Mortgage Sales Success
by Mike Baker
In the United States, we have a wide array of armed forces defending our great country, including the Army, Marines, and Air Force. They are well trained and well equipped with the tools necessary to get the job done. The reason for this success is no accident. The military is highly disciplined with high standards and camaraderie. We could model the steps of military success, apply these steps to our business, and do very well. The force I'm talking about is a sales force. A sales force, like the military, could (and should) be a force to be reckoned with. A force that is well trained, well prepared, and well equipped with the necessary tools and information to be successful, such as this magazine. Of course, the key is to read it, understand, and implement it so that it becomes part of your effectiveness and success. Whether your building a sales force or you want to improve your own sales effectiveness, here are some simple steps that will assist you in taking your sales success to the highest level.
1. Become the "pied-piper." Success breeds and feeds success! Become someone who is worthy to be followed. As you go, so goes your team. Everything you do and/or don't do has an effect on your team. By being a great loan originator, you will attract other people who will follow you because they also want to become successful. Your referral sources will also be attracted to do business with you. How do you become the "pied-piper?" First, list all of the reasons another person would want to work with you. Then list all of the reasons another person would want to follow you. Then list all of the skill-sets necessary to become a great loan originator such as sales skills, communication skills, people skills, and analytical skills. These are the skill-sets and strengths you must posses in order to proceed in helping others succeed. How do you improve on these skill-sets? Listen to tapes, go to seminars, read books, and most important... practice, practice, practice! According to trainer Brian Tracey, if you read one business-related book per week, after three years, you will be in the top five percent of knowledge in your field. The reason for this is that the average American only reads one business-related book per year.
Another way to assist you in becoming the "pied-piper" is to treat your sales force with dignity and respect. Treat them as if they were already successful. Treat them as they will be, not as they are. By doing this, they will gravitate toward your belief in them. In addition, show them how, instead of telling them how. Talk with them instead of talking at them. Talking with them is a joint proposition. Talking at them tends to be one sided....your side. Let them accompany you when you visit with clients. Let them see the master at work. If you show them, they'll get it. If you tell them, you won't know what you're getting.
2. Serve your way to the top. Nationwide, no single lender has more than a six-percent market share, which means no one institution can claim brand dominance because of marketing prowess, size, or price. This statistic leads us to believe that the public selects lenders because of networking and word of mouth. These might include, but is not limited to, which lenders are the best at real estate agent and builder referrals, which entity has the greatest number of home loan broker relationships, and which bank can entice its checking and savings account customers to take out a mortgage. Your ability to serve your clients remains to be the number one reason for your level of success in originating mortgage loans. (Even if you are working the Internet or doing a direct mail program, you still have to give outstanding service when the customer responds.)
My parents always taught me that the higher up you go in job level and responsibility, the more of a servant you become. Like the waiter, the flight attendant, the insurance agent, and the real estate agent, mortgage loan originators are in the service business. This is not just a reality, but a way of thinking about and viewing our jobs. Successful people from all businesses have a very special way of viewing their jobs. I once asked a very successful insurance agent how he became so successful in his field. His response was, "Because I'm not an insurance agent. I'm a man who provides income for people, when their income isn't there!" I said to myself, "no wonder this guy is making several hundred thousand per year in income."
As mortgage originators, we need to tell our customers that we want to be with them through the life of their mortgage and/or mortgages. We must also show that we want to be with them by keeping in touch and showing them service throughout the life of their mortgage. You can do this by sending Christmas, birthday, and other holiday cards, providing a newsletter, or information on changes in the market, rates, and recommendations. The bottom-line: stay connected!
Mike Baker is CEO of the Mortgage Coach, as well as an industry speaker and author of Loan Officer Recruiting and Mortgage Power. He can be reached at 800-499-2242 or visit his web site at www.mortgagespeaker.com.