Written By: Karen Deis
“I would never stoop so low as to spy on my competition.” one loan officer said to me recently.
“Why not? Don’t think for a minute that they haven’t spied on you!”
Yeah, you might hear comments about your competition from the real estate agents you work with. Your clients might reveal a thing or two about their encounter with “the other loan officer down the street”. But how can you ever know what your competition is REALLY doing, unless you do your own research.
Many loan officers miss this critical step—especially when launching a new marketing campaign! Some assume they know what’s going on with their competitors. Others just take someone else’s word for it.
The first step in launching a successful campaign or improving your selling skills is to find out EXACTLY how you stack up against your competition.
Here are 7 ways to do your research so you are never blind-sided again!
- Ask for something.
Call them on the phone. Ask for a good faith estimate. Ask them to explain a loan program. Ask for a copy of their free report to be sent to you. Take note of what they say, how they say it, how long it took you to get what you requested. How they follow up. Compare it to your own process and learn how you can improve your own business. (Be sure to block Caller ID by entering *67 before you dial.)
- Visit your competition.
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