mortgage

Feb 06
1

Prospect tells you their bank gave them a better rate-Now what?

By | Mortgage Business Tips | No Comments

blog2019I’ve had many, many discussions with clients over my 12-year tenure as a Business Coach about being bold and being confident when communicating with leads, past customers and potential referral partners. Asking for what you want,  asking tough questions and setting expectations are paramount to effectively winning people over and closing more deals.

Great case in point…

A client of mine in FL just told me that two weeks ago she took a call from a lady, prequalified her, then when she followed-up with her a few days later, the lady informed her that her bank who she had $500,000 with, gave her a rate of 4.75. Instead of throwing in the towel and letting this woman walk away due to a large difference in rate, my client professionally and candidly told her…

“I in no way can meet that rate, however, I will absolutely get you to the closing table on time, which the banks are notorious in missing closing dates AND I will be in constant contact with you, guiding you, taking your calls , emails and texts the whole way through which will not at all happen for you with your bank.”

BAM!

My client told me that the lady paused and said, “You know what, you’re so right and I really like you, so let’s just move forward.”

And the moral of the story is…

Be confident, be bold, communicate the truth and never assume rate is everything to everybody.

Want scripts like this to get better results, too? Check out Coach Victoria’s latest eBook, Scriptopedia-A Colossal Collection of Mortgage Sales Scripts that Drive Response, Increase Opportunity and Grow your Business!

Scriptopedia eBook

 

 

 

Mar 18
1

Wanna Hire a LOA? Better Read this, First!

By | Uncategorized | No Comments

hiringThe great news I have to report today is that more and more of my mortgage coaching clients are being given the opportunity from their companies to hire Loan Officer Assistants a whole lot sooner and with a lot less volume than what has been the industry norm. Hip-Hip-Hurray for this positive change!

But here’s the rub, not every mortgage professional who’s ready to hire their first assistant has had the experience of managing another human being, holding someone else accountable and engaged, not to mention, actually motivated to excel on the job.

So I wanted to cover one very critical component in successfully on-boarding your new Loan Officer Assistant, that is largely overlooked by those with little to no management experience.

Starting off on the right foot with your new hire means setting the tone, the pace and proper expectations on the very first day. How do we achieve this?…Come prepared with a 30-Day Training Schedule!

The 30-Day Training Schedule that you prepare should include, at the minimum, blocks of time in which to cover the following items:

Expectations: Job roles, tasks and responsibilities, turn-around times, Professionalism, Attitude, Work hours, Breaks, Time off, Sick time, Vacation requests, Team meetings, Employee reviews;

Systems: CRM, Database, Marketing portholes, LOS, Loan flow/Work flow, Office equipment, Proper phone etiquette, Communication channels, Calendar,  Website addresses, Passwords, Other online tools regularly used in their position;

Shadow Work: Allow your LOA to listen to you on sales calls, accompany you at sales appointments, referral partner meetings, networking & during presentations. Schedule time for you LOA to shadow other key team members, too;

Goals: Mission or vision statement, Business Goals, Business Plan, Brand, Marketing plan, Team dynamics, Incentives, Bonuses, Morale boosters; Additional training opportunities;

One final tip: Keep track of what has been covered with your new employee each week, and then on Friday meet with him/her for 30-minutes to review the week’s lessons, answer their questions, ask questions to ensure comprehension and reset the tone for the next week.

Remember, nothing is a bigger turn-off to a great, new employee than to see their boss scrambling, frustrated, disorganized and short on time. By providing your new Assistant with a daily training plan during their first 30-days of employment, not only will you be better able to deal with your own competing responsibilities, but you’ll set a tone for success and more quickly gain the value from investing in a Loan Officer Assistant.

Oct 24
1

Managing Loan Officers on the Cusp of Greatness

By | Mortgage Business Tips | No Comments

accountabilityDo you have loan officers on your team that you were sure were going to knock it out of the park, but instead do a whole lotta bunting? Do you scratch your head because outwardly they exhibit the right attitude, confidence, knowledge and willingness to take action but their pipelines reflect something else?

Before you get too frustrated and head over to H.R. to discuss an exit strategy for these folks, put on your Coach hat instead and form a Power Production & Accountability Group!

Here’s an example of how to immediately kick-start a successful Power Production & Accountability Group:

  1. Invite your select loan officers-Send out a recurring meeting invite to meet twice a month for a period of 6 months. Express in your email invite that you feel they are on the cusp of greatness and you want to help push them over that edge and unearth solutions for what may be holding them back from hitting their goals.
  2. Communicate expectations- Each loan officer who agrees to participate in the Power Production & Accountability Group will NOT focus on excuses, frustrations & complaints, but rather they will focus on solutions, accountability, sharing, possibility and opportunity.
  3. Ask for commitment-Agree to become a part of this group  ONLY if you can commit to the meetings, leave your frustrations/excuses at the door and be open and willing to exchange ideas and try something new.
  4. Share your agenda-The agenda should include, but does not have to be limited to the following: brainstorming networking strategies, sales strategies, building referral relationships and marketing ideas, follow-up strategies & scripts, hands-on training for tools & technology, time management best practices and organizational tips, product & industry knowledge.

Important tips to ensure the success of your Power Production & Accountability Group:

  1. Everyone shares, everyone participates, including YOU.
  2. Prepare and send out your agenda 2 days prior to each meeting.
  3. Select a “scribe,” someone who is willing to capture all of the ideas shared and send them out to the group via email immediately after the meeting.
  4. ALWAYS have the participants state a goal out loud that they’d like to achieve prior to the next meeting.
  5. Encourage the group to encourage each other in between meetings.
  6. Keep the meeting to a max of 90 minutes!
  7. If your participants are remote, make sure to utilize a tool, like www.gotomeeting.com.

 

 

 

Jun 07
0

How to Respond Strategically When Getting Dumped for Another Lender

By | Mortgage Business Tips | No Comments

competitionGetting dumped for another lender happens, but responding strategically to the client’s reasons for making the switch is just as important as your script when engaging with the prospect for the very first time.

The majority of the population loathes change and feels quite insecure and hesitant when faced with switching gears for any reason. Once the change is made, the smallest glitch or bump in the road will cause most people to regret their decision and wish they hadn’t made the change at all.

In the case of obtaining a mortgage, there can be plenty of moments of uncertainty and insecurity for the borrower, so the likelihood is when you do get dumped for another lender, there’s a real possibility of wooing your prospect back if you just gracefully and strategically keep the door open and follow-up.

Just recently I helped a client of mine write the following email script to send to her straying customer. In this particular case, the loan officer had given advice, consistently checked-in and been an ear to this prospect’s personal challenges over a significant period of time, yet the prospect decided to go with her credit union based on, “convenience.”

Ouch! Right?

Of course, this is just one way to respond, BUT what I like to remind my clients when responding to rate shoppers or getting dumped for other reasons is…

1.    You are NOT desperate-Let ’em go gracefully and keep the door open.

2.    You are the BEST choice regardless of their reason.

3.    Remember, the prospect has NO idea what they should really be worried about, like actually making it to the closing table and CLOSING.

Feel free to adopt, edit and use the following script as you see fit.

“So happy to hear things in your personal life are just about wrapped up for you. Onward and upward, right? 🙂 Congrats!

Please do keep in mind that not all mortgage services are the same, so if for any reason things start to go sideways with the process or communication with your credit union, do not hesitate to contact me ASAP. Starting the loan process is easy, but getting to the finish line and closing your loan is where experience, solution-based thinking and perseverance is a must. I can honestly say I’ve saved dozens and dozens of deals from falling apart in my 20+ years of lending. 

I’d love the opportunity to help you into your bright future with a brand new home. Again, if anything changes, just call me immediately. I’ll make sure to check in on you in a few weeks to see how all is coming along.

Take care out there and stay in touch.”

Jan 02
0

No Follow-up-No Glory!

By | Mortgage Business Tips | No Comments

CoffeeCupIdeaOne of the biggest foibles that will cripple any sales person’s business growth is lack of follow-up.

In coaching Mortgage Professionals over the last decade, I’ve been told countless times by my clients how they feel that their #1 weakness in their business is poor follow-up as it relates to potential referral partners, attendees of presentations/classes they’ve given, leads from various, costly systems, and even with their own team members regarding task assignments and project management.

Why a sales person doesn’t follow-up at all or does so poorly, stems from one or more of the following (3) root causes:

  1. Lack of self confidence
  2. Lack of organization/time management
  3. Lack of systems

In most situations, tackling the latter two causes will cure the first, so my recommendation is if you find that you struggle with strong and consistent follow-up, turn your attentions, first, to identifying in which circumstances you fail to follow-up the most and then ask yourself the following questions:

  • Do I have a proper series of follow-up call and email scripts for this given opportunity?
  • Exactly how many, “touches” do I feel is required to gain the value from this opportunity?
  • How much time am I willing to invest overall in the opportunity?
  • What system can I utilize to automate my follow-up efforts?
  • What system can I utilize that will prompt me to take each follow-up step?
  • Am I able to decipher between a good and viable opportunity for me vs. an opportunity that is best passed along or left on the table for someone else?

In answering the six questions above, you will then possess a detailed needs list in which to develop your perfect follow-up strategy to any given opportunity.

The last question from the list above generally stops people in their tracks. Many sales people have the mindset that every opportunity should be tackled with with the same amount of gusto. However, throwing yourself into every co-marketing offer, potential referral partnership, seminar series, membership and board committee is going to immediately hamper your ability to follow-up and follow through effectively in order to gain a real return on investment from any one of these opportunities. I am here to tell you that not all opportunities are to be treated equally, which is a whole other article topic in and of itself, so stay tuned for that one!

Need help in creating and implementing your Perfect Follow-up Strategies? Feel free to FOLLOW UP with me. I’m never too busy to help you achieve your business growth goals!

 

 

Oct 06
0

The 1st Step in Developing your 2017 Business Plan

By | Mortgage Business Tips | No Comments

Much how Corporations use Mission Statements, Solo Entrepreneurs can define their purpose by developing a Vision Statement.

A vision statement is a story of how you paved your own unique road to success. I personally learned about this extremely powerful exercise from Brian Buffini while at one of his Mastermind Summits in San Diego, CA over 10 years ago.

Now this exercise has become one of the most powerful pieces that I walk my own coaching clients through as part of their business planning process year after year. And, year after year, my clients are always astonished at just how much of what they wrote into their vision statements comes to pass in a mere 12 months.

If you’ve never written a vision statement before here are 10 great questions to answer that will help spark this creative effort. Once you have completed the questions, go back and string it all together into a cohesive narrative and make it the first page in your 2017 Business Plan.

Quick tip before you get started: Write as if you have already accomplished these changes. So, answer these questions as if it’s December of 2017 and you are looking back on all that you have accomplished.

1. What tasks have been taken off of your plate and delegated to someone else?

2. What do you spend 80% of your time engaged in, in order to continue to grow your business?

3. Who are your clients? Describe your “best” client. A client profile, so to speak.

4. What juices you up about starting your work day?

5. What systems helped you get to where you are today?

6. Who are your referral partners today and how did you go about making and cultivating those relationships?

7. What positions have been filled in order to expand your team?

8. What new avenues have you paved to increase your wealth?

9. What worries have been lifted from your mind?

10. How have you celebrated your victories? What “toys” have you purchased? What memories have you created with friends and family? What dream gift did you get just for YOU?