Right now, lenders and LOs are laser-focused on chasing down that next loan but it will take more than a transactional approach to succeed in the long run. LOs who want to stay in the game should implement a simple strategy top producers already know: Treat every borrower as a customer for life.
Why it matters:
• For the best in our business, creating lifelong customers isn’t just some marketing slogan. It’s a reality made possible by hard work and a commitment to excellent customer service. For these producers, closing on a loan is just the start of a customer relationship that can yield repeat business and referrals in the future.
• Great sales professionals make the time to connect with previous clients in meaningful ways that keep them top of mind in their marketplace. They understand how to leverage their sphere of influence for maximum results.
• Less than one in every five borrowers returns to their original lender for their next loan according to research by STRATMOR Group. The study found that borrower retention – 24% in the first two years – drops to just 15% five years out. As an industry, we can and must do better.
For additional details, check out my recent blog post, “Unlock Long-Term Success with this Unbeatable Strategy.”