Smart Leadz Sales Tip: Exceptional Service | Converting more leads to loans!

SmartLeadz Sales Tip: Exceptional Service Converting More Leads To Loans...  

This is paramount:

you need to provide service that excels. You will need excellent service during the selling process – not the processing of the loan.    There are over 60,000 mortgage providers in the U.S.:  44,000 mortgage brokerage firms, 10,000 banks and credit unions, plus thousands of hybrid mortgage purveyors like Merrill Lynch.  Since consumers have no trouble finding someone to lend them money, you need to give them a reason to choose you.

But what is excellent service?  Every mortgage company will claim to have excellent service - “much better than their competition”.   However, it is the rare company that can articulate delivery what they promise.   When we asked loan officers for examples of excellent service, some of the answers were:   ·       

“I return all my phone messages the same day.” ·        

“We will get your loan closed on the date of your purchase contract.” ·        

“I can send you a Good Faith Estimate quickly by email.”   Even though the loan officers sincerely believed it, these rudimentary actions clearly don’t constitute “excellent service”.  

Those of us in the mortgage industry know and understand the complexities of the mortgage approval and underwriting process.  We understand it is still very labor- and paper-intensive, and there can be many bottlenecks in the process, but consumers still want and expect instant gratification.   

Exceeding the consumer’s expectations.   The consumer expects that you will be able to process his/her loan application with ease; that you will be available by phone at their convenience; and that you will meet all deadlines.  Furthermore, they expect you will honor your rate quotes, closing costs quotes and Good Faith Estimates as firm commitments – even if those quotes were never guaranteed.   Meeting consumers’ expectations on the basics of the business is not good or excellent service – it is the “expected” level of service.  Providing excellent service means going above and beyond – not just above and beyond your competition – but exceeding the basic expectations of the consumer.   Exceptional service is required in order to convert leads into loans, the competition is fierce and you have to exceed your customer expectations and outshine your competition.   Exceptional service at the point of selling the loan is the critical element in getting the consumer into process with you and your company.  Then, if you want referrals or repeat business from that customer, you will need to provide the same level of service while they are in process – even through post closing.     To help you to be able to articulate and execute a phenomenal services sales campaign with a consumer, put yourself in their shoes.  Think about all of the behaviors you would demand from another loan officer to earn your own business, and then think about ways you could do an even better job.  

For more Tips n’ Tools to help you convert your leads to loans please visit www.smartleadz.com or contact your Account Manager for FREE mortgage sales mastery articles from top producers in the industry.  

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