How Mortgage Lenders and Brokers Thrive in Low-Volume Business ClimatesMarch 15, 2019
When a low-volume business climate is on the horizon, mortgage lenders and brokers have to hone their skills and improve their sales pitch to stand out from the competition. Take the bull by the horns using the techniques top mortgage lenders and brokers use to thrive in a low-volume business climate.
Raise Your Profile
Your network is your most valuable resource. When the stakes are high, you want to raise your profile so that people remember you. Don’t be afraid to look to your SOI for referrals. This is not the time to be shy.
Also, make sure you are attending all relevant high-profile events in the industry to make new connections. Professional events and trade shows provide you with new learning experiences so that you remain relevant in the industry.
Up Your Marketing Game
When the going gets tough, the tough get aggressive. Approach your marketing team and suggest they try a test campaign for a short period of time to gain new leads. While they follow progress to see how it works, you might get lucky and gain some new clients.
Know Your Competitors
You should be able to review competitors’ services as well as you can your own. Ask prospects who else they have talked to and what it is about the competition that they find appealing. This allows you to learn more about their approach so that you can improve your pitch.
Your consultation should include an offer to review other proposals from competitors in earnest. This helps establish trust when you show an interest in helping prospects make the best decision. You can also help introduce some good old-fashioned FUD—fear, uncertainty, and doubt. Plant that seed of doubt, without being too obvious, and you’ll help more prospects choose you.
Hone Your Presentation Skills
Your sales pitch has to stand out when you are fighting for business. Review your one-on-one, phone, and email presentations to find opportunities to make them more sales worthy. Ask for a critique from your boss, peers, or friends to get feedback on how well your presentations work.
Review the presentations that helped you nail clients and get rid of anything that hasn’t worked. Combine this with any feedback you have to create a top-notch sales pitch that will help you close more loans.
Ramp Up Your Follow-Up
With a finely tuned presentation, you’ll need a great follow-up technique to close more loans. If there are questions you can’t answer on the spot, give prospects a date you will provide the information. Don’t leave things open-ended. Try to get them to commit with a question such as “When can I send you the paperwork?”
Ask prospects if they see issues so that you can resolve them immediately with a follow-up call or email. Follow up your presentations with a summary of everything discussed, addressing pain points and suggesting a time to close the loan.
These tips will help you thrive in a low-volume business climate.
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Lakeside Title provides title insurance and related services to streamline residential and commercial real estate transactions for lenders, realtors, buyers, and sellers.
Give us a call for more information at 410-992-1070.