Why The Busiest Loan Officers Are Not Necessarily The Best Loan Officers
A New Post By The Mortgage Cicerone
A Guide for Mortgage Professionals
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Have you ever noticed most top producers are not necessarily the very best or most knowledgeable loan professionals? While most successful LO's do a good job for their clients, they do not necessarily do a better job than the "Average Joe/Jane" loan officer. In fact, you may even have had the experience of knowing you're as good, or even better than someone else who gets the business you would love to have.
If it's not superior abilities, then is must be they have more money to market themselves, right?
Actually, most top-producing loan officers actually spend very little money on marketing (or they are very selective on what they spend marketing - ROI Baby). While money can buy the chance to get your name out, it rarely convinces others you are the best person to work with. In fact, I have found having A LOT of money to spend on getting business can be a surefire way of losing a lot of money fast.
The most expensive marketing campaigns won't get clients providing you a steady stream of business until you PROVE to them they should.
It's Not Having The Lowest Rates and Closing Costs!
Many are tempted to think top producers offer the lowest rates and closing costs...WRONG! Actually most charge a substantial, but fair fee for their services. As a loan officer, charging bargain basement rates and fees may keep you busy, but this strategy won't bring you the income you need or the loyal following that will keep you in the business long-term and carry you through periods like we are presently experiencing.
If your marketing strategy is based on "PRICING" and you plan on eventually making a decent living, you will eventually have to raise your prices and when you do, your bargain basement customers will flee to the lowest bidder.
How Top Producers Become Top Producers?
Top producers get a steady stream of business coming to them because they have become WELL KNOWN to those who should know them as someone who understands and can address the needs and problems of the clients they serve. In other words, they have developed a REPUTATION: a favorable, recognized standing as a mortgage professional that can best serve their particular clients needs.
What they do, whom they do it for and when they are the best choice is clear to those who need to use their services, or those who are sources of referrals and recommendations. They have achieved TOP-OF-MIND status so they have tapped into the best possible source of steady, ongoing business...WORD OF MOUTH!
NEXT - How To Achieve top-of-mind status
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