I know in real estate. They'll give you the right advice. Imagine that, Hey, call Scotty, call Doug. He'll give you the right advice, whatever that might be. He's the best person to talk to in real estate?

(18:40): Absolutely. Especially with social media right now. And people communicating in so many different levels, almost daily. I see, Hey, I'm looking to do this. Anybody have a recommendation? I'm looking buy a car, look up for the windows, looking, I need a new AC unit. And like all, it's always putting it out there to their friends to get a referral of somebody that they trust. Right? So it's same thing. And I think as us as agents, I think we have we have a unique ability to have relationships with just about anybody in the community. Like we need homeowners, right? Our ability to build relationships with other businesses paramount and helping us grow a business. Yeah. If you don't have relationships with certain vendors in your community, that certain people that you know, homeowners are gonna need, you're missing the boat. And so if you're out there asking for a referral, don't just ask for somebody looking to buy or sell, ask for somebody that might be a good for you, a good person for them to know a good person for you to know. And for them to know you because you get to meet so many new homeowners, what a great way to build a synergy partnership.

(19:39): Unbelievable way. Unbelievable. Yeah. And it's easy because everybody's looking in networking and it brings it up to the next question. If you think about, if you ask anybody and I bet you, if we did a poll, not a single realtor on here, if they're being honest would say that they'd rather work with a lead versus a referral. I've yet to meet anybody in the industry. I won't even ask that question. What's that? I won't even waste my time on that question. Yeah. Cause everybody referral, referral, referral, we all know. Right. So referral needs somebody that knows likes and trust you that refers their friends, family and coworkers. That's what it, instead of a lead is somebody that goes online. Oh, I like this house. Put their and you know, whatever. Give more information. Yes. They might be serious, but just there's so many catches. That

(20:19): Kinda reasons why we'd rather work right here. Yeah. They're more profitable. You enjoy working with them more. They treat you like an advisor, not like a salesperson. They're probably somebody that may have already referred you. They respect your personal time. The most. I love that about my referrals. Yeah. For somebody you would enjoy breaking bread with, they take the least amount of time to serve because they genuinely understand what you're telling them is what is important to them. They sincerely appreciate you. There's 10 items here that I believe are the number and sequence. Those are the reasons why most people choose a referral over a, but I've number off on. Wonder if there's anybody ask the question. Can anybody come up with number 11 and one the funniest that's right. Number that everybody would with a, gotta use it. Do you have any ideas?

(21:09): Just because I don't have to fight with competition. They're trusted. It's a trusted referral. They, I don't have to fight over why they should work with me or why they shouldn't, You don't have to convince them. Right. Actually the number 11 one is they're free. Oh, they're free. Yeah. That's amazing. Huge. Yeah. We're out there spending how much money on marketing and advertising and, and producing. And, but yet we look at our business right now and go, we're not even getting referrals from the clients that know us like us and trust us, but acknowledge that we do a great job. So just lemme just kind rehash this. Okay. Just to make sure we're on the same page, we're all doing a great job. We're not getting anywhere near the number of opportunities during the process that we deserve. Yeah. And that may have been because we didn't clearly define a successful transaction. Like we're defining it now, but yet at the end of the day, no one here would rather work with a lead versus a referral and referrals are free. So if you analyze that and go, what would be different a business tomorrow than today, it would be.

(22:11): I need to start focusing on those moments of gratitude and realize that I'm not just asking for something I don't deserve. You have to put yourself in a position to realize that you've earned the right to ask. Every time you hear a thank you or a moment of gratitude, and you're not looking for a handout, you're not looking for a deal. You're looking to have a conversation with someone that they care about who could use the right real estate advice. Love it. And this is the number one reason why you're able to go out, have more conversations. Right? The, the sales game is how many conversations a day, Scott, you taught me that 13 conversations. I don't know why I hate yeah. 13. Yeah. And if you're a realtor, who's looking at your business and wishing you had more, I bet you, there's a direct correlation between the number of conversations you're having today versus the number of deals that you're actually working on. And I believe that there are deals that you're working on right now, preapproved buyers that you guys are working with while you're driving them around, while you're walking through the houses while you're showing 'em the property, while you're setting the home up for a stage or whatever it is that you're doing, understand the, these clients appreciate what you're doing. Cause that's why they've signed the agreement with you. Yeah. So use that to your advantage and use that for a, a chance to never have to wake up unemployed when that deal closes

(23:21): Too easy, man. Yeah. And so is it, do you ever overcome that? Like, man, I like, I feel like a sales, you know, I hear a lot of people say and you hear a lot of people say, man I feel like a sales person, you know, like that feels salesy. Right? Yep. You know, I just tell people, man, it's just in our head. I mean, if you're truly providing a referral experience and you're getting a moment of gratitude, you're closing that door. Like you say, you're closing that door on the opportunity that you could totally leave open and say, can I kind of need to send over? Like if you don't ask, you can't get, I used to assume until I met you. I used to assume, oh, if I'm helping somebody with a mortgage, they're gonna refer me there. No, they don't like they don't get off the phone and go, all right, let me find someone for Scotty to, you know, they go back to their normal everyday lives, right? The dog needs out, the kids call like whatever's going on. They don't sit around and think I'm gonna get a deal for you guys. So to ask is just unbelievable, cuz now they're gonna be thinking about it crazy.

(24:15): You gotta plant the seed. And I think that a lot of times we feel like there's never the right time. And so there is a sequence that we can talk about at another podcast. But I, I think that there are definitely milestones through the process that you can absolutely take advantage of that you, as a realtor can use to actually generate that moment of gratitude. You can actually orchestrate that moment of gratitude and then actually implement that into your business. And just to kind of cover briefly is I think if the initial consultation, when you're doing a consultation with buyer or seller, I think you should be able to sit there at the end of the meeting and say, was this helpful? And they will say it was. And your response is if we choose to work together, I ask for a couple things that are non-negotiable timely responses, honesty.

(25:00): And the fact that you will introduce me to someone you care about before the transaction closes. I think it's a normal ask. I think it absolutely not something that comes across as salesy. Right? And to be honest, the sales part of it is the thing that we're trying to sell somebody. They don't sell something that they don't need. Listen, I've always thought that you're better knowing me than not knowing me because I approach the conversation with, I just wanna give you the right advice. Like I just wanna make sure I'm giving you the right real estate advice so that you and your family can make the right decision. Even if it doesn't benefit my bottom line, cuz I know that at the end of this conversation, at the very least, you're gonna go back to the person who referred you to me. And I'm gonna ask that you go back to them and just say, thank you. So I win IR regardless,

(25:42): Say those four things. Cause that, like you said that so fast, man, that was so powerful. Say those four things like when you set, I mean this is just setting proper expectations. You say that are non-negotiable when you're talking to a client. I think it's unbelievably powerful. Right? Same. So Scott, if I'm interview, if I'm talking to you, so Scott did anything I share with you today was that helpful answer any of your questions? Oh man. It was awesome. Doug. Thanks so much, man. Yeah. Appreciate you saying that. Hey listen. If we choose to work together, I have a couple non-negotiables that I have to tell you upfront. And so the first thing is that at the end of this meeting today, please go back to Carl and just say, thank you. It would mean the world to me that so knows that I'm giving you the right advice. If we decide to move forward more than that, I'm gonna need you to understand that this business is very timely. And when the lender, or if I call you and ask you for something, please understand that it's we need it. Like it's tomorrow. We wouldn't be asking if we didn't need it. So things gotta be done very timely. And the third thing is is that if we choose to work together, all I ask is that you don't a secret understand that my business with people just like you. I would to be ed to you, the estate advice

(26:45): And every time and every time the person who I'm talking to goes, oh yeah, absolutely. It's not even a conversation of, oh, well I gotta think about that. They go by all news. Absolutely. Cause at that point around that emotional high, yeah. That's an hour and a half in your first meeting with these people. Yeah. That's the conversation that you plant the seed with. Yeah. When the appraisal comes in, when you get the appraisal, you should be able to call the client, celebrate that success and then ask 'em for the business. When the approval comes in, you should know when the approval comes in, you should be able to call and celebrate with the clients and you should be able to check in how's it going? How's the lender doing for you? You know, are they, if you're working with the right lender, the lender's asking the same questions. Yeah. Because they're looking for that same of gratitude so that they can help you by giving you back a referral on top of it. And then it goes to the clear to close. When you find out that the closing's being scheduled. And then the last is the day of the closing. There are five moments through the process that if you are not implementing and orchestrating and conversation around asking for the business, you're missing out on the lower,

(27:42): You're missing out, missing out on a lot of easy stuff, free stuff, Free referrals, right? Free. Yeah, good stuff. And you know what? 60% of the people you work with outta 10 people outta 10 of the people you close to deal with last year actually would love to introduce you. But to be honest, they don't think about it and they don't really know that you need it. And I bet you, anybody that's watching this class today could stand to use a handful of new referrals. And it's there. And here's the crazy part. If you are not getting the deal, somebody else who doesn't care for them, as much as you do is getting that opportunity. Hundred percent. Yeah. And warning warning right now with lack of inventory with what's happening in today's industry, that's never happened in the history of the mortgage or real estate everybody's coming after your client. So if you have a hundred, this is scary. If you have a hundred people in your database, 60 of them would refer you, their friends, family, and coworkers. If they remembered you and knew who you are and know what you do for a living. If you communicate and ask, look for a moment of gratitude, Hey man, it was awesome working with you. So cool. Really appreciate your trust, man. Is there anything I can do anything I can do? No man. You're awesome. Thanks. Boom. Done. Yeah.

(28:57): Ask. Thanks for noticing. Thanks for noticing. Thanks for noticing. Yeah, please. Don't gimme a secret. Right? Thanks for noticing. Would love a chance to work with someone you care about. We love to give somebody the right advice are so many different ways to ask it. You just gotta focus on the conversation around. I'm just trying to help people avoid the mistakes that so many others make. And if you come from that point of view, if you come from that givers gain kind of mindset, I wanna give the knowledge away. I'm gonna help you avoid the mistakes. Then you become a resource. The moment you become a resource to your clients and you a resource to your relationships, you automatically become the person they turn to. But 60% of your clients right now, they don't know it. They don't even realize that you need the business. Unreal man, good stuff. This is a challenge. Challenge. Challenge everybody on this call to not repeat, do not waste a phone call with anyone. If you call me and talk to me, ask me, tell me something. Right? Right. Don't waste it. So I'm just telling you, man, if you do, you're just missing out on so many easy opportunities that are free and it's not because they don't like you don't love, you don't wanna work with you. They just don't remember. Right. So more than ever now communicate. And you know, if you have five people in process looking for homes, you're gonna need more because you know, lack of inventory and multiple offers, you just need more of them. You can get more by this equation right here.

(30:18): This is what, this is what we have posted on our desktops. This is what we have posted in our walls. This is what we use to help remind us, cuz going back to what we said in the beginning, intentionality is everything we forget. We get caught up in whatever the fire is at that moment, we get caught up in making sure we're we're on time to the next appointment. So we miss that 10 to 32nd opportunity in our conversations to really maximize our financial op opportunities and our relationships. And so this referral equation is something that I just wrote just so that I could keep it straight in my head. And it's how I had to learn it. And it's broken down into, we're all having conversations. We're all giving value. We're all sharing value. But the problem is sometimes that value that we're providing isn't always received.

(30:58): So we have to make sure that it's received by checking in and waiting for that moment of gratitude. Just cause you hear me talk like right now, you and I are talking Scott and it feels like we're giving value and that people receiving it. Right. But there are people who are gonna walk away and it's not gonna change their life. And we're gonna ask, Hey, was it helpful? And they're like, yeah, it was okay. That's what I don't want to have happen when you're in your conversations with your clients and you can generate that G that moment of gratitude to that's. When you know that you've touched on the fact that you've provided them something of value that, that resonates them. Then we have to pause and realize that it's at that point where we can capitalize on our opportunities by throwing in that other R, which is the referral, which is the request, which is just asking, this is what we coach to our LO's into our other clients. You got to realize that if you're not asking, you're not growing your conversations have to be around the ask. And when you ask it translates into business, 60% of your clients are just waiting for the opportunity to hear that you need your help because they would like to the favor.

(32:00): That's amazing. That's a big number. You know, what's funny is you said something that's really important. You said, we think we're giving value, but are we like, we go through the motions. We do this a hundred times a month, right? Not a month, but we do it a lot. And so we just kind of like get in motion and we're like, we just talk. We're like, man, these guys are every one of my clients just loves this because I'm giving 'em so much when they don't, when they do it one time and they're like, they just wanna go, what's my pain gonna be like in we're like talking, saying all this stuff. And they're like, I don't even know. Like, so if we're not getting that moment of gratitude, maybe we need to change what we're saying. Right? Check,

(32:37): Put a finger on the pulse of the conversation every couple minutes. Cause I learned this the hard way sometimes hanging out with me is like taking a sip of water from fire hydrant. I just kind of unload and just dump it on people. And I wasn't paying attention to their verbal cue or their non-verbal cues. And so I began to really pause myself at certain points going, Hey Scotty, is this making sense so far? Am I helping? Am I answering questions? I'm always looking for that status. Yeah, because what I'm doing is I'm asking for that validation. I'm asking for that. Thank you. Or that yes or I am. Cause I've heard, I've heard that when you ask somebody, if you're helping them and they say, yes, it means that they're willing to listen to whatever you have to off, you know, whatever you have to ask in return. The law reciprocity law, big time. Yeah. It applies in our personal life. I do know that if my wife walks into the room and she says, Hey, how do I look? And I go, you look great. It's not new this same. But if she walks in, I go, wow, babe, you look great. I've heard points. I notice. Right.

(33:33): Percent, hundred percent. Yeah. But in our business, we can't live on that opium. We have to make sure that our clients are engaged, giving them the value that they're looking for. The advice that they're asking for the information that can help them. And if we can find that, thank you. Buried in that conversation guys and gals it's it's a life changing experience. I mean, think, think about if, if you close 10 transactions last year, just 10, let's just say 10 as an easy to number. And you closed four more because you asked for the business, you got one from the client or maybe two from your clients in process, just cause round pay square hole or round PA and a round hole. But then you got two more just because you asked average sales price in the country right now is above three 50 ish, 3% commission. So what can you,

(34:23): What can do with another 10 to 11 to $12,000 because of a 32nd. Hey, thanks for noticing. Please. Don't keep more like 40, 50,000, cuz it's 10 to 12 per transaction of extra. I mean, in six of those 10, want to help you. They totally want to help you. And I promise you, they have friends, family workers that have bought over the last 12 or thinking about it, let's say you six about yeah of refer you and two don't refer you. But two I'm when you're, I literally you're doing all the hard work anyway. Right? Don't discount the fact that your efforts aren't being noticed, understand that everything you're doing is better than the competition, even if it's not going as perfect as you think it should. The client's perspective is somewhat different. And if you constantly are looking for that, thank you or asking them, how am I doing?

(35:20): How am I doing? You'll be amazed with how many times they're. It's awesome. Thank you. Yeah. I mean think about if I ask, how am I doing? How am I doing? They're gonna say one way or another, right? I'm doing great. Or man, you know what? I wish this or I wish to awesome. Then you can pivot and go, all right. I need to communicate with them more. I need to call them more. I need to, whatever is, you know, so it's just so powerful dude. So, so powerful. It's the easiest thing to talk about. It is the hardest thing to remember to do. And I can promise you that the art of asking for the business takes time. And so the challenge that I give to my clients sometimes is please just try to do this for the next 30 day, put a little rubber band around your wrist and make it so that every time you're a thank you, you smack it on your wrist and you go, what would Scott or what would Doug do or whatever it is that triggers the thought. Or just remember the, remember the equation, I'll give this to you, Scotty. You can have people use it. Sure. If you can try doing it for 30 days and challenge yourself that if you can get one, just give yourself permission to get one current client referral. During the month of March, you're gonna sit back the month that that happens. And you're like, oh my gosh, I didn't have to go. It wasn't uncomfortable. It wasn't something that wasn't aligned with my business. And I'm talking to an amazing person that not only loves who I am, but appreciate, takes the least amount of time to serve and I have to pay for it.

(36:37): You know, what's funny is that when you ask, you know, when you say, and we've tweaked this over and over again, but when you say, Hey, you know, when you get that moment of gratitude, Hey, thanks, Doug. Thanks Scotty. And you get that moment of gratitude and you say, Hey, Doug, Doug, Hey can I ask you a favor? Sure, man. Hey, who of your friends? Family. Coworkers would also appreciate good advice that maybe is open to, I don't know, buying or selling investment property. Airbnb, let people know what you do. Yeah. And here's the most important part. There's gonna be an awkward silence because when you ask that question, it's not a yes or no answer. You have to wait. You have to it's it's it's the hardest thing. Cause you're over the phone. You're like awkward silence. Oh no, man. Like what are they gonna say? You know? So you have to be really, really, you have to just know that it's gonna be awkward every single time. It never is not awkward. Cause you're asking a question that they have to think, right? Hey Doug, who have your friends, family, coworkers thinking to buy finance.

(37:33): Yes. You just wait. And if they say man Scott, I don't know anybody right now. That's okay, man. Hey, can I comment to, if you hear anybody talking about it, can I kind of just send them over? Awesome. Hey man. Great. One more nugget that I wanna share. The five milestones that we talked about, the initial consultation, the appraisal, the approval, the, the lender and the, and the actual closing. We found a direct correlation to the number of referrals that you get during process comes from asking no less than five times. Oh wow. Okay. It isn't just one ask. Cause a lot of times we'll ask and we'll fumble through it and then we just don't ask again. Cause we feel like I'm being repetitive. Truth be told is the clients are busy, right? The clients have the clients have their own stresses to deal with your job is to be able to plant that seed and, and nurture it during the time that you have them in your, you know, in your wheelhouse. And we find that if you can ask them that question five times during the process, we've actually seen, we've tracked it. We see 30% of your active clients in process refer you somebody before the transaction closes

(38:36): Three outta 10, insane, 60% wanna help you. And 30% will on average, if you take 10, if you know, just like in persistent consistency, you can't forget, you can't go through the motions. You can't go. I got another client waiting like, but you can't just get through your day. You gotta go. All right. Each client is worth another $10,000. Exactly. And here's the thing I think about. It's not just one client. They have a sphere of influence of, you know, like how many people go to a wedding, 250. Right? So is there not 25 people that they could refer you during each transaction? So I say one is 25. That's how I look at it. Yeah. And my goal make I so happy that they tell all 25, Right? They won't tell all 25. I mean, we all dream that every client RAVs about us, the moment they walk out of a conversation with us, right? It doesn't happen. That's right. That's my idea is I'm never leaving it to chance. IM never not going to let, so we talk about a brand. We talk about what we, our images and our business man, every one of my clients that came through my process, a hundred percent of them knew that I needed one thing from them. And that was an introduction. That's all I cared about when they, if you were to call my clients from two years ago and they'd ask you, Hey, how did Don build this business? They would all say through introductions to people we care about. Wow. Cause we wanna introduce them. I didn't believe that my business succeed. It based on me closing a deal, my business was not succeeding because I had happy clients or gave great communication or we close on time. I believe that the definition was my ability to plant the seed that the client knew without failure, that I wanted an introduction before the deal closed. And it doesn't happen all the time. Yeah. But if that's the goal, if that's the mantra, referral from every client and the client from every referral, if that's the mantra that you beat your drum to, I'll tell you what your past minds become. Amazingly powerful, amazing. Even more so than they currently are because they all are out there advocating

(40:29): You a hundred percent. Man. Love you bro. Unbelievable stuff. It's like every time I hear this, it's just like cement. Like it's totally part of my core, but I just, every time it's so important. So appreciate you more than, you know, always here for you, man. You can be here any, anytime on agent mastermind that you want to, man. I love it. And can't wait to see you soon, man. See you in mark, buddy. Enjoy it. I'll see you in Orlando. All right man. Thanks guys. Thanks so much. Same time. Same place right here. Oh, agent mastermind. We'll see you on the web. Take care everybody.

I'm a Millionaire Loan Officer.

Thank you for tuning into the Millionaire Loan Officer podcast with your host Scott Hudspeth, don't forget to visit MLOlive.com to have your questions answered. See you next time.

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