Mortgage brokers can always benefit from a comprehensive review of their sales tactics in order to grow their business and become even better at their jobs. From start to finish, putting a little extra attention in your sales process can help improve your sales numbers and bring more situations to a close more efficiently.
Start With Your Leads
Those loan officers who work directly for companies are generally just given a list of leads to work with. Others may also find leads on their own, and generating a list of high-quality leads can result in more brokered deals and impressed customers. One extremely valuable resource for leads is the local Registry of Deeds. A broker can spend some time in this office gathering information about recent additions to the Registry, or poring through by a particular area or street. When going this route, brokers will pay attention to interest-only notes, adjustable rate notes, or variable rate notes to create a list of potential contacts.
Ensure that the contact information obtained this way doesn’t create any conflicts with the Do Not Call Registry.
Carry The Momentum Forward in Person
Although contacting leads by phone can be valuable for connecting with more customers, most mortgage brokers are aware that the majority of successful dealings happen in person. Simply put, it’s hard to sway people unless you’re in a face to face meeting, where arguments and answers hold much more weight. One mistake of some mortgage brokers is that while they frequently bring in loan applications, they don’t get a commitment from the consumer, leaving those applications unfinished.
The mark of a successful mortgage broker is not about how many loan applications are brought in, but rather how many or what percentage of those loan applications are brought to the finish line.
Honesty and Openness
A mortgage broker should be skilled when it comes to negotiation. In situations where the broker is paid a strict commission, that information will be included in closing documents for the deal, giving the customer a clear idea of what the broker is being paid. When brokers are upfront about their cut of the deal, it can help to close the sale when he or she becomes willing to give up some of their commission in order to get those final documents signed.
Brokers must understand how much can be reasonably taken off from their commission, and should be flexible in situations that might warrant such a move.
Keep The Focus on The Client
Sometimes in commission situations it’s easy to lose focus of what’s really happening. A mortgage broker might be thinking about the process of bringing this meeting to a close and moving on, but a successful mortgage broker will be client-focused. Being client focused means that the broker is letting the client drive the bus, while he or she is there to provide guidance and advice where needed.
This is where listening skills, as opposed to talking skills, are vital.