Nineteen men and women get together every week for breakfast or lunch. Included in the group is a -
- Residential real estate saleswoman
- Residential mortgage agent
- CPA or accountant
- Real estate attorney
- Commercial real estate appraiser
- Fix and flip specialist
- Owner of a flooring business
- Owner of as water damage restoration business
- Commercial real estate broker
- Residential real estate appraiser
- General contractor
- Owner of a moving company
- Painting contractor
- Roofing contractor
- Probate or tax attorney
- Estate planner or life insurance agent
- Owner of a property management company
- You - a commercial loan broker.
Several times a week each of you says to a client, "As it turns out, I know a very good real estate agent (or a commercial loan broker or a handyman). Would you mind if I gave your name and number to him, so he can contact you?"
Then each member of your group takes out his cell phone, opens up the Cheddar Stacks app, and, in just 45 seconds, sends the lead to his fellow group member.
At lunch, you guys share additional leads, and talk about replacements for the attorney or flooring contractor, who is not sending leads or who is not even showing up for meetings. Cheddar Stacks makes identifying the hang-dog quitters easy.
What does Cheddar Stacks cost? It's free at first, and then, after it has proven it's worth, there is a token fee every month. And guys, compared to paying for Google Adwords, direct mail, or internet display ads for commercial loan leads, the cost of Cheddar Stacks is trivial. Pocket change. Two coffees from Starbucks.
It is critical that you learn this lesson about originating commercial loans. A commercial loan lead that that you get by referral is worth THIRTY leads generated by your own advertising.
Why? When you advertise for leads, you get shoppers. The problem with shoppers is that there is always a bigger liar down the street. "Oh, yes, I can get you a 2% commercial loan that is fixed for 100 years. And my commercial lender will lend up to 130% loan-to-value."
Referrals, on the other hand, tend to trust you. They put themselves into your good, honest hands, and they follow your advice. So I say again, "A commercial loan lead that that you get by referral is worth THIRTY leads generated by your own advertising."
Okay, you're interested. Who wouldn't be? For the cost of a couple of coffees each month, you can get three or four good referrals per month? This is a no-brainer.
Each of you should already to be pushing your real estate investor clients to refinance their commercial properties. Banks are making new permanent commercial loans at just 4.5% today; but your clients better hurry. A recession is coming, and when it hits, banks are likely to get vey conservative about debt service coverage and loan-to-value ratios. If your client moves right now to refinance, he should be able to get a new commercial loan of 75% loan-to-value. You can find hundreds of the most aggressive credit unions and banks by using C-Loans.com.
One of my favorite scenes from any movie was from Ghostbusters II. Now, remember, FORTY years ago, Sigourney Weaver was smokin' hot. A demon had possessed her body, and she was writhing on the bed in a very seductive manner. Tending to her was Bill Murray, of classic Saturday Night Live fame (also Caddy Shack). The demon utters, "Do you want this body?" Bill Murray turns to the audience and says, "Is this a trick question?" Hahahaha!
So, do you want referral commercial loan leads? "Is this a trick question?" There are some propositions that do not need to be oversold. Simply click here.