May 21, 2015 | By RGR Marketing Blog

Mortgage Originators Have Room to Improve

In the mortgage industry, surveys have found that as much as 10% of all clients are unhappy when they close. That’s not too shabby, especially compared to certain other industries. Still, it shows that there’s room for improvement.

When you’re in sales, whether you’re selling mobile phones or mortgages, it’s hard to maintain perspective. You deal with the same questions and issues day in and day out, so sometimes all of your clients start to look the same. If you catch yourself slipping into this mindset, you definitely need to check yourself.

Stay Sharp

This might be your fifteenth mortgage this week, but to them, it’s a big deal. Buying a home is one of the biggest investments most people will ever make. They need reassurances that they’re getting the best deal available, and they may also have lots of questions about mortgages and related terms. If they feel like they’re being treated like a number, then they just might take their business elsewhere.

As a mortgage professional, it’s your responsibility to establish a relationship of trust with each and every customer that walks through your door. People want to give their business to professionals they like and trust. Build rapport with your clients. Show them how hard you’re willing to work for them. Treat them like you’d treat a close friend or family member, and your sales process will be easier, your closing numbers will improve, and you’ll find that you’ll start to have an easier time attracting new clients.

For Mortgage Brokers, Referrals Are Golden

How can treating your clients well pave the way for increased sales volume? You guessed it: referrals. You’re undoubtedly aware that word-of mouth advertising is the very best type of mortgage-industry marketing money can’t buy.

Think about it: how much does a friend’s recommendation matter to you? For most of us, being referred to a business by someone whose opinion we trust is a strong motivator. When we find ourselves in need of the services on offer, we’ll call the recommended company over the one with the flashy marketing campaign nearly every time. This is especially true when we’re investing in something as substantial as a new home.

Spread the Good News!

We all know that unsatisfied customers are likely to share their experiences. But the good news is that happy clients are almost as likely to share their good experiences online. When surveyed, 60% of mortgage clients with satisfaction ratings of 9/10 were likely to spread the word online and in person.

The New Kids in Town

This willingness to share experiences was even higher among millennials, who have long been a demographic of concern for real estate agents and mortgage brokers. They’ve been reluctant to commit to anything remotely resembling the white picket fence lifestyle, but many in their age group are finally starting to settle down.

If mortgage originators needed any extra incentive to make sure their clients are happy, they should bear in mind that their reputations are now likely to spread faster than ever, for good or ill. Those that go the extra mile to earn 5-star reviews will definitely have an edge over brokers who take a lackadaisical attitude toward making sure every client is happy.

[Photo Via: Inlanta]

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