Sales Techniques for Mortgage Lenders

sales techniques for mortgage lenders
August 14, 2013

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Whether you’ve been in the business for years or you are just starting out, some of the most valuable tools a mortgage lender can have in his or her toolbox are sales techniques. It’s worth taking a look into some helpful sales techniques to fine-tune your approach and increase your business.

If It Ain’t Broke, Don’t Fix It- Broadcast and Print Ads

Although these are some of the oldest approaches in the book when it comes to generating business, they’ve been around so long because they work. Print and broadcast ads, when done properly, can introduce you and your services in a memorable way, boosting your client numbers and closed deals. In these approaches, you’ll want to focus on your aspects of success that set you apart from other mortgage lenders.

Clients are often attracted by promises of low interest rates and closings that remove the headache and put the workload on the lender.

Partnering With Others

Advertising responsibility doesn’t have to rest solely on your shoulders. Split the process with someone else and watch your sales grow while you keep your marketing costs down. Estate agents are an excellent opportunity for partnering, allowing you to bounce around creative ideas and produce copy or advertisements that compel your ideal clients. Doing this can also send a message to your potential customers that you already have a network of experienced professionals that can make doing business much easier.

The “one stop” approach can invite customers to a worry-free experience.

It’s Time To Refinance

When interest rates drop, it’s an ideal time to start garnering those lists of people with current mortgages. This is the perfect opportunity to start a conversation about refinancing. Making the most of current events and being able to connect what’s happening in your industry with the everyday lives of your clients can help you fulfill a role as a professional advocate for their interests while increasing their trust in you.

Make the most of low interest rates or other relevant factors to open the door with refinancing options.

Determine the Best Sales Approach For You

Not every loan officer approaches sales the same way, which allows people to capitalize on their strengths and comfort zones across the industry. For example, some loan officers might offer fees and rights slightly above what other lenders might promise, but these loan officers will be banking on the outstanding service they provide to close the gap. Other loan officers might respond to buyer concerns over higher rates by providing “buy-downs” or “points”. This is done by exchanging lower interest rates for additional up-front costs. Being able to negotiate around client concerns quickly and effectively can have a big impact on your business.

Investigate all of your options and come to the table with a Plan B, C, and D.

Take It Digital

These days, a huge amount of advertising is done online. Although these methods tend to be less expensive and provide more “bang for your buck”, online campaigns have to be administered properly or you run the risk of irritating potential customers.

For example, although email can be a great way to introduce news or current promotions, sending out too many emails and filling the inbox of potential and current customers can lead them to unsubscribe from your mailing list. In order for email campaigns to work, they must be timed well and developed with the customer in mind. If the potential customer wouldn’t find the email information very important and relevant, it’s not worth sending it out.

Don’t drive new customers away by sending too much information and being flagged as spam. Ask yourself before sending each item “Does the customer really need to know this?”

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