LeTip

[Risky Business]

I went to a LeTip meeting the other day, as a guest, not knowing quite what to expect. I attended because I’ve discovered that I can’t survive as an appraiser without further expanding the client possibilities. I’ve tried to maintain an “even flow” of work without actively searching for it. “who knew?? ”. LeTip is a group of business owners/professionals/and the like, etc. that refer business to other people in the group with the goal of promoting the success of the business’s that are members. They only take one business type into the group. After the meeting, the first chance I got, I researched “LeTip” here in the forum and found only one thread, from 2003. There was an inference in one comment, a possibility, that while it may be a good association to belong to, the life span as an appraiser may be limited in the group. Seemed like a good point. Given the nature of the product we sell, and the market climate, this makes sense to me. I think it’s a great group to belong to if you sell office furniture. I’m not convinced that an appraiser would be a benefiting member of the group after the first couple, few appraisals, as somebody is bound to disagree with the opinion given. I think I'm going to try it anyway.

My question is as follows: Does anybody have any experience with LeTip and if so how is/was it?

Thanks!!

 

[John Hassler]

I was in LeTip about ten years ago. Great concept for many businesses but not that great for appraisal. I think I received no more than five leads (maybe 2 appraisals) after going to nearly every meeting for a year. Just wasn't worth the $200 and 75 hours of time per year to me.

For those who never heard of LeTip, it is a business leads group which meets once a week from 7:00 to 8:30 AM. Only one member is allowed from a particular industry. If you were the appraiser member, no other appraiser's would be allowed to join. You are required to provide a lead (a tip, hence the name LeTip) to at least one other member at each meeting or you have to pay a fine of $1 (maybe $2 by now). Not providing a weekly "tip" to another member is cause for shame within the group. You also have to be the morning speaker on a rotational basis. Problem is, those industries which everybody can use (house cleaner, painter, carpet guy, handyman, etc.) get lots of leads while the appraiser receives almost none since the typical layperson rarely has the need for the services of an appraiser.

I did have a good time at the meetings and still run into a few of the members around town. Overall it was more of a good personal experience than a professional one. If you have the time, need to get your name spread within the business community, and have a spare $200 I would say go for it. Just don't expect a flood of orders. But who knows, maybe you get lucky and there'll be a mortgage broker in the group who can throw you a "tip" every week.

 

[Christina Sellers]

Hi James, I belonged to a simular group called Team Women. It was a women's networking group. Same concept. The only one that was referring me business was the loan officer. I heard of others in different chapters (groups) getting refferals. It is just as good to joining your local Chamber. I really like networking groups but if there is not a lender in your group it may be point less. Once you consider your dues and annual fees it can add up. But if you click with the lender that is a chance to market your bussiness to all the lenders in his/her office. You may want to try it and decide for yourself the other memebers will expect you to use their services and market them as well. Best of luck

 

[Pamela Crowley (Florida)]

IMO, becoming active with the Chanber of Commerce would be much more worthwhile and cost effective.

 

[Claude From NY]

I also wound up going to a recent local meeting of LeTip as a guest. It's pretty much as John describes it. It seems to me that if there is no connection with the resident mortgage person (the only person that can use you) its unlikely that any "tips" will come from the remaining membership. I cant see how the chiropractor or the computer troubleshooter is going to help me although I may actually use their services. It will just turn into me doing a weekly promotional spiel to the same people.

They didn't discuss dues though. Is it really $200 per year?

 

[Ron Little]

James,

I was in LeTip about 4 years ago. It worked very well for me. Lucky for me, the loan guy in the group was very successful and he and I hit it off very well. He ended up being my "Bread N Butter" client....Tonz of business from him. As a matter of fact, I did an appraisal for one of his clients that happened to be a title rep., and she ended up passing my name to one of her clients that happened to be a LO. We also developed a great relationship, not to mention doing 90% of all of the appraisals for her entire office (12 LO's total). THEN, one of the processors from that office quit and joined up with a reverse mtg group in which I do ALL of their reverse mtg appraisals.

So for me, LeTip has been very good. I am no longer in the group, but I am still reaping the rewards. My advice is to visit a few chapters, some are during the lunch time hours too. If the real estate agent is a "big name" in town, then you can expect some good results..more so for the mtg person. Also expect some (not much) appraisals from the estate planning atty...divorces, etc...

There are other similar organizations too. check out BNI and TNI

Good Luck

Ron

 

[Mike Boyd]

I'm not a member of any such organization. However, I know for a fact that in any group you have to be pro-active and aggresively market yourself to all the members. I don't know about YOUR community but in mine, it seems every other person is in some phase of the real estate business. If you like service clubs, it would be worthwhile as long as you participate actively, do some glad handing, passout your cards. If you have a specialty such as reverse mortgage reports, or tax appeal appraisals, PMI eliminations or even estate planning, let the other members know and it should pay off for you.

 

[Jackson Schwartz]

LeTip Appraiser

Sorry to be entering into this discussion so late........

I have been a member of Le Tip for almost 3 years now. I was introduced to the group by a mortgage broker/real estate broker consortium that were already clients of mine. At the time, they cautioned me about the (small) possibility of finding more appraisal work from Le Tip because they were already my clients. No other mortgage brokers/real estate brokers can be members of the same chapter.

Here is what I found:

1) I quickly learned that I was able to visit ALL of the Le Tip chapters to network and farm for new clientele. Not many appraisers join Le Tip. There is little appraiser competition in my area of Southern California. And lots of possibilities.

2) I discovered the world beyond mortgage-related appraisal. The family-planning (read that divorce) attorney, the estate-planning attorney and the business/real estate attorney are now clients. Great work. Usually better than the pressured, frenetic and diminishing mortgage-related work we all thrived on for the past number of years. We have an aging population, regardless of the economy. Figure it out.

3) I joined my local Bar Association as an associate member. Now I have more access to the markets described in #2 above.

4) Le Tip is a "Business Referral Service". All the members are in esscense your "Sales Force" to provide you with business leads. A large percentage of the members are professionals with extensive contacts beyond the membership of the Le Tip Chapter you are in. Do you think the Investment Advisor knows mortgage brokers, real estate professionals, attorneys of all types, etc., etc.?? He wouldn't be in business if he did not. How about the CPA with 35 years of experience?? I think you might get the idea.

5) Beyond expanding my appraisal business, Le Tip has put me in touch with a large number of qualified, ethical, and experienced vendors in all professions.
When you know you will see a vendor, whether it be a CPA, financial advisor, car mechanic, electrician or contractor EVERY WEEK, it provides a "safety net" of security in knowing you probably will not get ripped off. Le Tip has an active Code of Ethics that all members adhere to. I now have a financial advisor I met at LeTip. We have remodeled 2 baths in my home with the help of the building contractor at LeTip. I take the cars in my family to the mechanic from Le Tip. Etc., Etc.

My experience with Le Tip has been good. It has made me a better speaker and helped put me at ease in front of a group of people. It has helped me grow my business and provided me with a great pool of professionals that I can draw upon for the necessities of my life. As they say on line, YMMV.
It will be what you make of it. It has worked for me.

If you have any questions, please feel free to contact me directly.

Jackson Schwartz AR028195
jaxxonia@sbcglobal.net.

 

[Richard Carlsen]

I was recently invited to join such a group ($295) with the stipulation that I would be the only appraiser in the group. Meetings from 6:30 to 8am once a week (20 miles from home).

While I appreciated the invitation, I had trouble understanding why the $295 plus weekly $10 and who gets it. Also had trouble understanding what went on for a hour and a half that early in the morning. That's 75 hours a year or nearly a couple of weeks worth of work tied up in meetings. There would have to be about 12-15 referrals for that to "break even" on the time spent.

Opted against it at this point in time.

 

[Nikolay Pavlov]

I was there too, recently, as a guest. It looks helpful for some professions but I just couldn't deal with the 7 am thing. Nor with reciting anthems and wearing badges and stuff. But like Jackson said, it is what you make of it...