(The following
article is true across many disciplines. Although written for loan
officers, these techniques can be implemented as a massive lead
generation system for any type of business).
You can make plenty of money as a loan originator,
and this is something that BSA is investigating at the moment.
However:
The
problem with the loan originator industry is that it is very hard to
operate independently. Those who have stepped out on their own as a
'home-based' or ‘independent’ loan originator have usually failed. (I
have heard of a team of loan officers working in a supervisors
basement, this is rare and tht supervisor had
literally years worth of industry experience. Without
this experience, independent loan origination is almost certain
failure.
It has become obvious to me as I investigate the loan
sales industry that several problems arise. These problems exist only if the mortgage company (or firm) you work for does
not truly understand the situation the industry is facing. It is
possible to provide adequate tools that can increase loan closings
by as much as 40 percent annually. To do this you must give your team
‘outside-the-box’ marketing training. This requires that the
mortgage company takes actions that may at first seem
counterintuitive to traditional tactics! Basically they need to teach their
loan originators independent marketing.
Notice I said ‘marketing’ training, not sales training! Sales and marketing are not the same thing.
For example I am a great salesman, but I would not go to work for a
loan firm that didn’t know how to train their sales reps in
self-marketing.
They need to train the individual originator on how
to market their individual service as a ‘trusted advisor’, even if
they represent a specific mortgage firm as an employee.
Being an excellent
salesman, I could approach the industry with gusto, pound the
pavement, knock on doors and sell, sell, sell. I could probably do
very well with my traditional sales skills according to industry
expectations. However, I would be busting my backside and working
harder not smarter. I would most likely be performing actions that
are merely tactical instead of strategic. In other words I would not
be building a reputation as a ‘trusted advisor’ in order to develop
a residual income through repeat customers. This residual income
develops through referral (word of mouth marketing) and is a strategy (long
term system) not merely a tactic (daily action). A tactic is
the battle whereas a strategy is the war.
Too many loan companies
are winning the battles while losing the war.
This is because they
spend a bunch of money on advertising and call this a
strategy. It aint!
These companies would be twice as powerful if they taught
their individual loan originators how to market themselves!
They would save thousands on advertising while building a team of
creative financial advisors who were so powerful that they could
scrub and screen a lead in a matter of seconds. This is a strategy not a tactic.
It costs money that appears to subtract from the daily bottom line.
But I assure you, it is the method and system of the loan originator
who closes tens of millions of dollars annually.
It is so incredibly important to understand that
marketing and sales are not the same thing, because it affects the
way you set up your business from the beginning. It is becoming very
clear that many loan originators are ‘flying by the seat of their
pants’ trying to close 3 or 4 loans a month. They are viewing their
business as ‘transactional’ instead of ‘consultant’ based. They are
trying to convince the prospect instead of serving the prospect. They are not really providing their
prospect with multiple streams of information about their loan in a
form that is comprehensive. They are not really presenting
information in a way that will truly
serve the prospect. This presentation is KEY! It would include the
financial breakdown of the prospective
mortgages as well as the monthly tax benefits of specific loans. Such
an offering is a service, not merely pitch and it generates
trust on the front end. When you can show your prospect what truly benefits them- you are gaining a relationship instead
of a mere transaction.
‘Trusted advisor’ relationships are the closest thing
to a ‘residual income’ in the loan business. This is because
considerate and caring customer services will travel the WOM (word
of mouth) networks like wildfire. People will come back for more and
they will pass along your business card. They will send others to
your personal website if your company offers that.
Did I say personal website? Yes! Why would a loan
originator not have a personal website in order to provide their
prospect with information about themselves and their ‘values-led’
service? This is nuts! Why should the loan originator not explain
the process of acquiring the absolute best loan for the prospect and
in the process get all of the honest answers to pertinent questions
that will save both parties precious time! Why should a loan
originator work harder and not smarter just because he is selling
the intangible?
*Hot tip: This ‘relationship marketing’ cultivates
relationships with people like ‘financial advisors’ who are
ordinarily hesitant to refer customers to loan companies and loan
originators.
In summary, marketing training and sales training are
not the same thing: I cannot stress how important this is!
You see, all of these are a component of a strategy
building systems.
A mortgage company needs to teach their sales staff
self-marketing and personal lead generation systems. They
need to include this training in the advertising budget. They need
to understand the promotional benefits and company-centric rewards
of creating empowered loan originators! They might even do well to
provide a small advertising budget for each individual loan
originator so that each person has a hands-free system that gains
momentum strategically (annually) as they focus on the tactical.
(Daily). In this way the loan company would simply put everyone else
out of business. It is impossible to compete with a service oriented
loan company whose staff members understand the difference between
sales and marketing while implementing both expertly.
(Article by Russell Wright).
If you want the absolute best
information and presentation information from the mortgage loan
industry, visit
http://www.mortgagecoach.com
BSA gives the loan originator industry
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