As volatile conditions continue to dominate the mortgage marketplace, many lenders and LOs are struggling to hit production goals. While there is no quick fix for the myriad of challenges mortgage managers are facing, there are definitive steps LOs can take to build market share and stay in the game. They are:
- Select a niche. Originators who believe that every person is a potential customer are missing out on the benefits of being known as an expert in a particular area. Selecting a niche enables producers to differentiate themselves in the marketplace and better target their sales efforts to potential referral sources.
- Create value for referral sources. What is valuable to one referral source may not be valuable to another. For that reason, originators must learn what a particular referral source values before they can establish a meaningful relationship. Once this piece of the puzzle falls into place, originators can deliver value to a referral source and build a long-term partnership.
- Be consistent in marketing. To attract the attention of referral sources, originators must reach out consistently and frequently with valuable content. Messaging should match how referral sources want to receive information. Mass marketing emails and newsletters are no longer effective at setting an originator apart from the competition.
Right now is the perfect time for LOs to polish their purchase money strategies. Originators who take these three simple steps will have referral sources knocking down their doors.