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Posted by Rainmaker on May 3, 2006, 11:59 pm
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>I am in need of some basic cold calling scripts. I have been in the
> mortgage business for a short time (2 years) and now that things are
> starting to slow down, I would like to spend my down time calling
> prospective clients. I have some cold calling experience, I was a
> stock broker in NYC for 2 years, usually making 500 dials per day, so I
> know what I am doing, I am just having a hard time applying any of
> those scripts to the mortgage industry. If anyone could help me out it
> would be greatly appreciated....
>
I'm surprised nobody jumped on this; maybe it's because few of us actually
cold call. I find it quite gratifying and very lucrative.
First a disclaimer: Mind the National "Do Not Call/Solicit" registry. With
your luck, you'll get a fanatic who will file a complaint, and the fines are
punative!
Otherwise, define a target market. Whom might you call, and what value
might you offer to them?
I like tenant occupied lisitings. If you don't have access to your local
MLS, get your favorite agent to run a search of all listings that show
tenant occupied, with phone numbers. The comments might say, "Call tenant
to show", etc. These folks don't seem to mind the "Do Not Call" registry,
since they're getting calls from agents, anyway.
Then, call them, identify yourself as a mortgage specialist, and ask them,
"I see the house your renting is being sold. Since you have to move anyway,
are you going to continue to rent, or have you considered the stability of
owning your own home?"
I get a 25% pre-qual ratio, using that script.
Also, have your favorite title rep run a farm of sub-prime loans that are
two years old, with phone numbers; they'll scrub it against the DNC
registry. Most sub-prime loans have 2-year pre-pays.
I tell them, "I'd like to talk to you about that loan you have. Your
pre-pay penalty has expired, or is about to expire, and now is the time for
you to explore your options. If you'd like to pull some cash, pay off some
debt, or just get out of that bad loan, let's talk about what might be
available to you."
Again, I get about a 25% P.Q. return on those calls, as well.
Good Luck,
Rob
P.S. These techniques don't work in Sacramento... (That's where I am!)
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