As a small business owner, I am constantly talking with other mortgage companies in my area as well as with lender reps who visit these companies to find out what they are doing to be successful. Everyone that I talk to swears the only way they are making it is by dishing out thousands on internet leads, billboard advertising, and mass direct mail. Most of these companies claim to be spending between 15-50K a month on these leads and advertising.
My company does not have the cash to outlay on such expenses, even though they may have a great ROI, we simply can't spend that much money upfront right now.
Instead we work with out LO's on generating referrals, we market to past customers and warm leads through mailers, and have them cold callling from telemarketing lists. This is not producing the results we desire, and we have a hard time hiring experienced loan officers because they all say they want internet leads and advertising provided to them. So we typically hire inexperienced people, put them through your training program along with our own intensive and continuous training, only to have them leave 4-6 months later (once they've gained some knowledge about the business) in order to go to a company that provides them with the internet and advertising leads.
We actually pay higher commissions that 95% of other area brokers, but we can't seem to make it work.
Any thoughts or advice?