Two Thoughts to Ponder...

Written By: Karen Deis

A friend of mine bought a new home about a year ago. I asked him about his "experience" with the loan originator. He stated that everything was PERFECT - the closing cost estimate was right on target; the L.O. kept in touch throughout the process; the loan closed on time.

But, he did not know if he would continue to do business with the loan officer who did everything "right"!

Asking him "Why not?", I was shocked by the reply.

He said, "Since I have closed that loan (just about a year ago), I have received 10 letters or post cards from my loan officer. It seems that he is trying way too hard to get me to refer my friends or asking me to refinance my mortgage. It's just too much mail and too much information."

Could this happen to you? You could have done the best job in the world and not get repeat business or referrals because you may be sending too many letters or too much information.

The solution may be as simple as telling your clients that you plan to add them to your mailing list after the closing and asking them how many times per year they would like to receive information from you.

Then, give them the choices of monthly or quarterly. Don't give them the choice of once per year (because that's what they will choose and it is simply not enough touches).

That's exactly why we created Page E (E for Expectations) of the 1003. Page E prompts you to ask your client questions about how they would like to be contacted, how many times and basically, what they expect from you during the loan process and after the closing of the loan. (ORDER NOW or DOWNLOAD FREE if you are a paid subscriber).

[Reprinted (and paraphrased) with permission from Harry Beckwith, best selling author and speaker who spoke at www.MillionDollarBrain.com.]

Next time you ponder your marketing strategy, ask: If I were a competing mortgage company, how would I sell against me?

Which weakness would I attack? What would I do to distinguish me (or my company) and take the business away from me?

Then do this: Eliminate the weakness. It is your soft underbelly - the reason you may be losing some business. Turn your weakness into strength - before your competition takes you down.

Another good question: Whenever you consider your next marketing step, ask, "If I were to start from scratch, what would I do differently?" Then do it!

The first rule of communicating is: "A theory (marketing initiative) is not complete until you can explain it to the first person you meet on the street. The key to your marketing strength is the description of what you do, your key point of difference, and the benefit of why they should do business with you. Unless everyone can understand your message, very few people will.

Always ask yourself "How would I beat me?"

Karen Deis

P.S. Ask yourself the tough questions. It helps you play both offense and defense at the same time.

Copyright, 2005, LoanOfficerMagazine.com

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