Written By: Karen Deis
OK! So, spying might be too harsh of a word!
Before you say to yourself, "I'd never stoop so low as to spy on my competitors?" I would ask you "why not"? Don't think for one minute they have not done that to you!
It's easier than ever to find out what other mortgage companies are doing and why you might be losing business to them. The Internet, TV and radio ads, newspaper and real estate magazines all contain "clues" on what the competition is up to.
However, you need to go deeper than that! Why? Because knowing what they are doing will help you improve your skills and offer better mortgage products and services to your clients. More importantly - your income and your career depends upon it!
True story: I called one of my competitors (on one of those fact-finding missions) and mentioned that I was talking to Karen Deis about getting a mortgage. The loan officer on the other end said, "I'd be careful working with her because she has been in the business only a short period of time - while I've been in the business for 5 years now!" Wow, I had been in the business for over 20 years and here this guy was lying. I wonder how many times he told other prospects the same lie. By the way, I'll tell you what I did about it at the end of this article.
Here are 5 ways to examine exactly what your competitors are up to because you can't compete unless you know what you are competing against. So block your phone number so caller ID can't identify you. Hire a mystery shopper. And find out why you are losing deals to your competitors.
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