As mortgage professionals, we enjoy a market that has a high demand for mortgages, says one industry leader.
As mortgage professionals, we enjoy a market that has a high demand for mortgages, says one industry leader. “But we still need to make a living when times are tougher.”
While we can’t control the market, we can control how we interact with our customers and potential clients at all times, says Adam Stein, the CEO of LoanTek.
“Many professionals have a tendency to get lazy when they are trying to drink from the proverbial fire hose of leads,” says Stein. “These folks have so many leads that if a few slip away, it’s not that big of a deal.”
Or is it?
If you aren’t using best practices at all times, says Stein, you risk losing customers to another loan officer.
“The market can be finicky,” he says. “One day it might be a great market to be in the mortgage business, but that can change on a dime. It’s crucial for mortgage professionals to treat every client as if they were your only client. If you provide that type of service to each and every customer, your chances of closing that loan increase.”
According to Stein, some good practices to follow include:
- Return phone calls and emails promptly;
- Deliver on promises. If a customer asks for something (mortgage rates, etc.), get it to them in timely fashion;
- Work hard for your customer. Go the extra mile and show them that their business is important to you. Let them know you have their best interest in mind;
- Don’t stop asking for referrals. If you’ve done a good job in the past, people will give your name and information to others;
- Stay in contact with past customers. Perhaps they are having a child and will need a bigger home. Or their kids are off to college and down-sizing is an option. Be there for them and offer your services and expertise; and
- Network with industry personnel such realtors, title companies and inspectors. You want your name to be one of the first that come to mind when people think of loan officers.
“Remember, if you use good practices all the time,” says Stein, “you are setting yourself up for success.”
While we can’t control the market, we can control how we interact with our customers and potential clients at all times, says Adam Stein, the CEO of LoanTek.
“Many professionals have a tendency to get lazy when they are trying to drink from the proverbial fire hose of leads,” says Stein. “These folks have so many leads that if a few slip away, it’s not that big of a deal.”
Or is it?
If you aren’t using best practices at all times, says Stein, you risk losing customers to another loan officer.
“The market can be finicky,” he says. “One day it might be a great market to be in the mortgage business, but that can change on a dime. It’s crucial for mortgage professionals to treat every client as if they were your only client. If you provide that type of service to each and every customer, your chances of closing that loan increase.”
According to Stein, some good practices to follow include:
- Return phone calls and emails promptly;
- Deliver on promises. If a customer asks for something (mortgage rates, etc.), get it to them in timely fashion;
- Work hard for your customer. Go the extra mile and show them that their business is important to you. Let them know you have their best interest in mind;
- Don’t stop asking for referrals. If you’ve done a good job in the past, people will give your name and information to others;
- Stay in contact with past customers. Perhaps they are having a child and will need a bigger home. Or their kids are off to college and down-sizing is an option. Be there for them and offer your services and expertise; and
- Network with industry personnel such realtors, title companies and inspectors. You want your name to be one of the first that come to mind when people think of loan officers.
“Remember, if you use good practices all the time,” says Stein, “you are setting yourself up for success.”
