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Loan Originator


Marketing and sales are not the same thing!

(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


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