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This week we had on Jim Tourloukis on the show. Jim talks about the Dos and Don’ts of the industry, what his process is like, and he takes questions from the audience.

 

Timestamped Show Notes

(click the timestamp to jump directly to that point in the episode.)

    • [spp-timestamp time=”[spp-timestamp time="3:35"]″] You don’t look for lots of referrals partners you just look for really high volume ones.
      • We focus our energies on corporate contacts.
      • Less than 5% of my business comes from people we don’t know.
    • [spp-timestamp time=”[spp-timestamp time="4:50"]″] How many of these key relationships do you have?
      • 12 different relationships.
    • [spp-timestamp time=”[spp-timestamp time="5:50"]″] When a lead comes in what is your process like?
      • I will spend 7-10 mins on the phone with them to decide if they are a good fit.
      • If they do fit then we send them an email with all the documents they are going to have to submit.
      • We ask to get their credit card upfront.
      • We close 92% of our deals.
      • 60% of my business comes from revisiting my database.
    • [spp-timestamp time=”[spp-timestamp time="12:30"]″] What percentage of calls make it through the 7 min phone call?
      • 10%
    • [spp-timestamp time=”[spp-timestamp time="14:00"]″] How do you keep track of 9000 past clients?
      • Spreadsheets.
    • [spp-timestamp time=”[spp-timestamp time="16:00"]″] “I run my business to kick butt not to kiss but.” I don’t deal with Realtors. When you work with a Realtor they are kinda doing you a  favor.
    • [spp-timestamp time=”[spp-timestamp time="17:35"]″] I deal with 4 major lenders and it’s critical to know your lenders.
    • [spp-timestamp time=”[spp-timestamp time="20:30"]″] Don’t spend time with your lenders. If I need to learn something from a lender I’ll reach out to them. It’s not worth my time.
    • [spp-timestamp time=”[spp-timestamp time="22:10"]″] What are your office hours?
      • Start at 9 with a meeting with my team then start hitting the phone and replying to emails until 3.
    • [spp-timestamp time=”[spp-timestamp time="39:10"]″] If you don’t work with Realtors where does the bulk of your business come from?
      • 65% of my clients are from past clients. The other 25-35% are from corporate clients.
    • [spp-timestamp time=”[spp-timestamp time="29:30"]″] Do you use any lead generation services?
      • We used to use them but not anymore. In the last 2 years, the competition has gotten too hard.
    • [spp-timestamp time=”[spp-timestamp time="34:25"]″] What’s in it for the institutions you work with?
      • My business.