As published in Scotsman Guide's Residential Edition, November 2006.
We all hear that the mortgage market is changing. We hear that the strong will gain market share, and the weak will struggle.
But despite the changing market, which requires top-notch business skills, the mortgage industry is still plagued by loan officers who do not ask for business and who do not return phone calls. To compete and win in this landscape, loan officers must change their overall demeanor.
For those of you who are returning phone calls, showing up on time and asking for business, your role is also changing. Although you are ahead of your competition, without the proper execution of sales and marketing tactics, you may struggle in the coming year, as well.
There are five keys to succeeding in the tough years ahead. By acting on the following methods, you can boost your income.
1. Ask for the business: This seems like a novel idea, doesn't it? But many brokers and loan officers who are trying to build relationships forget to ask for the loan. Without directly asking referral sources to give you a loan, you'll just end up with a lot of friends and little money.
2. Position yourself first: When you think of a soft drink or facial tissue, which brands do you think of first? Many companies were successful at positioning their products first in consumers' minds by being first.
If you can't be first, you have to stand out in consumers' minds. You can do this by creatively presenting consumers with information about your business.
For example: If you have closed 300 loans in the past five years, that means you have been successful 300 times, right? Instead, tell prospects that you have been successful 297 times.
Why understate your performance? To stand out.
So when potential clients ask you why they should do business with you, tell them, "You're going to love the way I do business. I do what I say I am going to do, I return my calls in a timely manner and I have been successful 297 times. Let's get started. How do you spell your name?"
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