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 »
There is no other topic in financial circles more sizzling than digital transformation. The buzz is everywhere: conferences, trade papers and webinars. It is like Y2k on steroids. But are we looking at digital transformation the wrong way? I think so. Here’s why we need to change our mindset. A recent Financial Brand article noted that
The Nuttiness of Today’s Digital Transformation Focus Read More »
In recent conversations with originators, the complaint I hear most often is that they are working harder than ever and seeing less results. They attribute their lower production to an ultra-competitive environment where they conduct pre-approvals only to have the customer go with another lender with better pricing. In many cases, this feedback is coming
Are You a Sales Ninja? Read More »
After speaking at a conference last week on hiring and recruiting, my general impression of the mood in mortgage banking is that it is subdued and apprehensive. Attendees raised concerns about a number of issues from coping with low revenue and volume to productivity challenges to selecting good originators. Most said that this year will
It’s Time to Make Customer Experience a Top Priority Read More »
One of the most common complaints that I hear from managers is how Quicken is soliciting borrowers before the lender’s sales staff is able to do so. By reaching out first, Quicken is able to get loans from bank customers before the bank that owns the account! Lenders are frustrated and upset that their
How Quicken Is Stealing Your Accounts! Read More »
A few short years ago, there was no hotter car company than Tesla who was touted as the next great thing in automobile manufacturing. Recently, the company has fallen on difficult times. In Barron’s last week, Bob Lutz, a former Vice Chairman of General Motors, commented on Tesla’s current situation: “It’s an automobile company that
What Mortgage Bankers Can Learn from Tesla Read More »
The hottest question at the executive level is “When will lenders change their compensation packages for originators?” I’ve heard managers say that if someone will be the first to do it, they will follow but the reality is that no one wants to take the lead on this issue. If compensation metrics don’t change, more
The Oracle of Omaha has Spoken Read More »
Not a day passes when I don’t hear from a manager about how difficult mortgage origination has become. Whether it is battling to recruit top producers or pricing wars regarding interest rates and closing fees, there is no question that competition is fierce. As one sales executive said to me recently, “it is hand-to-hand combat
New Selling Model: Deliver Value Daily Read More »
In my sales training sessions, every participant seems to understand how important it is to service the customer well in order to get referrals. Originators certainly know that service levels drive the likelihood of repeat business. But, it still surprises me how many salespeople fail to deliver a great customer experience. The devil is in the
How Originator Quality Impacts Customer Experience Read More »
From the beginning of time, business has always looked for ways to do things faster, better, cheaper or friendlier (the four horsemen). Just as my grandparents saw the automobile and airplane industry develop and I have seen the computer and communication industry go from zero to incredible, the next generation will experience even more technological
Are You Ready for the Four Horsemen of Business Success? Read More »
