Sales tips for Loan Officers

Sales Tips and Techniques for Loan Officers

July 31, 2013

Although many people seeking a mortgage are certainly looking for the lowest rates, it’s important not to underestimate the impact of a qualified and exceptional loan officer. Relationships go a long way, and loan officers can make use of several simple sales tips to increase their business and exceed client expectations regularly.

Be Ahead of the Curve With Client Contact

Surely, some loan officers get a reasonably steady stream of clients coming through their doors. Being proactive, however, can increase those numbers, all with just a little work on the part of the officer, can go a long way towards increasing numbers and generating valuable client relationships. Data points that lead to client communication are often directly in front of you, so don’t underestimate the resources you already have. Make use of your expert status to generate pitches that are directly aligned to what customers may need at the time.

For example, in a low interest rate environment, it’s an ideal time to open the door with a conversation about refinancing.

Ask For Referrals

Too many people in the business of sales are simply uncomfortable asking for referrals. Yet those who make an effort to get the names of others are often much more successful, simply because there are constantly servicing existing clients and generating new ones at the same time.  Of course, not every situation is going to be an appropriate one to ask for a referral, but you should never let an opportunity with an individual or couple who had a great lending experience pass you by. You want them to remember you and to allow you to help others.

Implementing a plan for referrals can mean a constant flow of business to your office.

Keep An Open and Honest Approach With Clients

Make sure that all of your clients are clear about rates and any possible rate changes from the outset of your conversations. Clients that believe you have duped them or failed to provide all relevant information are not likely to recommend your services or to provide you with referrals. Although it can be nerve-wracking to present these details to clients, it’s important in order to gain their trust.

Providing accurate information about rates also helps to position you as an expert advisor in addition to earning the trust of your clients.

Communicate Effectively

One of the worst things that can happen in a sales situation is for a sales advisor to be easily accessible at the outset of the relationship, only to then disappear and ignore emails and phone calls in the days and weeks following. Even if you’ve been through the process dozens of times, this is an incredibly important purchase for your clients and they will want to be kept in the loop until the process is complete.

The home-buying process can be overwhelming and frustrating for buyers, but your clients will remember you and refer you to others if you make an effort to communicate with them and make the process as simple as possible.

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