Turning Your Database Into Dollars with Myron Chamberlain

Do you know when you’re going to hit your $1 billion mark?

Myron Chamberlain does. He has been with PrimeLending for 13 years. His team is about to hit the $1-billion-loans-funded mark for the first time. What’s the key to reaching that goal? It’s data and having a data strategy. Here’s how he and his team are turning their database into dollars.

Chamberlain's Mortage Loan Database Statistics:

11,000               The number of people in his database

3,600                The number of past clients in his database

20 to 40           The number of contacts they add per week

Strategies To Grow Mortgage Loan Database

”Both the listing and buying Realtors from every contract get added to the database within 30 minutes of receiving the information. This way, if they call, their name pops up on my phone and I can answer them by name even if I’ve never met them before,” Chamberlain says.

All other referral partners are added when possible, including CPAs and financial planners.

Notes are added in bullet point form so that anyone who goes into that record can understand the history. “To me, those notes are almost equally as important as the contact information itself. Even if someone hears a dog barking, they write it down”, he says, “for future use.” “What kind of dog do you have?” “How’s your dog acclimating to your new home?” “Have you met any neighbors walking your dog?” “So having all those notes is critical.”

How Lead Calls Are Divided

• We have five people on the team. Everyone has to make two calls a day, so that is 10 per person per week or 50 total per week.
• A junior person on the team compiles the list of database leads and hands them out. And everyone has to report back via a “reply all” email on the status of their calls.
• The further into the list they get, Chamberlain says, the closer to the present they become, and the more relevant they are to the client, which improves their results. He says that successful progress also gets the loan officers fired up and motivates them to keep going.
• All Sales Boomerang alert calls are made between 8 a.m. and 9 a.m.

“We heavily purchase, so it’s Realtor driven; it's referral base. I sell from my office, I sell them out on the streets. Maybe five to eight times a year I go out for appointments. But the work that we do happens right here at my desk. That’s how our referrals are born and our relationships are built, which has worked well for us.”

Sales Boomerang: A Borrower Intelligence Platform That Helps You Anticipate the Needs of the Consumer

Here’s how Chamberlain turns Sales Boomerang alerts into consistent monthly loans:

The alerts come in between 6:30 and 7 a.m.

Step 1: Refamiliarizes himself with the original notes on the client in Salesforce, including who the Realtor was on the call.

Step 2: Always calls between 8 and 9 a.m. After 10 is too late. If he’s unable to connect, he puts a reminder in his Outlook to recall them at 5 p.m.

Step 3: On the call, he reminds the client he remembers them and that they are important to him.

Reconnect With Every Agent: “Make sure at every opportunity possible you're using calls as a tool to reconnect with the agents on there,” Chamberlain says. “If you've got just a 30-second video or maybe a product guideline or something relevant to say, follow up with the agent you sold a home with and say, ‘I thought you might enjoy this. Have an awesome week.’” 

“It takes 10 seconds, but you've now hit an agent you haven't talked to in two years through a text message. And a lot of times, that’s all you need. You don’t need coffee or gifts in their office. It's just ‘I’m relevant, I’m current, I’m here to serve.’ And these alerts give you so much data. There are so many rabbit trails you can go down in terms of being top of mind with your agents once again, that there’s, in my opinion, no reason not to do it,” he says.

Script Strategy: Always double-check who they were referred by before you call and put the Realtor’s name at the beginning of the conversation.

Script for Older Customer That You Haven’t Been in Touch With for a While: “I know I haven’t done the best job of staying in touch with you. I would like to reconnect. My mission is to serve you. I understand you may be in the market. I received an inquiry alert that you may have a financing need and I’d love to assist you at this stage of your journey.”

He always references the Realtor and lets them know he, not the Realtor, was the reason for losing contact. “I think that brings comfort to them answering the phone or calling me back,” he says.

Also, if they’re moving to another state, Chamberlain always lets them know all the states he works in.

Watch the full Mastermind interview with Myron Chamberlain.