Ok, I HAD TO write an article on this – I just got off the phone with an agent who said that he has always felt that paying for, or at least getting involved with his centers of influence in doing “First Time Home Buyer Classes” would be SUCH a good way for him to get referrals and get a ton of business all in one go.
I see this time and time again, and I knew what he was going to say next!
He has done 6 classes with a realtor, a loan officer, and a credit repair guy. Now, this is one of the first times I’ve actually seen a credit repair guy at one of these classes, and I was glad to see it, but I knew this meant bad news for the insurance agent I was speaking with. Why??
Here’s the deal – A first time home buyer is going into this class with some preconceived notions about the process. First, they don’t know much about purchasing. That’s a good reason for a loan officer to be there, right? Especially one that specializes in loans pertaining to those with maybe “not the best” credit (FHA loans), or those that need $0 down (USDA loans). They’re of course going to need an actual house when they get themselves qualified – Great reason for a realtor to be there.
But…insurance… Well, the reality is for most of these folks, it could be a year or two down the road before they purchase (or even qualify to purchase). By that time, the insurance agent is completely out of their memory. Now the credit repair guy enters… Here’s what this agent told me:
“Out of all of us, me, the realtor, the loan officer, and the credit repair guy… guess who got ALL of the leads, and the rest of us got very few – In fact, I got NONE out of these classes. That’s right, the credit repair guy!”
Here’s the deal guys, what is the #1 thing that a first time home buyer knows… their CREDIT is going to play a crucial role in them being able to afford, and even qualify for a mortgage. Where the excitement at these classes revolved around was that guy – the CREDIT REPAIR guy because he was quite literally the next door for them to go through to get to the loan officer, which would lead to the realtor, which would MAYBE SOMEDAY lead to the insurance agent.
So, what is my main recommendation to insurance agents?
#ChangeTheConversation – When you go to those classes, quite frankly, nobody in the room cares about you. You’re so far down the line when it comes to the buying process, and there’s really not much excitement for what you do. What is their excitement for? Folks boosting their credit enough to qualify, and/or save tens of thousands on their mortgage payments over the lifetime of that loan.
SO…why does there even NEED to be another credit repair guy? If you were to introduce yourselves to your centers of influence as THE expert in credit repair (I can make you an expert in a couple of hours, yeah, seriously), wouldn’t that make it much more likely that YOU would be the one walking out of the class with a room full of prospects to get in with? BINGO!
I’ll let that thought simmer for a bit… the reality is… to get referrals, you have to be referable. To be referable, there has to be a reason to talk about you. There has to be a “Buzz” about you, and guess what… nobody talks about boring businesses. Nobody talks about a boring insurance agents, or their boring products. What DO they talk about? Their credit. (hint hint)