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   ARTICLE   |   From Scotsman Guide Residential Edition   |   July 2016

Keep Others in Mind to Grow Your Business

Successful companies focus on borrowers, referral partners and building a strong, dedicated team

Keep Others in Mind to Grow Your BusinessMortgage originators are always looking for ways to perform at the top of their field. The mortgage industry is centered around clients, and their overall satisfaction is largely dependent on how mortgage profesionals do their jobs. This is why it is so important to invest resources and hard work in obtaining and retaining clients.

After years of analysis, it’s easy to divine what to do — and what not to do — to land clients and keep their business. Developing a tried-and-true formula for success can take years and entails forming many rock-solid relationships. Over time, originators can form a model that serves them well, and they can employ this model to reach the top of the industry.

Communication

The mortgage process is inherently stressful, so communication is vital to keeping your borrowers happy. A beneficial idea when it comes to improving the clients’ communication experience is the “rule of three.”

It is a method for ensuring that clients get the information they need, sometimes even before they realize they need it. The rule is quite simple: When three clients ask the same question over a short period of time, it is essential to take note of that question, come up with an answer to it and provide that answer to future clients before they even have a chance to ask the question.

Software that assists in secured data collection also can be helpful in organizing the client communication process and keeping all involved parties up to speed. By providing clients the communication they need and deserve before they even have a chance to ask for it, clients end up happy and everyone stays on the same page.

Dropping the ball when communicating gives clients a reason to walk away, resulting in lost business. Clear communication, however, keeps clients happy, originators organized and increases the probability of future business and referrals from satisfied clients.

Referral partners

Another important component to consistent success is supporting referral partners in a big way. Because referrals are essentially the hands that feed a broker, it’s essential to put time, energy and resources into returning that value to referral partners’ businesses. This attention and effort keep partners productive and, therefore, keep the referrals coming.

In the mortgage industry, leveraging a team effectively can help ensure that clients feel they are being taken care of in the loan process.

Merely doing a good job with a referral partner’s client isn’t enough of an effort for an originator these days. Although not doing a good job is a sure way to lose out on business, merely doing the bare minimum won’t keep referral partners happy and productive, either. Instead, it is vital to create unique ways to help those partners bring in additional clients and strengthen their business processes.

There is a greater power in teaching your partners to fish rather than merely handing over today’s catch. This mindset helps ensure your referral partners are continually successful, and your partnerships flourish as a result.

Mindset and teamwork

Performing at the top is also a question of mindset. Adopting the mindset of a teacher — or mentor — when working with clients can change your business in a great way. Clients are not merely paychecks; they are relationships. Fostering each one of those relationships is paramount.

To have clients’ best interests at heart — beyond merely making a sale — requires that each client be matched up with the best possible mortgage product for their situation. Customer service is essential here. Smart brokers will recommend outside originators who can offer the right product, rather than trying to sell clients on a loan program and product that just isn’t suitable for their needs. As with referral partners, the relationships invested in clients are a cornerstone of growing your business and rising to the top.

Finally, it is critical to understand the value and power of a strong team. In the mortgage industry, leveraging a team effectively can help ensure that clients feel they are being taken care of in the loan process. When talking about generating the volume it takes to be in the top 1 percent, a strong team is essential.

A team should consist of trusted employees — individuals who help grow the business and keep the many moving parts running smoothly while satisfying clients with quality service. It’s essential to leverage a support team that can maintain an ability to be extremely responsive to all clients and referral partners.

It can definitely be said that in a successful office, everyone is a team player with common goals in mind. The phone should always be answered so clients, colleagues or partners never get voicemail. If clients aren’t able to garner immediate feedback and get their questions answered, they will quickly move on to someone else, resulting in a lost opportunity. Building a quality team also allows time for originators to get out of the office to meet with new referral partners, to nurture relationships with existing partners and to grow the business even more.

• • •

Strong communication, sound partnerships, a mindset geared toward investing in client relationships, and a dedicated and professional team are all critical factors that can propel a company to the top 1 percent of the mortgage industry. Integrity also plays a fundamental role in creating a company that can rise to the top. It takes determination, dedication and a critical eye toward improving business processes with the goal of growing the business.

Always striving for the best can help you become the best — and by developing a formula for success, you can implement practices that will make you an industry leader.


 


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