You’re only 250 people away from earning $1M every year.
Yes, you read that right.
And it’s a lot easier than you might think.
(Stay with me on this, and I promise a pot of gold awaits you at the end of this rainbow).
I don't know of any Loan Officer who doesn’t check their loan pipeline every morning.
I know very few Loan Officers who check their pipeline of people every day.
Most Loan Officers are sadly confused because they were taught wrongly.
They forget that they’re People Officers first and actual Loan Officers second.
The more people who see, know, like, love, and trust you, the more loans you will get.
Visibility is greater than ability.
Investing weekly time in sharpening your marketing and sales skills will earn you a more significant return than investing time only in learning loan products and programs.
Yes, it’s important to be a great technical Loan Officer.
BUT we learn our cash, credit, capacity, and collateral hard skills as we do more loans.
The key is to get more loans to do more loans.
And that’s where we must invest in our soft skills: persuasion, negotiation, and connection.
You can’t be the best-looking and most likable guy in the world if you wink at that beautiful girl across the bar in the dark.
Your target audience needs to see you first to experience you second!
So, back to the main subject at hand:
What is this 250-people concept all about?
Think about it like this:
The average commission per loan is approximately $4K.
250 people in your network can refer you to one closed transaction yearly, which is $1M a year.
Simple math.
And it all starts with a “Relationship Tracker.”
Few sales coaching companies will push you to track your activity, leads, and closings, which is incredibly important.
But even fewer push you to track your relationships.
Yes, a CRM does that.
But let’s be honest here, how many actually use their CRM and if they do, how many actually use it to track relationships, not just their Leads, Prospects, Customers and Clients.
It seems like everyone is focused on the fruit (leads, apps, closings), while few are focused on the root (contacts, connections, conversations).
Early in my career, I experienced a short period of time when my monthly lead count plateaued.
After seeking out some outside counsel from my domain mentors and coaches, I learned something so simple and specific that was the reason for my stall:
I was overselling a small audience.
I only had about 7-8 solid Realtor partner relationships, 1-2 Financial partner relationships, and barely in a relationship with any of my raving fan clients.
That small subset of 10 or so active referral partners were the same ones I called on every single week, shaking them down for more referrals.
I needed MORE relationships.
So, I became more intentional and started to TRACK my connections in the following four buckets:
Target 300+ Realtors
Focus 50 Realtors
Focus 50 COIs
Focus 50 Clients
Let me break down down the first two:
Target 300+ Realtors & Focus 50 Realtors
I made it a mission to have, at minimum, 1,000+ Realtors who would see me every day on social.
I targeted 300+ qualified Realtors from that 1,000+ targeted audience to meet with, so now they didn’t know of me but knew and liked me.
From there, I hustled to intentionally connect with 50+ Realtors on that 300+ target list through a dialed-in value-add sequence of touch points and high-quality conversation.
Each of those 50+ started to trust me and sent me a consistent stream of exclusive referrals.
Naturally, 10+ of those 50+ Realtors loved me and referred me to other Realtors.
When I started to approach my prospecting quantifiably, I stopped begging and started attracting.
I was no longer overselling a small audience.
From there, I wanted to mitigate “concentration risk,” which is a fancy term for “not having all your eggs in one basket,” and needed to diversify my referral account types, so I started to build out my following list simultaneously:
Focus 50 COIs or “Money Network.”
This was my list to track all my financial professionals, which reached about 25 Financial Advisors, 3 Divorce Attorneys, 2 Estate Planners, and a mixture of homeowner’s insurance agents and accountants.
After about 3 years of consistently building and replenishing this specific relationship tracker, I averaged almost 30% of all my funded business from Financial Advisors.
This niche group of referral partners also became an incredible source for unrepresented homebuyers I influenced over to refer my best Realtors.
AND it added a new element of fun to my week as I wasn’t only calling on Realtors.
From there, I started to deepen my list of personal ambassadors, which included my parents, closest friends, mentors, entrepreneurs, and others.
These people would advocate for me, open doors to new opportunities, and refer me for loans.
This was a list of people that I would call every Friday afternoon from the cigar lounge, people who would really fill my emotional cup, and I still do this to this day.
And lastly, a list that so many forsake and that has so much fortune:
Focus 50 Clients
If you have connected with me on social or read any of these past LO Launch Letters, you know I have VERY specific in how I tag opportunities:
Lead: referred with contact information, but no application completed
Prospect: application completed, not transacted
Customer: transacted once, never referred
Client: transacted more than once and/or referred one or more leads
I love to track, and after a few years, only about 30% of our customers become raving fans (clients) and will advocate and refer us.
So, I doubled down and dialed in my post-closing hard and soft systems to strategically ask for referrals, and it worked incredibly well.
Again, this is a system I would market to my Realtors on how I get them more leads from the leads they refer me (on an actual presentation).
If you’re thus far, I have something special for you:
All the Relationship Trackers I described above.
Simply reply to this email and ask for it, and thou shall receive it.
Keep this in mind: the two most powerful words in this LO Launch Letter are “Focus” and “Track.”
If you don’t track, you don’t care.
If you don’t focus on the right people, you’ll fail.
See you next Saturday,
Amir
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