Savage Insights

CASE STUDY: How Jonathan Klein Made $47,000 in Consulting Fees Above and Beyond Loan Commissions Selling A Simple Service Called “Divorce Planning”

In the midst of the mortgage meltdown, Jonathan Klein’s business is thriving, thanks to a niche that he discovered needed filling, and that his clients are more than willing to pay for.

BIG IDEA: ADD CONSULTING FEES TO YOUR COMMISSIONS
How would you like to get paid to prospect for loans? Jonathan Klein did. To date, he’s made $47,000 by offering a consulting service called “divorce planning” for which he is paid an up-front retainer fee.

THE CHALLENGE:
Clients facing an impending divorce are at risk of losing their home, or losing the equity in their home. They need help protecting their assets and securing their future.

THE SOLUTION:
Through a consulting service he calls divorce planning, Jonathan tapped into a new source of clients and referral partners, generating $47,000 in consulting fees in addition to loan commissions.

KEY TAKEAWAYS FROM THIS CALL:

• Jonathan explains how he created a value-driven service above and beyond the ability to sell a mortgage;
• He reveals who his most valuable referral partners are for this type of service;
• He shares the story of how he determined the appropriate consulting fee for his services;
• He provides templates of the actual letters he uses to create new referral partners and he shares his secrets for writing letters that get the referral partners to return his calls;
• You’ll be able to download a sample of one of his actual Divorce Plans;
• Jonathan reveals the single most important question he asks of every customer to help close the deal.

Listen to this interview and you’ll hear Jonathan describe how he uncovered the need for a divorce planning service and now uses the service to generate new income, clients and referral partners.

or you can grab the 45Mb file here

Follow these links to download Jonathan's sample divorce plan pdf and the 9 sample referral letters he uses.

CASE STUDY: How John Weller Turned 1 Loan Into 2 Loans

Despite challenging times, John Weller of Megastar Financial in Denver continues to outperform the market. He’s got some great ideas on how to earn trust and respect and create a sense of urgency with the borrower.

BIG IDEA — HOW TO TURN 1 LOAN INTO 2:
John builds trust and respect right from the first conversation by offering to show the customer all their best options and to let them choose the mortgage strategy that’s right for them if they come into the office.

THE CHALLENGE:
When a homeowner is meeting a loan officer for the first time, there is no relationship yet… and therefore no trust or respect. As a defense mechanism, most homeowners — who don’t understand their complicated mortgage choices — tend to fall back on the only thing they do know — “rate shopping” among several lenders.

John needed a way to build that trust and respect quickly to switch the focus from price to advice, and to get his customer thinking more about the total cost and a long-term mortgage plan.

THE SOLUTION:
By asking valuable questions and then delivering a documented Mortgage Plan with a variety of options that meet each customer’s unique needs, John is able to consistently win the trust and respect of his client, which translates into both sales and referrals. When you listen to this case study, you’ll hear how John won the client over so quickly that he turned one loan into two before they even signed the papers. 

KEY TAKEAWAYS YOU’LL GET FROM THIS CALL:
• John starts with a high trust interview, spending the first 15 minutes getting the client to talk about anything that’s important to them — payment, purchase price, down payments, etc.
• John keeps the meeting focused on loan structure and strategy. He provides a good faith estimate after the client has decided on their mortgage strategy.
• John advises clients on how to suggest a seller buy down as much as 6% to reduce the overall interest rate; this not only helps the home get sold more quickly but also takes the buyer’s attention off the closing costs and fees.
• He dollarizes the total cost over 60 months and shows the impact on the freedom point. This earns the client’s trust and respect because he is demonstrating that he has their best interest in mind and that he has extraordinary knowledge they won’t find anywhere else. 
• This particular client was so impressed with John’s advice that they referred him to a coworker who ultimately bought their house, turning one loan into two.

Using these methods, John consistently closes 9 out of every 10 loans that come across his desk and turns 1 loan into 2 by generating referrals from existing customers. Listen to this case study and start reaping the same successes as John today.

Click below to listen to this 22 minute case study:

or you can grab the 24Mb file here

Be sure to open John's actual client deliverable Total Cost Analysis and Rent vs. Own Report to follow along while you’re listening to the call:

To contact John: jw 'at' megastarfinancial.com