Even though the real estate market is booming, there is still a lot of competition among mortgage brokers and loan officers. Losing business to the competition can be prevented, especially if you are comfortable taking on some new sales techniques. Your winsome personality and years of experience aren’t always going to seal the deal.
These tips can revitalize your business and take advantage of all the buyers flooding the market.
1. Have the Core Services in Place
There needs to be a certain number of fundamentals in place before you start adding anything new to your strategy. Things like applicable licensing, mortgage broker insurance, and basic mortgage services are pivotal to setting yourself up for success long before you tackle new sales strategies. With these core elements, you have a solid base to build on.
2. Prioritize Honesty at All Costs
As you rehearse or redesign your sales pitch, remember to remain 100% honest in what you say and do. Not only does misguiding a client potentially lead to a claim on your mortgage broker E&O insurance, but it also ruins your reputation in the community as someone who can be trusted. State the facts clearly, even if it is something potential clients don’t want to hear. You don’t want to start a relationship on lies or distrust.
3. Adopt Lightspeed Strategies
In the fast-paced world of real estate, you don’t have time to delay in answering an email or returning a phone call. Part of being successful is being able to offer speed. This doesn’t mean you are cutting corners or working unethically. It means that you rely on sales automation tools to answers FAQs, send instruction emails, or record video messages addressing common problems during the loan process. Find out how to work quickly in order without overextending yourself.
4. Be Accessible and Vulnerable
Part of getting a sale is asking for the sale. You can’t rely on a brochure or the work you did crunching numbers to bring them to signing the document. Ask for their commitment and troubleshoot their hesitancies or refusal. You can expect the no, but you don’t have to accept it as final. Ask the prospect to give you a call before they make any decisions, offering to lend a second opinion or rework the data.
5. Decide the Priority List
Your phone could get flooded with dozen of calls, texts, or emails, but you need to determine a priority list for getting back to clients. You can avoid wasting your time by spending time qualifying your leads with questions like "why are you looking at a mortgage loan?" or "what are you expecting from this loan?". Prioritize referrals and build a referral network.
Move Past the Competition
With these tips, you can avoid coming in second to the competition. Put your sales skills to good use securing new mortgage clients and growing your business.
About Axis Insurance
At Axis Insurance Services, we aim to help our customers identify their exposures and protect themselves. Founded in 1999, we offer insurance programs to a wide variety of professionals and industries including attorneys, real estate, healthcare, architects, and more, and also have a wholesale division. We pride ourselves on offering flexible insurance coverage tailored specifically to each customer’s needs. To learn more about our solutions, contact us at (877) 787-5258 to speak with one of our professionals.
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