An increasing number of home loan prospects – about 25% – find their lender online, according to Zillow Group’s Consumer Housing Trends Report 2021. This means LOs must be adept at transforming leads from initial contacts to satisfied customers. Zillow recommends several tactics for optimum success. Let take a closer look: • Act fast. Once […]
In 2020, many originators pushed prospecting to the backburner. Thanks to the record-breaking refinance boom, originators were able to hit volume and income goals without much effort in the prospecting department. This year, a very different story is playing out. While interest rates are still low, marketplace volatility has complicated the financial outlook. A recent […]
During my recent MBA webinar, “Owning the Customer: Keys to Originator Success,” I asked attendees whether their originators were reaching out to former customers. The overwhelming majority said producers were only using the lender’s CRM system to maintain contact. When asked to rate originators on customer engagement, the same attendees gave their producers a solid […]
In my sales training programs, one of the most important exercises I use is “50 Reasons Why People Should Buy from You.” When I ask originators why prospects should do business with them, most students cannot come up with more than a handful of reasons — let alone 50. Once they move beyond the standard […]
The “do whatever it takes” sales strategy — a common mantra in mortgage banking — is often promoted as the best way to be successful in selling. This is no surprise when originators are on 100% commission and sales results drive their income. Many managers believe that each producer determines his or her own success […]
Everyone loves a good story. For adults and children alike, the best stories make a lasting impression. Who doesn’t remember the story of George Washington chopping down the cherry tree and the value of telling the truth. While originators aren’t tasked to share life lessons, they are challenged to connect with prospects in a meaningful […]
Everyone in mortgage origination knows that selling has changed dramatically from just a few years ago. Not that long ago, salespeople held all the information and customers had to contact them to get access to it. Now, buyers can conduct research online 24/7 to answer their home financing questions before reaching out to a […]
While social media is one of the most talked about subjects in selling, relatively few salespeople are using this sales tool consistently and effectively to generate loan demand. The most common excuses I hear from producers who aren’t taking advantage of social media are “I’m too busy” and “I wanted to but other things came […]
In today’s selling environment, having an initial conversation or setting up a face-to-face meeting with a prospective buyer is more difficult than ever. Wary of salespeople, consumers aren’t interested in talking to someone they don’t know. Whether the outreach is to a referral source who already has a lender relationship or a consumer who doesn’t […]
Originators will often claim that a niche product, flexible underwriting or the latest mobile app is integral to their sales success. In my view, there is another factor that is often overlooked: Top salespeople have strong referral source and customer networks that they work consistently. It is probably no surprise that the very best originators […]