NMP - April 2017 - 65

pecial focus on LEADERSHIP

a special focus on LEADERSHIP

The Lost Leader
By Eric Weinstein

H

enough or smart enough or were
attentive enough to their needs.
The truth hurts, but there you
are.
The true secret to getting
referral business is to just be a
good person. Take care of your
clients, don't rip them off, listen
to their needs and do the very
best you can for them, every
time. That, more than anything
will get you more business. If
you can't do that, then I don't
like you either.

Eric Weinstein worked in banking, on the commercial real
estate side until 1991, when he fell in love with residential
lending. In 1995, he started a small mortgage company in
his basement called Carteret Mortgage Corporation,
which in 2003, grew to one of the largest mortgage
broker companies in the United States. Eric is semiretired, doing mortgages by referral only. He may be
reached by phone at (703) 505-8692 or e-mail
EWeinstein4U@gmail.com.
65

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Annemarie DiCola, Esq.

Clark Gillies

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n National Mortgage Professional Magazine n APRIL 2017

with a drug would sway an
entire group of skeptics," said
Silverman. "They would even
sway a dissatisfied group of
ex-prescribers who had had
negative experiences!"
I know, you are all thinking
that this is ridiculous as you
market on the "Book of Face"
and "The Gooooooogle." But
how is that working out for
you? Not such a great return
on your money, is it? Don't
forget to factor in your
"opportunity cost" of doing all
this, also. Wouldn't it be a
better investment of your time
treating your customer right to
begin with?
I have tried all the search
engine optimizations, direct
mail campaigns, lead buying
and even a series of stupid,
awkward YouTube videos.
Once I tried advertising on
grocery carts and the
prescription bags you get at
your local supermarket (if it had
worked, you would be seeing it
now in YOUR local
supermarket). None of them
were cost-effective for me.
Maybe they will be for you,
since you are a marketing
genius (can you hear my
sarcasm, or am I being too
subtle).
Do the math, properly
utilizing your referral base is so
good, it's literally an undefined
return on your investment. Say
you make $5,000 on a loan and
it costs you zero to get it. The
number $5,000 divided by zero
is literally "undefined." Try it on
your calculator if you did not
take elementary school
mathematics. Take that
Stephen Hawking!
Okay, here is a step by step
plan on how to do it ...
First, be in the mortgage
industry for 25-plus years.
Then, do a good job while you
are doing loans by learning
everything you can and being
really, really smart to help your
customers. Then, ask for them
to refer business to you
because they are so happy
with your service. It's that
simple.
What? You have not been in
the business for more than 25

years? Then consider this your
end goal. Advertise as best you
can until you develop a word of
mouth following by doing a good
job.
What? You HAVE been in the
business 25-plus years and you
still don't have a strong
following. Then let me tell you
something your mother will never
tell you. You are really, really bad
at your job. No one likes you. No
one is referring business to you
because you were not nice

NationalMortgageProfessional.com

ere is something
this magazine's
sponsors won't
tell you ... not all
marketing costs
you money.
Sure, if you are huge national
mortgage company that must
feed the beast with tons of fresh
meat, then you are going to
have to spend huge bucks
advertising rocket ships on TV.
But what about us little guys?
We don't have the budget,
capacity or inclination to spend
the big bucks that it takes to get
a conveyor belt of new clients.
Here are the economics of the
situation. If you are a big box
mortgage company with a large
overhead, including a mega
advertising budget, you are
going to need lots of new
borrowers under which to
spread that cost. If you are
small guy (say 5'6") and you
have a low overhead (mobile
home ceiling), you can get by
with just a few borrowers every
month.
My father used to say in the
1960s, "There are three major
forms of communication in the
world: Telegraph, telephone and
tell a woman." Of course he was
highly misogynistic, a racist and
very anti-sematic ... and we
were Jewish!
This is my long and complex
business strategy for getting
more business: "I do a good
job."
All of my business comes
from "word of mouth." If you are
a Millennial, don't LOL or give
me a frowny face emoticon. This
is a real and valid marketing
strategy.
George Silverman, a
psychologist, pioneered wordof-mouth marketing
(en.wikipedia.org/wiki/Word-ofMouth_Marketing) when he
created what he called
"teleconferenced peer influence
groups" in order to engage
physicians in dialogue about
new pharmaceutical products.
Silverman noticed an interesting
phenomenon, while conducting
focus groups with physicians in
the early 1970s.
"One or two physicians who
were having good experiences

a special focus on LEAD


http://www.NationalMortgageProfessional.com http://www.MBANY.org http://en.wikipedia.org/wiki/Word-of-mouth_marketing http://en.wikipedia.org/wiki/Word-of-mouth_marketing

Table of Contents for the Digital Edition of NMP - April 2017

Contents
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