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 […]
Are Your LOs Neanderthals in the Selling World? Read More »
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
Do Your LOs Have What it Takes to Generate New Business? Read More »
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
Why Borrowers Don’t Give LOs Repeat Business Read More »
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
Start the New Year Off the Right Way! Read More »
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
Are You Overtalking with Prospective Clients? Read More »
Over the course of my career — as a salesperson, a sales manager, a senior executive and now, as a sales trainer — I’ve watched selling undergo dramatic changes. Prospecting is harder, competition is fiercer and closing is never a sure thing. One of the most monumental changes is that the balance of power has
What Makes You Different from Other Originators? Read More »
The famous line from the movie Field of Dreams, “If you build it, he will come,” is often quoted in the business world to imply that attracting customers is simply a matter of creating a great product or service and bringing it into the marketplace. However, smart sales professionals understand that having a worthy product
Mortgage Sales isn’t like “Field of Dreams” Read More »
According to NAR’s annual research report on the real estate industry, nearly 75% of home buyers selected a real estate agent after interviewing only one person. The study also found that for the vast majority of customers, the agent was referred by the buyer’s family and friends. While this is no surprise, it confirms
Being the First Contact Matters in Selling Read More »
In my training classes, there is often a lot of discussion about who is responsible for establishing a differentiation strategy in an originator’s territory. Most producers believe that differentiation has to do with their lender’s branding and marketing and not about them personally. Industry research proves otherwise. At the point of sale, customers are
Why Sales Differentiation Matters in a Purchase Money Market Read More »
Last week, I surveyed the top 50 mortgage sales executives on how effective their originators were at marketing to realtors and expanding their referral base. The results were eye-opening. The majority of survey participants rated their originators less than 5 on a scale of 1 to 10 (with 10 being the highest). I simultaneously surveyed
Executive Survey Results: How Effective are Your LOs in Marketing to Realtors? Read More »
