Anyone in mortgage banking can attest that origination is not for the faint of heart. Like many other industries, our business is cyclical which means LOs must endure the inevitable ups and downs which can be an emotional rollercoaster. So, when a prospect seems receptive to a sales pitch, it is understandable that LOs […]
Over the years, I’ve interviewed hundreds of top producers and analyzed the behaviors and traits that set them apart from the rest of the pack. One significant differentiator? The best in our industry have the most real estate agent referral sources. This is probably no surprise to sales leaders. Top originators are relentless in developing […]
In my recent conversations with senior executives, many sales leaders are panicked about their drop in sales volume and how tough the remainder of the year looks for their organizations. While the refinance boom’s record profits are quickly fading in the rearview mirror, the traditional purchase money market looms large on the road to success […]
There’s a common truth in selling that a salesperson’s job is to deliver the right message to the right people at the right time. Over the years, countless sales trainers – myself included – have tackled this topic in sales training sessions, blogs and podcasts. While it seems like such a simple directive, actually implementing […]
In my sales training classes, I always include a section on how LOs can use social selling channels to increase brand awareness and forge quality relationships with prospects, customers and referral sources. I’ve built a successful business using social media marketing strategies so I know first-hand how effective they can be. While lenders and sales […]
In my sales training classes, I’m always surprised by how many originators don’t use social media as part of their sales efforts. While some LOs prefer old-fashioned sales methods and others say their lenders prohibit them from being active on social media for business, I find that more often than not, the real reason originators […]
Over and over again in my sales training classes, I encounter originators who do not understand their fundamental role as mortgage loan creators. While many producers believe their main purpose is to service their lender’s current customers, they must also generate new business. Originators who fail to create new loan demand are essentially customer service […]
Mortgage sales professionals know that capturing repeat and referral business from previous customers is essential for long-term success. When selling to former borrowers, the cost of acquisition is much lower than marketing to attract new customers. So, what does it take to keep customers coming back and referring their family and friends? Simply put, lenders […]
As we start the new year, senior executives are focused on planning for significant volume changes, based on mortgage banking forecasts. Many managers feel that it’s nearly impossible to plan because our industry’s success is tied closely to external factors like interest rate fluctuations which are beyond their control. While this is true to a […]
All sales professionals know that their main objective is to persuade potential buyers to select them over their competitors. In mortgage banking, this is a monumental challenge considering the vast number of originators chasing after a finite group of prospects. The Bureau of Labor Statistics estimates that there are 322,000 loan officers in the […]