Robyn from Oklahoma asks, "Rates are down and I am getting a lot of calls from previous clients that want to refinance. Unfortunately, the market seems to be very competitive and I am losing deals to other loan officers. Should I move to a company that is more competitive?"
By Dave Hershman
Rates are down and I am getting a lot of calls from previous clients that want to refinance. Unfortunately, the market seems to be very competitive and I am losing deals to other loan officers. Should I move to a company that is more competitive?
Robyn from Oklahoma
I will not comment on whether you should move from your company. First, I don't have enough information about you and/or your company to answer with any confidence. Secondly, as an educator, it is not my place. That being said, you raise an interesting question about "losing" deals. I will ask you one thing to consider. Is there someone else at your company converting more calls than you? If there is, the issue may very well lie within. Again, I don't know you well enough to assess your skills or what you are saying, but I will impart some knowledge in this regard during the next few weeks.
You do give me a clue in that your clients are calling you. In some respects that is a good thing as they are showing some semblance of loyalty. On the other hand, it also tells me that they are in rate shopping mode by calling around. One of the keys to being successful in this case is for you to make the first move. Imagine if you called them BEFORE they even thought about refinancing. If you could speak to them, go over the benefits and impart real value with regard to advice -- some of them may never make the move to shop.
Thus, the first point is to be proactive instead of reactive. You will not eliminate all "rate shopping," but you can lessen it. It may be that they are not ready now, but you can promise to contact them when their savings hit a certain level. You are elevating yourself as a long term advisor in this situation, rather than someone to call among many. Next week I will bring up a few more considerations.
Dave Hershman has been the leading author and a top speaker for the industry for decades with six books authored and hundreds of articles published. His website is www.originationpro.com. If you have a reaction to this commentary or another question you would like answered in this column? Email Dave directly at [email protected].
