| Many of you have asked about operating your | | | | they will be getting for free...establish the |
| mortgage business without violating the new | | | | relationship...gain rapport...then go for the new |
| National Do Not Call regulations. Specifically, can | | | | mortgage. |
| using a For Sale by Owner (FSBO) Marketing | | | | A word about FSBO marketing... |
| Program be in violation of this law? | | | | If you're not working with FSBOs...you're missing |
| Here's my answer..."Be very careful." | | | | an opportunity to build and maintain a continuous |
| First of all, you need to review the law. You can | | | | lead and referral machine. You are literally missing |
| do that at the FTC website. | | | | the boat. |
| Second, pay attention to current rulings and | | | | Why?... |
| interpretations regarding the Do Not Call Registry | | | | First, you can immediately become an expert with |
| so that you can keep informed and adjust your | | | | your own niche. You can be the FSBO expert in |
| marketing if necessary. | | | | your area. |
| It's my opinion that once a FSBO advertises or | | | | Second, this is truly an inexpensive marketing |
| posts their phone number on a sign...Loan Officers | | | | approach. Great for new folks in the business. |
| and Mortgage Brokers can call them. | | | | Third, and the whole purpose of this...you'll get lots |
| Let's preface this by saying, I'm not a lawyer, nor | | | | of free quality leads. The more FSBOs you have |
| do I want to give legal advice. This is solely my | | | | working...the more leads that are generated each |
| opinion. You cannot call on FSBOs with the | | | | week. |
| purpose of getting their mortgage on the new | | | | Fourth, it's an easier marketing approach. It's |
| home they are purchasing. If they are on the No | | | | much less intimidating talking to a homeowner |
| Call list...you in violation of the law. | | | | than it is talking to a Realtor, and |
| Here's why... | | | | Fifth, since some FSBOs give up and elect to list |
| The Federal Trade Commission has ruled that | | | | their home with a Realtor...you now can refer that |
| Realtors cannot use the opportunity to solicit | | | | homeowner to a Realtor of your choice...this also |
| listings. Why? Probably because the Realtor is | | | | helps you build additional relationships. |
| marketing a service that (1) requires a contract, | | | | OK...one last word on the No Call Registry... |
| and (2) will eventually cost the homeowner | | | | In May of 2005 The Federal Communications |
| commission fees. | | | | Commission (FCC) issued a forfeiture notice to |
| If we went after the new mortgage initially, we | | | | Dynasty Mortgage, LLC in the amount of |
| would be doing the same unlawful thing the | | | | $770,000 for 70 phone calls made by Dynasty to |
| Realtors might do. In our case we have a | | | | 50 consumers who were listed on the Federal Do |
| mortgage contract embedded in the loan | | | | Not Call List. According to the notice, Dynasty |
| application and we will charge for our services | | | | obtained the leads from a lead broker, who |
| using mortgage fees. | | | | claimed the leads were scrubbed (checked) prior |
| Instead...the FSBO Marketing Program is free to | | | | to Dynasty's purchase of the leads. |
| our FSBOs. There's no cost there. We're providing | | | | If you're purchasing leads...you need to question |
| a program that is going to help them sell their | | | | your lead company and how they screen their |
| home faster, more efficiently, and at the right | | | | marketing. |
| price, all for free! | | | | On the other hand...if you have a great FSBO |
| That's your initial thrust...the FSBO Kit...not a new | | | | Marketing Program...and, it's available at a one time |
| Mortgage...that's why in my opinion; you're | | | | cost of only about three mortgage leads...why |
| operating within the law. Are you going to try for | | | | would you even go that route and expose |
| the FSBOs new mortgage? Of course you are! | | | | yourself to that potential liability? |
| You just won't go for it on the first call or even | | | | I'll let you answer that question... |
| the second call. Instead, dazzle them with what | | | | |