Hard Money Loans

It’s been said that salespeople who avoid making phone calls have skinny children. Prospecting for Hard Money Loans is critically important. For the majority of Hard Money Lenders, it is by far the most challenging and stressful aspect of their profession. Successful Hard Money Lenders are proactive and recognize the importance of prospecting for new business daily. They don’t have to be reminded to ask for referrals or follow up on a Loan lead, they do it automatically. Below are some examples of tips and techniques that should help you fill your Hard Money Pipeline and increase your revenue streams.

Don’t shoot from the hip, use a script. If you want to sound confident and competent, I strongly suggest you write out your opening and closing remarks. If you sound the least bit nervous or unprepared, people will immediately sense this and rightfully assume you lack experience. Using a phone script for your opening and closing remarks is a good idea for several reasons. A well polished phone script provides you a consistent approach that keeps you focused and guarantees you don’t leave out important information. Be respectful of your prospects time by designing your phone script to be short, sweet, and to the point. Once you have prepared your script, tape record yourself, reading it aloud until you sound smooth and polished. Recording and role play provide you the opportunity to critique yourself and improve your delivery.

During face to face conversations, first impressions are based primarily on appearance. While on the phone, impressions are based on brevity, vocal quality, and attitude. An upbeat attitude is contagious and builds rapport that creates a very positive first impression. Keep in mind that a smile can be heard over the phone. The best way to build trust and rapport during a phone conversation is to match your prospects energy level. The psychological power behind the principle of matching is based on the premises that people want to do business with sales people who they feel are similar to them.

There is absolutely no substitute for preparation and practice. Practice builds confidence through repetition. Role play with other associates. This provides for a dress rehearsal and the opportunity to work the kinks out of our script. While it is impossible to have a script that might address every conceivable objection, you must anticipate key objections and develop scripts to respond to them.

Remember to stay positive, polite and professional. Prospecting for Hard Money loans, requires time, focus and a concentrated effort. Make your phone calls in the morning when both you and your prospects are rested and fresh. Stay organized by using a contact management system, such as ACT, to record your notes after each phone call. Relying on your memory alone is a poor business decision and is bound to cost you money.

Some do, some don’t, some will, some won’t, Who cares; who’s next. Don’t take rejection personally. Realize that prospecting for Hard Money Loans is fundamentally a numbers game. The key to your long term success is directly linked to your ability and desire to prospect effectively. Cultivating Hard Money Loans is after all, a contact sport.

James Perry, Is President of Alliance Portfolio Private Equity Finance. For over a decade, Alliance Portfolio has been Southern California’s direct Hard Money Lending authority, specializing in Custom Coastal loans for residential, commercial and mixed use properties.