Written By: Karen Deis

Self-service gas stations. Restaurants where they hand you an empty cup so you can fill up your own drink. You wash your own car. Self-service shoe stores. The Internet.

Sure, some of these things may be time-savers—like not depending upon someone to find your shoe size in the back room – but it seems that more and more, companies are moving away from focusing on the customer and more on how to get customers to “service” themselves.

My editorial in December on “Concierge Marketing” CLICK HERE TO READ illustrates a trend towards developing an effective customer-centric environment for your clients. Not ALL of your clients mind you, only the top one-third who are “raving fans” that have not only done their last 4 mortgages with you—but refer their friends and family as well.

So what does it mean to be “Customer-Centric”?

It means different things to different people—but can best be described by some examples I would like to share with you.

Customer Clubs

Forming a “club” (not just a network or affinity partnership) of like-minded people shows your customers that you recognize they are unique. A loan originator mentioned she noticed an increase of real estate investors (purchasing single-family and duplexes) calling for mortgage loans. Finding out that she had become part of their “network”, (and that investors talk to other investors), she decided to formalize the relationship by forming a Real Estate Investment Club, inviting her clients and real estate agents who were interested in rental properties.

She made herself president and set up regular club meetings. As a loan originator, clubs can be created not only for your clients, but your affinity partners—like a CPA Club, Financial Planner Club, and even a real estate agents-who-specialize-club ( in resort properties, buyer’s agents, rental properties). Doesn’t being a member of a “club” sound better than being a member of a “network”?

Seminars

Seminars are a great way to generate leads. First-time homebuyer seminars seem to be the norm. However, if you take the customer-centric route, you should consider holding niche-market seminars. Here are some themes you can use:

• Women-Only Seminars – Not only do women think differently than men, they have different concerns when it comes to purchasing a home. Safety. Maintenance-free housing. Location near school, daycare or work. Home warranties. Cash-flow. Credit. All of these things can be covered in your seminar.



• Investment Properties – Personal investments in the stock market, 401K programs and mutual funds have not done so well in the last few years. More and more people are putting their money into real estate again. This unique market has its own set of underwriting guidelines, property appraisal issues and tax benefits so why not create a seminar with your appraiser and CPA to address these issues.



• FSBO Seminars – The National Association of Realtors^TM, in their annual report called Home Buyers and Home Sellers, says that at least 30 percent of home sellers will attempt to sell their own home FIRST, before contacting a real estate agent. However, they go on to say that 4 people out of 5 will eventually list their home with a real estate agent within 60 days of trying to sell it themselves. A FSBO Seminar is just the ticket to not only educate them on how to sell their own home and qualify them for their next home, but it’s also an opportunity for you to recommend them to a real estate agent (of your choice) when they get tired of the hassle.



• New Construction Seminars – Not only will you address the mistakes people make in building a new home (bring in your builder, architect and decorator), but also address construction loans, long-term interest rate lock-ins, overages and how to buy a lot.

Customer Surveys

…and I don’t mean a customer survey at closing! Customer surveys should be conducted on a regular basis in the form of yearly financial fitness forms (As a PAID subscriber, you will be able to download for FREE, a copy of the financial fitness forms. The download is available at the end of February's Mortgage Marketing Minder.) (If you are not a paid subscriber, and would like to receive the financial fitness forms for free, SUBSCRIBE NOW.) You can also offer a free copy of a credit report; or annual telephone calls to your very best customers asking them what’s happening in their life. Are their children getting ready for college? Are they planning to retire? Maybe looking for a 2nd home? On going surveys via the phone or mail will also get your clients thinking about the future—and how you might be able to help them.

FAQ’s

Take a tip from Progressive Insurance—where they give customers up to 3 insurance quotes from their competitors. As a mortgage originator, you would never do that right? Well, Progressive Insurance has found that even WITH providing competitors’ quotes, that they still capture 78% of the leads. This serves two purposes. They are giving an “apples to apples” insurance quote as many times the client does not know exactly what to ask or even how to compare. Secondly, once they have made the decision to do business with you, the shopping stops and you have a loyal customer. As an originator, it would be too difficult to constantly compare interest rates, but comparing loan programs, closing costs or services would be a huge time saving for your clients. Your FAQ sheets could be completed for each one of your competitors and if someone mentions that they are also calling XYZ Mortgage (to compare), YOU provide the info on your competitor.

Taking the customer-centric approach takes more time—but remember it’s only the top 33% of your customers.

The big players in the mortgage industry try to be all things to all people. Even if you work for a larger company—the mortgage business is still all about relationships—one customer at a time.

Copyright, 2004, LoanOfficerMagazine.com

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